Abstract: SMEs sector is called the growth engine of economic development in Bangladesh as it is the centric point in economic growth and development. The scope of SMEs are importantly large in size. This sector has significant capacity to generate employment opportunity. Now a day’s SMEs entrepreneurs are more innovative, enthusiastic, sophisticated, time sensitive and technologically expert. They try to adopt modern technology and expertise in their everyday business to increase productivity and reduce the cost of production. Government of Bangladesh is emphasizing more on SMEs sector for speedy growth of economics and creating employment opportunities. It has been considered as thrust sector by the Ministry of Industries of Bangladesh. Government of Bangladesh has realized that the SMEs sector is labor intensive sector, so it is the poverty alleviation tools. SME reduces the urban migration and develops the rural infrastructure. Since SMEs are based on comparatively small investment, so their growth and survival depends on ease access and operating excellence in the market, financial support from the Bank with easy condition. Now, Women entrepreneurs are highly stimulated to get involved in SMEs sector. In this above backdrop, Bangladesh Bank provides re-financing scheme and gives necessary instruction and guideline to the commercial Bank to keep the women entrepreneur dedicated desk. Besides, SME Foundation is providing necessary guideline, training and financial supports. SME business is classified on the basis of fixed assets excluding land & building and quantity of full time workers. SMEs sector contributes on GDP as 5% in the year 2012. It is speculated that SMEs employ about 22% to 25% of full aged population in developing countries.
Keywords: SMEs, economic growth and development, innovative, enthusiastic, sophisticated.
Title: Role of SMEs in Accelerating Growth of Economic Conditions in Bangladesh
Author: Md. Maniruzzaman
International Journal of Management and Commerce Innovations
ISSN 2348-7585 (Online)
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