A Study on Pre-Eminent HR Practices in Micro,...

A Study on Pre-Eminent HR Practices in Micro, Small and Medium Enterprises of Select Industrial Areas in Hyderabad

Author Name : Dr. Ravi Aluvala

INTRODUCTION

Business units in recent years are striving hard in building strategies to overcome the competition and stay in the game. In India, preceding 5 years Small and Medium Enterprises (SMEs) have come out more energetic. These SMEs along with Micro business units contributes to 8 percent of nation’s GDP, i.e. providing a major share of employment next to agriculture and aiding in industrialization of rural and backward areas.

Small and Medium Enterprises (SME): The definition of SMEs varies from one country to another but universally it is combination of the investment level, total net assets and number of employees.

In India, as per Micro, Small and Medium Enterprises (MSMEs) Development Act, 2006, MSME are defined based on the investment made on manufacturing plant and on equipment / machinery for enterprises rendering or providing services.