INNOVATIVE PRACTICES ADOPTED BY SMEs IN INDIA

Abstract

In this business era we can see a significant rise in the level of innovation. SMEs are Small Medium Enterprises.
And innovative practices may be referred to coming up with something new or a new method of completing a task.
Innovative practices may also help in earning higher profits and increase the firm’s efficiency. Being innovative brings
out a competitive edge over other competitors. The study tries to recognize that, how SMEs operate in India and in Rest
of the World as well. Specifically, it progresses a conceptual model that addresses innovative practices adopted by various
SMEs in India. Earlier study showed that innovation works as a key to success and SMEs play a significant role in
India’s Economy. Observations of various SMEs and the various practices were considered. The objective of the study
under focus is to throw light on the innovative practices adopted by various SMEs operating in India. The primary data
is collected by mailed Questionnaires to 150 respondents and all of them are associated with SMEs. Data so collected
from the working Professionals included responses on various factors like, innovation, performance, competition etc.
which SMEs are practicing nowadays. The study finds that innovation is the need of the hour for SMEs. Almost every
firm is trying to introduce or implement innovative practices. There is a relation between performance and innovation
Keywords: : SMEs, Innovation, Innovative Practices, Performance.