Present time is the time of WTO. India is a founder member of WTO. Therefore, it is bound to open its economy for the global producers. As new giant scale MNCs enters the market, it becomes must for them to steadily re-orient themselves to face the challenges coming from increased competition. Certainly competition will increase for them. In these situations the mantra of success will be “Think global and act local”.
- They need to bring dynamism, flexibility, innovative entrepreneurial spirit, small businesses need to modify themselves as per the changing needs of market driven economy.
- Government also needs to change its role from a regulator to facilitator and promoter.
- New strategies have to be found to increase partnership between large and small industries.
- In order to maintain their market share and healthy growth, SSIs need to create a level playing field for themselves.
- They will be able to compete in this global scenario if they learn to manage, adopt and improve their competitive strength.