Mumbai: Infosys non-executive chairman KV Kamath on Friday said that the next decade will belong to the small and medium enterprises as the growth will move to the hinterlands in future.
"Our growth momentum and transformation in terms of being a very large consumer-driven economy means that the next decade is going to be the SMEs because without their support large companies cannot grow. It provides a virtuous cycle in terms of growth," Kamath said at a meet on SMEs organised by Indian Merchants' Chamber and the BSE.
Admitting that the SME sector needs a slew of support to sustain itself and grow, he said they need technology, modern management practices and easy capital.
Infosys non-executive chairman KV Kamath said that without the support of SMEs large companies cannot grow.
Pointing out that the economy is driven by rural India, which constitute small businesses, agri, value-added businesses, apart from services, he said, "there are whole host of businesses riding on agriculture and going beyond agriculture which are driving rural India. And these are all driven by small and medium entrepreneurs."
The country used to depend on up to 50 per cent on agriculture as it made up for half the GDP. However, the contribution of agriculture has now plunged to 10-20 per cent, Kamath said.