What is the Full Form of SME – Meaning, Types, and Benefits Explained
The full form of SME is Small and Medium Enterprises. SMEs are businesses that operate on a smaller scale compared to large corporations, focusing on limited resources, employees, and revenue. They play a crucial role in driving economic growth, innovation, and employment opportunities. SMEs are typically classified into small and medium categories based on their investment and turnover. These enterprises benefit from government schemes, easier loan access, and tax incentives. By fostering entrepreneurship and boosting exports, SMEs significantly contribute to a country's GDP, making them the backbone of developing and developed economies alike.