Abstract
Small and medium enterprises (SMEs) are the backbone of any developing or developed nation. It plays a crucial role in the growth of an economy and also provides livelihoods to thousands of population. Despite being one of the dynamic sectors of the economy, Indian SMEs are facing many challenges like improper infrastructure, uncertain market condition, obsolete technology, administrative issues, increasing domestic and global competition, etc. Among these the main barrier which restricts them in starting their venture is the non-availability of finance. This paper studies the financial challenges of Indian SMEs through extensive literature review, and by visiting and interviewing the owners and managers of various SMEs located in Delhi, NCR and Gwalior region. The responses are evaluated with the factors identified through literature survey, and decision making trial and evaluation laboratory (DEMATEL) tool which is decision making software. The interrelationships among these factors are also obtained along with their cause and effect digraph.
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