Usefulness of VAVE for Projects in MSME Sector in India

Abstract

Abstract: To India being one of the World’s fastest Growing Economy, the Micro, Small and Medium Enterprises (MSME) sector is a significant contributor. It is globally recognised that the MSME sector must be the growth engine of any economy, given its scale of operations. Even in India, this sector has consistently contributed to the growth of the economy. MSME sector needs to grow and strengthen so as to meet the needs of Multinational Corporations and large Corporates who are keen to develop key vendors capabilities so that the product and service offering of the vendors can be enhanced, and thereby enable them to move up the value chain. VAVE has been widely implemented in the large-scale industries globally for more than 5 decades. The application of VAVE in India has had a significant impact on the country's manufacturing and construction industries, as well as in the field of public works and healthcare. By improving the value of goods and services, VAVE has helped to reduce costs and improve the overall quality of products and services. This has had a positive impact on the Indian economy and has helped to improve the standard of living for many Indians. Value improvement, cost reduction and process optimisation being the key factors that impact the bottom lines as well as competitive advantage of MSMEs, this paper aims study the usefulness of VAVE for projects in the MSME sector.