However, in the Indian context, the sharp depreciation of the rupee against the US dollar in recent months has made SME exports more attractive, which should, to some extent, help in nullifying the adverse impact of the sharp fall in external demand. In these difficult times on the export front, it is imperative for SMEs to tap the huge demand in the local markets.
MSMEs are the best vehicle to create local demand and consumption and also to fight the global meltdown. At the international level, the G20 is spearheading the work on SME Finance through SME Finance subgroup under its Global Partnership for Financial Inclusion (GPFI) (Dec 2010). C.  Indian context  27.