Overview

The term development means change towards positive direction. Practically development is the mass expected change of a situation. According to the Cambridge Dictionary Economic development means the process in which an economy grows or changes and becomes more advanced, especially when both economic and social conditions are improved. Economic growth without social development or improvement of living standard of the mass people is meaningless. Now a day's economists are emphasizing on inclusive, sustainable and balanced economic development. Without people's participation growth is blind; similarly, in absence of inclusiveness economic development is useless. Development without environmental sustainability is not only unexpected but also harmful for the future generation. Therefore, development researchers, activists, political leadership, bureaucratic decision makers have to come into a consensus that all sorts of development projects, interventions and drives will be inclusive, sustainable and regionally / ethnically balanced. All least developed countries, development partners, international organizations and UN bodies are trying to foster economic development through development projects, programmes, policies and actions. Extreme poor population has been reduced during last couple of decades but inclusiveness is till absent in this arena. Sustainability of economic development without environmental consciousness is under threat. Entrepreneurship development could be a great tool for self-employment as well as employment generation for the mass people. Its role in poverty reduction is also well recognized today. Entrepreneurs creates enterprises and adds value towards positive direction of the resources. Therefore, SME development or Cluster based SME development is highly appreciated development intervention around the world. SMEs are the mother of large companies or corporates. Enabling environment is prerequisites for graduation of SMEs into large corporates. It is government's responsibility to create enabling environment for SME development in a country. Without proper policy and infrastructural support from the government private sector development is impossible. Therefore, private sector development has to be nourished by the government through proper policy intervention.

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