WTO and survival of small-scale industry: the five myth entrepreneurial framework with case study of Rajkot diesel engine industry

This article is an attempt to see the impact that WTO has made on the small- scale sector and also to see how the same, if addressed in the right perspective, could lead to increasing competitiveness thereby requiring the need for change. The article has tried to understand how the small-scale, which is known for being innovative, collaborative and friendly, would survive in this changed situation. This study is located in the once successful and now declining Rajkot diesel engine industry in India. The author presents to the readers a conceptual frame—'five myth framework', as an outcome of this study. The author also gives an elaboration of possible solutions that entrepreneurs could adopt to overcome some of these myths.