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Public policy on small and medium enterprises has a major role in providing the direction and in determining the tempo of development of enterprise and entrepreneurship. But, it needs to be comprehensive, and be at a time, based on best practices at the global level, and ground realities at the local level. Comparative learning, therefore, has a lead role in this regard. While the twentieth century witnessed the laying down of the foundation of an SME constituency globally, the new millennium has brought it to the global development agenda, thanks to the initiatives of the United Nations. It is now an opportunity as well as challenge for the global community to take these experiences and agenda, and debates therefrom to higher levels in the march towards achievement of Sustainable Development Goals. This study is an attempt towards analyzing the relative experience of developed and emerging economies, with focus on that of India and the United Kingdom