Celebrating Micro, Small and Medium Enterprises
June 27 2022: The United Nations observes June 27 every year as World MSME Day. The theme for World MSME Day 2022 is the need for resilient and flourishing MSMEs to achieve the UN’s Sustainable Development Goals and create a greener and fairer economy.
The MSME sector is regarded as the foundation of the Indian economy . It contributes to around 27% of its GDP. It largely aids in the development of residents of rural and underdeveloped areas. According to government data as of April 30, 2022, it employs roughly 11.10 people.
Here are some industry perspectives:
Sridhar Vembu, CEO and Co-founder, Zoho Corp: "MSMEs form the backbone of any economy, contributing significantly to the GDP growth and creating employment for a large segment of the population. In India, MSMEs are well positioned to revive industries like textile and help create manufacturing hubs for everyday items that we consume. Various initiatives from the government under schemes like Digital India and Make in India, have pushed digital adoption in MSMEs. This can help in improving efficiency and productivity, while creating room for investing in research and innovation. As more MSMEs emerge across the country in diverse locations, they can help in revitalising rural areas and turn them into economic powerhouses.
Amit Bansal, CEO of Solv (B2B digital marketplace for MSMEs): The three biggest challenges for MSMEs are establishing their credibility and connecting with a broader base of customers and suppliers, getting timely access to finance, and managing time-consuming business operations that leave little time to focus on growth. Solv’s trusted B2B digital marketplace facilitates connections and commerce with 200,000+ KYC-verified sellers and buyers, quick and easy access to finance, and door-step pick-up and delivery of goods, as well as simplified business support functions, thus addressing all these three challenges. We believe these are critical elements to help expand market access, bring operational efficiencies, and position India’s 60 million+ MSMEs for accelerated growth.
Vishal Shah, Co-Founder and CEO of Synersoft Technologies, one of the very few Indian companies, with Indian products which are solely focused on Small and mediumenterprises (SMEs): “This MSMEs Day, we should not only celebrate the contribution of MSMEs. But we should also work for the future growth and development of MSMEs which can be done through digital empowerment. MSMEs must embrace digital technological innovation and start their digital journey since the globe is undergoing a wave of digital transformation.
Manish Gupta, Vice President and GM, Infrastructure Solutions Group, Dell Technologies, India:MSMEs contribute significantly to India’s growth which makes it imperative for them to be cognizant of their digital transformation journey. By investing in smart IT choices, MSMEs can derive valuable insights from business-critical data and manage operations effectively while optimizing finances at the workplace. At the initial stages of a business, time and cost efficiency are of the essence to realise real-time success, resulting in sustenance of the organization. MSMEs require flexibility to manage workloads – upgrading existing IT infrastructure by raising their capabilities to manage future workloads will give them the edge over competition, offer optimal services to customers and strengthen their relationships with partners in the age of digital transformation. As we progress into the digital era, MSMEs need to be aware of the changing dynamics in IT and build resiliency to face the challenges of upcoming times.
A report, earlier this month:
MSME study shows post-Covid revival: Medium, small and micro enterprises – MSMEs --have been able to bounce back stronger post-pandemic with timely support, reveals the MSME Insight Report 2022 –Rising In The Face of Adversity - released today by fintech lender to MSME sector, NeoGrowth.
(see Image of the Day for another study on MSME sector)