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Growth of MSMEs in India
India's micro, small, and medium enterprises sector is second to China's and significantly affects the nation's socio-economic growth. India has over 63 million MSMEs, making it the second largest employment generator employing 11 crore people. MSMEs contribute 29 percent of India's GDP from national and cross-border trades.
Indian MSMEs have played a substantial role in helping India achieve a record-breaking $400 billion in exports by contributing over 50 percent. As India aspires to become a 5 trillion-dollar economy, there has been an increased focus on MSMEs and their growth.
During the past two years, Covid has proven to be a turning point for MSMEs. The lockdown caused numerous businesses to deal with low production and efficiency, constrained credit lines, a labour issue, unclear demand, etc. The MSME sector has risen to the challenges and resumed its upward trajectory.
Some obstacles slow the growth of MSMEs – low digital adoption, poor infrastructure, rising operating cost, lack of innovation, and many others. Out of six crore MSMEs, only about 1.5 lakh do exports, which amounts to less than 1 percent. Last mile technology sophistication, infrastructural development, training the rural MSMEs on optimizing their businesses, moving beyond the domestic market, and enticing taxation subsidies on exports would help India realize its $1 trillion export aim and continue to be a significant contributor to the country's economy.
Challenges & Issues
The development of the MSME sector is critical for the inclusive economic growth of India and boost the manufacturing output, employment generation, and national exports of the country. MSMEs face innumerable challenges and Understanding these challenges and streamlining MSME business in India is important to achieve India's goal of becoming a global economic power.
- Requirement of Collateral for MSME loans
- Shipment delays and hence delay in revenue recover
- Lack of insight-driven data to make better business decisions
- Inadequate Financial Expertise
- Excessive manual intervention, which increased the costs and decreased the efficiency
- Lack of Liquidity
- Lack of real-time cargo visibility
- Limited Access to Modern Financial Regulations
- Lack of end-to-end transparency and predictive capabilities
Objectives of the Conference
Simplifying Supply Chain for MSMEs conference is a hot destination for supply chain planning leaders and MSMEs who are looking to expand their business in an international market. Discover how to deliver tangible outcomes in support of business objectives thereby transforming working capital and the supply chain management function from within while harnessing emerging methodologies to realize the value of supply chain management as a competitive advantage and significant contributor to grow the business globally.
- Transformation of supply chain finance (SCF), showcasing the latest innovations within the industry for both domestic and cross-border financing.
- How you can make your business credit ready through SCF?
- How SCF is better than other financing options?
- Leverage supply chain best practices for interacting with global ecosystems
- Develop the agility required to manage new disruption
- Adapt your logistics and distribution networks
- Find the talent, technology and tools you need to successfully respond to an unpredictable future
- Accelerate the digitization of your entire supply chain
- Optimize and reduce costs, while improving processes and customer service
- Support sustainability, a culture of quality, diversity, equity and inclusion
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