Indian MSMEs Strengthened

What does the cooperation bring on board?

• From Varanasi’s saris to Ludhiana’s hosiery to copper manufacturing in Yamunagar, Micro Small Medium Enterprises (MSMEs) is the backbone of the country yet they have not been able to match up to their potential.
• Understanding the requirement of aid to this sector, Indrajit Ghosh-led MSMECCII has undertaken groundbreaking initiatives by organizing conferences and seminars on varied issues ranging from recycling of plastic, climate change, energy and sustainability.
• It has conducted successful leadership conferences for MSME in Food and Beverage, Agriculture Jal Shakti and GST Education.
• In July 2024, MSMECCII took a leap by collaborating with the American Transformational Growth Major, Frost & Sullivan laying down a unified agenda to leverage the MSME manufacturing units to compete with the global players.
• Frost & Sullivan, the American Business Veterans will visit the MSME’s, survey their structural activities and prepare an exhaustive report on the module by which the MSMEs can adopt specific global parameters to improve their manufacturing units in line with the global standards of operation.
• International Business Startup and Entrepreneurs Association is also part of this association.
• This training will aid the MSME owners to achieve an edge over other industries and enhance their work modules with pan-India customers particularly for their overseas customers.
• Post completion of the training, the MSMEs will be provided with the Certificate of Achievement by MSMECCII and Frost & Sullivan.
• Similar association and certification process will take place between World GREXPO Foundation & Frost & Sullivan for MSMEs in the Middle East to make their manufacturing units well-equipped as per global norms. MSMEs are corner stones for the Arab economy and contributes to about 90% of the economy hence this association comes as a major boost.
• MSMECCII, GREXPO & Frost & Sullivan aims to place India’s most crucial sector on the world stage as equal players in knowledge, skillset, productivity and functionality.

Safeguarding the MSME landscape

• India’s roughly 50 million MSMEs employ about 120 million people depicting the number of employees per firm.
• This robust network of MSMEs continue to face the most significant hurdle of access to finance, only 16% receiving funds.
• The MSME sector is battling the 45-day payment rule quite hard and relaxation might not come easy. .
• On major lacuna of the industry pushing back the growth is absence of skillset. This was well identified by Frost and Sullivan as well as MSMECCII.
• Indian MSMEs are far behind from skillset perspective compared to other counterparts in other countries. They are dependent on informal workers with limited technical know-how dampening the productivity forcing the small firms to hire low-skilled jobs, rolling back long-term growth.
• MSMECCII with the support of Frost & Sullivan will offer market research, data analytics, growth strategy consulting and corporate training to the Indian MSMEs.
• These MSMEs will range from varied industries like manufacturing, FMCG, plastic, hardware and a whole range of manufacturing companies understanding the need of such structured training.

Editor’s Note

Prime Minister Narendra Modi have considered MSMEs to be the bedrock of Atmanirbhar Bharat. The MSME sector in India had exhibited astounding resilience and adaptability contributing significantly to the country’s GDP. MSMECCII and Frost Sullivan had taken noteworthy step by attempting to strengthen the backbone of India.!