Leading SMEs of India 2022

10 D) Trade Facilitation The government has been initiating a host of policies in the recent past to make it easier and cheaper for small andmid-sized companies to export products and services across borders. Small and medium sized businesses are disproportionately burdened by tedious and expensive documentation procedures, customs compliances, and other border regulatory processes, making trading costs a higher share of their export revenue. Moreover, as small businesses operate on smaller profit margins, it makes it riskier for SMEs to participate in global value chains. In this regard, the government has attempted to relax some of the cumbersome procedures. The launch of NIRYAT (National Import-Export Record for Yearly Analysis of Trade), which is a one-stop portal for exporters and importers for all information related to foreign trade, is a step in this direction. E) Young Entrepreneurship India’s youth has been its biggest advantage and asset. The government realises the tremendous potential the young population holds and has been actively drawing policies to build a healthy ecosystem to promote youth entrepreneurship. Since the launch of the ‘Start-up Campaign’ in 2016, the country has incubated more than 70,000 start-ups and created over 100 unicorns having a valuation of over $ 300bn. India’s burgeoning digital talent is likely to spur further growth in the sphere of entrepreneurship, with young tech experts aspiring to transform business ideas into successful businesses. Corporate houses are not shying away from investing in these ideas and budding entrepreneurs earlier on in their journeys, which is also opening up doors to global consumers, players, investors, and markets. There has been a large untapped talent pool in Tier 2 and Tier 3 cities. However, with the growth of digital infrastructure and penetration of digital technology across remote India, has sparked a newwave of aspiring entrepreneurs. Corporates are also looking beyond top universities for sourcing talent and are becoming more open to hire employees with the requisite skill set and not merely an educational background. F) Policy Interventions To build a comprehensive framework to address the challenges of the MSME segment, the government of India formulated a draft National Policy of Micro, Small andMedium Enterprises in India in 2022. This draft proposes certain action areas for the MSME segment, which include - a) Interplay between governments The draft has formulated specific and mutually reinforcing roles for national, state, and district/local level governments. The central government would play the role of a facilitator, promoting productivity, employment and marketing of goods and services. Action points for each level of government have been highlighted to narrow the gap between different governments at various levels and their systems. b) Simplified regulatory framework Segments where existing regulations need to be simplified have been identified for the benefit of the MSME segment. Some of these regulations relate to dispute resolution, registration process, insolvency and bankruptcy and winding up of businesses, among others. Dun & Bradstreet