Leading SMEs of India 2022

11 c) Making finance easy to access The draft policy recommends that loan application forms for MSMEs should be simplified. It further talks about encouragingMSMEs to obtain Zero Defect Zero Effect (ZED) Certification, which would aid banks and other lenders in easily extending credit and other benefits to MSME players. d) Technological advancement It has been recommended that centres of excellence be setup with specialised staff to study issues faced by MSMEs and to build capacity through SOPs, and for develop tech-enabled skill sets. e) Knowledge Management It has been recommended that innovative strategies be developed to connect suppliers with buyers at both domestic and international levels. Towards this, the draft has recommended that a cloud-based knowledge management database be created to collect, store, and classify information on MSMEs for use in the public domain. f) Skill development The draft has highlighted the need to converge the skill development schemes of several ministries at the district level for effective and sustained implementation. g) Ease of Business Several recommendations have beenmade, including simplified loan procedures, reduction or leniency in terms of compliance, tax rebates, simplified export policies, legal assistance for MSMEs, helpline services, linking of trade clusters, etc., to help MSMEs safeguard and expand their business network. CONCLUSION Small and mid-sized companies are the powerhouses of our economy, having immense inherent potential to help India achieve its target of becoming a $5 trillion economy by 2025. With positive policy thrust and regulatory push through schemes to make credit facilities easily available, skill upgradation programmes, assistance for technical know-how and enhancing export competitiveness, SMEs and MSMEs can help build India’s image as a key manufacturing hub of the world. Moreover, with the help of digital tools and the latest technologies, SMEs and MSMEs can enhance productivity, drive innovation, increase efficiency, and reduce costs to compete not only with large players in the domestic market but also in global markets. The need of the hour is to bring about a cultural change within the organization on the back of digitalization and innovation, which will help in creating a unique brand identity not only for individual companies but also for the entire industry. Small and mid-sized businesses operating in the auto, engineering, and defence sectors are joining forces with global players and making their presence felt on the global stage even as companies across the globe shift their focus away from China in order to de-risk their supply chains. The outlook for the SME and MSME industry looks bright on the back of positive trends such as supportive government policies, implementation of digital technology, improved access to low-cost trade finance and technology, export facilitation, and better accessibility to international markets. All these factors are likely to counter the headwinds faced by players and propel the industry to a higher growth trajectory. Dun & Bra street