Leading SMEs of India 2023

Leading SMEs of India 2023 | 57 [ INDIAN SME SECTOR OVERVIEW ] MSMEs, like long loan processing times, lengthy documentation, requirement of high collateral, and high costs of loans. This has helped to improve the flow of working capital toMSMEs, thereby enhancing their ability to stay afloat. ACCESS TO GLOBAL MARKETS Digital marketing, e-commerce and social commerce can help SMEs to expand their footprint across global markets. The rise of e-commerce has significantly lowered the entry barriers to international markets for Indian MSMEs . Bes i des , t he 2023 Foreign Trade Policy (FTP) aims at building partnerships with state governments and taking forward the Districts as Export Hubs (DEH) initiative to promote exports at the district level and accelerate the development of a grassroot trade ecosystem. The FTP also aims to promote e-commerce exports by providing MSMEs access to internat ional e-commerce platforms. This will enable them to reach out to a global audience and sell their products directly to customers in foreign markets. This will unlock the true potential of MSMEs exports, in turn enabling them to scale up their businesses. DIGITAL ADOPTION As digi t i zat ion i s becoming ubiquitous, the key to thrive in the future is only through new- age digital tools, processes, and systems. The improved digital adopt ion he lps not onl y i n unlocking efficiency and improve productivity but also in building networks and spur innovation. Depending upon their current digital maturity levels, MSMEs needs to inves t in bui lding appropriate digitization strategy, especially in solutions such as artificial intelligence, machine learning, bigdata analytics, internet of things, cloud comput ing, robotics etc. WOMEN ENTREPRENEURSHIP The number of women owned MSMEs has increased by over 75% from 4.9 lakh units in FY21 to 8.6 lakh units in FY22. Also, proportion of women owned MSMEs in India increased from 13.7% to 20.4% over last ten years in India. Recognising critical role played by women entrepreneurship, the Ministry of MSME is empowering women entrepreneurs through various schemes to spur talent and build their identity. The ministry of MSME has launched the ‘Udyam Sakhi’ portal toprovide information regarding f inancial schemes, pol icies, and programmes of MSMEs for women entrepreneurs. Also, women entrepreneurs have been benefited through credit guarantee and Prime Minister’s E mp l o y m e n t G e n e r a t i o n Programmes SUSTAINABILITY MSMEs as one of the major contributors to manufacturing output and empl oyment i n India, require more attention to the adoption of environment friendly green technologies. For sustainable growth of MSMEs, emphas i s i s being gi ven to t e c h n o l o g y u p g r a d a t i o n , expanding logistics infrastructure, use of renewable energies, digital transformation, reskilling and up- skilling of workforce, adoption of digital commerce, as well as promoting women’s and weaker sect ion par t icipat ion. These initiatives, along with conducive government policy is expected to helpMSMEs transformandupscale their business sustainably. D n & Bradstreet