Sunday, Oct 20, 2019 | Last Update : 09:51 PM IST

Enabling SMEs to drive the Indian economy to a brighter future

THE ASIAN AGE
Published : Sep 16, 2019, 12:02 pm IST
Updated : Sep 16, 2019, 12:02 pm IST

SME enterprises contribute 30 per cent of the total GDP and creating employment for more than 110 million people.

As per industry statistics, there are close to 42 million SME enterprises in India across manufacturing, infrastructure, food processing, packaging, chemicals, IT and the service industry.
 As per industry statistics, there are close to 42 million SME enterprises in India across manufacturing, infrastructure, food processing, packaging, chemicals, IT and the service industry.

New Delhi: IndiaMART, India’s largest online B2B marketplace, on the 14th September 2019 organized the SME Conclave: Transforming for the Future, in association with TiE Delhi-NCR and TiE Udaipur at the Radisson Green, Lake City Mall, Udaipur. The conclave featured several leaders from the industry sharing their views on SME growth and the challenges in the country, which is slowly yet steadily, helping them reorient their business models to adopt easy financing options and the use of technology to achieve zero cost marketing in the ever-changing business ecosystem.

As per industry statistics, there are close to 42 million SME enterprises in India across manufacturing, infrastructure, food processing, packaging, chemicals, IT and the service industry, contributing 30 per cent of the total GDP and creating employment for more than 110 million people (40 per cent of the total workforce).

In the same belief and vision to increase SME contribution to 50 per cent in the next 5 years, the government recently launched the revised credit link capital subsidy scheme for small and medium enterprises to boost access to credit, and to provide 10 per cent extra subsidy to SC/ST entrepreneurs apart from the existing 15 per cent subsidy on credit up to 1 crore on the purchase of plants and machineries.

Speaking on this, Dinesh Gulati, Chief Operating Officer, IndiaMART said, “We, the country’s largest online B2B marketplace, relentlessly strive to further enable the millions of SMEs with an opportunity to innovate. But we have just scratched the surface, there is a huge scope for business inclusion, which will only be possible with the increase in awareness within the SME sector. Through this partnership with TiE, we hope to create a platform that will enable the SMEs with the knowledge on how to scale their business exponentially. This initiative of IndiaMART ties-in with its long-term commitment to empower Indian SMEs in collectively understanding and in preparing themselves for the future.” 

Geetika Dayal, Executive Director – TiE Delhi – NCR stated, “Though SMEs have a huge opportunity for growth in the country, it has been seen that most of them find it tough to scale-up, and hence they keep addressing only a smaller section. They grapple with multiple challenges including tackling the dynamic business environment, tech transformation in business and lack of overall awareness. We with IndiaMART, plan these events to discuss challenges in taxation, finance, marketing, and how usage of digital tools will help entrepreneurs take better decisions.”

Tags: economy, sme, indiamart
Location: India, Delhi, New Delhi