THE POWER OF SMALL UNLOCKING THE POTENTIAL OF MSMEs
Micro, small and medium-sized enterprises (MSMEs) constitute an integral component of any economy. A resilient MSMEs sector is a catalyst for stimulating innovation, sustainable economic growth, domestic demand and inclusive growth in an economy. In Indian economy, MSMEs are essential for development as they create jobs across different industries, improve value added and influence trade; these invaluable contributions are central to the efforts to achieve inclusive growth.
The webinar will give MSMEs the opportunity to share their insights with industry experts on how they are managing the health, social and economic challenges related to the pandemic are extremely valuable. More broadly, in order to better understand their challenges, concerns and opportunities, this webinar aims to identify innovative approaches to support MSMEs in their efforts to contribute to the national economy, to strengthen frameworks, which address the needs of MSMEs.
While the role of MSMEs is often highlighted in the context of their contribution to employment, economic growth and balanced regional development, it is important that these enterprises are sustainable and can deliver scale. Even though contributing significantly to exports, Indian MSMEs are still not regarded as a force to reckon with in the international markets. Looking ahead, the challenges are in building the next generation of MSMEs that can function as the powerhouse of the economy. With intense competition at the global level and the demands arising from globalisation, it is now imperative for Indian MSMEs to demonstrate greater competitiveness, position themselves strategically and leverage their engagement in global value chains (GVCs).
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