MSMEs: Hidden gems need better mentorship to shine
MSMEs weave local dynamism into economic fabric via their spirit of entrepreneurship, innovation and collaboration.
Sometimes competitive advantage over rivals and self-improvement comes from strengthening what lies beneath surface — our hidden gems.
India’s growth story often spotlights large corporations and start-ups, overlooking a crucial engine of progress for India, MSMEs. They possess the agility of start-ups and the stability of larger corporations while significantly driving employment, innovation and economic growth. Recently, the number of registered MSMEs on the Udyam Portal crossed 4.5 crore mark, employing over 20 crore. MSMEs are pivotal for job generation, especially as India holds the largest share of the global workforce.
MSMEs weave local dynamism into the economic fabric via their spirit of entrepreneurship, innovation and collaboration. Typically founded by individuals or small groups with bright ideas, limited resources and unlimited perseverance, they exhibit an exceptional ability to adapt and evolve. Like a nimble turbo-charged car, they can turn, pivot and manoeuvre with greater swiftness than larger organisations.
India offers several success enablers for MSMEs. Union Budget 2023-24 earmarked `22,138 crore for MSME ministry, 41.6% higher than the preceding fiscal year. As a global hub of advanced technologies, India provides access to digital solutions and a skilled workforce proficient in artificial intelligence, machine learning, cloud computing and more. These technological advancements empower MSMEs to streamline operations, enhance productivity and deliver value to customers.
Our starry firmament of start-ups, incubators, accelerators, and venture capital firms offers cost-effective and disruptive solutions for MSMEs across sectors. To support the vision of Atmanirbhar Bharat, initiatives like the MSME Innovative Scheme aim to create employment, boost entrepreneurship, adopt new technologies, and enhance GDP and exports through MSMEs.
Despite their entrepreneurial chutzpah, several challenges persist, including issues with customer-centric offerings, skilled manpower, infrastructure, and automation. Successful transformation for MSMEs requires mentorships and partnerships that bring together diverse talents. Engaging with local communities and social groups through initiatives enhances brand reputation and helps companies understand consumer needs. Public-private partnerships are vital for driving digital innovation and solutions. Educational institutions should provide necessary skills training, while community programmes can increase awareness and digital literacy. Building an ecosystem of strong partners in business, society and with experts is more than just a strategy; it’s a mindset that is the key to unlocking the full potential of MSMEs. MSMEs are the hidden gems of India and hold a competitive advantage globally.
If the forthcoming Budget provides impetus to the MSME sector, a fillip to growth and employment can be expected.
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