Small and medium industries need to tap the local markets before looking for opportunities abroad.
As Indian companies step up to explore new markets in foreign countries, it is important to look for opportunities in the country itself. Small and medium industries need to tap the local markets before looking for opportunities abroad, Piyush Srivastava, Additional Development Commissioner, Ministry of MSME, said in a webinar on ‘Facilitating MSMEs in re-joining the growth path’. The Indian enterprise has risen up and diversified to get back to the growth trajectory, he added in the webinar organised by FICCI and EY India on the occasion of International MSME day.
On the occasion of International MSME day, MSME minister Nitin Gadkari also said that MSMEs are growth engines for economic prosperity and development, and through the centre’s Atma Nirbhar Package, the government is committed to supporting MSME sector. There are 68 lakh registered MSMEs, as per numbers available on the Make in India website and they hold a significant portion in India’s overall exports.
Indicating the scope in the domestic market, Finance Minister Nirmala Sitharaman, earlier this week, highlighted that India does lots of non-essential imports, which can be produced in the country itself. She said that India even imports the Ganesha idols from China and questioned if the country cannot make it. The government has recently rolled out various reforms such as changing the definition of MSMEs, allowing collateral-free loans, subordinating debt provision, equity infusion, fund of funds, blocking global tenders, online support, subsidies, etc, to provide cushion to the shock experienced by the Indian MSME industry amid the coronavirus pandemic.
Meanwhile, in another webinar on ‘Leading through crisis: Navigating turbulent times’, D Shivakumar, Group Executive President – Corporate Strategy and Business, Aditya Birla Group, suggested the companies to focus on their own idea as there is no need to worry about a lack of resources.