The steel resolution of Indian MSMEs


On the occasion of the International SME Day, I would like to congratulate and congratulate all MSMEs and entrepreneurs for their excellent contribution to the economy of the country which has created enormous employment opportunities for millions of people. We all truly deserve to celebrate this day with new vigor and a new commitment for the MSME sector to flourish and become globally competitive.

R Narayan, Founder and CEO, Power2SME and President FICCI-CMSME

Here I would like to take a step back and analyze the difficult year that our MSMEs went through. Their resilience and efforts must be applauded and we must make sure that we create the perfect ecosystem for them to do their best. The MSME sector is not only the backbone of the country, but also the global inertia that has the capacity to propel the economy to greater heights. To be on par with developed countries, we need to launch new economic news with a serious commitment to increase the contribution of MSMEs to the country’s GDP to 50 percent to give the sector the boost the sector needs.

One of the most important lessons from COVID is to always have a recovery plan – each company has designed their own assessment to see how much ground has been lost and what steps they need to take for full recovery. While MSMEs should take full advantage of the credit programs announced in the Atmanirbhar Bharat Abhiyaan relief plan, they are also encouraged to be aware of any changes in laws related to compliance and to adhere to them without fail so that we can strike while the iron is hot.

In the wake of COVID, the world is looking for new global suppliers, and we must seize the opportunity and prove our courage through “Make in India”To become the world’s global suppliers, thereby stimulating domestic industries. To achieve this, we need to strengthen the international competitiveness of Indian MSMEs by sensitizing them to global export finance trends, practices and standards, as well as the sharing of experiences by successful exporters. We must provide MSMEs with a platform to understand the opportunities in the international market and encourage them to assess the options and opportunities of international trade. They should also receive information on world market demand, the ease of export financing for exports; and develop strategies to enter new markets.

The lockdown has highlighted the need for secure remote working capabilities across industries. This offers our MSMEs the perfect opportunity to streamline their operations by adopting online payment systems, as well as investing in cloud-based supply chain technology, workflow management tools and data security measures. For Indian SMEs to merge with global supply chains, it is imperative that they are familiar with Industry 4.0 for transparent and well-monitored operations.

The COVID-19 pandemic will be known throughout history as “The great leveler“How it has brought every nation, every business and every system of work that we know to its knees and left the world economy in a massive lurch.” How we come together outside of this phase is closely watched by the world and will determine our performance in the global trade arena. The time has come for the recalibration and flexing of that great spine that promises to make India the proverbial golden bird again.

About Power2SME

The first one ‘Buying club‘for SMEs in India, Power2SME, financially supported by Nandan Nilekani, Inventus Capital Partners, Kalaari Capital, International Finance Corporations (IFC) and Accel Partners, started operations in 2012. Committed to empowering SMEs by increasing their profits, Power2SME focuses on reducing purchasing prices for SMEs and improving productivity. Power2SME allows SME clients to focus on their core business of driving growth and expansion, while taking on the role of sourcing raw materials at the most competitive prices for multiple products in categories such as metal, base polymers, technical polymers, chemicals, paints, Solar, Yarn, etc. The company now has 8 offices spread across Gurugram, Pune, Kolkata, Chennai, Ahmedabad, Jaipur, Bhubaneshwar and Bangalore, with a team of over 200 employees across India. Power2SME works with established and trusted suppliers such as SAIL, TATA Steel, ESSAR Steel, JSW, Rathi Steel, Victor Exim, Balaji Enterprise, POSCO Steel, Apollo Pipes, JSL and many more.

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