This event aims to strengthen awareness on the contributions of MSMEs to economies, communities and societies, and foster a dialogue on the policies needed to empower small businesses to drive the achievement of the Sustainable Development Goals (SDGs).
In step with such an endeavour, ETRise, an initiative of The Economic Times Digital, has been the voice of millions of entrepreneurs, small businesses and many more who harbour a dream of entrepreneurship.
The theme for ETRise MSME Day this year — “Building future-ready MSMEs to power the India@100 dream” — hinges on the belief that small businesses today have the ability to make an outsized impact. India’s economic ambitions can only be met when we align ourselves to the new and changing business environment. If India must play a bigger role in the global economy and labour market, the country’s MSMEs have to be future-ready. When India celebrates its centennial year in 2047, the MSMEs will be the key driver of the country’s development journey. India’s future-ready MSMEs must drive sustainable growth, create value, be resilient and deliver positive impact for the society. The journey towards such an outcome has to start today.
Given the strength of such a sector, support in skilling and upskilling initiatives will be the need of the hour for MSMEs to advance in manufacturing.
Industry 4.0 is heralding immense changes in the way companies manufacture and distribute their products. Manufacturers are looking at incorporating new technologies — including Internet of Things (IoT), cloud computing and analytics, AI and machine learning — into their production facilities. Technology, undoubtedly, should be seen as the cornerstone of our production process to leap ahead into the future. A look at the evolving manufacturing processes clearly embodies this thought. Everything in the manufacturing process, from Just in Time to Kanban has been upended. In a world of constant flux, MSMEs will need to be agile and have the right strategies in place to move ahead. We no longer need to be known for “jugaad” — instead, India has to stand for a strong legacy of quality and craftsmanship. Similarly, in services, our age-old advantages of cost arbitrage won’t work. The need of the hour is to look at harnessing new technologies that the world wants and become adept in knowing how to leverage such tools to our benefit.
The MSME Day is a key milestone in encouraging Indian MSMEs to achieve sustainable development and meet these goals.
Gone are the days when MSMEs were characterised by low-quality products. To achieve India’s economic goal, it is pivotal that MSMEs grow and develop in a sustainable manner. This is important both to be globally competitive and ensure holistic growth of the nation, along with protecting the environment.
India, with its focus on entrepreneurship, startups, innovations and MSMEs, is well placed at this remarkable period in history to drive these changes on account of interesting economic decisions and strategies. The discernible economic growth is a testimony to MSME’s development and revival, especially after the massively disruptive Covid pandemic. It would be right in assuming that growth in the MSME sector is palpable, and is manifesting itself in many ways all across the country, and the primary reason behind this is progressive changes in public policy.
Bright spots are already visible. India’s exports have risen to record highs during the last financial year despite disruptions in the global supply chain. Shipments are expected to surge to $1 trillion by 2030. Indian MSMEs should now look to go from strength to strength. They are well poised to rise to the challenges and make use of the immense opportunities unfolding now.
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