Role of indian SME's to achieve economic dominance

The Medium and Small business sector is considered as  the backbone of however  any great economy and India is no different. They are thus the silent engines of the economic growth. They will thus also have to serve as the building blocks of growth if India however has to achieve its place under the sun of thus becoming an established Economic Power in the world.

1.      MSME however  contributes about 45% to the  manufacturing output

2.      They thus also contribute about 40% to exports

3.      They also provide employment to thus  more than 110 million people (40% of working population)

The purpose of this article is to make the reader aware of the role of indian SME’S to achieve economic dominance.

Thus, as per the recent study by Harvard University’s Center for the  International Development (CID), India will thus feature on top of the list of the fastest growing economies till 2025 thus  with an average annual growth of 7.7 per cent.

The PM has however been continuously focusing on the  overall development of the nation by implementing the  programmes such as  ‘Make in India’, ‘Digital India’, ‘Skills India’. However, the nation also needs to understand the bigger picture however  behind these drives; and thus we must also  understand as to why these ideas are however  being pushed so hard.

10 Trillion USD Economy By 2032.

That’s however our economic goal for now, which has been  set by the government of India and it is however a  huge target to achieve. Though it also shows India’s aggressive approach towards the  economic growth, it thus  also demands drastic measures if we are to achieve it.

For example, the  ‘Make in India’ is thus about making India the global production hub, aim is thus  to Make in India, for India & also for the world, in order to make our enterprises globally competitive, and also  to make the world depend on us for the  production. Thus in order to do that the  Indian manufacturers thus need to up their standards and also  down their costs in order  to compete with the world. All in all, India’s dream of an  economic dominance is thus great but the great things thus require greater focus, greater efforts and above all a greater execution.

The Current Scenario of SMEs in India

At present, the  SMEs however  contribute an approx. of 40% to the total industrial output, employ thus approximately 42 million people, generate 1 million new jobs every year, and are also  responsible for however around 8000+ different high quality products every year.

But thus even after all this; the growth of SMEs is thus relatively slow. Although, the SMEs play a great role in the economy of the country, their role is thus also  more towards its survival than its growth.

Also, As a fact, only 2% of the SMEs are thus  online engaged, whereas, only 1% of the SMEs exports their products while however  the others don’t even dare.

The Truth is that  if there is a mantra for the  India’s unstoppable growth & also a  dream of the global economic dominance, that mantra’s main ingredient is thus  the growth of SMEs.

India is thus considered as  a huge market for almost everything however, it is thus  still a finite market with thus a limit and with thus so many participants who are however working on the same target market, scope for the growth is however  constantly vanishing, survival and also  maintaining the  current market shares are considered as a challenge in itself.

Thus also , in order to grow in such a country is considered as a challenging task that however requires extreme marketing and also  resources both which,  the SMEs cannot afford. The solution is that India must  Trade Globally! Global markets are however an infinite market place that thus  has a market potential of the epic proportions, and also all we need is of our SMEs in order  to dive in and also explore these.

Also, Through the use of however  such technological advances, today SMEs can thus overcome these barriers and also spread their wings globally, reaping the benefits of the international markets. With a strong communication infrastructure in place and thus also  high internet penetration rates, there can’t however be a better time for the Indian SMEs to scale globally.

Challenges & Solution for Indian SMEs to Trade Globally

The major problem that has however always stopped the SMEs from going global has however  been the lack of information, and also the lack of resources in order  to acquire that information. But today, there are platforms that are however solving this. Now the  SMEs can also find specialised end-to-end global trading platform helping the  companies going global by thus  analysing billions of rows of global trade data and also converting it in to the useful insights and also intelligence in order  to help the companies.

Thus, Not only that, with their expertise they however have been helping the  companies in order understand the global trading and also recognise where the potential lies for their company. They have been helping the companies to answer all the questions ranging from  what to trade, to where to trade, when to trade, what price to trade, and also  how to trade. These platforms thus  also ensure in order to mitigate the risks through verifying the existence and also  ensuring that the trade counterparts are however genuine with the trade history and also a holistic view.

In some years down the line, Inclusive Global Trade would however  be the Key for India’s Economic Dominance . As per the recent study by Harvard University, diversifying the export base will however be main driver for India in order  to maintain its edge as a  global economic leader in the years to come and also an active participation of the  SMEs in the global trade will thus  be key ingredient for success.

SMEs have however  been the backbone of the Indian economy, and if the Indian economy wants to grow, SMEs growth is thus the way to go. Similarly, if the Indian SMEs wants to grow, they must also go beyond the  borders and trade internationally. However , the great thing is that it is thus  not just another government with its vision, the nation is however  aligned, and everyone is thus working towards it. Youth is also  developing its skills, manufacturing is going up, and thus that’s not all, then there is also  an integrated global trade platform that is there in order  to enable the Indian SMEs and the  manufacturers to penetrate the global market.

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST Software, GST Return Filing, GST Registration, Section 8 Company Registration, Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online.