Small & Medium businesses (SME, SMB) play a key role in Indian economy. They contribute more than 45%
the industrial output, 40% of country’s total exports and help create 1.3 million jobs every year. Currently, there are more than 48 million SME in India (source: Ministry of MSME, GoI). to
In a populous country like India, SME sector plays a very significant role as it generates highest employment after agriculture.But the SMEs face lot of issues on multiple fronts, like finance, HR, Technology, Regulatory and many more. Looking into the current political, economic and technological environment, it seems the small and medium businesses are going to get a great boost. Let’s look into it in detail:
Changing Technological Environment:
The technological environment, has drastically changed in a decade, internet, eCommerce, cloud solutions, big data was nowhere in sight a decade ago, but now have become ubiquitous and most sought out technologies.
Emergence of eCommerce: The emergence of eCommerce is a boon for the SME sector, eCommerce helps small businesses to reach a large population of potential customers, which is not possible in normal scenario. With eCommerce, even a small manufacturer, staying in a remote part of the country is able to sell his product to person living in any part of India at a very good price. Many eCommerce companies have emerged which only sell local products, like Craftsvilla, kashmirbox.com.
Today, nearly 1 etc. , sellers are registered with big eCommerce players like Flipkart, Snapdeal. According to a recent report by Snapdeal & KPMG, nearly 43% of SME participate in online sales and SME lakh eCommerce platform reduces marketing and distribution cost by 60-80%. (For detail, please check Impact of e-commerce using SMEs in India - KPMG& on ) Snapdeal
Adding to this, eCommerce players have partnered with NBFC (non-banking finance companies) like Bajaj finance, Tata capital, etc., to finance the sellers on their eCommerce platform. E.g Bajaj finance is providing easy loan up to Rs 2 Crore for online sellers.
Cloud Technology: The cloud services,Cloud Telephony: Communication is key for any business, with cloud telephony solutions, all the business communication services like setting up IVR, call monitoring, call recording and setting up call center can be done in no time, at a very cost effective rate. It provides a unified communication platform to the business owner, with this business can seamlessly communicate with customers via all the channels i.e. Voice, chat. SMS and can even promotional campaigns like bulk SMS campaign, voice campaign, missed call campaign etc.
really a boon for small businesses, they don’t have to deploy physical infrastructure nor they have to invest, the evolved business model “pay as you use “suits the small business. Plus the flexibility, scalability and mobility offered by cloud solutions makes it are solution for SME. Now setting up any IT solution like setting up professional email, website, and ERP solution has become very easy and cost effective. Even the advanced analytics solution, is also available via cloud solution. Seeing the huge opportunity, many IT companies are making industry specify solution for SME industries. Microsoft has come with Office 365 (Cloud Office solution, MS Azure (PaaS). best
Without government initiative and support, no sector can prosper in any countr
y. The government of India is taking many initiatives, which would directly or indirectly help the SME sector.
MUDRA Banking: The Central government has allocated Rs20
000 crore through Micro Units Development Refinance Agency (MUDRA) Bank for the SME sector and to enhance credit facility , to boost the growth of small businesses and manufacturing units. ,
Digital India: Though eCommerce is
like never before. But only 20% of buzz word total population via is connected . Many villages still lacking basic internet facility. Under the Digital India initiative, the rural India would be connected internet with . According to TRAI, as of April, nearly 20,000 villages have been connected to broadband services The digital India would not directly impact the SME sector, would provide the necessary infrastructure for to use the buzzing high speed internet network sector & cloud technologies. ecommerce
The above data indicates, in most of the developed countries, the MSME is
of employment generation, India with 356 million main source youth 10- 24 years) population ( source: UN report), the only sector that has potential to absorb such a large youth population is MSME. (
The opportunity is huge, at the same time there are many challenges. But expectation
high and are of things are at stake, the success or failure of MSME sector would decide which way India will go in the next decade. lot
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