The Small and Medium Businesses (SMBs) in India will have a major and significant role to play in the new formula for India’s economic growth, Digitisation + SMBs (and their exports) = Indian Economic Growth. With 6.3 crore SMEs contributing 30% to nominal GDP, 48% to exports and providing employment to 11 crore individuals, they have emerged as the cornerstone of India’s growth story. Despite the pandemic hitting SMBs hard, questions being raised about their future, some ground realities depict a different picture. Industry experts share their observations and views at the 10th Small Business Conference & Awards 2021, held virtually on 26 February 2021.
THE PROBLEM OF FINANCING
A sensitive sector, the MSMEs operate on 10%-15% margins and even a three-month lockdown can wipe off cash flow and profitability for a whole year. With finance for SMBs being severely curtailed, some questions on their future have made it necessary to have a hard look. However, by showing more resilience than mid and large corporate, SMBs have proven their mettle even in the pandemic. Sachindra Nath, Executive Chairman and Managing Director, U GRO Capital, says, “SMBs have been the hardest hit and continue to suffer. But simultaneously, this is the sector that will revive at the fastest pace, because the tenacity of an SMB entrepreneur is the highest vis-à-vis a mid or large corporate.”
This story is from the April 2021 edition of Entrepreneur magazine.
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This story is from the April 2021 edition of Entrepreneur magazine.
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