On the eve of International MSME Day, the global not-for-profit Wadhwani Foundation and its SME-led Initiative, Wadhwani Advantage, called for structured support for MSMEs as in post-pandemic times, small businesses need to adapt to new market dynamics, be confident of their product lines and maintain competitive pricing.
SMEs must pick up digital skills without which they are not likely to grow. Upskilling and reskilling the workforce in the MSME sector towards digitization will allow them access to broader sets of suppliers and customers, better payment systems, and broader market visibility, allowing them to scale while eliminating manual inefficiencies. There is also a need for micro-enterprises to mature into small enterprises and the small into mid-size SMEs. According to a study by Assocham-Crisil, India’s MSME sector is expected to rebound with a 15% to 17% growth in revenues for the financial year ending 2022. Therefore, it is imperative that the support to the MSME sector remains strong and steadfast.
Sanjay Shah, Chief Operating Officer – India/SE Asia, Wadhwani Foundation, said, “We are also launching a Wadhwani Advantage community platform that is meant to provide an SME Social Network for peer-to-peer networking and connects to advisors and customers.”
