Indian SMEs looking to expand overseas sales
An organisation dedicated to furthering the cause of India’s micro, small and medium-sized enterprises (MSMEs) has launched a campaign to help improve the sector’s global competitiveness.
SMEStreet’s ‘Future Ready MSMEs’ campaign kicked off with a webinar outlining the aims of the campaign and discussing issues facing smaller firms in India.
In order to boost MSMEs’ export capabilities, the organisation has identified key sectors with high export potential, including healthcare, technology, textiles, food processing and agri-products.
Speakers discussed strategies for enhancing global competitiveness, such as adopting international quality standards, investing in R&D, and leveraging digital marketing tools to reach global customers.
The campaign will also address common obstacles faced by MSMEs, including regulatory hurdles, access to finance and lack of market knowledge.
Furthermore, it will offer policy recommendations to streamline export procedures, enhance access to export financing, and provide training programmes on international trade compliance.
Speaking at the webinar, Chandrakant Salunkhe, Founder and President of SME Chamber of India, commented: “We must empower Indian MSMEs to be globally competitive. India is a vast country, with over 65 million MSMEs, but around half-a-million MSMEs are in export business. This data should be looked upon and policymakers must work towards improving this area. The SME Chamber of India is committed to supporting MSMEs in overcoming export challenges through strategic initiatives and partnerships.”
And the Chairman of Sunil Healthcare, Anil Khaitan, commented: “MSMEs play a crucial role in India’s healthcare exports. By focusing on innovation and quality, we can significantly boost our global presence. Certain schemes and programs by Government agencies are making a significant impact. But a lot has to be done in order to ensure positive MSME growth through boosting exports.”
Faiz Askari, founder of SMEStreet and moderator of the webinar, said: “The ‘Future Ready MSMEs’ campaign by SMEStreet is proudly supported by several prestigious organizations dedicated to the growth and development of MSMEs.
“The SME Chamber of India enhances the global competitiveness of Indian MSMEs through advocacy, support services, and strategic initiatives.
“UNISMO (United International Small and Medium Enterprises Organization) facilitates global networking and market access for MSMEs worldwide.
“And the Bahrain SMEs Society supports the development of MSMEs in Bahrain with capacity-building programs, policy advocacy, and international partnerships. These organizations play a vital role in empowering MSMEs with the resources, expertise, and networks needed to succeed in a competitive global market.”
Dr. Abdulhasan Al-Dairi, Chair of both the Bahrain SME Society and UNISMO, said: “International collaborations and partnerships are key to enhancing the global competitiveness of Indian MSMEs. Bahrain and entire Middle East is considering India as a committed and serious business ally. MSMEs of India are getting great level of opportunity here and there is a strong natural synergy between the MSMEs of the two regions.”
He added: “The ‘Future Ready MSMEs’ campaign will continue to support MSMEs in implementing the strategies discussed during the webinar. SMEStreet plans to organize more events, workshops, and initiatives to empower MSMEs and strengthen their role in India’s economic development.”
India received $120bn in remittances in 2023, says World Bank
India received $120 billion in remittances in 2023, money sent back to the country by Indians working overseas. The figure was almost twice as $66 billion received by Mexico during the same period, the World Bank has said.
China ($50 billion), the Philippines ($39 billion), and Pakistan ($27 billion) figure in top five countries’ list of remittances recipients as released by the World Bank, which added that remittances in 2023 reached an estimated $656 billion.
The bank said: “Growing at 7.5%, remittance flows to India touched $120 billion in 2023, reflecting the benefits of a deceleration in inflation and strong labour markets in the United States, the largest destination for India’s skilled migrants.”
The World Bank said remittances to India are forecast to grow at 3.7% to $124 billion in 2024, and at 4% to reach $129 billion in 2025.
