Wadhwani Foundation calls for MSMEs Structured Support

Given that small businesses in India are the primary source of employment, everything possible must be done to preserve and strengthen the ecosystem's health.

Coinciding with The International MSME Day, Wadhwani Advantage from the Wadhwani Foundation has advocated for organised support for MSMEs.

The Foundation urged SMEs to acquire digital skills, upskilling and reskilling the workforce to access cost-effective finance, which will give them access to wider ranges of suppliers and customers, better payment systems, and broader market visibility, allowing them to scale while eradicating manual inefficiencies and emphasised in these post-pandemic times, small firms need to adjust to changing market dynamics, be confident in their product lines, and maintain competitive pricing.

 According to Sanjay Shah, Chief Operating Officer – India/SE Asia, Wadhwani Foundation, there is also a need for micro-enterprises, which make up the majority of the 63M SMEs and account for over 95% of them, to develop into small businesses and then into mid-size SMEs.  

MSMEs in India are at a turning point with untapped growth potential of 2x–10x, according to Samir Sathe, Executive VP – Wadhwani Advantage at Wadhwani Foundation.

The expansion of MSMEs is hampered by a number of issues, including poor infrastructure, limited access to financing, low productivity, and a lack of innovation. Because of this, 99 % of businesses despite having enormous potential for growth are unable to expand and remain minuscule throughout their life cycle.