Small is big

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Union MSME Minister Nitin Gadkari has set the right tone. In his address at the TV9 World SME Day Conclave, he said the government is targeting MSMEs to contribute 40% to GDP growth, increase India’s exports to 60% and generate an additional five crore jobs.

But to ensure its manifestation into reality, collective efforts need to be synchronised with an aim to make the sector robust. This message was also spelt out clearly by Gadkari.

The Atmanirbhar Bharat initiative will see action on the ground only when the SMEs are able to take wings. Gadkari said they should tap the bourses as it would help them in getting around financial roadblocks.

The $5 trillion economy dream may have received a jolt due to the impact of the coronavirus pandemic but the SMEs, considered to be the backbone of the economy, have a vital role to play in the resurrection of the economy.

SMEs have the ability to absorb skilled and unskilled workers and give the country the edge when it comes to boosting its export firepower.

BSE chief Ashishkumar Chauhan too said that if SMEs want to take the next level, they need to secure funding and resources other than the tried and tested routes.

Ambition is another trait that should be a major factor driving entrepreneurs. A small company, with the right set of people and strategy, can always go on to become a big enterprise. We have seen many example around the globe where people with humble beginnings have gone on to scale up their business to unimaginable levels.

Diverse stakeholders need to join hands to make this happen. There is broad consensus among states on leveraging the small business opportunity. Policymakers have to quickly ease the current fiscal burden.

Small business owners have to display the will to compete without undue protection.