New Delhi: The Micro, Small, and Medium Enterprises (MSME) segment of India which has been already facing several operational challenges, suffered more during the ongoing pandemic. The plight and the opportunities in MSME sector has often talked about by economists, industry, academicians and policy makers as it contributes around 40% of exports and 33% of the country’s gross domestic product (GDP).
Apart from the significant contribution to the Indian economy, it also plays an important role in employment generation. An estimated 110 million people across the country are employed in MSMEs, with a major chunk comprising out of rural India.
To discuss issues around these challenges and opportunities, the virtual seminar – “MSME CEO Summit 2020” was organised by by Confederation of Indian Industry (CII) with leaders from the segment, scholars and academicians. The session highlighted several challenges and opportunities for MSMEs like labour, capital, market access and in particular the impact of the COVID-19 pandemic.
Dr. Jitendra K. Das, Director, FORE School of Management, New Delhi, who moderated the session ‘Business Improvement for MSMEs’ began proceedings discussing the importance of the MSME segment in fulfilling strategic objectives such as Atmanirbhar Bharat and Vocal for Local. He also brought forth
government benefits like Interest subvention schemes, guarantee-free loans, market support and export promotion, deductions or reimbursement of charges, etc. while highlighting the contribution of the segment to the economy of India and citing examples of how niche segments across India are dominated by MSMEs.
Mr Ashok Puri, Managing Director, Lean India Consulting Group, emphasized upon lean thinking with a lean mind for bringing in excellence within the organisation. Referring to the Japanese concept of “By far the best” he said during this challenging time MSMEs should particularly focus on increasing internal efficiency, supply chains, positive energy setting goals at all levels towards optimizing operations and achieve more with less resources.
Dr. V Sriram, M.D, Sriram Safety and Quality Management Services Pvt Ltd, speaking on ‘Three New Labour Codes (IR | Occupational Health, Safety and Working Condition, highlighted the importance of recently introduced labour codes for industry, and also discussed the specific aspects of labour management for MSMEs. He spoke on reforms specifically on the multitude of labour laws in India and the complexities of compliance for MSMEs in labour laws. He talked about the laws framed for MSMEs while appreciating the process reforms like web based inspection.
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