What to expect at the Indian MSME Summit 2022 and other top stories of the week
The MSME sector (micro, small and medium-sized enterprises), which contributes about 30 percent to the GDP (gross domestic product) of India and represents almost 45 percent of exports, is one of the main drivers of the Indian economy.
Despite the headwinds of COVID-19 and other challenges such as lack of formal credit and regulatory hurdles, the sector has remained resilient.
During the fourth edition of India MSME Summit 2022, organized by Your story and SMBStory, stakeholders, including businesses, policy makers and technology solution providers, and others will talk about what works for the sector.
From June 21-25, the summit will see panel discussions highlighting challenges and opportunities in the sector. The event will host the following program of round tables, among others:
- Think local, act global: how MSMEs can boost exports
- Boost SMEs beyond the bootstrap
- Growing up in the new normal
- Solving working capital problems for MSMEs
Join us in this virtual event by registering at the link here. To become a partner of the Indian MSME Summit 2022, click here.
Other top stories of the week:
As the COVID-19 pandemic begins to be a thing of the past, companies are betting on new strategies to grow in this new normal. Among them is one of the popular Indian Fast Moving Consumer Goods (FMCG) brands –Rasna.
Piruz Khambatta, who currently runs the brand, says, “I think COVID-19 is now quite an old story. My team and I have decided not to talk about it anymore.
Produce him a bit more about the challenges faced during COVID-19, and he says, “Of course there were challenges related to health, family, logistics, and then marketing,” adding that he is now transfixed by what lies ahead, especially on a global scale. .
Founded in 1976 by Piruz’s grandfather, Rasna manufactured and sold powdered concentrates for Rs 5 per box.
A drink known to beat the heat and quench the thirst during the summers, Rasna enjoyed a monopoly in the Indian soft drink market until the multinationals introduced soft drinks such as Pepsi, Coca-Cola, Fanta, etc.
Piruz, a third generation entrepreneur, joined the company in 1992, taking over the business inherited from his father. Areez Khambatta. In an interview with SMBStoryRasna President Talks About FMCG Company Plans, Views On Direct To Consumer (D2C) Model, Sales Strategies, Global Plans, And More.
Read the full story here.
In business, cash is king. Smooth cash flow ensures efficient working capital management.
However, managing working capital is one of the biggest challenges facing the Micro, Small and Medium Enterprises (MSME) sector due to late payments, stranded inventory, debts, etc.
Resorting to long-term loans to meet short-term business needs puts these businesses in financial difficulty. Although the government has announced various programs and benefits to help MSMEs, lack of awareness still persists.
This is where factoring comes in – it can help ensure regular working capital for running the business. This is a way for businesses to finance their cash flow by selling their invoices to a third party (a factor or a factoring company) at a reduced price.
Recently, the government amended the Factoring Regulation Act 2011, which broadens the scope of companies that can engage in factoring business.
a Jaipur-based non-banking financial company (NBFC), has become India’s first NBFC factor (after RBI regulation of January 2022) and is on a mission to bring factoring, which was only until presently available only to businesses, MSMEs.
Read the full story here.