About the Event
India’s position as a rising economic power is significantly underpinned by its vibrant and resilient micro, small, and medium enterprises (SME) sector. While China’s prowess in the manufacturing sector is well established, India's potential in high-tech sectors is recognised globally. Post the recent global financial crisis, India’s status as an economic and political heavyweight has significantly risen.
The SME sector is the second largest employer in India after agriculture. According to a Government of India report, there are 26.1 million enterprises in the country, of which, about 14.2 million are based in the rural areas. It is estimated that each enterprise in the SME sector generates employment for 6.24 people on an average.
Despite playing a crucial role in the country’s economy, SMEs in India face several challenges that affect their performance, some of which are enumerated below:
- Intense competition from domestic and foreign players operating in the same industry.
- Management competence and bandwidth to handle volatile economic environments.
- Availability of adequate, timely, and cost-effective finance to meet both short- and long-term needs.
- Access to market in the absence of well-established brands and challenges of distribution.
- Infrastructural bottlenecks in power, water supply, roads, and transportation.
- Inability to attract and retain talent, and paucity of skilled manpower to meet varying needs of enterprises in different industrial sectors.
- Challenges of cost and ability to leverage Information and Communication technology (ICT) to the fullest.
- Inability to foster a culture of innovation, research, and development.
Overview
In addition to the above, there are several policy and regulatory challenges faced by an entrepreneur in India. It is therefore imperative that India’s SME sector receives support from all stakeholders, including the government, lenders, service providers, and experts.
It is important for an enterprise to discover the gaps in the market and act quickly to capitalise on such opportunities, and be undeterred by insurmountable challenges. Challenges must be faced head-on or circumvented, depending on their nature. Fighting impediments with bold strategies, best practices, successful innovations, effective brand positioning, and understanding the next opportunity seal the fate of a business and its promoters.
Network 18 Media & Investments Limited present The SME Leader's Conclave,for which Knowledge Partner is CRISIL. It will focus on the crucial issues affecting the functioning of enterprises in India. The conclave will help entrepreneurs appreciate emerging micro and macro-economic challenges and suggest ways to tackle them with dexterity. Experts from the fields of strategy, finance, marketing, technology, and human resources development will address the conclave. The experiences and lessons shared by industry leaders, entrepreneurs, policy makers, and bankers, will prove insightful in tackling similar challenges faced by entrepreneurs.
