Avenues and trends for SMEs in India for the year 2019

Avenues and trends for SMEs in India for the year 2019

News, SME / MSME 10 Comments

In a recent announcement by the GST Council, the compliance requirements for SMEs has been eased down further which indeed is a relief and good news for SMEs. Earlier what the threshold of sales was capped at Rs. 20 lakhs has now been capped at Rs. 40 lakhs. These are all driving factors for SMEs to perform better than before which are a sign of boost for the Indian Economy. Likewise, there are a series of initiatives brought about by the Government of India intended at lessening the limitations confronted by SMEs. Mentioned below are some of the trends and avenues that will drive the SMEs this year.

Increase in large-scale digitization

Although some of the SMEs experienced the value of going digital as fruitful, this year most of them are going to adopt digitization because of the immense benefits that this platform offers. Innovative solutions and automation in areas of e-commerce, business finance, payments, and customer service are making them go smoother. This large scale adoption of digitization will enable SMEs to stay abreast with the rapidly-changing market, improve on efficiency, curtail the cost of production, and lessen manufacturing defects. This will not only help them to meet international quality standards but they will be able to maintain a strong foothold with other global market suppliers.

SMEs India

Increase in networking opportunities

Digital networking will become more and more accepted by SMEs for its multitude benefits like friendship, generation of referrals, enhanced business opportunities, increased confidence, knowledge sharing and going in for global partnerships with an intention of cross-border trade with each other.

Easy obtaining of working capital

With the latest initiatives from the Government of India in favor of SMEs, SMEs can obtain business finance more easily than before. Getting approval of loans online in less than an hour is one such initiative. Most of the top banks and financial companies are finding new and innovative ways of assessing SMEs better. They are investing in value addition to the SME community. Other ways of obtaining working capital are from lending sources like merchant cash advance, factoring, and online lenders.

Increase in the use of smartphones

Today nearly every individual in India holds a smartphone. This scenario has paved a large prospect for SMEs, who will increasingly adopt the qualities in integrating m-commerce or try to attract and retain customers using a mobile platform. Because of the ubiquity and affordability of smartphones, SME owners are expected to adopt smartphones more for their daily dealings as an intricate set-up is not needed carrying all transactions.

Investing in cyber-security

SMEs are getting more conscious and literate on the need for Cyber-security and are therefore investing in this area to have them implemented. They very well know that an attack by ransomware may bring about an end in their business. So securing and safeguarding their digital assets will become a crucial concern in 2019.

With the advent of new avenues that are opening up for SMEs, the year 2019 is expected to be more promising and hopeful for India’s strong SME community.


10 thoughts on “Avenues and trends for SMEs in India for the year 2019

  • iamsport

    Thanks, I have just been searching for information approximately this subject for a long time and yours is the best I have found out so far.

  • kevinjack

    Thank you for the auspicious writeup. It if truth be told used to be an entertainment account it. Look complicated to more added agreeable from you! By the way, how can we keep up a correspondence?

  • ceiling led lights dubai

    Sweet blog! I found it while surfing around on Yahoo News. Do you have any suggestions on how to get listed in Yahoo News? I’ve been trying for a while but I never seem to get there! Appreciate it

  • beauoipl668

    Very soon this site will be famous among all Ƅlogging and site-Ƅuilding viewers, due to its nice articles.

  • Krystyna

    What’s up to everybody, it’s my first pay a visit of this weblog; this website contains amazing and truly excellent information in support of readers.

  • bandar judi

    Thаnks for an anothеr informative website. The place else may І get that kind of information written in such an ideal apⲣroach?
    I’ve got a projеct that I’m simply now operating on, and I’ve bеen on the lookout for such informatіon.

  • MarketStrom

    Wonderful blog you have here but I was curious if you knew of any forums that cover the same topics discussed in this article? I’d really love to be a part of online community where I can get feedback from other knowledgeable people that share the same interest. If you have any recommendations, please let me know.
    Thanks a lot!

  • Marketstrom

    After exploring a handful of the articles on your web site, I truly appreciate your technique of writing a blog.

    I saved as a favorite it to my bookmark website list and will be checking back soon. Please check out my web site as well and tell me your opinion.

  • Market Strom

    Paragraph writing is also excitement, if you be acquainted with then you can write otherwise it is difficult to write.

  • IDN Play

    Hello, very cool website!! Guy .. Beautiful .. Wonderful. I’ll bookmark your blog and take the feeds also?

    I’m happy to search out a lot of helpful info here in the submit, we need to work out extra strategies in this regard, thank you for sharing…

Leave a Reply

Your email address will not be published. Required fields are marked *