Neighbouring country China is serving the largest number of Fintech Platforms and it is leading the MSME and SME sector. However, India is following the top position very closely, and it eyes in ruling the segment, in the years to come. The scenario is better in the recent years.
Despite contributing the second position in global market, the MSME and SME industry in India is facing certain level of challenges. Some of the challenges that are not allowing industry to be the leader of world are:-
1. Less effective marketing strategy is one of the top most factor
2. A great portion of entrepreneurs has a limited knowledge of this industry which has to overcome on the national level
3. Non-availability of technology is the other thing India needs to overcome
4. The rate of interest in small business loans has to be minimised
5. Indian entrepreneurs should be skilled enough in the identification of new market
6. Inadequate amount of capital is not allowing Indian entrepreneurs to turn their business idea into a profit-making venture
7. Short production capacity requires a rapid push by the micro, small, and medium enterprises
In this agenda, we need to concentrate on some areas that are critical in India. If we focus on the below-mentioned areas, it will be easier for our country to fulfil the target.
[Also see: India Needs To Encourage Its SME Sector]
1. We need to push the idea generation segment as much as possible
2. Public awareness about the government and non-government policies is much needed
3. Inventive ideas have to be preferred first over the traditional ones
4. Easy availability of micro business loans
5. We need to establish a strong technological base throughout the country
6. Business with international outlook should be welcomed first
7. The number of manufactured products has to grow rapidly
8. Every single enterprise has to concentrate on innovation
9. Women empowerment in urban as well as rural level
Many segments are there where India lacks the developed country. Women empowerment is a top most area in which India is lacking behind. When we look at the developed countries, we find it equal to the male segment. If we can able to push the feminine India with small business loans for women, it will not be a challenging job for us to rule the global SMEs.