To ensure the growth of the MSME sector, there is a need for government and private sectors to work closely together to provide ease of doing business, said Madhup Agarwal, Senior Vice President – New Initiatives, IndiaMART, at the Emerging business forum with the theme 'motivating MSMEs'.
IndiaMART has been connecting buyers and sellers since 1996 thereyby empowering Indian MSMEs and helping in their business growth. Madhup Agarwal said that “in the last 20 years IndiaMARTt has helped lakhs of small business enterprises to connect to their business partners .”
Madhup added: “IndiaMART Emerging Business forum's main purpose is to provide adequate knowledge to SMEs, operations, provide expert guidance, troubleshoot their crisis by providing practical solutions.”
According to the Ministry of MSME's recent report around 5 crore SMEs are providing 11 crore jobs. "It has grown about 20% since last 5 years,“ he added.
Madhup also said that technology advancements in production and Information and communication technology have made great impact in the MSME business.
Under the ‘ease of doing business’ India's rank has gone up from 189th to 130th worldwide.
He further stated that “nowadays private sectors are also providing funds to the MSME sector for their business growth and Development. He further added that "technology has made profitable changes in the MSMEs."
MSMEs are playing critical and important role in Indian economy and there is a need for the government and private sector to work together, he said.