Slowly but steadily India has been cementing its footprints in the global economy. India aims to be a $10 trillion economy by 2032. It can also be seen as; 16 years hence India sees itself where China is today.
According to a recent study by Harvard University’s Centre for International Development (CID), India tops the list among the fastest growing economies till 2025 with an average annual growth of 7.7 percent.
To flourish further, India needs to consider certain things and focus its way through towards a rapid growth. It is clear that all the countries which are top global economies today, are invariably technologically progressive.
Plight of SMEs
India needs to take cue from this and inch towards demolishing the digital divide and most importantly our SMEs should be pumped with all those required to boost itself.
No doubt the 51 million SMEs are integral to our overall growth and thus, it is important to gear them up to compete at the international level.
The Prime Minister has been floating programs in the country to bridge the gaps. Initiatives including ‘Make in India’, ‘Digital India’, ‘Skill India’ are lofty steps towards digitization and skill enhancement and they are aimed to harness unstoppable growth and global economic dominance.
Presently SMEs contribute approximately 40 percent to the overall industrial output. It employs around 42 million people; generates one million new jobs every year and produces over 8000 various high-quality products every year.
Though all these statistics are impressive, the fact remains that the growth of SMEs is relatively slow. In fact, only 2 percent SMEs has an online presence and just 1 percent SMEs exports their products.
What is the Elixir?
Today India is at the forefront of several affairs. One of its major strengths is its workforce. However, it is also true that the Indian market is highly competitive and challenging.
To propel in such competitive climate, strong marketing and efficient resources is required, both of which are difficult to afforded by SMEs.
The solution to this can be drawn by trading globally. Global markets have huge potentials, Indian SMEs can utilize these capacities and explore.
A deterrent to entering global market has been the vulnerability of the foreign territory and unknown domain. But these can be addressed now with the coming up of advanced communication and the internet.
Internet has been playing a major role for making data and information available. Internet is also available today at cheaper rates and is penetrating well in the rural areas.
The problem of information is also solved by platforms. Today SMEs can easily avail comprehensive end-to-end global trading platforms which analyses innumerous global trade data which can be put into use by the SMEs.
With all these technologies having a close affinity towards Indian SMEs, it’s not too far to achieve the best on global grounds and be the top notch in International Trade.