MSMEs can contribute big to India’s GDP, say experts

India’s MSMEs (micro, small, and medium enterprises) could contribute a lot in the country’s GDP and overall growth, experts said on Friday.

Addressing a conclave on “Fin-Tech and Credit Expo 2022 – Connecting Finance to Business”, Riddhi Gupta, Head of Strategy and Alliances, Invoicemart, said that MSMEs have a significant role at the centre of the vibrant Indian economic landscape.

“There is a lot of opportunity to ensure that MSMEs grow into an even more powerful engine. Contribution of MSMEs to GDP is still lower than that in countries like the US or China,” she said.

Aditya Kumar Sinha, Director C-DAC, Patna said that the digital transformation is a state of mind and every individual and every business is challenged in new ways.

“We need to rethink product and service engagement models by leveraging AI for customers,” he said.

The Bengal Chamber of Commerce and Industry (BCCI), in association with the LIC and HSBC, brought major fintechs and financial institutions to Kolkata for connecting MSMEs and businesses for solving their working capital hurdles.

The conclave aimed to bring the Indian fintech ecosystem and MSMEs and SMEs under one roof to raise awareness on technological innovation while accessing financial services. The other speakers at the event were Arpan Nangia, Country Head of Sales, Commercial Banking, HSBC, and Anirban Saha, Senior Divisional Manager, LIC.

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