MSMEs: India's Economic Powerhouse Navigating Challenges
MSMEs, integral to India's economic growth and job creation, face challenges demanding strategic solutions. EaseMyTrip Co-Founder Rikant Pittie highlights expanded credit access and reduced delinquencies, while digital advancements boost efficiency. Government initiatives like RAMP and Udyam support this vital sector, crucial for India's GDP and employment.
- Country:
- India
Micro, Small, and Medium Enterprises (MSMEs) are pivotal to India's economic engine, underpinning growth and generating employment. Rikant Pittie, Co-Founder of EaseMyTrip.com, highlighted their significant role at the 14th CII Delhi MSME Summit, emphasizing the immense potential of MSMEs despite existing challenges necessitating strategic, collaborative solutions.
During the summit, Pittie announced a notable expansion in formal MSME credit to Rs 35.2 lakh crore, with delinquencies decreasing to a five-year low of 1.8%. This improvement underscores the resilience and instrumental role of Delhi's MSMEs, which form over 50% of CII Delhi's membership.
Pittie acknowledged the momentum in digital transactions, citing a surge in UPI transactions and registrations on the Udyam portal. Platforms like TReDS have also streamlined MSME receivables, crossing Rs 2.33 lakh crore in financed volumes. Lauding government initiatives such as RAMP and PM Vishwakarma, he urged entrepreneurs to collaborate in bolstering the sector's competitiveness and sustainable growth.
(With inputs from agencies.)
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