MSME HELPING INDIA TO BECOME THE GLOBAL LEADER IN EXPORTING BUSINESS, SAYS VEDANT GOEL

 

 

 

 

 

 

 

 

 

Post the coronavirus outbreak, several industries in India including the MSME sector faced a drastic setback due to lack of business. As the coronavirus vaccination rollout program is now progressing steadily, MSME entrepreneurs believe that light has started seeing at the end of the tunnel. Vedant Goel, MD of Neo Mega Steel LLP says that the MSME sector in India has started showing signs of revival.

MSMES WORKED TOGETHER TO COMBAT PLUMMETING BUSINESS DURING COVID

Vedant Goel believes that several MSMEs worked together during times of coronavirus pandemic, and helped each other to grow.

“Coronavirus pandemic was very disturbing to the entire MSME sector. The economy was affected badly. However, our business cycle members were supportive in such a situation. We understood each other, and push each other to grow,” said Goel.

Goel also added that the coronavirus pandemic could bring a new wave of uprising in the business sector, in the same manner, several companies elevated their operations to new heights post the 2008 recession that shook the entire global economy.

“Before this pandemic, there was a recession in 2008, and during those times, several companies in the world faced a huge setback. Even though several industrialists faced a setback during those times, startups like Flipkart started their business, and now they are a billion-dollar company. I believe that risk management is all dependent on capability. All kinds of industries face risk at one point in time, and during these times, business owners should be optimistic,” added Goel.

FUTURE OF MSME AND MAKE IN INDIA

According to Goel, India is slowly emerging as a global exporting leader, and MSMEs are contributing a lot to this growth. Goel revealed that 40 percent of machinery is getting exported from India.

“The Indian government is doing a lot to improve the state of MSME in India, and it includes the Make in India initiative. The Indian Government has given 25% of the Procurement requirement for the MSME sector. So, if you are registered as an MSME company there are lots of opportunities available. Even the banks are also supporting the MSME sector,” says Goel.

Goel also urged the government to provide more support to the MSME sector in the future and made it clear that more awareness programs regarding government schemes should be conducted among MSME entrepreneurs.