SME Times News Bureau | 24 Jun, 2021
the eve of International MSME Day, the global not-for-profit Wadhwani
Foundation has called for empowering MSMEs with capabilities to accelerate
their growth, to the struggling MSME sector due to the COVID pandemic.
The International MSME Day 2021 is a time to
introspect and reflect upon the hardships bestowed upon the MSME sector. However,
MSMEs are a crucial part of the economic and social fabric of the country,
and complete recovery will only be possible with a high-intensity and
strategically structured support to this high-spirited sector. Therefore,
it is essential to stabilize the sector by meeting the immediate challenges of cash
flows,wages, pressing creditorsand perhaps more important challenges of finding where growth lies, in
realising its true potential.
In these difficult and challenging times and
on the eve of International MSME Day 2021, Samir
Sathe, Executive Vice President, Wadhwani Advantage, says, “As the
pandemic continues to trouble the world, especially the developing economies, there
is a renewed appreciation of the fact that MSMEs need attention, care,
nurturing and rejuvenation, failing which, the world order of business,
commerce, economics and livelihoods will crumble and wither, in no time.”
further adds, “The recent surge in MSME registration and
incorporation of digital innovation into their businessesis an encouraging
indicator of the resilience of MSMEs despite the pandemic. Wadhwani Advantage
focuses on accelerating and strengthening their business fundamentals, stabilizing
their business in the medium-term and facilitating rapid growth in the long
term. We empower businesses with capabilities to maximize their growth
potential with the help of automated Business Discovery and
Transformation Tools. We want entrepreneurs to be trained in becoming
their own advisors.”
sector is widely acknowledged as the growth
engine of the country’s economy, contributing over 30% of the economy both in GDP and employment generation.
The COVID pandemic had a severe untoward impact on the entire MSME sector in
the country. Under the given situation, it is necessary that there should be
revival measures to support them.