Pandemic provides a rallying point for MSMEs and online startups to work in collaboration

It’s about time the MSMEs reorganised their businesses and started collaborating with startups for incorporating the digital means to explore the market opportunities for their mutual growth. The role of startups in providing such an online omnichannel platform for the marketing and selling of domestic products can’t be undermined in the process of  economic development.

As the MSMEs contribute around 29 per cent of the GDP and more than 50 per cent of the overall exports of the country. The pandemic has thrown an opportunity in disguise for the MSME sector and has made it necessary to recognise the need of orienting their business by the way of listing on e-commerce portals, increasing revenues and getting swift access to digital payments. Besides this MSMEs will have to look for innovative supply chains, and delivery mechanisms to sail through the crisis.

AS more foreign investors are looking  towards India, MSMEs need to be in sync with global practices and policies to increase their international competence. Government of India (GOI) has launched MSME Ideas Portal ideas.msme.gov.in, an MSME bank of schemes for MSMEs and individuals to draw the benefits of funding.