India MSME Summit 2022: How can MSMEs boost exports?

The COVID-19 pandemic has reiterated the significance of thinking global and acting local like never before. 

The Aatmanirbhar Bharat initiative boosted domestic consumption, increased export activities, and reduced reliance on imports. While Indian businesses have been successful in writing a revival story, the aim is now to see the country become a hub of exports globally. 

However, this status will come with its fair share of challenges, opportunities, and questions.

On Day 4 of the India MSME Summit 2022, stakeholders from the micro, small, and medium enterprises (MSME) industry came together to discuss how MSMEs can boost exports.

The panel consisted of Sonal Jindal (Founder, Medusa), Gaurav Garg (Founder and CEO, Dupatta Bazaar), and Anil Bhardwaj (Secretary-General, FISME). 

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Key takeaways:

Sectors: Indian products, including block-print bedsheets, Ayurveda, pharmaceuticals, etc., have strong global demand as they are not easily available in the international market, and India holds core competence in many of them. According to the panellists, industry stakeholders and policymakers must also focus on the agriculture sector. 

Free Trade Agreements: Panellists agreed that the free trade agreements benefit all the countries involved in the deal. Gaurav, who runs Dupatta Bazaar, said the B2C marketplace has been exporting its products to Australia, and the high tariffs made its products uncompetitive in the country. However, he sees this changing now. 

Collaborations: Sonal, Founder of Medusa, highlighted that MSME collaborations have the power to strengthen India’s ongoing development initiatives. Over the years, companies like Xiaomi, Hewlett Packard, PepsiCo, etc., have set up facilities in India, which has increased their competitiveness. 

Anil, Secretary-General, FISME, said with schemes, including Production Linked Incentive (PLI) and campaigns like Vocal for Local, Make in India, etc., the government is “strategically thinking” to promote domestic manufacturing.

Quality: Panellists maintained that Indian products need to maintain quality to make their mark in the global market, and for that, investment in machinery and equipment is important. 

Highlighting China’s ‘360-degree model’, Gaurav said India’s neighbour has mastered backward integration, making it a global manufacturing hub. 

India MSME Summit 2022—in its fourth edition this year—will culminate on June 27, also India MSME Day, with a grand finale. 

Watch the event live on YourStory TV, Facebook, and LinkedIn. To receive the premiere link, register here.