India MSME Summit 2022: Panellists reveal how Made-in-India brands will shine in the new normal

For the last four years, SMBStory, a part of YourStory, has organised the India MSME Summit to help Indian MSMEs (micro, small and medium enterprises) spot and grab emerging opportunities. 

MSMEs play a crucial role in running the growth engine of our economy. However, the sector needs guidance on how to keep pace with the ever-shifting business landscape. In a nutshell, it is very important to understand how these MSMEs would be ‘growing in the new normal’.

In this week-long celebration, from June 21 to June 27, we are talking to MSMEs, industry experts, trade associations, and government bodies about opportunities and challenges in the sector. 

On the first day of the summit, we spoke to Chandrakant Salunkhe, President, SME Chamber of India; Dinesh Jain, Founder and Chairman of Insight Cosmetics; Stuti Gupta from Amrutam; and Farman Beig, Founder of Wat-a-Burger. 

The five key takeaways from the discussion were: 

Recognise remote working: The pandemic opened ways for businesses to work remotely. Today, it is not difficult to grow and scale an online business, panellists said, adding that the most crucial aspect is positioning the brand through strong marketing. 

Rise in entrepreneurship: People decided to launch businesses, as a side project or a full-time gig, in the past few years, making the current period an interesting one in terms of market dynamics. According to panellists, now is the best time to understand the market and start a business. 

When there is a hit, everyone has to bear the brunt: People are one of the biggest assets of a company, which is why it is important to invest in employees. Panellists said everyone in the company, employers and employees, must face challenges together. 

It is important to improve credibility: Indian MSMEs are at a stage where they have to develop creditworthiness to attract investors, suppliers, and consumers. There has to be an action plan to succeed and be positive on their balance sheet. 

India has a great future: The next decade belongs to India, said panellists, adding that for MSMEs to succeed in business, entrepreneurs require a strong vision for a profitable business idea. 

“The world is going to get obsessed with Indian brands. ‘Make in India’ will not just be a tagline but in the new normal, all businesses are going to go global.”

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