MSMEs’ role in making Chandrayaan-3 a success and other top stories of the week
Union Minister Narayan Rane highlighted that the MSME Ministry had a major role to play in the mission, with the MSME Tool Room in Bhubaneshwar and IDEMI Mumbai contributing significantly.
On Wednesday, the Vikram lander of Chandrayaan-3 successfully made contact with the lunar surface at 6:04 p.m. local time. With this, India became the first country in the world to reach the southern pole of the Moon.
Additionally, India became the fourth country globally to achieve a soft landing on the Moon, following the United States, the Soviet Union, and China. The country celebrated this momentous event.
Yet, it may not be widely known that Indian Micro, Small, and Medium Enterprises (MSMEs) played a vital role in this gigantic success, underscoring their pivotal role in the Indian economy.
Commending the historic triumph of the Indian Space Research Organisation (ISRO), Minister of MSME, Narayan Rane, emphasised the crucial role played by the MSME Tool Room located in Bhubaneshwar. This facility was responsible for producing around 54,000 aerospace components of 437 different types for the mission, thereby playing a substantial role in its success.
"IDEMI Mumbai, another institute under the ministry, also played an important role in the manufacturing of parts for Chandrayaan-3," an official statement said quoting the minister.
Redseer’s report on MSMEs
Image credits: Redseer
According to a report by Redseer Strategy Consultants, MSMEs are expected to generate around $50 billion in online retail sales by FY27, surpassing the projected CAGR of 25%. This shows the capability of MSMEs to effectively utilise online platforms and highlights their vital role in India's economic transformation.
The report titled MSMEs--The Next Catalytic Force for Indian ecommerce emphasises that ecommerce plays a significant role in enhancing customer insights, targeted outreach, seamless services, and improved profit margins.
Ecommerce companies are adapting their policies to support MSMEs by offering benefits such as reduced commissions, access to larger user bases, cost-effective logistics, simplified onboarding, powerful marketing tools, and robust seller dashboards.
Adopting online channels resolves many challenges for MSMEs by enabling quicker payment settlements and broader global reach, leading to increased reach with lower marketing costs and competition.
“Ecommerce has been a crucial growth driver in India where about 200 million people shop online,” the report said, adding that MSMEs have begun to list themselves as sellers on ecommerce platforms, thereby expanding their customer base and increasing sales.
Other picks of the week
Foret
The fashion industry is undergoing a shift towards eco-friendly choices due to the growing popularity of sustainable options. However sustainable products are considered an alternate choice. Foret, a sustainable and vegan fashion brand founded by Supriya Shirsat Satam in 2019, aims to challenge this notion.
The brand doesn't just offer substitutes for traditional products but strives to compete with fast fashion brands in terms of appeal.
Foret concentrates on promoting environmental friendly and vegan fibers. Beginning with a modest range, the Mumbai-based brand has expanded its selection to include more than 200 SKUs. It initially started with cork handbags and wallets and has since expanded to offer a variety of products, including wallets, tote bags, handbags, and jewellery for people of all ages and genders.
Recently, Foret launched a collection of handbags made from banana bark. It is currently working with around 300 rural women artisans from different parts of India and around 50 artisans from Europe.
Some of the brand's products have been featured in fashion magazines and have been worn by Bollywood celebrities like Vicky Kaushal, Kartik Aaryan, and Siddharth Malhotra.