From Ram Mandir effect on MSMEs to their budget expectation, top SMB stories of the week
From decoding Ram Mandir’s consecration impact on MSMEs to the upcoming Budget expectations, here’s what SMBStory covered this week.
MSMEs created a lot of buzz this week with Ram Mandir consecration held on January 22 in Ayodhya. According to the latest release by CAIT, around Rs 1.25 lakh crore trade was done in the MSME sector from January 1 onwards. So how was the impact of the Ram Mandir inauguration on MSMEs? Let’s have a look.
Ram Mandir effect
With devotees chanting 'Jai Shree Ram' to commemorate the inauguration of the Ram Mandir in Ayodhya, small businesses are also enthused. The newly-built temple has opened up significant opportunities and promises growth in the foreseeable future. Leading to the consecration ceremony on January 22, MSMEs have played a crucial role across sectors, including infrastructure development, tourism, security and surveillance, merchandise and souvenirs, horticulture, and food, underscoring their paramount importance.
Praveen Khandelwal, the Founder and General Secretary of the Confederation of All India Traders (CAIT), asserts that the economic impact of religious tourism in the vicinity of Ayodhya will foster development and give rise to various industries within a 100-km radius. This positive influence is expected to benefit a diverse range of businesses, including small hotels, provision and confectionery stores, and small-scale food vendors. Additionally, the recent upgrades to city infrastructure position Ayodhya to enhance the growth of manufacturing and enterprises, potentially generating employment opportunities for more than 10 lakh people annually.
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MSME Budget expectation
Indian MSMEs are eagerly anticipating favorable measures in the upcoming Union Budget 2024 on February 1, including streamlined business operation policies, PLI schemes, incentives, and credit lines, among other key initiatives.
The 63 million MSMEs are considered to be the backbone of India’s economy—contributing close to 30% to India’s GDP. However, there is a prevailing belief among them that much remains to be accomplished to empower and amplify their pivotal role.
SMBStory has decoded the Budget expectations of MSMEs, and they have expressed heightened concerns for five key areas.
Other top stories
Bengaluru’s iconic Mysore Saree Udyog
For more than forty years, Mysore Saree Udyog has had a prominent presence in the bustling shopping hub of Commercial Street in Bengaluru. Its iconic store has consistently attracted numerous loyal patrons over the years.
Started in 1982 from a small 10x12 sq ft space on Jumma Masjid Road by Kamlesh Talera and his father, the late Pukharaj Talera, the brand had humble beginnings. Today, it has grown into a three-storey building and also expanded to Hyderabad, where it set up a store in Jubilee Hills last year.
So, how did the business became a legacy brand and synonymous to Bengaluru? SMBStory has decoded it all.
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