{"id":10028,"date":"2019-06-26T18:51:24","date_gmt":"2019-06-26T13:21:24","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=10028"},"modified":"2023-05-19T11:29:15","modified_gmt":"2023-05-19T05:59:15","slug":"international-msme-day-2019-finding-solutions-to-msme-challenges","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/international-msme-day-2019-finding-solutions-to-msme-challenges\/","title":{"rendered":"International MSME Day 2019: Finding Solutions to MSME Challenges"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The world is celebrating International MSME Day 2019 today, and as a country with the largest number of MSMEs globally, it\u2019s only fair we discuss how far we have come in contributing to the sector as an economy. Indian MSMEs have stood the test of time, technology and labour.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>International MSME Day 2019<\/strong>\u00a0 is not just recognised as a day to celebrate the growth of MSMEs, but also to identify the challenges and provide solutions for the sector. Currently, MSMEs have around 50 million businesses, create employment of about 70 million and manufacture more than 6000 products daily.\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">The MSME sector accounts for about 45% of the manufacturing output and around 40% of the total export of the country.\u00a0<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">The main challenges MSMEs face today revolve around:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Working Capital &amp; Access to Credit<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Shipping &amp; Logistics\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Skill Development\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<h2><strong>How are MSMEs important to India?\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">India relies on MSMEs to keep a track of economic growth. The MSME sector contributes significantly to the manufacturing output, employment and exports of the country.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">MSMEs are the backbone for India\u2019s digital economy.\u00a0<\/span><span style=\"font-weight: 400;\">Over the many years, it has grown, MSMEs have seen higher and faster growth than any other industrial sector.<\/span><\/p>\n<p><strong>How? MSMEs are:\u00a0<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Providing employment<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Contributing to countries GDP\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Possess an Annual Growth Rate of 19%.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">However, despite these developments, MSMEs are struggling to live up to the potential contribution to the economic growth of the country. A push towards helping MSME growth accelerate will not only increase contribution to the country\u2019s GDP but it will also help in generating jobs in the country.\u00a0<\/span><\/p>\n<h2><strong>MSME Challenges and Solutions:\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Indian MSMEs are contributing around 8 % in GDP and 45 % in industrial production. Compared to other countries like China, Japan and Korea, where MSMEs contribute around 50-60% in GDP figures, the Government and RBI have to make larger strides to boost the sector.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This year, the focus has shifted to help MSMEs tackle access to loans and credit, provide technical skills in order to keep up with demands and enable easier shipping of products. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">We picked the top 3 challenges that MSMEs are facing currently, based on statistics, and stated the best possible solutions for them too.\u00a0\u00a0<\/span><\/p>\n<h3>Working Capital &amp; Access to Credit:<\/h3>\n<p><span style=\"font-weight: 400;\">MSMEs have worked hard to respond to the alterations made by the RBI and Government in the past. However, MSMEs primary challenge lies with easy access to finance, more specifically, working capital.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Running daily operations can become a hurdle for small businesses that do not have <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.instamojo.com\/blog\/what-is-a-credit-score-important-small-business\/\" target=\"_blank\" rel=\"noopener\">easy access to credit<\/a><\/span>. This is also because lending to MSMEs has not been a favourable space for large banking institutions due to their stringent credit appraisal techniques.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is mainly due to several businesses under the MSME sector:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Not having a good credit score\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Working primarily on a daily cash basis, which is their working capital.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Post demonetisation, MSMEs could not risk withdrawing cash from their accounts. This resulted in job losses as several contractual based employees were laid off due to an inability on part of the owner to pay them in cash.<\/span><\/p>\n<p><strong>Solutions:\u00a0<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">First, the RBI and Government have worked closely together to understand MSME cash flows management and provide easier loans to expand production. The RBI pushed for the digitization of MSMEs and established schemes to promote digital payments in the country to meet the lack of cash availability.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Top incentives that have been introduced by the RBI and Government include:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.instamojo.com\/blog\/msme-business-loans-rs-1-crore-loan-59-minutes\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">SMEs can get loans up to 1 crore sanctioned in 59 minutes<\/span><\/a><\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.instamojo.com\/blog\/gst-limit-extension-msme-pay-return\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\"><span style=\"color: #0000ff;\">GST exemption limit doubled to 40 Lakh annual turnover; 20 Lakh for the NorthEastern States.<\/span><\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">MSMEs can avail the composition scheme to file just <\/span><span style=\"font-weight: 400;\">one annual return and\u00a0<\/span><span style=\"font-weight: 400;\">pay taxes only once every quarter.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Allowing a <span style=\"color: #0000ff;\">r<a style=\"color: #0000ff;\" href=\"https:\/\/www.instamojo.com\/blog\/rbi-restructure-scheme-benefit-loans-for-msmes-worth-%e2%82%b91-lakh-crore\/\" target=\"_blank\" rel=\"noopener\">estructuring for MSME Loans up to INR 25 Crore<\/a>.\u00a0<\/span><\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">In support of the increasing RBI schemes, small businesses can also access easy, quick working capital loans through Instamojo\u2019s mojocapital. Mojocapital also allows small businesses to manage cash flow by managing payouts better. The different payout options offered by Instamojo are:\u00a0\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.instamojo.com\/blog\/same-day-payouts\/\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #0000ff;\">Same Day Payouts<\/span><\/a><span style=\"color: #0000ff;\">\u00a0<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Next Day Payouts\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Instant Payouts<\/span><\/li>\n<li>Faster Payouts<\/li>\n<\/ul>\n<p>Check out how Drink Prime, a small business uses Instant Payouts with Instamojo:<\/p>\n<p><center><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/rUMsD3M2KGk\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><center>\u00a0<\/center><\/center><\/p>\n<h3><strong>Shipping &amp; Logistics:\u00a0<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Many small businesses perfect their branding and product goals but fail to streamline their shipping and logistics. The primary concern for MSMEs in this area is to find a trustworthy shipping partner. Apart from this, logistics and supply chain issues arise such as:\u00a0<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Poor road network and connectivity\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Lack of skilled and trustworthy delivery partners\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Expensive shipping charges\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Lack of access to the latest technology\u00a0<\/span><\/li>\n<\/ol>\n<p><strong>Solutions:\u00a0<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">To tackle this hurdle faced by businesses, Instamojo introduced a quick solution to shipping woes, using <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.instamojo.com\/ecommerce-shipping\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=shipping\" target=\"_blank\" rel=\"noopener\">eCommerce shipping mojoXpress<\/a>.<\/span><\/span><\/p>\n<p><span style=\"font-weight: 400;\">mojoXpress is a shipping and logistics service by Instamojo. mojoXpress allows small businesses to ship products from the <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.instamojo.com\/online-store\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=online_store\" target=\"_blank\" rel=\"noopener\">Instamojo online store<\/a>.<\/span>\u00a0<\/span><\/p>\n<p><strong>Top features:\u00a0<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Ships to over 26,000+ pin codes PAN India.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Scheduled pickups and executive will pick up the package from the doorstep.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Easy to track the package using a tracking ID sent via email.\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">An immediate tracking ID will also be mailed to customers.\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Feasible shipping costs which will be deducted directly from payouts, with no additional steps.<\/span><\/li>\n<\/ul>\n<p>Check out how Bakarmax uses mojoXpress to ship their products with ease:<\/p>\n<p><center><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/dBVB7-5Dsu8\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><center>\u00a0<\/center><\/center><\/p>\n<h3><span style=\"font-weight: 400;\"><strong>Skill Development:<\/strong> <\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Most Indian MSMEs are set up in tier 2 and tier 3 cities. For a lot of small business owners, a major challenge lies in developing the right skills required to run a business.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Apart from skill development, it is also important to focus on work-based learning, including apprenticeship opportunities in MSMEs.\u00a0\u00a0<\/span><\/p>\n<p><strong>Solutions:\u00a0<\/strong><\/p>\n<p><a href=\"https:\/\/www.instamojo.com\/blog\/taking-msme-online-survey-finds-need-for-digitization\/\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #0000ff;\">Small businesses are going digital<\/span><\/a><span style=\"color: #0000ff;\">.<\/span> Along with digitizing payments, there is an increasing push to make businesses go online. To facilitate MSMEs to have easier access to skill development knowledge, we have developed a knowledge stack of information that business owners will find useful.<\/p>\n<p>This helps MSMEs train their workforce and understand hiring requirements for different departments of their business in the long run. Learn more about setting up a business, finding the right funds and discovering different tools to scale your business from 0-100 through our:<\/p>\n<ol>\n<li><a href=\"https:\/\/instamojoebooks.myinstamojo.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #0000ff;\">E-books<\/span><\/a>: Our wide range of free e-books explore subjects from setting up an online business without a website to finding easy access to loans for your business.<\/li>\n<li><a href=\"https:\/\/www.facebook.com\/pg\/Instamojo\/videos\/?ref=page_internal\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #0000ff;\">mojoSeries Webinars<\/span><\/a>: Watch industry pioneers give expert advice on topics ranging from marketing, finance and legal tips for small businesses on mojoSeries, short webinars hosted on our social media channels.<\/li>\n<li><a href=\"https:\/\/www.youtube.com\/user\/instamojo\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #0000ff;\">Product Demo Videos:<\/span><\/a> Our in-house team provides short tutorials to help small businesses find easy access to our tools.<\/li>\n<\/ol>\n<p>Besides this, we are introducing a huge platform for all businesses to have unlimited access to skill development training. To know more, stay updated on all our products, offers and small business schemes simply by setting up your dream business with an Instamojo account.<\/p>\n<hr \/>\n<p style=\"text-align: center;\"><a class=\"mb-button mb-style-flat mb-size-default mb-corners-default mb-text-style-default \" style=\"background-color: #2bc470;\" href=\"https:\/\/www.instamojo.com\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=homepage\" target=\"_blank\" rel=\"noopener\">START YOUR BUSINESS WITH INSTAMOJO<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The world is celebrating International MSME Day 2019 today, and as a country with the largest number of&hellip;\n","protected":false},"author":6,"featured_media":10533,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[1986,1582,1987,1988,1162,1161],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.8 - 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