{"id":11873,"date":"2019-11-25T19:18:05","date_gmt":"2019-11-25T13:48:05","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=11873"},"modified":"2022-02-21T17:01:20","modified_gmt":"2022-02-21T11:31:20","slug":"msmes-in-india-impact-report-2019","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/msmes-in-india-impact-report-2019\/","title":{"rendered":"75% MSMEs In India Believe Technology Helps Solve Challenges &#8211; Report"},"content":{"rendered":"<p class=\"p1\">Recently, we launched our second edition of the Indian\u00a0MSME Impact Report. Our core findings showed that over <strong>75% MSMEs in India agreed that technology is a necessity<\/strong> to solve daily challenges &#8211; such as payments, production of goods\/services and reaching out to customers.<\/p>\n<p class=\"p1\">After a detailed six month analysis of the sector, the report highlights 4 similar concerns for MSMEs in India:<\/p>\n<ul>\n<li class=\"p1\">Defining an MSME persona<\/li>\n<li class=\"p1\">Challenges faced in the current digital environment<\/li>\n<li class=\"p1\">Value perception of Fin-tech firms<\/li>\n<li class=\"p1\">Business transformation<\/li>\n<\/ul>\n<p class=\"p1\"><strong>MSMEs in India currently contributes to over 29% of the country\u2019s GDP. There are over 63.4 million MSMEs spread across India in 2019.\u00a0<\/strong><\/p>\n<h2 class=\"p1\">Key Highlights of the MSME Impact Report:<\/h2>\n<p>\u201cThe MSME sector makes up for a<span class=\"Apple-converted-space\">\u00a0large chunk<\/span>\u00a0of the\u00a0Indian economy,<span class=\"Apple-converted-space\">\u00a0employing more<\/span> than<span class=\"Apple-converted-space\">\u00a0 <\/span>117 million people and contributing to making<span class=\"Apple-converted-space\">\u00a0India a<\/span> $5 trillion economy. However, the sector still faces several<span class=\"Apple-converted-space\">\u00a0roadblocks, like<\/span>\u00a0the lack<span class=\"Apple-converted-space\">\u00a0of tech<\/span>\u00a0knowledge or the absence of<span class=\"Apple-converted-space\">\u00a0a skilled workforce<\/span>. <span class=\"Apple-converted-space\">\u00a0 We, at<\/span><span class=\"Apple-converted-space\">\u00a0Instamojo, have<\/span>\u00a0always worked towards <strong>empowering Indian MSMEs through various digital solutions, addressing the gaps in their growth story.<\/strong><\/p>\n<blockquote><p>&#8220;Through our report, we envision to be the\u00a0voice of the MSMEs by<span class=\"Apple-converted-space\">\u00a0bringing to<\/span>\u00a0the forefront\u00a0facts that will open further channels toward development\u201d &#8211; Sampad Swain, Co-Founder &amp; CEO, Instamojo.<\/p><\/blockquote>\n<h3 class=\"p1\">Re-defining MSMEs in India:<\/h3>\n<p class=\"p1\">The report&#8217;s primary highlights include a unique<span style=\"color: #0000ff;\"><a href=\"https:\/\/www.instamojo.com\/blog\/new-definition-of-msme-sector\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=instamojo\" target=\"_blank\" rel=\"noopener\"> re-definition of MSMEs in India<\/a>.<\/span> While the Government focuses on a definition based on annual turnover, the report defines MSMEs with a persona map, based on:<\/p>\n<ul>\n<li class=\"p1\">\u2018Goods vs Services classification\u2019<\/li>\n<li class=\"p1\">Meta categorization of business categories<\/li>\n<li class=\"p1\">Type of infrastructure invested in<\/li>\n<li class=\"p1\">Nature of activity within the industry chain<\/li>\n<\/ul>\n<p>The report took a 360-degree definition of MSMEs and used a step-by-step method to analyse MSME definitions. You can get the full, detailed <span style=\"color: #0000ff;\"><strong><a style=\"color: #0000ff;\" href=\"https:\/\/www.instamojo.com\/instamojoebooks\/indian-msme-impact-report-2019\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=instamojo\" target=\"_blank\" rel=\"noopener\">MSME persona analysis here.<\/a>\u00a0<\/strong><\/span><\/p>\n<p><img loading=\"lazy\" class=\"size-full wp-image-11875 aligncenter\" src=\"https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/11\/MSMEs-in-India-Impact-Report-2019.png\" alt=\"MSMEs in India - Impact Report 2019\" width=\"763\" height=\"612\" srcset=\"https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/11\/MSMEs-in-India-Impact-Report-2019.png 763w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/11\/MSMEs-in-India-Impact-Report-2019-300x241.png 300w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/11\/MSMEs-in-India-Impact-Report-2019-380x305.png 380w\" sizes=\"(max-width: 763px) 100vw, 763px\" \/><\/p>\n<h3 class=\"p1\">Mapping the Journey of Indian MSMEs:<\/h3>\n<p class=\"p1\">Other key highlights include a shift in MSMEs adaptation to technology in the post-demonetization and GST era. <strong>Over 75% of MSMEs believe that technology helps solve major challenges pertaining to operations.<\/strong> The challenges faced by the other 25% mainly include:<\/p>\n<ul>\n<li class=\"p1\">Lack of skilled labour<\/li>\n<li class=\"p1\">Little or no knowledge of technology.<\/li>\n<\/ul>\n<p class=\"p1\">After the implementation<span class=\"Apple-converted-space\">\u00a0<\/span>of <span class=\"Apple-converted-space\">\u00a0<\/span>GST, an estimated<span class=\"Apple-converted-space\">\u00a0<\/span>9.2 million <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.instamojo.com\/blog\/gst-in-india-infographic\/\" target=\"_blank\" rel=\"noopener\">MSMEs registered under GST<\/a> <\/span>&#8211; a 50% increase compared to the previous tax regime.<\/p>\n<p class=\"p1\">The MSME landscape has witnessed a paradigm shift in recent times, thanks to a mixed bag of opportunities and disruptions.<\/p>\n<p class=\"p1\"><strong>The Government&#8217;s MUDRA scheme:<\/strong> &#8211; allowed start-ups and <span style=\"color: #333333;\">small businesses to access capital <\/span>ranging from INR 50,000 to INR 1 million.<\/p>\n<p class=\"p1\"><strong>The Udyog Aadhaar Memorandum<\/strong>: &#8211;\u00a0 enabled 5.2 million businesses to register officially and avail benefits which included exemptions on taxes, reduction in fee for filing patents, credit guarantee schemes and a concession in electricity bills.<\/p>\n<p><img loading=\"lazy\" class=\"size-full wp-image-11877 aligncenter\" src=\"https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/11\/MSMEs-in-India-MSME-Impact-Report-by-Instamojo-2-.png\" alt=\"MSMEs in India - MSME Impact Report by Instamojo 2\" width=\"665\" height=\"492\" srcset=\"https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/11\/MSMEs-in-India-MSME-Impact-Report-by-Instamojo-2-.png 665w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/11\/MSMEs-in-India-MSME-Impact-Report-by-Instamojo-2--300x222.png 300w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/11\/MSMEs-in-India-MSME-Impact-Report-by-Instamojo-2--380x281.png 380w\" sizes=\"(max-width: 665px) 100vw, 665px\" \/><\/p>\n<h3 class=\"p1\">Challenges MSMEs still face with digital payments:<\/h3>\n<p class=\"p1\">About 47% of the MSMEs(those who make use of digital payment solutions were surveyed) are only able to manage a few of the critical challenges, and 20% are overwhelmed by the hard-to-manage challenges.<\/p>\n<p><img loading=\"lazy\" class=\"size-full wp-image-11878 aligncenter\" src=\"https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/11\/MSMEs-in-India-MSME-Impact-Report-by-Instamojo-4.png\" alt=\"MSMEs in India - MSME Impact Report by Instamojo 4\" width=\"717\" height=\"453\" srcset=\"https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/11\/MSMEs-in-India-MSME-Impact-Report-by-Instamojo-4.png 717w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/11\/MSMEs-in-India-MSME-Impact-Report-by-Instamojo-4-300x190.png 300w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/11\/MSMEs-in-India-MSME-Impact-Report-by-Instamojo-4-380x240.png 380w\" sizes=\"(max-width: 717px) 100vw, 717px\" \/><\/p>\n<p class=\"p1\">The report also explains the majority ranking of\u00a0<a href=\"https:\/\/www.instamojo.com\/payment-gateway\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=payment_gateway\" target=\"_blank\" rel=\"noopener\">payment gateway<\/a> links by MSMEs. <strong>Over 56% Several MSMEs consider payment gateways to be the most trusted channel.<\/strong>\u00a0The remaining 44% still prefer traditional sources of lending versus online peer-to-peer\u00a0platforms like Instamojo.<\/p>\n<p class=\"p1\">Although demonetization provided a much-needed push to the digitization of payments\u00a0in India, the demand for cash is still high. The total cash withdrawal\u00a0record is INR 33 trillion in FY 2018-19, compared to INR<span class=\"Apple-converted-space\">\u00a0 <\/span>23.6 trillion in FY 2016-17 &#8211;<strong> a surge of 40.27%.<\/strong><\/p>\n<p><img loading=\"lazy\" class=\"size-full wp-image-11884 aligncenter\" src=\"https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/11\/Indian-MSME-Impact-Report-2019.png\" alt=\"Indian MSME Impact Report - 2019\" width=\"734\" height=\"387\" srcset=\"https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/11\/Indian-MSME-Impact-Report-2019.png 734w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/11\/Indian-MSME-Impact-Report-2019-300x158.png 300w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/11\/Indian-MSME-Impact-Report-2019-380x200.png 380w\" sizes=\"(max-width: 734px) 100vw, 734px\" \/><\/p>\n<p>There is a high probability that MSMEs will adopt business analytics tools given that 47% of them have adopted digital tools for business processes, payments, and online sales in India.<\/p>\n<p class=\"p1\">The findings also suggest that:<\/p>\n<ul>\n<li class=\"p1\">35% of MSMEs shifted to digital payments due to ease\u00a0of transaction<\/li>\n<li class=\"p1\">9% <span class=\"Apple-converted-space\">\u00a0used online platforms for<\/span>\u00a0the availability<span class=\"Apple-converted-space\">\u00a0of data<\/span>\u00a0synchronization and<span class=\"Apple-converted-space\">\u00a0privacy features<\/span><\/li>\n<li class=\"p1\">11% opted for it due to<span class=\"Apple-converted-space\">\u00a0<\/span>customer preference.<\/li>\n<\/ul>\n<h3>Instamojo&#8217;s role in powering MSMEs in India:<\/h3>\n<p>The report also provided a detailed insight into the product offerings by <strong>Instamojo for the MSME sector<\/strong> &#8211; our primary user base! The study shows how Instamojo distinguishes its definition and product offerings to our 1 million strong merchants.<\/p>\n<p>It also took a survey of customers perception of the products we offer, from our online store to our payment links. You can also read about an in-depth case study on the business impact of<a href=\"https:\/\/www.legalwiz.in\/\" target=\"_blank\" rel=\"noopener nofollow\"> Legalwiz.in<\/a> &#8211; a longtime Instamojo user and small business thriving in the digital era of online payments.<\/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: #4e4e91;\" href=\"https:\/\/www.instamojo.com\/instamojoebooks\/indian-msme-impact-report-2019\/\" target=\"_blank\" rel=\"noopener\">GET THE FULL REPORT CLICK HERE \u00a0<i class=\"fa fa-arrow-right\"><\/i>\u00a0<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Recently, we launched our second edition of the Indian\u00a0MSME Impact Report. 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