FINNDIT asserts - 2023 to be the year of expansion for MSMEs in India

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FINNDIT asserts - 2023 to be the year of expansion for MSMEs in India
FINNDIT asserts - 2023 to be the year of expansion for MSMEs in India

New Delhi : India is home to 63 million MSMEs which account for almost 30% of the nation’s GDP. Therefore, it won't be wrong to infer that these small and medium enterprises form the backbone of the economy. On account of being such a vast mass of land, India runs on the back of such local business ventures and stores. That is also the reason why this sector got massively hit during the pandemic. At the same time, this sector received the boon of digitisation in India. Going forward, that will be the saving grace and something to take away from the stressful last couple of years. In this era of digitisation, local business listing platforms like Finndit were established.

To ascertain the impressive contribution of the sector to our economy, it accounted for almost 50% of the total exports in 2022 allowing India's exports to rise by 37% on a year-on-year basis. Such is the importance and prominence of the MSME sector. With the situation regarding the supply chain issue getting better this year, the sector is adequately positioned to witness massive growth. What is even more encouraging is the fact that the government has been supportive to lend credit to these micro, small and medium enterprises during the atrocious time of the pandemic.

Under the Emergency Credit Line Guarantee Scheme (ECLGS) which is valid until March 2023, over 1.3 crore MSMEs got additional credit. In the next five years, a total of Rs 6,000 crore rating scheme for MSME would be implemented. The guarantee cover under ECLGS has expanded by Rs 50,000 crore to total cover of Rs 5 lakh crore. Moreover, the government will also aid the players in the space with tax benefits and easy credit line going forward.

Interestingly, as per a BizFund report in 2022, only 16% of MSMEs in India get formal credit. This leaves a large gap in the form of opportunity for the upcoming FinTech players who lend credit to such business ventures with relative ease. With added liquidity, the revenues, sales, profits, etc are likely to grow in 2023.

Complimenting these conducive factors, local business listing platforms like Finndit add to digitising the MSME sector. Finndit was only established in 2020, and it has already listed over 30 lakhs of businesses on the platform. Small-scale business enterprises and even some established ones have witnessed immense growth after getting listed on the platform. This allowed a wide range of audience to get to know about these companies/products.

In addition to listing the businesses on the platform, Finndit also offers additional digital marketing tools and services that can boost the identity of the business online. It does so by offering cost-effective digital marketing strategies and tools that can help boost the visibility of any business or a company on the internet. Among the myriad services it offers, the most prominent ones include a mini website, SEO support, digital banners flyers and brochures, e-cards, verified listing, online review management, 3D graphics, photo shoot and video shoot, and more. If you are interested in experiencing growth in your business in this modern digital era, make sure to contact Finndit to get expert guidance.