MSMEs experience early year boost and other top stories of the week
This week SMB wrap delves into the trends shaping up the MSME sector.
As January and the new year rolled in, the MSME sector buzzed with optimistic outlooks.
With the count of registrations rising and positive forecasts for profitability and consumer demand in 2024, let's delve into how these trends are shaping up for small- and medium-sized businesses. Top stories covered this week include:
Indian MSME expect higher profitability
According to a survey conducted by NeoGrowth, Indian MSMEs are anticipating greater profitability in 2024 compared to 2023.
The NeoInsights MSME Business Confidence Study 2024 report revealed that 90% of MSMEs are optimistic about India's economy for the current calendar year, with 91% expecting an increase in their profits. The survey, which involved 3,000 business owners across 25 cities and over 75 industry segments, highlighted a widespread positive outlook among MSMEs in various sectors.
Specifically, 95% of MSMEs in the wholesale and trading sector and 92% in the manufacturing sector express confidence in the country's economic growth.
Maharashtra, TN, and UP have highest MSME registration
As per the report 'MSMEs: Unleashing the Engines of Economic Prosperity' by CBRE South Asia Private Limited, Maharashtra, Tamil Nadu (TN), and Uttar Pradesh (UP) have secured the top three positions in MSME registration, constituting 17%, 10%, and 9%, respectively.
The Udyam registration portal, operational since July 2020, has witnessed substantial adoption, reflecting the government's commitment to strengthening MSMEs through various incentives, as highlighted in the report. Certain states have demonstrated a more pronounced emphasis on fostering this sector, with the top ten states collectively representing approximately 71% of the total MSMEs registered under Udyam.
The report underscores UP's initiatives, including a 50% interest subsidy for micro units (capped at Rs 25 lakh), annual infrastructure interest subsidy for approved projects over 10 acres, 100% stamp duty exemption in specific regions, and incentives for women entrepreneurs and MSME industrial park developers.
Other top picks of the week
Sparsh CCTV
Started business in 2002, Sanjeev Sehgal, began his career with a push-button telephone manufacturing business with his friend but that didn’t kick off and gradually he turned towards CCTV cameras.
After his share of struggles, challenges, and fighting the Chinese dominance, Sparsh CCTV today is an active part of the government's 5G movement.
Sehgal is currently the Founder of Sparsh CCTV, Founding Chairman of Security Promotion Group of India (SPGI) and Convener of Video Surveillance Committee on Indian Standards at BIS, representing India in the IEC for video surveillance standards,
Edited by Kanishk Singh
