Technologies will create new opportunities for MSMEs: Jayesh Ranjan

Jayesh Ranjan, IT and Industries Secretary of Telangana

Hyderabad: Availability of digital payment platforms is enabling businesses of all sizes to to participate in global trade and value chains. Export and trade now is not limited to just large businesses, said Jayesh Ranjan, IT and Industries Secretary.

Speaking at a webinar on the topic, “Connecting Telangana’s MSMEs to the Global Consumers and Businesses” organised by PayPal India and Confederation of India Industry (CII), he urged the MSME’s to tap into global consumer value chain and increase export of Made in India goods and services. Covid has brought about many challenges for the businesses, especially for the MSMEs, in the area of access to capital, Jayesh opined.

Digital platforms will enable a new export economy for MSMEs in the State, create ease of living with smooth processing of foreign inward remittances and develop fraud protection systems for the small and micro enterprises, he said.

Effective use of digitalisation, exploring new domestic and export markets and collaboration hold the key to sustainable growth for MSMEs in the post COVID-19 scenario, he said.

Nath Parameshwaran, Director, Corporate Affairs, PayPal India said, “Indian MSME’s are the backbone for the economy and have been most impacted by the pandemic.”

PayPal together with industry bodies like CII is partnering with State Governments to provide tools and avenues to help these MSMEs revive. They have a huge potential for exports, job creation and economic recovery in the post-COVID world. Even as the digital adoption is o the rise, enabling the MSMEs to sell globally in a safe manner will help them.

Krishna Bodanapu, Chairman CII Telangana, said MSMEs should focus on exports as the global market will give opportunities for business expansion. MSMEs need exposure to large markets and expertise to be able to scale up and enhance their capabilities. They need to be given market access tools, he said.

The conference gave merchants a platform to share their experience during the pandemic and how digital platforms played a key role in enabling them to just survive by tapping global network. There are about 63.4 million MSME enterprises in India and the sector generated employment for over 110 million. They also account for 48.1% of the total exports from India in 2018-19.

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