A “SME WORLD” Concept for Redefining MSMEs

Originally published in SME WORLD August 2013

We have been constantly voicing the fact that the definition of MSME in India is in great need for a conceptual and structural reform. It is serious feeling that for a diverse set of reasons, there is a grave amount of apathy towards this segment. We lack detailed data for analysis and a fair amount of discussion and debate on how to make the definition more inclusive and relevant in the current context.

It is our personal opinion that probably the years of being dominated by the British Raj has numbed our ability to be radical, innovative, risk-taking and assertive. We lack the gleam that is exuded in the eyes of the likes of Usain Bolt. We come across as submissive, low on confidence to make a bold move, unsure to become distinct from the herd and becoming harbingers of change. We are more of followers then trend setters. We are sure a lot of small business owners will agree with SME WORLD’s opinion.

It is time to come out of the cocoon and take the world by storm. For that to happen, we must dominate the world business scene and create a resounding economy. The first and foremost way of following this roadmap is to “Redefine MSMEs”.

We have to break away from how the world is defining its small businesses and come out with our own model. This article is an attempt to express a concept that can be implemented.

This concept is designed from the perspective of the Ministry of Small and Medium Enterprise being at the lead and rolling out this initiative.

The core of this initiative is “time.” Every step has to be time bound and with information and communication technology tools the steps can be achieved as per plan.

Step # 1

Make a list of all the major industry segments that contribute to our GDP. 

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