Every Large company was an MSME someday. Keeping a sharp focus on the right priorities can be extremely beneficial
As a coach, I have seen many small and medium enterprises doing very well and also some really struggling to make things happen. For some companies whose offerings are aligned with the economy of the country, there has been significant improvement in the sales pipeline. Thanks for the Indigenisation push from the government.
Some thoughts on the benefits of Atmanirbhar Bharat and Indenization.
{As revealed by the owners of MSME companies, who are seeking our business coaching services}:
Economic Growth and Job Creation: Indigenization efforts can stimulate economic growth by promoting the development and expansion of local businesses. This, in turn, leads to job creation and reduced unemployment rates, as SMEs tend to be significant contributors to employment within a country. By supporting local enterprises, governments can enhance economic stability and prosperity.
Reduced Dependence on Imports: Indigenization aims to reduce reliance on foreign imports by encouraging the production and consumption of locally made goods and services. This can enhance a country’s self-sufficiency and reduce vulnerability to fluctuations in global markets. By supporting domestic industries, indigenization can contribute to import substitution, leading to a more balanced trade position.
Technological Advancement and Innovation: Indigenization can drive technological advancement and innovation within a country. By fostering a supportive environment for local businesses, governments can encourage research and development activities, knowledge sharing, and the adoption of new technologies. This can enhance a nation’s capacity for innovation and competitiveness in global markets.
Enhanced Resilience and Sustainability: By nurturing local businesses, indigenization can contribute to the resilience and sustainability of an economy. When SMEs thrive, they diversify the economic landscape, reduce concentration risks, and promote a more balanced distribution of wealth. Additionally, supporting local industries can lead to reduced carbon footprint and environmental impact by minimizing long-distance transportation and promoting sustainable practices.
Social Development and Empowerment: Indigenization can contribute to social development and empowerment by providing opportunities for marginalized groups and promoting inclusive growth. By supporting local businesses, governments can foster entrepreneurship and empower individuals to become self-reliant. This can lead to improved standards of living, reduced income inequality, and greater social cohesion within communities.
These benefits highlight the potential positive impact of indigenization on economic, social, and environmental aspects of a country. However, the specific outcomes may vary depending on the context, policies, and implementation strategies adopted by each government.
It’s the right time for MSMEs and SMEs to start reflecting on building their future readiness to ride on the positive outcomes of Atmanirbhar Bharat.
You would need missionary zeal to build scale in this positive era. Be ready for a magnificent future by building depth in the ways of working with your stakeholders.