PayPal along with CII highlights global opportunities for Indian MSMEs

With the recent pandemic induced slowdown, digital is now an essential and primary channel to reach consumers. With the efforts by the government to go ‘vocal for local,’ it becomes imperative for Indian MSMEs to adopt a digital approach that will help them reach new markets, new consumer segments.

As part of their endeavour, PayPal India in association with the Confederation of India Industry (CII) organised the second in the total five such conferences that focussed on highlighting the global opportunity for Indian MSME’s to tap into global consumer value chain and increase export of Made in India goods and services . This happened to be part of the series of virtual conferences organized by them.

The conference was inaugurated by Mr.  Abhishek Krishna, Joint CEO (IT), Maharashtra Industrial Development Corporation (MIDC) along with key dignitary Ms Brenda VanHorn, Principal Commercial Officer, US Department of Commerce.

The conference gave merchants a platform to share their experience especially during the pandemic and how digital platforms like PayPal have played a key role in enabling them to not just survive but thrive by tapping into PayPal global network in 200 markets and 350M consumers coupled with secure and quick receipt of export proceeds helping in better managing cash flows.

Mr Krishna said MSMEs are the largest source of employment in the remotest parts of Maharashtra. The state has the largest number of MSMEs with them accounting to 5.6 per cent of the annual credit plan. More than 40 per cent of exports of the state are generated by MSMEs.

Appreciating the initiatives of CII and PayPal, Mr. Krishna said that this will help enable the new export economy for MSMEs in the state, create ease of living with smooth processing of foreign inward remittances and develop world-class fraud protection for the small and micro enterprises. “I compliment the collective efforts of CII-PayPal in democratising trade and inclusive growth for India’s small business or MSMEs. With digital platforms like PayPal, exports and trade is not only limited to only large businesses but provide equal opportunity for all Indians to participate in global trade and value chain,” Mr. Krishna added.

As part of her special address at the inaugural function, Ms VanHorn said, “Stimulus relief from the Govt of India helped SMEs during COVID. But post COVID it is going to be adapting to new technologies which will help MSMEs. Businesses were able to thrive through the lockdown due to digital payment services.”

Mr 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 in association with CII is partnering with the state governments to provide tools and avenues to help these businesses revive. MSMEs have a huge potential for exports, job creation and economic recovery in the post-COVID world. As they move towards digital adoption, enabling them to sell globally in a safe and seamless manner will help unleash their potential and help them compete in the global marketplace. At PayPal, our focus is on democratizing financial services and becoming at Customer Champion company.” 

Mr K Nandakumar, Chairman CII Western Region Sub Committee on MSME in his Welcome Address mentioned that Maharashtra, with its large base of skilled and industrial labour is also known as Global Banking and Financial Hub, as well as hub for IT, ITES & Education. With National Government taking new measures for MSME empowerment and development, Maharashtra becomes an attractive destination for investment in and growth of MSME Sector. Through programs like CII Tech Saksham and MSME Business Mela, CII is working for technology facilitation and upgradation for long term sustainability of MSME Sector. The experience sharing by two entrepreneurs of how they connected with global customers will encourage the MSMEs to open their eyes and widen their horizons. 

Other prominent speakers who took part in the panel discussion included Mr A K Choudhary, Head of office, Additional Director General of Foreign Trade, Mr Ajit Nath Jha, General Manager, Small Industries Development Bank of India, Mr Mihir Shah, International Business Advisor and Trainer, Universal Connections, Ms Gunja Kapoor, Policy Analyst, Pahle Foundation and Mr Sandeep Naolekar, Co-Chair, CII Western Region Subcommittee on MSME as the moderator.

India’s MSME sector that consists of 63.4 million enterprises across segments is the backbone of the economy. The sector has so far generated employment for over 110 million people and contributed to almost 48.10 per cent of the total exports from India in 2018-19.