IndiaMART Founder Dinesh Agarwal asserts on ‘Small is the New Big’ Philosophy highlighting the economic impact of MSME Fraternity at the Resurgent Rajasthan Summit 2015
Aims to proliferate the presence of the state’s MSMEs across India and outside
by digitally empowering them
Jaipur, November 20, 2015:
IndiaMART, India’s largest online marketplace, connecting buyers and suppliers has been steadily bolstering the business clout of MSMEs through digital disruption. At the Resurgent Rajasthan Partnership Summit 2015 held in Jaipur, IndiaMART’s founder Dinesh Agarwal touches upon the paradigm shift from the 20th century business philosophy ‘Big is Better’ to the 21st Century Focus ‘Small is the New Big’. The enlightening presentation on the digitization of SME space in transforming the entire business gamut brought a favorable light at the Conference with an aim to support and strengthen the SME community.
The MSME sector in Rajasthan where the total investment of industrial units is over 1,800 crore generates employment for 76, 403 people. The state ranks 6th in India on World Bank’s ‘Ease of Doing Business’ index according to the Department of Industrial Policy and Promotion’s (DIPP) report on “Assessment of State Implementation of Business Reforms”. As the state shares its border with five major Indian states: Punjab, Haryana, Uttar Pradesh, Madhya Pradesh and Gujarat, its industries have the inherent advantage of accessing a potentially enormous market opportunity. Meanwhile, to ensure abundant availability of skilled human resources, Rajasthan is on a constant endeavour to build as well as support the growth of a robust academic infrastructure.
Witnessing an overwhelming response at the summit, Dinesh Agarwal, Founder & CEO, IndiaMART said, “The internet is poised to be the key driver for the MSME community and we have stood on this pillar for around 2 decades to bridge the gap and make doing business easy. Though, only 26% of MSMEs are internet addressable at present, I expect nearly 25 million of them to get online by 2018. Programs like ‘Make in India’ can succeed only if these small businesses, that are the backbone of our economy, get wider access to markets using e-commerce platforms.”
“With Rajasthan embarking on its journey towards sustainable long-term growth and inclusive development, this Conference will unite the businesses together globally and move towards economic expansion. We, being a voice of the ecommerce industry, are here to talk about the investment environment and opportunities in the state. Being a major business hub for a lot of small and mid-sized businesses, it is perfectly poised to reap the opportunities offered by the e-commerce revolution. We have been able to get over 1 lac businesses from Rajasthan online and help them connect with buyers across the globe. We strive to help such businesses remove the barriers of geography and enable more business opportunities; expertise and knowledge that will in turn help propel the thriving e-commerce industry to its next pedestal of growth,” added Mr Agarwal.
The changing focus to ‘Small is the New Big’, reflects upon the innovative, dynamic, tech- savvy and progressive India. MSMEs that have adopted the internet have achieved 19% annual growth and 27% more revenue growth, 49% more profits and 7% more customers if compared to offline SMBs. However, at a time when MSMEs contribute 8% to the national GDP and employing roughly 130 million people across the country, it is imperative to understand the impact of going digital.