PM Modi's 'Vocal for Local' redefining growth as World Bank pegs India to remain resilient despite global challenges Priti home

According to a report released by the World Bank this week, India has remained resilient in the face of a difficult global economic environment and will be one of the world's fastest-growing major economies.

"A synchronised worldwide tightening of monetary policy to control rising inflation has resulted in a softening of global economic activity and a hardening of financial conditions. India was one of the world's major economies with the strongest growth rates in 2022", according to the World Bank's most recent India Development Update report.

By attaining its full potential, the government of India is also hoping to double the contribution of India's micro, small, and medium enterprises sector to the economy.

The Micro, Small and Medium Enterprises (MSME) sector contributes one-third to India's gross domestic product (GDP). There are about 6.3 crore MSMEs in the country which are providing 11 crore jobs.

Treading a similar path, an Indian local furniture & lifestyle brand recently announced the opening of its newest outlet in the bustling city of Bengaluru to offer an unparalleled shopping experience to customers in the Silicon Valley of India.

"We are thrilled to bring Priti Home to Bengaluru, a city known for its innovation, technology, and design sensibility. Our brand is all about creating beautiful, functional, and sustainable furniture that reflects the unique personality and lifestyle of our customers," said Priti Lohiya, Founder & M.D. of Priti Home. 

Big boost to PM Modi's Vocal for Local campaign

India's industrial production growth perked up slightly to 5.2 per cent in January 2023 from 4.7 per cent in December 2022, according to official data. Consumer non-durable goods output expanded by 6.2 per cent against a growth of 3.1 per cent earlier. The data also showed that the output of primary goods logged 9.6 per cent growth in the month against 1.6 per cent in the year-ago period.

Experts believe that in the current environment, MSMEs should have improved access to capital and technology to develop sustainably.

Priti Home is a homegrown furniture brand that has been serving customers across India for over a decade. The brand is committed to sustainability and ethical business practices, using only eco-friendly materials and partnering with local artisans and suppliers to support local communities. 

India's MSMEs contribute around 30 per cent to our GDP and have a share of 50 per cent of the income generated from total exports. By establishing facilitation centres across the nation, the Centre has taken steps to increase exports by the micro, small, and medium-sized enterprises (MSME) sector.

The export facilitation centres would help the sector with the necessary mentorship and handholding support as well as with the establishment of a network of entrepreneurial leaders. 

MSME competitive scheme part of efforts to strengthen sector: PM Modi