6th CII WR Digital MSME Summit and Exhibition 2020: Recreating MSMEs in the New Normal World! Key takeaways

MSMEs are the backbone of Indian economy and are engaged in the production of wide range of products, right from pin to piano. They are involved in the production of complex products required in Defence and Aerospace sector. This is reflected in its share in exports, GDP and employment, stated Subhash Desai, Minister of Industries, Government of Maharashtra, while speaking at the 6th CII WR Digital MSME Summit and Exhibition 2020 organized by the Confederation of Indian Industry (CII) Western Region (WR) on Thursday, 29 October 2020. The summit was based on the theme “Recreating MSMEs in the New Normal World”, with the primary objective to help MSMEs bounce back from these tough times and to help them adapt to the new normal and make them Atmanirbhar.  

Desai further added that MSMEs should also focus on increasing employment opportunities for people and provide them a means of livelihood. As the large number of MSMEs are unorganized, Hon’ble Minister requested the participants to register themselves and come on the formal platform as without an appropriate information government is finding it difficult to rollout schemes in an efficient manner. Mr Desai also called for industry collaboration on developing policies for encouraging and boosting MSMEs in the state.      

Gavin Chay, Consul-General of the Republic of Singapore, Mumbai stated that India remains an important investment destination for Singapore. Singapore invested around USD 2 billion from August 2019 to August 2020, these figures reflects Singapore’s confidence and commitment in India. He also added that with digitalization of logistics & financial services and innovation in automation, Indian MSMEs will be able to become competitive in the global market.      

Agus P. Saptono, Consul General of the Republic of Indonesia, Mumbai stated that in order to survive through this pandemic it is important for MSMEs to adapt to the new normal by digitizing and innovating their products and processes. He further added that Indonesia through its various packages and campaigns is promoting digitization as only 13 per cent of total MSMEs in Indonesia are digitized.  

Sunil Mathur, Chairman, CII Western Region Council, Managing Director & Chief Executive Officer, Siemens Ltd said that CII is truly committed towards the growth and development of MSMEs as around 67 per cent of our members are MSMEs and with the change in definition the number is expected to increase. Further, while referring to Germany, Mr Mathur said that around 95 per cent of businesses in Germany are family owned and around 99 per cent are single product based, of which majority are known globally. The primary reason for this is substantial incentives, decentralized banking systems, significant investment in skill development and a strong focus on Industry 4.0 & digitization.     

CII organized 6th CII WR Digital MSME Summit and Exhibition 2020 summit with the objective of creating export opportunities for MSMEs, to assist MSMEs with new age technology adoption and policy advocacy to help MSMEs reach a global platform.