PayPal India and Confederation of India Industry (CII) as part of its series of virtual conferences, organized the third in the five, 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 .
The conference was inaugurated by, Jayesh Ranjan, Principal Secretary Industries & Commerce (I&C) and Information Technology (IT), Government of Telangana. Ranjan said that COVID has brought many challenges for the businesses especially for MSMEs in the area of access to capital. While appreciating Confederation of Indian Industry and PayPal’s initiative, he mentioned, 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 & develop world-class fraud protection for the small and micro enterprises. I compliment CII-PayPal collective efforts in democratizing 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. He also said that making effective use of digitalization, exploring new domestic & export markets and collaboration among themselves would hold the key to sustainable growth for MSMEs in the post COVID-19 scenario.
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.
Krishna Bodanapu, Chairman CII Telangana in his Welcome Address mentioned that the CII Telangana said that MSMEs should focus on exports as the global market will give plenty of opportunities for a business expansion. MSMEs need exposure to large markets and expertise to be able to scale up and enhance he capabilities. They need to be encouraged to adopt latest market access tools to reach out to global consumers and enterprises & integrate with global value chain. 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.
In addition to government dignitaries during the Inaugural Session ,the other prominent speakers during the Panel Discussion included K Hrushikesh Reddy, Deputy Director General of Foreign Trade, Prabhu Raj , General Manager, NSIC Technical Services, T Kameswara Rao, Assistant General Manager, Small Industries Development Bank of India, Mihir Shah, International Business Advisor and Trainer, Universal Connections and Mr AVS Reddy, Convenor, CII Telangana MSME Panel ,as the moderator.
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.
India’s MSME sector consists of 63.4 million enterprises across segments and are the backbone of the economy. The sector has so far generated employment for over 110 million, people and contributed to almost 48.10 percent of the total exports from India in 2018-19
With the recent pandemic induced slowdown, digital is now essential and primary channel to reach consumers. The efforts by the government to go ‘vocal for local,’ it is imperative for Indian MSMEs to adopt a digital approach which will help them reach new markets, new consumer segments. An omni channel approach will play a key role in helping these businesses expand their reach globally, increase their share of exports and thereby enable economic recovery. This partnership and these conferences are aimed at facilitating bringing various stakeholders especially state government together and aid in formulate enabling & innovative policies & schemes which can encourage Indian MSMEs adopt new channels of exports and become globally competitive.
PayPal & CII partner to enable India’s MSMEs to connect with global consumers & businesses
