PayPal India and the Confederation of India Industry (CII) organized the second of five series of virtual conferences. It focused on global opportunity for Indian MSMEs’ tap into the global consumer value chain and export increase of Made In India goods and services.

Inaugurated by Shri Abhishek Krishna, Joint CEO (IT), Maharashtra Industrial Development Corporation (MIDC) the conference inauguration also included key dignitaries Shri Brenda VanHorn, Principal Commercial Officer, US Department of Commerce.

Shri Krishna said, “MSMEs are the largest source of employment in the remotest parts of Maharashtra. The state has the largest number of MSMEs. MSMEs in Maharashtra account for 5.6% of the annual credit plan. More than 40% of exports of the state are generated by MSMEs.”

He further stated that it will be helpful in the enablement of the new export economy for MSMEs in the state, creating life easy with a smooth procession of foreign inward remittances and develop world-class fraud protection for the MSMEs.

Shri Krishna said, “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.” 

Shri VanHorn expressed, “Stimulus relief from the Govt of India helped SMEs during COVID. But the post-COVID 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.”

“Indian MSMEs are the backbone of 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 a Customer Champion company,” opined Shri Nath Parameshwaran, Director, Corporate Affairs, PayPal India, said.

Shri K Nandakumar, Chairman, CII Western Region Sub Committee expressed that the state is a large base of skilled and industrial labor known. Termed as Global Banking and Financial Hub, in addition to a hub of IT, ITES, and 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. CII Tech Saksham and MSME Business Mela are helping CII with the inclusion of technology and up-gradation for a long stand of MSME Sector. Two entrepreneurs experience sharing on how they connected with global customers will be an encouragement for the MSMEs for a wider vision.

Prominent personalities included in the panel other than the Government Dignitaries were Shri A K Choudhary, Head of Office, Additional Director General of Foreign Trade, Shri Ajit Nath Jha, General Manager, Small Industries Development Bank of India, Shri Mihir Shah, International Business Advisor and Trainer, Universal Connections, Shri Gunja Kapoor, Policy Analyst, Pahle Foundation and Shri Sandeep Naolekar, Co-Chair, CII Western Region Subcommittee on MSME as the moderator.

The conference entrusted merchants a platform for sharing their experience especially during the pandemic, and how digital platforms like PayPal have played a key role in the enablement of PayPal’s global network in 200 markets and 350 million consumers securely and quickly.

India’s MSME sector has 63.4 million enterprises in various segments, and it is the economy hanger. The MSME sector has nearly generated 110 million employments and contributed 48.10 percent to the exporting total from India in 2018 – 19.

Sloth growth due to pandemic transferred businesses to digital, which is the main network for reaching customers.

Government efforts for ‘Vocal for Local’ is also an imperative channel for Indian MSMEs to adopt a digital medium to help new markets, new consumer segments.

An omnichannel approach will be playing a primary role in helping these businesses expand their holistic reach globally, with an increase of exports’ share, and enabling economic recovery.

The partnership and conferences aim to facilitate plugging stakeholder and state government together and aid in the formulation of enablement and innovative policies/schemes for encouraging Indian MSMEs in adopting new channels for exporting and becoming global competitors.