Interview | MSMEs Desperately Need Personalized Business Consulting For Normalcy: Wadhwani Foundation

Ease of Doing Business for MSMEs: While the government can plan and allot resources and craft conducive policies, private and non-profit organizations can bring superior implementation expertise through effective program management with in-built accountability for outcomes.

Ease of Doing Business for MSMEs: Founded in 2000 by Silicon Valley billionaire entrepreneur Romesh Wadhwani – philanthropic organization Wadhwani Foundation works towards accelerating job creation in India and other emerging economies through large-scale initiatives in entrepreneurship, small business growth, innovation, and skilling. The foundation operates in 20 countries, including India and works in partnership with governments, foundations, corporations, and educational institutes and runs multiple initiatives. It has also been awarded $ 1.5 million by Bill & Melinda Gates Foundation to upskill hundreds of government-funded incubators in India. Dr Ajay Kela, President and CEO of Wadhwani Foundation shares his views on government measures and their impact to support MSMEs, job creation by small businesses, elevating them from Covid-induced misery and more in an interview with Financial Express Online.

With India adding 8-10 million people a year to the workforce for the next decade, the demand for jobs in India is unprecedented.  As per recent ILO data, MSMEs account for a staggering 70 per cent of employment worldwide and India is no different. However, Covid-19 crushed MSMEs from all angles, and most will take months and years to return to stability and normal growth. Besides capital and cash management help, MSMEs are in desperate need and eager to receive personalized business consulting that will accelerate their return to normalcy. The government has already released a stimulus package to address their financial needs. If this is coupled with business consulting services, it will enable MSME to utilize the funds better to survive and thrive by building strategies to address challenges with customers, broken supply chains, and disrupted internal processes, including cash management and employee retention.

Source: Financial Express

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