Leveraging Technology to Tap New Markets: Mohit Suri
The government of Uttar Pradesh is proactively committed to assisting the state’s exporters through the Ubharte Sitaare program launched by the Union Minister of Finance in partnership with SIDBI and India Exim Bank. Present the industry perspective on the program, Mohit Suri, President of the Indian Industries Association addressed the Ubharte Sitaare Lecture from Uttar Pradesh.
Mohit Suri said the COVID pandemic has completely changed the perception of governments around the world. Due to the viral outbreak, the Indian government imposed a nationwide lockdown which had a complete negative impact on the dynamics of the industry and MSMEs were one of the most affected sectors. Citing the challenges MSMEs face, he stressed: âThe capital requirements are unrealistically increasing over the past two years and all SMEs have suffered losses. In addition, the prices of each commodity over the past two years have increased by 70 percent. “
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Expressing his satisfaction with the launch of the Ubharte Sitaare program, Suri appreciated the efforts of the government of Uttar Pradesh to provide support to the state’s exporters under the program. âIn particular, at a time when the world views India as a key player in the global supply chain. We have the entrepreneurs, we have the MSMEs capable of responding to international markets. However, to overcome the existing challenges, MSMEs need to focus on harnessing technological interventions. Plus, cheaper credits can add to the benefit.
âTo overcome existing challenges, MSMEs need to focus on harnessing technological interventions. Plus, cheaper credits can add to the benefit.
Addressing the benefits of technology and its role in accelerating the growth of exporters, Suri said that a digital platform to connect buyers, who are established suppliers, with manufacturers would really help the SME sector. âBefore the pandemic, 90% of our toys came from China, which has changed dramatically now. We are moving into the toy manufacturing sector, âhe added.
Also read: “Uttar Pradesh has the potential to become an export hub”
Additionally, Suri cited pending GST refunds as one of the main challenges. He said: âPending GST refunds from MSME exporters are running into millions of dollars, which is a major bottleneck at this point. And on top of that, this kind of problem is added to the working capital problems. Second, international freight, due to the container imbalance, is also causing a lot of havoc among exporters. Costs have increased almost three to four times.
Concluding his speech, Suri said: âIf we really want to be Atmanirbhar and we want more Ubharte Sitare, then these major concerns must be addressed. All those MSMEs that survived this pandemic are definitely Ubharte Sitare. “
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