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by Rajen Kumar

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EMRC, Brussels Associates with SME WORLD as its New Media Partner

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The Journey of Tata, Birla, Reliance, Mittal: Persistence, Hard Work and Smart Business Moves Turned SMEs into Formidable Corporate

SME WORLD Bureau
Apr 2011

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Monolithics of Indian business - Mittal, Tata, Birla or Reliance started as a Small or Medium Enterprises but they moved up the ladder of success with painstaking efforts and reached dizzy heights. Their success story is not restricted to them, unlike what most people believe. What gave, and continues to give them edge over others is their focus, persistence, hard work and smart business moves.

The views were expressed by Virbhadra Singh, Minister of MSME, during his address at the Milagrow World SME Conference held in New Delhi recently. The conference was attended by several members from the stakeholders' community of the MSME Ecosystem, including policy makers, bureaucrats, top-management of MSMEs, academicians, etc.

Stating about the importance and contribution of the MSMEs sector to the economy Minister said, “Each enterprise, whether large or small, has an important bearing in the shaping of a nation's economy, and has its due cognizance. A country's economy is not run by big companies and MNCs alone. Each enterprise polls to the country's GDP in its own ways and each contribution is immensely important. The role of micro, small and medium enterprises (MSMEs) in the economic and social development of the country is well known. It is the nursery for entrepreneurship, often driven by the individual creativity and innovation, with a significant contribution in the country's GDP, manufacturing output, exports and employment generation.”

Highlighting the ways to face stiff competition in a decontrolled state, the minister advised, “SMEs need to emphasize on reducing the cost and improving the productivity. Concerted efforts need to be made for the quality and welfare of employees and workers. International experience shows that it is possible for MSMEs to remain globally competitive even in an increasingly integrated global market.”

Paradigm Shift in the Ministry Working

Uday Kumar Varma, MSMEs Secretary stated that the younger generation of India was poised to bring the change in the MSME family businesses, the backbone of the economy of the country. He also informed about the paradigm shift that had occurred in the working of the Ministry of MSME, after the arrival of the new team.

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