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India's micro, small and medium enterprises (MSMEs) must strengthen collaboration with the government and industry to capitalise on opportunities emerging from global economic shifts, said Shreekant Somany, Chairman and Managing Director of Somany Ceramics Ltd, adding, global headwinds are both an opportunity and a challenge.
Speaking to ANI on the sidelines of the CII Global MSME Business Summit, Somany said that the Confederation of Indian Industry (CII) has been regularly providing inputs to the government on the needs and challenges of the MSME sector. He stressed, There is a need for MSMEs and the government to work togetheralong with industriesto seize the opportunities arising from ongoing global changes. At the same time, he acknowledged that challenges such as tariffs, rising costs and access to finance continue to persist, but stressed that these are both an opportunity and a challenge. Apart from this, he noted that there is a huge focus from the government as far as MSMEs are concerned, and government policies have clearly shown that. Addressing the summit, Somany highlighted that the global economic and trade landscape is undergoing significant transformation, driven by shifting trade patterns, geopolitical uncertainties, changing tariff structures, technological advancements and the realignment of global supply chains. He noted that while these developments pose challenges, they also create significant opportunities for India as global businesses increasingly seek to diversify sourcing and manufacturing, strengthen supply chain resilience and partner with reliable markets. India, with its large domestic market, expanding manufacturing capabilities, entrepreneurial talent and growing international economic engagement, is well-positioned to benefit from these shifts, he said. However, he stressed, Opportunities do not automatically translate into business growth. Indian enterprises must be prepared to meet global expectations in terms of quality, cost, productivity, delivery timelines, technology and sustainability. He further urged MSMEs to invest in modern manufacturing processes, digital technologies, skilled manpower, quality systems and research and development (R&D), while adopting internationally recognised standards and sustainable business practices to enhance their global competitiveness. Competitiveness must become a continuous process rather than a one-time achievement, he said. (ANI)
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