Launch a five-series virtual programs to help Indian businesses leverage the global opportunity and grow their business and Indian exports
PayPal India and Confederation of India Industry (CII) organised a virtual conference, a first in a series of five, focussed on highlighting the global opportunity for Indian MSME’s to tap into global consumer value chain and increase export of Made in India goods and services. The conference was inaugurated by Tamil Nadu’s Rural, Cottage and Small Industries Minister, Mr. P. Benjamin, along with key dignitaries Mr. Vishu Mahajan, Additional Commissioner & Managing Director, M-TIPB, Directorate of Industries & Commerce, Government of Tamil Nadu.
Addressing the session, Mr. Benjamin said that Government of India has declared Tamil Nadu as the Third Best State in contributing to the growth of MSMEs. I am happy to note that Confederation of Indian Industry and PayPal’s initiative will help enable the new export economy for MSMEs in the State, create ease of living with smooth processing of foreign inward remittances & develop world-class fraud protection for the small and micro enterprises. 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.
Mr. Nath Parameshwaran, Director, Corporate Affairs, PayPal India, said: “Indian MSME’s are the backbone for 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 at Customer Champion company.”
Mr. Srikanth, Convenor, CII, Tamil Nadu MSME Panel, in his welcome address, mentioned that the CII TN MSME Panel has been focusing more on doing programmes and sessions for MSME business processes, covid protection methodology, using the technology scenario of AI, Machine Learning, IoT and Industry 4.0. He further said that the today session would be connecting the MSME businesses in their marketing ventures with consumers in India and with specific focus on global emphasis. The experience sharing by two entrepreneurs of how they connected with global customers will encourage the MSMEs to open their eyes and widen their horizons.
In addition to government dignitaries, other speakers included by Dr. Manoj Pant from IIFT, Mr. Mihir Shah, International Business Advisor and Trainer, Ms. K. Suganya, Assistant Director General of Foreign Trade, Ministry of Commerce & Industry, Government of India, Mr. K. V. Kumar, DGM – TSC, National Small Industries Corporation, and Mr. Nath Parameshwaran, Director Corporate Affairs, PayPal India.
The conference gave merchants a platform to share their experience especially during the pandemic and how digital platforms like PayPal have played a key role in enabling them to not just survive but thrive by tapping into PayPal global network in 200 markets and 350M consumers coupled with secure and quick receipt of export proceeds helping in better managing cash flows.
India’s MSME sector consists of 63.4 million enterprises across segments and are the backbone of the economy. The sector provides employment to 117 million people, contributes to almost 29 per cent of India’s GDP and 40 per cent of the exports from the country.
With the recent pandemic induced slowdown, digital is now essential and primary channel to reach consumers. The efforts by the government to go ‘vocal for local,’ it is imperative for Indian MSMEs to adopt a digital approach which will help them reach new markets, new consumer segments. An omni channel approach will play a key role in helping these businesses expand their reach globally, increase their share of exports and thereby enable economic recovery. This partnership and these conferences are aimed at facilitating bringing various stakeholders especially State Government together and aid in formulate enabling & innovative policies & schemes which can encourage Indian MSMEs adopt new channels of exports and become globally competitive.