I believe that the recent initiative by the DGFT to collaborate with private players to develop export hubs and educate MSMEs on how they can develop their units as export  hubs for the global markets is a timely and necessary step. and realigns commitment to develop India as a global manufacturing hub and enhance our export capabilities. The initiative will not only help MSMEs access to newer markets but will also help them address the hurdles that they face, be it in production, logistics, costs, or manufacturing. 

It is no secret that despite their economic significance, there are certain major pain areas for MSMEs which are restricting both them and the nation particularly from becoming a manufacturing hub for global brands. Key issues that need to be addressed include limited access to finance, bureaucratic red tape, compliance and regulatory issues, reluctance to go digital, relying on traditional methods, and a lack of skilled workforce to manage and operate the latest machinery.

Additionally what I have also experienced is that with any initiative comes complex regulatory and compliance requirements, along with a general lack of understanding about any initiative itself. These challenges too significantly hinder the MSMEs to fully leverage the available opportunities. To overcome this, we need to provide clear and simple guidelines, offer support resources, reduce red tape to help small businesses to navigate the regulatory landscape effectively and utilise the initiatives offered, contributing to the growth of the economy.

It is essential that we develop and support an ecosystem that fosters a culture which encourages innovation and entrepreneurship with the MSME sector. There should be collaboration among MSMEs, knowledge sharing related to leveraging latest technologies such as - using artificial intelligence or automation in the manufacturing process, analytics for making data driven decisions or in the field of research and development and skill development can enhance their adaptability to changing market demands. Prioritising research, development, and skill enhancement will further position MSMEs to compete on a global scale and increase their export participation.

By taking these comprehensive steps, we can significantly boost the competitiveness of Indian MSMEs and pave the way for a thriving export sector. Small businesses, like our government, have to also show their hunger to forge ahead. 

I invite your opinions.