India’s MSMEs offer huge opportunities, need to further leverage this sector: Oliver Prill, Tide
MSMEs, estimates suggest the actual number could be significantly higher, potentially reaching 140 million. The informal sector plays a substantial role in India's economy, with numerous unregistered businesses operating outside the formal system. This vast, untapped economic potential presents a significant opportunity for growth, innovation, and development waiting to be leveraged.
In an interaction with ET Digital, Oliver Prill, CEO, Tide, says that India offers a tremendous growth opportunity, particularly as the country rapidly advances on its growth trajectory. To capitalise on this potential, it is essential to tap into the MSME sector, which is poised to play a vital role in driving India's economic growth, adds Prill. Edited excerpts:
The Economic Times (ET): How do you see India’s MSME ecosystem?
Oliver Prill (OP): MSME is actually a very broad group. I think India has this huge untapped potential in the micro and small sector. And the reason why that's so important is, depending on which statistics you look at, these businesses generate between one third and half of the economic value of the country. So, if you want to have consistent growth, you must focus on that. But that also doesn't mean you should abandon the larger side.
India is one of the most entrepreneurial markets in the world. India should have 140 million MSMEs rather than 64 million. There's a lot of uncounted economic activity in the informal sector here. The Indian MSME sector is a lot larger than the statistics suggest. I think
