Context 1
Context Micro, Small and Medium Enterprises (MSMEs) play an important role in the global economy including in India. The sector contributes significantly in terms of GDP, exports, manufacturing output, employment, etc. However, with increasing globalization, world class competitiveness is needed to integrate into global and domestic value chains so that benefits can reach deep down the value chain. It is also true that, today, competition has gone beyond the individual enterprise or cluster level and even global value chains are competing with each other. Indian MSMEs are to enhance their competitiveness and sustainability and offer greater value to their partners to benefit from national and international trade.
The COVID-19 crisis impacted heavily on businesses, particularly MSMEs. As per various surveys, up to one third of MSMEs report to be on the verge of closing operations or have already shut down. In order to reinvigorate or build back business from this crisis, the aspects of occupational safety and health (OSH), manpower planning (including skill upgrading), production planning and supply chain management are undoubtedly essential to MSMEs. Coupled with these aspects, diverse sourcing, digitization, skilled labor, manufacturing competitiveness and quality improvement will enable stronger, smarter, dynamic & flexible supply chains, and ensure a lasting recovery as well as crisis proofing and sustainability. Moreover, MSMEs need to practice Responsible Business Conduct (RBC), in areas of governance, environment, labor, community and fair business practices to access business opportunities in global value chains. For More Details: Click Here
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