MSMEs aim for annual exports of $2trn by 2030
Walmart Global Sourcing India Private Limited and The National Small Industries Corporation Limited (NSIC) have signed a Memorandum of Understanding on 6 Dec 2022, which will lead to MSMEs achieving annual exports of US$2 trillion by 2030.
The MoU will extend the NSIC schemes and other services to MSMEs who would participate in various Vriddhi program, a Walmart initiative to nurture small businesses, MSME entrepreneurs and suppliers in India. It is a confident move to accelerate business growth beyond national boundaries.
It is also an excellent opportunity for business owners to enhance their skills and knowledge. Walmart Vriddhi Supplier Development Program (Walmart Vriddhi) aims to instruct 50,000 small business owners in India to help them increase their ability to take advantage of the business opportunity to accelerate business growth domestically and to explore reach globally.
Commenting on the MoU, Minister of MSME Narayan Rane said, “I’m glad to see that Walmart’s Vriddhi program has enabled a large number of Indian MSMEs to expand, boost their production, and experience growth.
“Walmart has been instrumental in enabling MSMEs with training and capacity building, especially through the pandemic. The Indian MSME sector currently comprises of 6.3 crore MSMEs that employ more than 11 crore people.
“We look forward to Walmart’s continued support to the growing MSME sector in the country.”
Moreover, the MSMEs would be exposed to various advantages of gaining working capital, bulk procurement support among others under various opportunities offered by NSIC. MSMEs who are part of the NSIC ecosystem will also be linked to the Vriddhi program in relevant clusters and get access to existing business training content, advisory support, tools and knowledge under the program – “free of cost”.
As such, the MoU will play a critical role in enabling MSME’s reach US$2 trillion worth of annual exports by 2030.
NSIC Chairman-Cum-Managing Director Gaurang Dixit assured, “NSIC is committed to the growth and development of a robust MSME sector in India.
“We look forward to working with Walmart Vriddhi to help MSMEs under the program get access to our schemes and make the learning resources of Vriddhi available to MSMEs under NSIC.
“Through this partnership, MSMEs across the country can get the necessary support required to further expand their businesses nationally and across the globe.”
The MoU was signed Dixit and Prameela Mallaiah, Director and Hub Leader, Walmart (see picture).
NSIC is part of the Ministry of MSME. fiinews.com
