Page 92 - IMDR MSME BOOK 2021

Chapter 7
Suggestions

For a developing nation like India, where the MSMEs
businesses outrun the more organized businesses in
numbers, it is essential to nd a solution to the
problems faced by them. A country like India, where
income disparity is large, support provided to MSMEs
would go a long way in motivating the population to
create the income generation avenues and
employment for more people.
1. More research on the current practices and best
practices, to identify the gap between “what is” and
“what should be”, coupled with awareness drives and
training for use of sophisticated techniques of
nancial management to MSME businesses, will
improvise their ease of doing business as well
contribute to the nation’s growth.
2. Financial literacy for all businesses which was once a
far - fetched dream, seems possible now. Organized
unions of business owners like Chamber of
Commerce, can take the initiative on training such
businesses to use necessary and effective tools to
draw better results from the same resources. The
training programmes could be designed in small
modules and conducted frequently so that the
business owners can devote resources towards them,
without suffering any opportunity cost.
3. Partnership with educational institutes could also
bring in a lot of improvement in accessibility to smart
ways of managing nance for these businesses.
Educational institutes could develop training
programmes which are sector specic and aimed at
resolving issues by initial hand holding for the
business.