Small businesses are an important part of the Indian economy, providing employment, innovation, and growth. Some of the trends and predictions for the MSME sector for the year 2024 are:
- MSME credit growth will be higher than the corporate segment, driven by the government’s initiatives, such as the Emergency Credit Line Guarantee Scheme, the Credit Guarantee Fund Trust for Micro and Small Enterprises, and the Interest Subvention Scheme.
- Neo-banking platforms will offer more convenient and competitive financial services to small businesses, such as loans, payments, accounting, and tax compliance.
- Digitization and e-commerce will enable small businesses to reach new markets, customers, and suppliers, as well as improve their efficiency and productivity.
- MSMEs will adopt more sustainable and green practices, such as renewable energy, waste management, and circular economy, to reduce their environmental impact and enhance their social responsibility.
- MSMEs will leverage emerging technologies, such as artificial intelligence, cloud computing, and blockchain, to improve their operations, quality, and security.
