Small, mighty entrepreneurs are a driving force behind the global economy. Yet their contribution has gone unrecognised. They account for more than 50% of jobs in high-growth economies – and 40% of GDP in emerging economies. In these areas, their role is critical: SMEs’ ability to power recoveries and lift communities out of poverty means they punch far above their weight. They have the agility, intimacy, and desire to lead the way forward. Now, we’re giving them the tools to do just that, beginning with India.
India is one of the fastest growing major economies in the world, with more than 51 million SMEs registered. Many of these cannot contribute to the formal economy, due to a lack of connectivity and business services support. It’s time to unleash their potential.
India: the potential
The majority of SMEs in India have less than 10 employees. To grow and realise their potential, these businesses need easy-to-use tools that don’t require advanced skills:
89.1%
micro-SMEs enterprises: <10 employees
40%
of the workforce employed by Micro-SMEs, but only represent 17% of GDP
374m
smart phone users – the second highest number in the world and growing
SMEs in India can lift communities – especially those that are remote and rural – from poverty to prosperity, creating wealth and jobs, and contributing to GDP. Their energy, ambition and growth are being limited by challenges, which Accloud Group overcomes. These include:
- Limited access to capital
- Geographical distance and limited resources inhibit access markets
- Lack of easy and affordable technology limits ability to trade online
- Limited purchasing power and access to larger contracts leads to selling below cost
At the same time, the Indian Government is taking steps to introduce the latest digital technologies to the market. We’re aligned with their policies, which support United Nations Sustainable Development Goals, and are partnering with them on a number of initiatives.
- Make in India
a major initiative to facilitate investment, foster innovation, enhance skills development, and build best-in-class manufacturing infrastructure - Digital India
a flagship programme that aims to transform India into a digitally empowered society and knowledge economy, for example through extending Wi-Fi to remote areas - Skill India
tailored programmes to help create human resources for the e-commerce industry and encourage companies to invest in professional development of their workers