Business News
What SMEs require in India
Jun
Indian entrepreneurs based in India and the UAE share their take on the catalysts required to promote seamless growth in their respective sectors
Stable exchange rate
Rajiv Raipancholia, CEO and MD, Orient Exchange Co
Nature of business: Foreign exchange and money transfers
India has retained its spot as the world’s top remittance recipient with its diaspora sending $79 billion back home in 2018, according to the World Bank Report. Remittance grew by more than 14 per cent in India. However, we are looking for exchange rate stability against the US dollar. Too much fluctuation affects customers negatively though sometimes they may be at an advantage. But a stable exchange rate would always be beneficial to consumers and corporates.
A stronger rupee would make exports from India less competitive. A stable rupee is what would take us forward in the long term. Moreover, I believe both the states and centre should implement projects for Indians returning home after working long years in foreign countries.
A continuously weakening rupee would lead to more money being sent for the same dirham, but the net result would be inflation within India. A stronger rupee would make exports from India less competitive. A stable rupee is what would take us forward in the long term. Moreover, I believe both the states and centre should implement projects for Indians returning home after working long years in foreign countries. The government should work out schemes for the returnees by utilising their capabilities, expertise, experiences and investment.
Simplify procedures
Sanjeev Agarwala, Director, The Atlantic Oil Co Pvt Ltd, Kolkata, India
Nature of business: Manufacturing of lubricants
It is imperative to focus on radical policy reforms to unleash an entrepreneur’s true potential so that SMEs can transform themselves into bigger enterprises. However, the complexity of regulatory procedures, covering areas such as license and permit systems, insolvency and tax, remains a major obstacle.
The complexity of regulatory procedures, covering areas such as license and permit systems, insolvency and tax, remains a major obstacle and need to be resolved
Simplification of rules, procedures and regulations and compliance costs, which are somewhat fixed, thereby hampering SMEs more when compared to big business, is a must.
Redesign cities
Gajesh M. Badsewal, CEO and Founder, GMB verve, Mumbai, Jaipur, India
Nature of business: Architect and interior designer
India can become one of the finest countries by redesigning old Metro cities with SMART ideas and latest technologies. We can build tunnels, bridges, etc., with those ideas and for the upcoming new towns, providing Indians better living and an aspirational lifestyle.
India can become one of the finest countries by redesigning old Metro cities with SMART ideas and latest technologies.
Exporting solid surfaces
Amit Vijaykumar Vyas, CEO and Founder, Infini Solid Surfaces, Mumbai, India
Nature of business: Solid surfaces, construction materials
With falling natural resources and stringent laws in mining, in Europe and the US, India should focus more on exports of solid surfaces, presenting itself as an alternative to China and Korea, which contribute to 95 per cent of global OEM market business.
Restructuring duty tariffs for raw materials and introducing dumping duties on imports of low quality MeToo products from China can provide a strong booster for Indian Solid Surface Industry.
Restructuring duty tariffs for raw materials and introducing dumping duties on imports of low quality MeToo products from China can provide a strong booster for Indian Solid Surface Industry. FDI in cladding surface technology should be encouraged to bring global companies for collaborative growth.
Tax exemption
Vikas Bagaria, CEO and Founder, Redcliffe Hygiene Private Limited, New Delhi, India
Nature of business: FMCG and personal hygiene
One of the biggest problems faced by start-ups or an MSME is of obtaining working capital. Due to legalities involved in acquiring capital from financial institutions, it becomes tough to sustain in this economy, especially with high-interest rates.
One of the biggest problems faced by start-ups or an MSME is of obtaining working capital, a problem that needs to be addressed by the Indian government.
For organisations that work towards helping people lead a healthy lifestyle, a tax exemption can be an initiative to support the same.
Liberalised export policies
Mohan George Pulinthitta, Partner and Managing Director, Integrated Freight and Logistics
Nature of business: Freight and logistics
India is one of the major importing countries for the UAE; hence, trade policy changes in India affect the UAE. India’s export-friendly trade policy will benefit both the countries in financial and infrastructural development. Liberalised economic policy to Indian exporters will boost all industries in the UAE, especially the shipping industry.
Liberalised economic policy to Indian exporters will boost all industries in the UAE, especially the shipping industry.
Cargo movements by containers and other modes of transportation are significant revenue for the UAE, and to Dubai. Increase in cargo volume plays a vital role in the UAE, with its strategic position as the business hub, transit point, and the distribution centre for the Middle East and surrounding regions.