92% of Indian SMEs confident of increased business

A study conducted by Synovate Business Consulting in association with Alibaba.com revealed that 92% of Indian SMEs expects increased revenues in 2010. More than half i.e. 56% of Indian SMEs are highly optimistic that 2010 will be better in terms of overall business activity and profitability of their industry. Also, nearly 58% believe that 2010 will be better for the performance and profitability of their own businesses.

The report also reveals that, SMEs have benefited from globalization as they have been exposed to larger markets and better standards. 73% of SMEs in the Engineering Goods industry and 71% of SMEs in the Food Processing industry believe opportunities to enhance scope of business and efficiencies in technology and operations are the key advantages that have accrued to SMEs due to globalization. The US is the leading country with which most Indian SMEs do export business followed by Germany, UK, Singapore, UAE and Saudi Arabia.

The survey included 500 SMEs spread across the length and breadth of the nation and from various sectors. “The survey also shed some light on the unique challenges that various industries face. This should help Alibaba.com in improving our services to Indian customers,” said Brian Wong, Head of Global Sales, Alibaba.com.