With rising importance of Branding, it has been suggested that the micro, small and medium enterprise (MSME) sector in India should follow suit, experts at the MSME Conclave organised by CII at Gurgaon said.
"Despite contributing 8 percent to the country’s GDP and being a key player in social and economic development by providing employment to 60mn people through 26mn enterprises, the role of MSMEs is not visible due to weak marketing. It calls for an urgent need for brand building and reformulation of marketing strategies to enable MSMEs to position their products and services", said Mr Lalit Agarwal, Founder and MD of V Mart Retail Limited.
Speaking at the event, Additional Development Commissioner, Ministry of MSME Mr M P Singh shared, "Often micro entrepreneurs have micro views about the growth. Not just the simple growth but also the scalable, sustainable and profitable growth of their venture. With increasing competition, the survival and growth of MSMEs critically depend on ability to identify new customers, develop a new product line, venture with another company in new markets."