AFTER witnessing a difficult year due to delayed payments, lack of required credit and debt, will Indian micro, small and medium enterprises (MSMEs) survive the crucial 2024? Well, industry experts are optimistic about the growth along with several risks amid the ongoing geopolitical crisis and supply chain disruptions that can impact the vulnerable sector. Over the years, the industry, known as the backbone of the Indian economy, has been reeling under the impact of uncertainty. Much like this year, the sector is expected to witness several major growth trends in 2024. However, MSMEs could be confronted with multifaceted challenges, encompassing limited access to formal credit, prolonged payment cycles and the imperative to embrace emerging technologies. India’s 64 million MSMEs have had a major role to play in supporting domestic demand growth with a steady supply of goods and services to various major industries. Despite the challenges, it continues to remain one of the biggest sources of employment and it contributes about 29 per cent to the GDP. In this article, BW Businessworld analyses the top trends that are going to shape India’s MSME sector in 2024.
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