The United States of America has shown great interest in encouraging small and medium businesses across India. During his visit on India’s 64th Republic Day, Barack Obama, the US President, announced OPIC’s support for the growth of SME’s in India. OPIC or, Overseas Private Investment Corporation is the United States’ government's development finance institution.
OPIC will be issuing loans over USD 1 billion in underserved rural and urban markets. The U.S. Trade and Development Agency has also set a target to leverage around USD 2 billion and invest it for renewable energy in India. OPIC is known to work for the development of varied sections across the globe. It boosts revenues, provides employment and offers many growth opportunities through its activities. Its initiative in India will earn around USD 4 billion. Besides, it will also give rise to many jobs in the two countries.
Contribution of SMEs
SMEs in India have a great share in the national economy. 40% of India’s workforce is engaged in the 48 million SMEs across the country. SMEs generate 45% of the industrial output and manufacture over 8000 high quality products. In international trade, 42% export is courtesy the SMEs. They also work to increase the employability. 42 million people are employed by the SMEs. Besides, they also generate 1 million jobs every year.
SMEcorner
SMEs have a wide market that is open for expansion and development. The diverse sectors present for the SMEs are manufacturing, food processing, agriculture, textiles, engineering, pharmaceuticals and retail. Technological advancement is greatly needed in this sector. The use of the internet can benefit the SMEs in a big way.
SMEcorner uses the online world to foster the growth of SMEs in India. It has a strong network with banks and NBFCs (Non-Banking Financial Companies) and assists SMEs to get easy access to loans through an online platform. Being first of its kind, this web portal encourages transparency and minimizes the risks for the SMEs.
What makes SMEcorner.com a reliable source is the expertise of its founder and CEO, Samir Bhatia. He is a qualified Chartered Accountant and has great experience in working with leading banking companies of India. With 28 years spent in this industry, he has a great relationship with senior professionals and thus helps the SMEs in an efficient way.
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