INDUSTRY INSIGHTS
GERMANY IS ONE
OF INDIA’S LARGEST
TRADING PARTNERS
IN EUROPE.
growing workforce and enable economic growth.
He further mentioned that India SME Forum is
committed to “take global best practices and
solutions to all the MSMEs of India with the
support of Ministry of MSME and Intel.”
THE MSME SCENARIO
In order to spread awareness about this strategic
tie-up, India SME Forum, in association with
the Ministry of MSME and Intel, has been
organising workshops and interactions and
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conducting ‘Entrepreneurs’ Day Out’ all across
India. Ahmedabad, Hyderabad, Pune, Jaipur,
Bengaluru, Kochi, Mumbai, Chandigarh, and
New Delhi have been targeted, to begin with.
MSMEs are certainly the future of India and this
sort of foreign association is surely going to
amp up the MSME space in the coming years.
Moreover, in order to put this policy into action,
India SME Forum conducted a study as a part
of its annual study on the state of MSMEs in 19
states. It was revealed in the study that over 34
per cent of participants from all MSMEs (which
come up to more than a lakh) use digital methods
to communicate with their professional circles
and that only a mere seven per cent have fully
embraced digital technology or software as a
service (SaaS) solutions. Adding to this, the study
highlighted that over 50 per cent of the MSME
participants have access to benefits, thanks
to the development in digital technology, while
many mention that the dearth of knowledge
of technology posed as a major hindrance.
However, with support from the Czech Republic
and, in turn, financial strengthening, the situation
is set to improve soon.
RENEWING TIES
German Chancellor Angela Merkel, during her
recent visit to India, mentioned that the India-
EU free-trade agreement (FTA) needs to be
renewed. What once brought forward strategic
partnerships can again push business ahead.
Germany is one of India’s largest trading partners
in Europe, and it is believed that the renewed
pact can strengthen old ties and give shape to a
prosperous future for both the countries. Today,
more than 1,700 German companies operate in
India and justifiably, with the renewal of the pact,