India is steadily progressing toward its goal of becoming a $10 trillion economy by 2035, aspiring to join the ranks of developed nations by the time it marks 100 years of independence. To materialize these visions into reality, Micro, Small, and Medium Enterprises (MSMEs) must play a pivotal role in fueling job creation, fostering innovation, and driving inclusive regional development.
Recognizing the importance of this sector in shaping the nation’s future, Forbes India, in partnership with PhonePe Payment Gateway (PhonePe PG), launched the Forbes India Small Business Summit—a marquee campaign aimed at encouraging and empowering small businesses and amplifying their voices.
Journey Across the Nation
The Small Business Summit embarked on a transformative journey across India with SMB Huddle events in Chennai, Lucknow, Indore, and Pune and culminated in a grand summit in Delhi. These events brought together MSME owners, entrepreneurs, experts, and regulators to discuss key facets of enterprise—regulation, innovation, digital transformation, marketing, and finance—to propel the SMB ecosystem forward. The campaign aimed to equip SMEs with the tools and perspectives that are needed to capitalize on emerging opportunities to garner greater success.
As a hub for over 2.5 lakh MSMEs across technology, retail, and manufacturing, Delhi embodies the spirit of innovation and global competitiveness at the heart of India’s entrepreneurial ambitions. The grand summit in Delhi, themed ‘Delhi Means Innovation: Leading the Digital Transformation in India’s MSME Ecosystem’, stood as the pinnacle of this nationwide campaign.
The regional events served as a powerful run-up to this grand finale, each addressing unique aspects of India’s MSME ecosystem. Chennai’s theme, ‘From Traditional to Tech-Enabled’, emphasized the shift toward modernizing manufacturing and enhancing productivity. Lucknow’s ‘Growth at the Grassroots’ highlighted the significance of policy support and innovation to empower small businesses as engines of regional and national growth. Indore brought a strategic lens with its focus on replicating the state’s sustainable growth story across the country, and Pune’s ‘Pune Means Progress’ celebrated digital transformation in one of India’s most vibrant MSME hubs with over 4.5 lakh enterprises.
Recognizing Excellence
At every stage of the campaign, Forbes India and PhonePe PG recognized and felicitated small businesses that demonstrated remarkable innovation, resilience, and impact. By overcoming challenges and leveraging technology, these enterprises have set benchmarks in their respective industries and demonstrated the immense potential of India’s MSMEs, inspiring countless others in the ecosystem, with their stories of grit and ingenuity.
Towards a Promising Future
The Forbes India Small Business Summit, presented by PhonePe PG, is a movement aimed at driving India’s entrepreneurial revolution. As one of the first organizations in recent times to conceptualize a nationwide initiative of this scale, Forbes India has set a precedent in spotlighting MSMEs’ pivotal role in shaping the economy. By bringing together key stakeholders, fostering collaboration, and providing a platform for knowledge exchange, the summit has laid a strong foundation for the future of MSMEs in India.
With initiatives like these, India’s goal of becoming a fully developed nation by 2047 seems ever more achievable. The journey has just begun and with the unwavering spirit of its entrepreneurs, India is well on its way to becoming a global economic powerhouse.
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