The small and medium enterprises in India is the backbone of the economy. Not only they are responsible for majority of the exports, but also employs majority of the workforce. Their presence is observed across the country and are not concentrated in any particular region.
With such vast presence, their contribution towards employment generation cannot be undermined. The growth of the SME sector has the potential to generate employment for millions of people. With adequate financial support, innovation and sustainability initiatives, the SMEs will definitely help in increasing the nation’s exports.
Large corporations and big investments, including ‘Foreign Direct Investment (FDI)’ is not able to generate employment to our large population.
In spite of all the advantages, SMEs continue to face immense challenges. They do not have access to funds. Interest rates they get are high compared to large borrowers. A number of schemes are sponsored by the government but in reality they remain mostly on paper. The people responsible for implementation of the scheme either deny the benefits or dilute them for various reasons.
In order to help our nation grow and enhance its economy, export & generate more employment for our youth, we must ensure suitable and beyond line support & help for SME. Today we are presenting the entrepreneurship journey of one such entrepreneur who had been working to support SME & other micro enterprises. Lets see what Prasoon Pal from ofoworld has to say about his venture and how is his venture helping smes.
1.What is the Name of Your Venture? Any specific reason for this name?
OFO World – Reason for keeping name is, i wanted 3 lettered name and followed by “World” means i want to make this business BIG and would like to take & cover entire world.