Current market trend in the sales Industry

Event Date: 22^nd September 2024

On 11th September 2024, we had the privilege of hosting Mr. Dharmesh Meena, Vice President of IndiaMART InterMESH Ltd., for an insightful guest lecture aimed at enhancing students’ understanding of the Indian economy, with a focus on Micro, Small, and Medium Enterprises (MSMEs).

Mr. Meena introduced MSMEs by explaining their critical role in India’s economy, highlighting key statistics: over 63 million MSMEs contribute 28.77% to India’s GDP, 45% to exports, and provide employment to more than 111 million people. These enterprises play a transformative role, particularly in rural and semi-urban areas, by generating employment and reducing income inequality.

The session also covered emerging trends, such as digital adoption, sustainable practices, and government initiatives like Atmanirbhar Bharat. Mr. Meena emphasized how platforms like IndiaMART empower MSMEs through digital solutions, providing them with unparalleled market access, visibility, and cost-effective marketing solutions.

A Q&A session followed, where students gained practical insights into the digital marketplace and IndiaMART's business model. The session concluded with a deep appreciation for Mr. Meena’s contributions, leaving students inspired and informed about the potential of MSMEs in driving India's economic progress.

5.Event Detailed Description- Max 500 words

1. Introduction:On 11^thSep 2024, we were honored to host Mr. Dharmesh Meena, Vice President of IndiaMART InterMESH Ltd, for an insightful guest lecture aimed at enhancing students’ understanding of the Indian economy, particularly focusing on the importance of Micro, Small, and Medium Enterprises (MSMEs). The session was structured to explore how MSMEs are contributing to the nation’s growth and how IndiaMART is facilitating their development through digital solutions.
2. Introduction to MSMEs:Mr. Meena began the lecture by introducing the concept of MSMEs, providing critical statistics and facts that demonstrated their importance to India’s economic fabric. He explained that MSMEs, as defined by the Government of India, include businesses with investments in plant and machinery (manufacturing) and equipment (services) below specified limits. These enterprises are classified into micro, small, and medium categories based on their size and turnover.

Key statistics shared during the introduction included:

• 63 million MSMEsare currently operating in India, making it one of the largest MSME ecosystems in the world.
• MSMEs contribute 77%to India’s GDP and 45% to the country’s exports.
• The sector provides employment to over 111 millionpeople, making it a vital component in job creation and regional development.

These figures provided the students with a solid foundation for understanding the critical role of MSMEs in fostering industrialization, generating employment, and promoting inclusive growth.

3. MSME Contribution to the Nation:Mr. Meena further emphasized the transformative role of MSMEs in the nation’s economic and social fabric. He noted that MSMEs contribute significantly to regional development, particularly in rural and semi-urban areas, where they help reduce income inequality by offering employment opportunities and encouraging entrepreneurial activities.

Other key contributions highlighted included:

• Employment Generation: MSMEs are responsible for employing a significant portion of the workforce, with a focus on both skilled and unskilled labor, offering opportunities to marginalized and underserved communities.
• Export Growth: With 45%of India’s exports coming from MSMEs, the sector is a key driver of international trade, especially in labor-intensive industries such as textiles, handicrafts, and leather.
• Supply Chain Strengthening: MSMEs also act as suppliers and ancillary units to larger corporations, playing a vital role in the industrial supply chain by offering cost-effective solutions and innovations.

4. Key Trends in MSME Sector in India:During his lecture, Mr. Meena shared some emerging trends within the MSME sector that are shaping the future of business in India. These trends reflect how MSMEs are adapting to changing market dynamics and technological advancements:

• Digital Adoption: MSMEs are increasingly adopting digital technologies to streamline their operations, reach new customers, and compete globally. With platforms like IndiaMART, these businesses are embracing e-commerce, digital payments, and online marketing to expand their reach.
• Government Initiatives: Initiatives like the Atmanirbhar Bharat(Self-reliant India) campaign, Make in India, and schemes like MSME Samadhan and Udyam Registration are providing support through easier access to credit, infrastructure development, and policy reforms aimed at reducing bureaucratic hurdles.
• Green and Sustainable Practices: A growing trend is the shift toward sustainable business practices, with many MSMEs adopting eco-friendly production methods and focusing on reducing their carbon footprints.
• Focus on Innovation: MSMEs are also innovating to keep pace with global trends, whether through product differentiation, technology-driven processes, or collaborative ventures with larger enterprises to bring new solutions to market.

5. Q&A Session:Following the lecture, there was a lively Q&A session where students posed insightful questions to Mr. Meena. Topics discussed included:

• What is the difference between a B2B and a B2C marketplace?
• How IndiaMART navigates the challenges of competition in the online marketplace.
• How can someone register on IndiaMART as a seller?
• How does IndiaMART generate revenue when it does not charge sellers any fees?
• What different account options are available for sellers on IndiaMART

Event Outcome

The guest lecture by Mr. Dharmesh Meena was an enlightening experience for students, providing them with a thorough understanding of the MSME sector's contribution to India’s economy, emerging trends, and the pivotal role of platforms like IndiaMART in enabling MSME growth. The session offered students practical knowledge about how digital transformation can empower small businesses and drive economic progress.

Mentor Name – Mr. Dharmesh Meena

Department Name – Department of Management

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