Future of Business survey reveals that 28% SMEs have employed more people in December alone
Small businesses employ close to 40% of India’s workforce, contribute 45% to India’s manufacturing output and nearly 8 percent of the country's GDP. Timely information about businesses provides a pulse on the current and future economic environments in which businesses operate, and gives insights on ways to help businesses grow.
In collaboration, the
India remains positive about its outlook
• Small businesses in India maintain a positive outlook on the future in terms of business confidence and employment growth. SME’s surveyed demonstrated a positive outlook both for current state of own business (48%) and future outlook of business (62%)
• Job growth data also shows a positive trend: 28% of SME’s surveyed showed an increase in number of employees in the last month and 56% expect the number of employees to increase in the next 6 months
• Attracting customers and maintaining profitability were highlighted as top business challenges
Small businesses are capitalizing on
• The most common uses of online tools were to show products/services (61%); advertise to potential new customers (60%) and communicate with customers and suppliers (55%). On average, SMEs in India use online tools for 3 out of 6 purposes listed.
Technology can help businesses grow and create jobs. And it can be an equalizer for women.
• The percentage of women in leadership and top management roles remains at 11%.
Small businesses in India are looking abroad to grow their business online.
• Almost 18% of SMBs in India engaged in international trade (data surveyed between October – December 2016) compared to 16% for February - July 2016 period