Rama Krishna Sangem
Elisha Pulivarti is the Chief Executive Officer (CEO) o US India SME Council located in Washington DC capital. He has been striving for forging strong relations between the US and India for the last several years through promoting SMEs in both the countries. Elisha spoke to Excel India on the assumption of charge by Prime Minister Narendra Modi’s government for a record third term.
He shared views on a range of topics. Here are excerpts from the interview.
Q: How do you feel about the victory of NDA for a record third term in India and Modi taking charge as the new PM?
A: First, I heartily congratulate PM Modi and his team on coming back to power for a third term, a equaling a record earlier set by Jahawarlal Nehru. Undoubtedly, Narendra Modi is the popular leader in not just India but all over the world. His new team of ministers too indicate that he wants to continue the economic policies and reforms set in the first two terms.
What can be the focus of the PM’s economic policies? Particularly, economic erforms?
For more than 30 years of my experience in the field of businesses in both the countries, there is a tremendous scope for improving SMEs – Small and Medium Enterprises most of them held by startup business people, women and marginalized people. We need to give them a helping hand, so that they can create more and more jobs.
Job creation is not a new issue for Indian policymakers. The major business houses – Adani, Tata, Reliance, Godrej, and Wipro – have created millions of jobs over the years. The article rightly gives them credit for also building and expanding India’s infrastructure as well as forging new trade relationships in large markets such as the US and EU. However, these enterprises can only do so much.
What is the focus of US India SME Council?
The US, India needs to continue to grow its SME ecosystems to support enterprises. In addition to supporting supply chains, SMEs have flexibility, localized impact, and lower barriers to entry.
“India is the largest SME market in the world. We have close to 115 million MSMEs and that is projected to grow to 165 million or more in the next few years. It already contributes more than a trillion dollars to the economy and has a potential to create 10s of millions of jobs in the next few years.” – Said Pulivarti.
India already has the pieces in place, India just needs to expand it. India has hug informal SME market and we need to organize as formal India MSMEs Council.
How big is the SME sector in the US?
The U.S. India SME Council, Inc Washington DC Capital based, and a nonprofit organization will take lead to connect the MSMEs between both nations. There are more than 70 million SMEs in the United States and are well organizes sector in the United States. The government created Small Business Administration (SBA) to support and help them to grow their businesses….
Small businesses are the backbone of our Nation’s economy. Small businesses are the foundation of Nation’s economy. They drive, creativity and innovation- the hall marks of American entrepreneurship – are the keys to job creation and economic growth
What is the job creation potential of SMEs?
Small business owners represent 99 percent of all American employers and that create three quarters of new American jobs every year. Studies have shown that nine out of ten new business that fail do so because of lack of Management Expertise and Knowledge.
We need to increase the number of Small Businesses owned by the Minorities, women, Low and Moderate-Income people in India and veteran’s, people with disabilities, and people living in rural villages and urban areas. To that end, let us increase training, education and information assistance to Small Businesses.
The Indian Government should create Small Business Administration (SBA) and its agencies in all states. The Indian SBA’s mission- to aid, counsel, assist, protect, and advocate on behlaf of small businesses- dedicate to serving the unique business and financial needs of the small business community.
Small Medium -sized enterprises (SMEs) represent over 90 percent of the business population, 70 percent of employment , and 55 percent of GDP in developed economies. SMEs therefor do not just significantly contribute to the economy—They are the Economy.
