A Favourable Government Policy Can Work Wonders for the Growth of Small Businesses: Dr Dinesh Dua

By Tricitynews

Chandigarh 19^th Mar, 2019:- CII organized an interactive session on ‘Small Business Development’ at its Northern Region Headquarters in Chandigarh which was attended by 34 representatives from 23 countries. These participants are attending a five week international exchange initiative conducted by NIESBUD, Mohali under the Ministry of External Affairs, Government of India and are scholars from Indian Technical and Economic Cooperation Programme (ITEC) hailing from countries such as Burundi, Columbia, Ethiopia, Tajikistan, Uganda, Zimbabwe, Egypt and many more.

The interaction aimed at sharing with the participants about the core activities of CII encompassing Policy Advocacy, Business Development, Enhancing Competitiveness and Engaging with the Society. Pawan Shukla, Executive, NIESBUD, Ministry of Skill Development, Government of India leading this delegation affirmed that they are looking forward to experience the Indian entrepreneurship scenario and how the country’s small businesses have grown and progressed so far, while such interactions will play a pivotal role as right platform for budding entrepreneurs.

Dr Dinesh Dua, Past Chairman, CII Chandigarh Council & CEO & Director, Nectar Lifesciences Ltd addressed the gathering and walked them through the Indian MSME sector. He said that a favourable government policy framework can work wonders for the growth of small businesses in any country. He also mentioned that India is the world's fastest economy with the annual GDP growth of 7.5 per cent. Our country hosts about sixty million MSME units that create employment for at least 120 million people and the Indian MSME sector ranks to be the second fastest growing sector of the world next to China.

Dr Dinesh Dua advised the participants that while setting up a small businesses, the quality parameters are of primary importance and it is mandatory to follow standard operating procedures while aiming for RFT, i.e. ‘Right First Time’. He also gave examples of Six Sigma and Kaizen that have revolutionized the world’s manufacturing practice. He touched upon the Make in India movement and opined that it has made ‘Brand India’ globally popular. Dr Dua elaborated upon the Public Procurement Policy, Micro and Small Enterprises Development Program, Prime Minister’s Employment Generation Programme and intensive focus on Skill Development schemes that has improved India’s Ease of Doing Business Ranking tremendously as also has been successful to quite an extent towards encountering challenges while establishing small businesses; such as high cost of credit, minimum access to technology, lack of infrastructure facilities, regulatory issues, etc. Opportunities were sought in huge inflow of investments, change in economic pattern, major reduction in deprived population, better quality products, improved diplomatic relations and many more.