Synopsis
On January 28, the Ministry of MSME, in collaboration with ONDC, launched the MSME Trade Enablement and Marketing initiative with a substantial budget of Rs 277.35 crore. This initiative aims to onboard 5 lakh MSMEs, particularly focusing on women-led businesses, to foster their growth in the digital commerce landscape.Key Takeaways
- MSME TEAM initiative launched with Rs 277.35 crore budget.
- Aiming to onboard 5 lakh MSMEs, including many women-led.
- Focus on digital commerce to expand market presence.
- Over 150 workshops planned across tier 2 and 3 cities.
- Financial assistance available for Seller Network Participants.
New Delhi, Jan 28 (NationPress) To bolster micro, small and medium enterprises (MSMEs), the government has introduced the MSME Trade Enablement and Marketing (TEAM) initiative, which encompasses a financial allocation of Rs 277.35 crore over three years.
This initiative, spearheaded by the Ministry of Micro, Small and Medium Enterprises in collaboration with the Open Network for Digital Commerce (ONDC), seeks to onboard 5 lakh MSMEs, with half of these being women-led enterprises, aiming to embrace digital commerce and broaden their market reach.
“The MSME TEAM initiative serves as a gateway to empower small businesses with essential tools and resources to flourish in the digital era. By linking SMEs to the ONDC Network, we are establishing a level playing field that allows them to scale, compete, and thrive,” remarked T Koshy, MD and CEO of ONDC.
By offering access to digital storefronts, integrated payment solutions, and logistics assistance, this initiative diminishes operational hindrances and aids businesses in reaching larger customer segments.
In addition to these tools, it focuses on formalizing operations and creating digital transaction records, which will bolster the credibility and trustworthiness of participating MSMEs.
According to ONDC, more than 150 workshops are scheduled to take place across tier 2 and 3 cities, specifically targeting vital MSME clusters, with particular emphasis on women and SC/ST-led enterprises.
MSMEs can register for these workshops and access further resources, including financing options and grievance support, through a specialized portal.
“This is the ideal moment for Indian startups to utilize ONDC to harness the vast potential of India’s MSME ecosystem,” stated Koshy.
To facilitate the shift to digital commerce, financial aid will be available for the ‘Seller Network Participants’ to assist with catalogue creation, operations, and account management, ensuring SMEs receive the necessary support to navigate and grow within the digital commerce landscape.
This also presents an opportunity for startups and technology providers in India to capitalize on the ONDC Network to formulate distinctive value propositions for India’s expansive MSME ecosystem.
ONDC consists of a network of over 200 applications, which includes buyer apps and seller apps.
