Globally, SMEs are the most vulnerable group of an economy because of a number of reasons inherent to their nature. They face enough hardships because of their small size and lack of appropriate investment channels, besides the barriers of distance, reach, communication and resources. Hence, they require a need-based solution enabling them to overcome these impediments and reach out to a wider base of buyers. Anticipating this vacancy in SME world, online matchmaking interfaces have come into existence as the much needed exposure platform.
In India, the online B2B matchmaking trend started in the late 90's with the launch of web portals like IndiaMART.com. Today, marketing means nothing short of an engaging online presence as over 30% of global B2B trade takes place online. In India alone, the business generation is estimated at US$15 billion. Such sizeable figures signify the strong foundation provided by online B2B marketplaces to SMEs.
Thus, an online B2B matchmaking platform has various benefits in store for suppliers. These include:
1.24X7 visibility – A small enterprise trading through an online platform enjoys round-the-clock exposure in the virtual world at an optimum initial cost. This enables the suppliers to create their brand position and attract buyers.
2.Credibility – Being registered with such a platform provides the much needed credibility to the suppliers. Most of these companies give a verification stamp to its members, marking them as verified sellers and enhancing their opportunities of being taken seriously in business.
3.Extensive online promotion – SMEs are flooded with a range of options available like customized product catalogs, business directories, listings in vertical specific guides, etc, in the online marketing category. This makes it all the more easy for them to attract buyers and have direct contact with them.
4.Matchmaking across borders – Online trading has made the world a small place, breaking geographical boundaries with its global reach. Today, a automobile component supplier sitting in the comforts of his office in Jamshedpur can carry out successful business transactions with a US based automobile manufacturing firm, thus making to-and-fro business trips a futile exercise.
5.Easy access – The most enterprising feature of this platform is the accessibility a supplier enjoy. He/ she can update product catalogs, profile information, contact details and others features from anywhere at anytime.
6.Immediate business queries – The association with a B2B matchmaking platform brings along instant business queries which a supplier couldn't even dream of with traditional approach, that too at the initial phase.
SMEs' take on the online matchmaking platforms:
Mr. Gopal Sahai of Sahai Cables Int. Pvt. Ltd. (www.indiamart.com/sahaicables/) vouches for the wide exposure his products received after his listing with one of the leading B2B platforms in India. He credits his company's growing brand position in the market to the portal.
According to Mr. Chakraborty D, CEO of Archana Art and Design (www.indiamart.com/archanaartanddesign/), trading on an online platform provides need specific solutions to the members, which initiates a robust momentum to their company. His enterprise benefited a lot with its association with IndiaMART.com, maturing queries worth Rs. 2 lakh in a single month.
CEO of Kun Beads, Mr. R. K. Paswan (www.indiamart.com/kunbeadsworld/), testifies for the the impact of verification provided by IndiaMART.com in the form of Trust Seal. The credibility stamp provided him a list of genuine buyers, enhancing his business prospects.
Thus, with every second enterprise making its presence felt in virtual world, this is the correct time for more traditional businesses to come out of their shell and open up to the new avenues awaiting them through online B2B matchmaking.
Monday, June 7, 2010
Wednesday, June 2, 2010
Optimal Time for SMEs to Market Through Internet
Who would have thought about online business two decades ago? Furthermore, ten years back, who would have thought about online marketing? But today, it is the reality for most of the businesses across every genre and every economic status. Online marketing has replaced the traditional ways with its efficient and comprehensive tools, especially benefiting SME sector worldwide.
With cyberspace usage leaving the market astounded with a host of advantages in its kitty; now, is certainly the best time for smarll businesses to market through Internet and tap a much larger base of buyers. Utilising such an opportunity, online business and marketing platforms like IndiaMART.com have heralded a wind of change in the SME sector through their Internet-based comprehensive service range to buyers and suppliers alike. Armed with a paraphernalia of value added tools and services like online trade enquiries, trade alerts, etc., Internet-based interfaces are a boon for the SME sector. Likewise, social media sites and blogs also hold great potential to drive online marketing to success.
Following are some of the benefits which the SMEs can reap off internet marketing:
1. Wide reach – The world wide web has indeed lived upto its name. Reaching people across varied age, interest, demography, socio-economy group, etc has become possible only through the advent of Internet. According to Miniwatts Marketing Group, approximately 1.67 billion people worldwide use the Internet, as on June 2009. SMEs can actually build business at international level without splurging money on frequent globe trotting trips, all because of Internet marketing.
2. Free or low cost of information distribution – Shortage of credit is one of the biggest problems faced by for every SME. And online marketing comes across as a blessing for them as it allows for cost-effective dissemination of information about their enterprise and products, to the target audience, Indian or global. Isn't it better to upload product catalogs on web pages for negligible cost rather than have expensive print outs of leaflets and pamphlets?
3. Devoid of time constraints – Available 24X7 to the users, this platform provides flexible business and marketing opportunities to people unlike traditional media like print and electronic. Moreover, Internet also has a vast shelf life, which implies to information availability for a longer period of time. This enables brand retention in audience minds, giving good exposure to SMEs.
4. Interactive nature of the medium – With more and more communication platforms like social media sites, blogs, polls, discussion forums mushrooming in the virtual world, it has been an upward drive for online marketing all the way. According to a recent study, social media site Facebook has 300 million registered users accessing social network. SMEs can utilize this approach to build customer relations which may lead to business leads.
5. Blurred demographic boundaries – A small business owner can carry out successful business transactions with a buyer operational in USA or UK or at the other end of the globe, sitting in the comforts of his office in India. Demographic constraints have been lifted by the arrival of online marketing.
With such rewarding features, Internet marketing hosts enormous opportunities for sellers to connect with the buyers and promote their businesses.
With cyberspace usage leaving the market astounded with a host of advantages in its kitty; now, is certainly the best time for smarll businesses to market through Internet and tap a much larger base of buyers. Utilising such an opportunity, online business and marketing platforms like IndiaMART.com have heralded a wind of change in the SME sector through their Internet-based comprehensive service range to buyers and suppliers alike. Armed with a paraphernalia of value added tools and services like online trade enquiries, trade alerts, etc., Internet-based interfaces are a boon for the SME sector. Likewise, social media sites and blogs also hold great potential to drive online marketing to success.
Following are some of the benefits which the SMEs can reap off internet marketing:
1. Wide reach – The world wide web has indeed lived upto its name. Reaching people across varied age, interest, demography, socio-economy group, etc has become possible only through the advent of Internet. According to Miniwatts Marketing Group, approximately 1.67 billion people worldwide use the Internet, as on June 2009. SMEs can actually build business at international level without splurging money on frequent globe trotting trips, all because of Internet marketing.
2. Free or low cost of information distribution – Shortage of credit is one of the biggest problems faced by for every SME. And online marketing comes across as a blessing for them as it allows for cost-effective dissemination of information about their enterprise and products, to the target audience, Indian or global. Isn't it better to upload product catalogs on web pages for negligible cost rather than have expensive print outs of leaflets and pamphlets?
3. Devoid of time constraints – Available 24X7 to the users, this platform provides flexible business and marketing opportunities to people unlike traditional media like print and electronic. Moreover, Internet also has a vast shelf life, which implies to information availability for a longer period of time. This enables brand retention in audience minds, giving good exposure to SMEs.
4. Interactive nature of the medium – With more and more communication platforms like social media sites, blogs, polls, discussion forums mushrooming in the virtual world, it has been an upward drive for online marketing all the way. According to a recent study, social media site Facebook has 300 million registered users accessing social network. SMEs can utilize this approach to build customer relations which may lead to business leads.
5. Blurred demographic boundaries – A small business owner can carry out successful business transactions with a buyer operational in USA or UK or at the other end of the globe, sitting in the comforts of his office in India. Demographic constraints have been lifted by the arrival of online marketing.
With such rewarding features, Internet marketing hosts enormous opportunities for sellers to connect with the buyers and promote their businesses.
Monday, May 31, 2010
SME Marketing: Some Common Blunders
Comprehensive marketing at a reasonable cost is what every seller dreams of. There is nothing like a good packaged deal conducive of factors like cost, after sales services, etc, which can guarantee business leads in a short span of time.
Moreover, the foremost role of marketing is to get prospective buyers talking about your company and your product. And this persistent interest leads to trade generation. Still, most of the SMEs find it difficult to turn this interest into trade leads, despite good marketing.
What can be the reasons?
Lets discuss in detail:
* Information overdose: When a prospective buyer reaches you, he/she wants to be pampered with exhaustive product information, quality product, good customer services, to say the least. However, there are instances when he/ she gets half-baked information and services. Thus, instead of what the customer wants from the product, the seller pays attention on what the product is all about.
Solution - Customer's want is the need of the hour!: Buyers will feel welcomed when you pamper them with customized solutions to their queries. For instance, if a client wants information on how your product can help him save power consumption, then you must stress upon that very feature of your product instead of listing all the salient features which may not be of interest to him. Try having two to three versions of leaflets and pamphlets of same product/ service, sorted by the its characteristics.
* Inept product prices: The general psyche of a seller is that a low priced product/ service can lure prospective buyers. However, today's buyer is market savvy and may not buy the theory of 'Low Price = Value for money = Good deal' as price is not the sole purchasing criteria anymore, but a part of the bigger picture.
Solution – Focus on quality of service, not just the cost: Do not make 'Low Price' as the sole advertising criteria of the product. Instead, promote it on the basis of quality and relevancy. Moreover, timeliness also plays an important role in product promotion. Offering right thing at the right time is the key to success. You can get a market survey done (or perhaps do it yourself) to gauge your target group's preferences. This will help you market your product/ service with a more focused approach.
* Communication gap: Every business succeeds on the quality of customer services it provides to its clients. Imagine your inbox full of business queries while you hibernate in your cocoon. Customers expect quick response from the seller as and when they want it. And the seller must entertain them on a priority basis as customers are an impatient bunch.
Solution - Bridge the gap: Be pro-active and keep the buyers updated on latest offers and schemes initiated by your company through newsletters and e-mails. This way, you'll remain in their sight. In addition, the seller must quickly respond to business queries from buyers and be specific in his communication.
Nowadays, clients want product satisfaction and would not flinch even for a second before paying a good price for it. So, respond to them with good customer services and laugh your way to their good books, and to the bank, ofcourse!
Moreover, the foremost role of marketing is to get prospective buyers talking about your company and your product. And this persistent interest leads to trade generation. Still, most of the SMEs find it difficult to turn this interest into trade leads, despite good marketing.
What can be the reasons?
Lets discuss in detail:
* Information overdose: When a prospective buyer reaches you, he/she wants to be pampered with exhaustive product information, quality product, good customer services, to say the least. However, there are instances when he/ she gets half-baked information and services. Thus, instead of what the customer wants from the product, the seller pays attention on what the product is all about.
Solution - Customer's want is the need of the hour!: Buyers will feel welcomed when you pamper them with customized solutions to their queries. For instance, if a client wants information on how your product can help him save power consumption, then you must stress upon that very feature of your product instead of listing all the salient features which may not be of interest to him. Try having two to three versions of leaflets and pamphlets of same product/ service, sorted by the its characteristics.
* Inept product prices: The general psyche of a seller is that a low priced product/ service can lure prospective buyers. However, today's buyer is market savvy and may not buy the theory of 'Low Price = Value for money = Good deal' as price is not the sole purchasing criteria anymore, but a part of the bigger picture.
Solution – Focus on quality of service, not just the cost: Do not make 'Low Price' as the sole advertising criteria of the product. Instead, promote it on the basis of quality and relevancy. Moreover, timeliness also plays an important role in product promotion. Offering right thing at the right time is the key to success. You can get a market survey done (or perhaps do it yourself) to gauge your target group's preferences. This will help you market your product/ service with a more focused approach.
* Communication gap: Every business succeeds on the quality of customer services it provides to its clients. Imagine your inbox full of business queries while you hibernate in your cocoon. Customers expect quick response from the seller as and when they want it. And the seller must entertain them on a priority basis as customers are an impatient bunch.
Solution - Bridge the gap: Be pro-active and keep the buyers updated on latest offers and schemes initiated by your company through newsletters and e-mails. This way, you'll remain in their sight. In addition, the seller must quickly respond to business queries from buyers and be specific in his communication.
Nowadays, clients want product satisfaction and would not flinch even for a second before paying a good price for it. So, respond to them with good customer services and laugh your way to their good books, and to the bank, ofcourse!
Saturday, May 29, 2010
IndiaMART.com to catalyze B2B matchmaking through 'ACMEE 2010'
Comprehensive marketing platform for companies in industrial sector, especially SMEs
Sizeable 240 distinguished suppliers already registered with ACMEE 2010
Dinesh Agarwal, Founder & CEO, IndiaMART.com to be the Guest of Honor
New Delhi, 29th May 2010: IndiaMART.com, India's largest online B2B marketplace, has decided to sponsor the ACMEE 2010 (Auto Components and Machine Tools Engineering Exhibition) with an aim to synergise B2B matchmaking. The exclusive trade forum, to be organized by AIEMA Technology Centre in Chennai Trade Centre, Nandambakkam, Chennai from June 17 - 21, 2010, seeks to provide better exposure to companies, especially SMEs, in the industrial sector, with over 240 verified suppliers already registered with the exhibition. Mr. Dinesh Agarwal, Founder & CEO, IndiaMART.com will grace the event with his esteemed presence as the distinguished Guest of Honor.
Commenting on the association, Mr. Dinesh Agarwal said, “India is a burgeoning global manufacturing market boasting of exquisite and economical products, quality processes and sought-after capital engineering. Riding on this, ACMEE, one of the pioneering industrial exhibitions in the country, provides an ideal forum for exploring business potentiality besides networking and an opportunity to exchange varied product information and technical details. We, at IndiaMART.com, believe this is synonymous with our objective. Thus, we are delighted to be the proud sponsors of the coveted event.”
He added, “We had associated with ACMEE 2008 as well when the event registered business transactions worth Rs. 250 million. This year too, we are anticipating a huge influx of global buyers and sellers in the fair. We wish ACMEE 2010 a great success and hope that it exhorts the business aspects of the Indian SMEs.”
Slated to be the biggest automobile and mechanical tools trade fair, ACMEE 2010 is the nineth in the biennial series. The event will see exhibitors display an array of products such as Automotive Components, Entire range of Auto Components/ Parts & Supplies, Hydraulics & Pneumatics Systems, Instrumentation & Controls, Automobile and allied services comprising auto components, et al. Moreover, the approval by the Trade Promotion Organization will allow the event to capitalize on the duty free import and exhibition of products which are otherwise subject to custom's rule and regulations.
Besides pioneering online promotions for SMEs, IndiaMART.com has been instrumental in catalyzing B2B matchmaking through these leading sponsored and non-sponsored events. In last two years, IndiaMART.com has partnered with prestigious forums such as IndiaMART AMTEX, IndiaMART UMEX, IndiaMART IMEX, IndiaMART Sign Show, IndiaMART Food & Technology Expo, IndiaMART ACMEE, IndiaMART HITEX International Machine Tool Expo 2009 etc.
About IndiaMART.com
IndiaMART.com is India's largest online B2B marketplace connecting global buyers with suppliers through business directories, online product catalogs, buy-sell offers, industry specific marketplaces, printed media and trade shows participation.
Founded in 1996, the company has a pan-India presence in over 100 cities. With approximately 1200 employees located across 31 offices in the country, IndiaMART.com offers an extensive range of value-added products and services to its 700,000 registered members and nearly 5 million global buyers across various industries and verticals.
IndiaMART.com has won numerous awards over the years and has been widely covered by media such as CNBC, BBC, BusinessMoney, CNN, Businessworld, Economic Times, Financial Express, etc for its pioneering role in promoting SME business in the country.
Its existing investors include Intel Capital and Bennett, Coleman & Co. Ltd (Times Group), India's largest print media group.
For more information, please visit: www.indiamart.com/press-section/
Media Contacts
IndiaMART.com
Arun Tyagi
Marketing & PR
M: +91-9711003832
T: +91-120-3911000
F: +91-120-2424943
E: pr@indiamart.com
Sizeable 240 distinguished suppliers already registered with ACMEE 2010
Dinesh Agarwal, Founder & CEO, IndiaMART.com to be the Guest of Honor
New Delhi, 29th May 2010: IndiaMART.com, India's largest online B2B marketplace, has decided to sponsor the ACMEE 2010 (Auto Components and Machine Tools Engineering Exhibition) with an aim to synergise B2B matchmaking. The exclusive trade forum, to be organized by AIEMA Technology Centre in Chennai Trade Centre, Nandambakkam, Chennai from June 17 - 21, 2010, seeks to provide better exposure to companies, especially SMEs, in the industrial sector, with over 240 verified suppliers already registered with the exhibition. Mr. Dinesh Agarwal, Founder & CEO, IndiaMART.com will grace the event with his esteemed presence as the distinguished Guest of Honor.
Commenting on the association, Mr. Dinesh Agarwal said, “India is a burgeoning global manufacturing market boasting of exquisite and economical products, quality processes and sought-after capital engineering. Riding on this, ACMEE, one of the pioneering industrial exhibitions in the country, provides an ideal forum for exploring business potentiality besides networking and an opportunity to exchange varied product information and technical details. We, at IndiaMART.com, believe this is synonymous with our objective. Thus, we are delighted to be the proud sponsors of the coveted event.”
He added, “We had associated with ACMEE 2008 as well when the event registered business transactions worth Rs. 250 million. This year too, we are anticipating a huge influx of global buyers and sellers in the fair. We wish ACMEE 2010 a great success and hope that it exhorts the business aspects of the Indian SMEs.”
Slated to be the biggest automobile and mechanical tools trade fair, ACMEE 2010 is the nineth in the biennial series. The event will see exhibitors display an array of products such as Automotive Components, Entire range of Auto Components/ Parts & Supplies, Hydraulics & Pneumatics Systems, Instrumentation & Controls, Automobile and allied services comprising auto components, et al. Moreover, the approval by the Trade Promotion Organization will allow the event to capitalize on the duty free import and exhibition of products which are otherwise subject to custom's rule and regulations.
Besides pioneering online promotions for SMEs, IndiaMART.com has been instrumental in catalyzing B2B matchmaking through these leading sponsored and non-sponsored events. In last two years, IndiaMART.com has partnered with prestigious forums such as IndiaMART AMTEX, IndiaMART UMEX, IndiaMART IMEX, IndiaMART Sign Show, IndiaMART Food & Technology Expo, IndiaMART ACMEE, IndiaMART HITEX International Machine Tool Expo 2009 etc.
About IndiaMART.com
IndiaMART.com is India's largest online B2B marketplace connecting global buyers with suppliers through business directories, online product catalogs, buy-sell offers, industry specific marketplaces, printed media and trade shows participation.
Founded in 1996, the company has a pan-India presence in over 100 cities. With approximately 1200 employees located across 31 offices in the country, IndiaMART.com offers an extensive range of value-added products and services to its 700,000 registered members and nearly 5 million global buyers across various industries and verticals.
IndiaMART.com has won numerous awards over the years and has been widely covered by media such as CNBC, BBC, BusinessMoney, CNN, Businessworld, Economic Times, Financial Express, etc for its pioneering role in promoting SME business in the country.
Its existing investors include Intel Capital and Bennett, Coleman & Co. Ltd (Times Group), India's largest print media group.
For more information, please visit: www.indiamart.com/press-section/
Media Contacts
IndiaMART.com
Arun Tyagi
Marketing & PR
M: +91-9711003832
T: +91-120-3911000
F: +91-120-2424943
E: pr@indiamart.com
Monday, May 24, 2010
IndiaMART.com Brings Exclusive Business Offers for its Members
* Business services at exclusive rates for IndiaMART.com members.
* Corporate giants like HSBC, Monster.com, CC Avenue partner the initiative.
New Delhi, 24 May 2010: Always striving to make its customers feel privileged, IndiaMART.com once again comes up with a platter full of exclusive customer friendly services. The company has announced incredible business offers under a newly launched section named 'Business offers' on its website, where five companies have already partnered with IndiaMART.com to serve the latter's customers at a highly subsidized rate, in a first of its kind initiative.
Corporate giants like HSBC, Monster.com, CC Avenue, E Mudhra and Sage have come together on IndiaMART.com's matchmaking platform to provide a bouquet of exclusive services to its members like Trade Account, Recruitment Solutions, Payment Gateway, Digital Signature and ERP Solutions, respectively. What's more, the members can enjoy all these services at 20%-25% of the regular price. At this time and age, a business also needs customized services to stay ahead in the market and maximize its profit, along with various other things. And with value added offers like online transactions, digital signatures, information about global tenders, etc, small enterprises are definitely going to exult in glory. Surely, IndiaMART.com is gifting its members a smooth business ride all the way.
“We'll always be indebted by the SMEs and MSMEs for their unmatched support and faith in us and we take this opportunity to thank all our esteemed patrons for the same. It gives me immense pleasure in bringing a host of value added business offers for them. The company has always endeavored towards constant improvisation and this latest offering is our way of showing gratitude to our members. I wish the members benefit from this cohesive approach initiated by the company with its esteemed partners and register a great business growth,” says Mr. Dinesh Agarwal, Founder & CEO, IndiaMART.com.
IndiaMART.com is one of the leading B2B platforms to herald a wind of change in Indian SME sector. The company recently announced access to around 50,000 live Indian tenders in its database, absolutely free for its patrons. Apart from such never-heard-before initiatives, IndiaMART.com is always on its toes to provide global exposure to Indian SMEs and MSMEs by participating in various international trade shows, around the year.
About IndiaMART.com
IndiaMART.com is India's largest online B2B marketplace connecting global buyers with suppliers through business directories, online product catalogs, buy-sell offers, industry specific marketplaces, printed media and trade shows participation.
Founded in 1996, the company has a pan-India presence in over 100 cities. With approximately 1200 employees located across 31 offices in the country, IndiaMART.com offers an extensive range of value-added products and services to its 700,000 registered members and nearly 5 million global buyers across various industries and verticals.
IndiaMART.com has won numerous awards over the years and has been widely covered by media such as CNBC, BBC, BusinessMoney, CNN, Businessworld, Economic Times, Financial Express, etc for its pioneering role in promoting SME business in the country.
Its existing investors include Intel Capital and Bennett, Coleman & Co. Ltd (Times Group), India's largest print media group.
For more information, please visit: www.indiamart.com/press-section/
Join us on Facebook to become a Fan and get the latest news and updates about IndiaMART.com: http://www.facebook.com/IndiaMART
Media Contacts
IndiaMART.com
Arun Tyagi
Marketing & PR
M: +91-9711003832
T: +91-120-3911000
F: +91-120-2424943
E: pr@indiamart.com
* Corporate giants like HSBC, Monster.com, CC Avenue partner the initiative.
New Delhi, 24 May 2010: Always striving to make its customers feel privileged, IndiaMART.com once again comes up with a platter full of exclusive customer friendly services. The company has announced incredible business offers under a newly launched section named 'Business offers' on its website, where five companies have already partnered with IndiaMART.com to serve the latter's customers at a highly subsidized rate, in a first of its kind initiative.
Corporate giants like HSBC, Monster.com, CC Avenue, E Mudhra and Sage have come together on IndiaMART.com's matchmaking platform to provide a bouquet of exclusive services to its members like Trade Account, Recruitment Solutions, Payment Gateway, Digital Signature and ERP Solutions, respectively. What's more, the members can enjoy all these services at 20%-25% of the regular price. At this time and age, a business also needs customized services to stay ahead in the market and maximize its profit, along with various other things. And with value added offers like online transactions, digital signatures, information about global tenders, etc, small enterprises are definitely going to exult in glory. Surely, IndiaMART.com is gifting its members a smooth business ride all the way.
“We'll always be indebted by the SMEs and MSMEs for their unmatched support and faith in us and we take this opportunity to thank all our esteemed patrons for the same. It gives me immense pleasure in bringing a host of value added business offers for them. The company has always endeavored towards constant improvisation and this latest offering is our way of showing gratitude to our members. I wish the members benefit from this cohesive approach initiated by the company with its esteemed partners and register a great business growth,” says Mr. Dinesh Agarwal, Founder & CEO, IndiaMART.com.
IndiaMART.com is one of the leading B2B platforms to herald a wind of change in Indian SME sector. The company recently announced access to around 50,000 live Indian tenders in its database, absolutely free for its patrons. Apart from such never-heard-before initiatives, IndiaMART.com is always on its toes to provide global exposure to Indian SMEs and MSMEs by participating in various international trade shows, around the year.
About IndiaMART.com
IndiaMART.com is India's largest online B2B marketplace connecting global buyers with suppliers through business directories, online product catalogs, buy-sell offers, industry specific marketplaces, printed media and trade shows participation.
Founded in 1996, the company has a pan-India presence in over 100 cities. With approximately 1200 employees located across 31 offices in the country, IndiaMART.com offers an extensive range of value-added products and services to its 700,000 registered members and nearly 5 million global buyers across various industries and verticals.
IndiaMART.com has won numerous awards over the years and has been widely covered by media such as CNBC, BBC, BusinessMoney, CNN, Businessworld, Economic Times, Financial Express, etc for its pioneering role in promoting SME business in the country.
Its existing investors include Intel Capital and Bennett, Coleman & Co. Ltd (Times Group), India's largest print media group.
For more information, please visit: www.indiamart.com/press-section/
Join us on Facebook to become a Fan and get the latest news and updates about IndiaMART.com: http://www.facebook.com/IndiaMART
Media Contacts
IndiaMART.com
Arun Tyagi
Marketing & PR
M: +91-9711003832
T: +91-120-3911000
F: +91-120-2424943
E: pr@indiamart.com
Friday, May 14, 2010
Ministry Proposes 20% Public Procurement from MSMEs
This is surely going to bring about a wide smile on the faces of MSME owners!
The Ministry of MSME, Government of India, has announced a Public Procurement Policy (PPP) which makes it mandatory for all the ministries and Public Service Units (PSUs) to procure 20% of their total purchase from MSMEs.
Until now, the government procured a meager volume of 4 to 5 percent from MSMEs, out of its total purchase. Unlike many other countries, where the public procurement share from SMEs is at a good position, Indian MSMEs have always faced disappointment due to lack of government support. Out of many recommendations proposed to the government last year, for the benefits of the MSMEs, the 20% PPP is the first one to be presented to the Cabinet for approval.
According to Madhav Lal, Additional Secretary and Development Commissioner, Ministry of MSME, the ministry is on its last minute consultation with the concerned PSUs and other ministries. “The proposed policy will make it mandatory for ministries and PSUs to procure 20 per cent of their annual purchase volume from MSMEs and report the procurement made from MSMEs in their annual reports”, stated Mr. Lal.
The MSME associations are a happy family after the announcements as they have been demanding some reservation in public procurement since long. India has a vast public procurement which allows huge growing potential. And with big sectors like railways, defence, power, manufacturing and transport etc in the public sector, the recommended 20% PPP is surely going to boost the business prospects of the Indian MSMEs.
Apart from that, the Confederation of Indian Industry (CII) has also made a similar announcement. “In a financial year, in case the large industry (private and public sector) procures stipulated percentage of goods/ services from MSMEs and subject to the transaction having been completed in the form of payment to MSMEs, the large industry would be entitled to certain tax benefits. This would also facilitate the growth progression and upgradation of the vendors,” said Salil Singhal, chairman of CII's National MSME Council.
Ecstatic on hearing the announcements, Mr. Dinesh Agarwal, Founder & CEO, IndiaMART.com, commented, “It's better late than never! Though the government took a long time to pay heed to an important pain area of the MSMEs, I welcome the decision as it eventually proposes a huge growth opportunity to them. Apart from marketing and matchmaking platforms like ours, MSMEs also need government support to grow.”
Glad with a commendable gesture like this, lets expect some continuous support from the government for the small industries.
The Ministry of MSME, Government of India, has announced a Public Procurement Policy (PPP) which makes it mandatory for all the ministries and Public Service Units (PSUs) to procure 20% of their total purchase from MSMEs.
Until now, the government procured a meager volume of 4 to 5 percent from MSMEs, out of its total purchase. Unlike many other countries, where the public procurement share from SMEs is at a good position, Indian MSMEs have always faced disappointment due to lack of government support. Out of many recommendations proposed to the government last year, for the benefits of the MSMEs, the 20% PPP is the first one to be presented to the Cabinet for approval.
According to Madhav Lal, Additional Secretary and Development Commissioner, Ministry of MSME, the ministry is on its last minute consultation with the concerned PSUs and other ministries. “The proposed policy will make it mandatory for ministries and PSUs to procure 20 per cent of their annual purchase volume from MSMEs and report the procurement made from MSMEs in their annual reports”, stated Mr. Lal.
The MSME associations are a happy family after the announcements as they have been demanding some reservation in public procurement since long. India has a vast public procurement which allows huge growing potential. And with big sectors like railways, defence, power, manufacturing and transport etc in the public sector, the recommended 20% PPP is surely going to boost the business prospects of the Indian MSMEs.
Apart from that, the Confederation of Indian Industry (CII) has also made a similar announcement. “In a financial year, in case the large industry (private and public sector) procures stipulated percentage of goods/ services from MSMEs and subject to the transaction having been completed in the form of payment to MSMEs, the large industry would be entitled to certain tax benefits. This would also facilitate the growth progression and upgradation of the vendors,” said Salil Singhal, chairman of CII's National MSME Council.
Ecstatic on hearing the announcements, Mr. Dinesh Agarwal, Founder & CEO, IndiaMART.com, commented, “It's better late than never! Though the government took a long time to pay heed to an important pain area of the MSMEs, I welcome the decision as it eventually proposes a huge growth opportunity to them. Apart from marketing and matchmaking platforms like ours, MSMEs also need government support to grow.”
Glad with a commendable gesture like this, lets expect some continuous support from the government for the small industries.
Tuesday, May 4, 2010
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