90% of MSMEs are confident in India's economic resilience and expect a boost in profits in 2024: NeoGrowth study

According to NeoGrowth's latest MSME Business Confidence Study for 2024, a staggering 90% of micro, small and medium enterprises (MSMEs) expressed confidence in the Indian economy and predicted resilience or improvement in the coming year.

The study, released on Wednesday (January 10), analyzes responses from nearly 3,000 MSMEs in over 25 top cities in India and highlights the continued confidence of small businesses in the Indian economy, their willingness to meet consumer demand and the strategies they are adopting wanted to implement in 2024 to drive business growth.

The study shows that 91% of MSMEs expect higher profits in 2024, driven by government initiatives and a robust economy. Over 40% of MSMEs benefited from government programs in 2023, with manufacturing and wholesale trade emerging as the main beneficiaries.