Mumbai: According to the second edition of NeoInsights study – MSME Business Confidence Study for 2024 – released on Wednesday, ninety percent of MSMEs are confident that India's economy will be resilient or continue to improve in 2024, creating a conducive environment for the business transaction is created.
Additionally, supported by government initiatives to make doing business easier and strong consumer demand, 91 percent expect their profits to increase in 2024. However, compared to 96 percent in 2023, this value is lower.
Despite the volatile global environment, three out of five MSMEs said they have achieved their business targets for 2023, led by Pune, Bangalore and Delhi. Around 80 percent of women-led MSMEs said they do so
have achieved their business goals set for 2023.
Over 40 percent of MSMEs benefited from the government programs in 2023, with manufacturing and wholesale MSMEs being the biggest beneficiaries.
About 60 percent of MSMEs plan to open new stores and offer new products or services to their customers in 2024, the survey showed.
The study, which analyzed responses from nearly 3,000 MSMEs from over 25 top cities in India, highlighted small businesses' continued confidence in the Indian economy, their readiness to meet consumer demand and the strategies they are implementing in 2024 wanted to stimulate company growth.
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