India's Small Businesses Surge Ahead: Innovation and Exports Drive Growth

A survey by CPA Australia reveals that Indian small businesses are thriving, with 78% growth last year. The sector's emphasis on innovation and digital transformation fuels optimism. MSMEs are capitalizing on increasing global demand. Despite rising costs, easy access to finance, and government support aids expansion.

In a promising sign for the Indian economy, small businesses have experienced robust growth, with 78% reporting expansion last year, according to the 16th Asia-Pacific Small Business Survey by CPA Australia. The findings highlight the resilience of India's MSMEs in a post-pandemic setting.

Prafulla Chhajed, a veteran accountant with CPA Australia, attributes this success to a flourishing business environment, innovation focus, and swift digital adaptation. Business optimism remains high, with 86% of respondents foreseeing growth this year.

Emerging trends include increased export efforts, with 64% expecting a rise in overseas sales, surpassing other surveyed markets. Drivers of success include technological advancements, infrastructure improvements, and supportive government policies. Access to finance remains strong, aiding expansion, while staffing growth reflects confidence in market expansion.

(With inputs from agencies.)