MSMEs need to invest in R&D and build capacity to stay competitive: ACMA
ACMA’s ninth MSME Summit sees captains of industry debate opportunities and challenges; 65% of ACMA’s members belong to the Small & Medium Enterprises category.
As the Indian and global automotive industry witnesses a spate of technological disruptions and megatrends like vehicle electrification, connected mobility, shared and autonomous mobility, it is imperative that micro, small and medium enterprises (MSMEs) will have to invest in R&D as well as build capacity to remain in the race.
This was the overarching takeaway from the ninth MSME Summit, organised by the Automotive Component Manufacturers Association of India (ACMA) in New Delhi on March 21. In line with the theme of ‘Bracing up for Transformation – Opportunities & Challenges for SMEs’, the emphasis was on the significant role that MSMEs will continue to play in the Indian economy, particularly in the automotive component manufacturing industry.
The day-long summit was attended by Sunjay J Kapur, President, ACMA and chairman of Sona Comstar; Sreekant Somany, chairman (MSME Committee), CII & CMD, Somany Ceramics, Ms. Shradha Suri Marwah, vice-president, ACMA and MD, Subros and Vikrampati Singhania, Chairman Northern Region, ACMA.
ACMA’s Sunjay J Kapur highlighted the “unprecedented transformation happening in India, where MSMEs are at the forefront of this change.” He stressed the need for MSMEs to invest in research and development and build capacity to stay competitive in the innovative and competitive auto component manufacturing industry. He applauded the government of India's initiatives such as Make in India, Start-Up India and Atmanirbhar Bharat, which are providing essential support to the sector.
Kapur also commended the MSME Competitive (LEAN) scheme under the MSME Champion scheme, which is expected to enhance the productivity and competitiveness of SMEs. He expressed confidence that these initiatives would help the industry achieve world-class quality standards and pave the way for more significant success.
The MSME Summit saw four panel discussions: Bracing-up for Transformation - Opportunities & Challenges for SMEs, Reinforcing Financial Confidence, Building Credibility, and Managing Customer Expectations - Bridging the Gap. These sessions highlighted some of the significant challenges facing SMEs and proposed practical solutions to overcome them.
ACMA, which is the apex body of the Indian auto component industry, represents over 800 auto component manufacturers with 65% of them falling in the Small & Medium Enterprises (SME) category. The association has launched a number of new cluster programs on skilling and mentorship, including a specialised program for SMEs that has received substantial subsidisation from the United Nations Industrial Development Organization (UNIDO) and the Ministry of Heavy Industries.
Last month, ACMA had awarded 68 component suppliers for their excellence in manufacturing, sustainable business, digitisation, localisation and exports for calendar year 2022. Twenty-five of them – or 37% – were SMEs.
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