LMA organised seminar on “Transforming MSMEs into Global Companies” 

Ludhiana, October 18, 2024: Ludhiana Management Association organised a seminar on “Transforming MSMEs into Global Companies” by Yezdi Nagporewalla, CEO, KPMG in India here on Thursday.

Speaking on the topic “Transforming MSMEs into Global Companies: A Visionary Approach”, Yezdi Nagporewalla, Chief Executive Officer of KPMG in India, lead a pivotal discussion on transforming Micro, Small, and Medium Enterprises (MSMEs) into global companies. 

Nagporewalla shared his expertise on India's economic growth, highlighting its resilience and potential for becoming a $5 trillion economy by 2025-26.

He has emphasize the role of emerging technologies in driving business growth, citing India's remarkable progress in fintech adoption, smartphone data consumption, and internet usage.

As a strong advocate for Environmental, Social, and Governance (ESG) practices, Nagporewalla discussed the importance of sustainability and transparency in business operations.

The event focused on strategies for MSMEs to expand their global footprint, leveraging India's favourable business environment and innovative ecosystem.

One of the key messages delivered was the importance of adapting to changes in the business landscape. Drawing on real-world examples, such as Xerox, once a synonym for photocopying and now nearly extinct, speakers emphasized how businesses must evolve with technological advancements and shifting market demands to avoid obsolescence.

One of the more unique challenges discussed was the cultural and structural problem of early marriages among Indian business owners. As a result, many businessmen find themselves handing over the reins to their children before reaching maturity and fully developing their skills and business acumen. Another point of concern is the geographical disparity between market demand and skill availability, where the market is primarily concentrated in the North while a significant portion of skilled labour is based in the South.

A significant focus of the discussion was on the gap between industry needs and the talent supplied by universities and colleges. Companies like IKEA and Bosch were presented as examples of how firms invest in research and development to fuel innovation—Bosch alone reinvests 40% of its profits into R&D. As global competition intensifies, speakers urged Indian MSMEs to look beyond domestic markets and explore international opportunities. Global expansion, supported by innovation, was identified as a critical step for sustained growth and survival in an increasingly competitive world.

The seminar concluded with a call to action for MSMEs to adapt, innovate, and think globally to thrive against the odds.