MSME ecosystem in India:

The Micro, Small, and Medium Enterprises (MSMEs) sector contribute significantly to the country’s socio-economic growth. In India, the industry has grown in prominence owing to its contribution to the country’s Gross Domestic Product (GDP) and exports. The industry has also made significant contributions to the growth of entrepreneurship in India, particularly in semi-urban and rural regions.
According to the regulations of the Micro, Small, and Medium Enterprises Development (MSMED) Act of 2006, MSMEs are divided into two categories: Manufacturing Enterprises and Service Enterprises.

There are roughly 6.3 crore MSMEs in India. According to MSME Ministry data, as of November 26, 2021, the Udyam Registration portal had listed 5,767,734 MSMEs, hence replacing the previous procedure of submitting for a Udyog Aadhaar Memorandum (UAM). The number of registered micro-enterprises was 5,441,220 (94.34 percent), followed by small businesses at 293,555 (5.09 percent) and midsized businesses at 32,959. (0.57 percent). Maharashtra has the highest number of registrations among the top five states in terms of Udyam registrations as of November 26, 2021, with 12.18 lakh units.

Despite their rapid expansion and promising possibilities, MSMEs have experienced a number of challenges that have prevented them from reaching their full potential. These difficulties include a lack of competent labour, insufficient market access, a scarcity of raw materials, a high cost of finance, and so on.

Adopting modern technology is one of the potential alternatives for overcoming the aforementioned issues encountered by the MSME. Because of the amount of competition in the global market, the government has taken many efforts to ensure the technical growth of MSMEs in India.

What is Walmart Vriddhi Program?

Walmart and Flipkart are working together to transform India’s ecosystem. Walmart Vriddhi program is a comprehensive educational program designed to assist MSMEs in modernising, scaling, and meeting their local and international goals. Walmart Vriddhi is unleashing India’s entrepreneurial ability and allowing MSMEs to prosper in the global marketplace by doing so. The initiative also provides MSMEs with tools to possibly become a part of the Flipkart marketplace, Flipkart Wholesale ecosystem, and Walmart Global Sourcing supply chains, as well as those of other local and foreign enterprises. Swasti is the Indian partner for Walmart Vriddhi.

The Walmart Vriddhi journey is intended to assist MSME owners in overcoming obstacles and meeting their goals, regardless of where the firm is on its trip. It aims to enable MSMEs to “Make-in-India” while also facilitating conventional and digital growth by integrating them into local and global supply networks.

Three levels of Walmart Vriddhi Program:

Under the learning program, MSMEs are educated in three levels: Develop, Connect and Grow.

Develop: In the first level, the program helps MSME owners to have a fundamental grasp of company management, with a particular emphasis on the worldwide move toward eCommerce. Strategies and proven concepts will help MSME owners through the process of modernising and expanding the firm.

Connect: In the second level of the program, the MSME leaders will help MSME owners to make use of advanced tools in business and methods to manage their enterprise. Many tools that are tried and tested along with an understanding of the markets are introduced to the MSME owner. They will be made aware of legal sourcing and help in risk management. Walmart Vriddhi Supplier Development Program helps them connect with the right people at the right time.

Grow: In the third level of the program, MSME owners will be given one on one meetings with experts in different sectors to help them to develop their journey. Walmart supplier development program helps them work towards their entrepreneurial journey and create an action plan for improvement.

Vriddhi assists MSME entrepreneurs in finding solution partners in many business sectors and from all elements of the business all at one place. This allows them to meet with professionals conveniently and cost-effectively.

Vriddhi also assists businesses in expanding their markets by making it simple for them to reach new markets through their platform. It also allows them to expand through Flipkart, Walmart, and other significant and worldwide marketplaces.

Impact of Walmart Vriddhi Program:

Walmart and Flipkart presented a virtual Graduation Day event today for the first class of graduating micro, small, and medium-sized companies (MSMEs) from the Walmart Vriddhi Supplier Development Program (Walmart Vriddhi). In the presence of Shri Sidharth Nath Singh, Hon’ble Minister of MSME, Investment and Export, Textile, Khadi & Gram Udyog, Government of Uttar Pradesh, as well as Walmart and Flipkart leadership, over 2,500 MSMEs from throughout India got certificates. The event honoured MSMEs that collaborated with Walmart and Flipkart to accomplish the first round of the Vriddhi initiative.
The initiative has also worked with the state governments of Haryana, Tamil Nadu and Uttar Pradesh to help develop and support MSME businesses.

About Flipkart:

The Flipkart Group, which comprises group firms Flipkart, Flipkart Wholesale, and Myntra, is one of India’s digital commerce giants.

About Walmart Global Sourcing:

Walmart Global Sourcing has long provided a channel for Indian manufacturers to sell their items, such as clothes, homeware, jewellery, and hardlines, in international markets such as the United States, Canada, Mexico, Central America, and the United Kingdom.

About Swasti:

Swasti, a Catalyst Group company, was created in 2004. Swasti co-designs verifiable and sustainable solution models in collaboration with communities on the ground and affects national and international policy. Swasti is assisting communities and governments, throughout the world in shaping safer, more secure, healthier, and definitely improved via a variety of activities that reach over 400,000 people.