Over 73% Indian SMBs confident of bouncing back post COVID-19 pandemic: Report
New Delhi | Jagran Business Desk: The coronavirus pandemic had affected nearly every sector in India and left the whole country reeling. However, several sectors, including Small and Medium-sized Businesses (SMBs), are looking to bounce back and are confident that they will survive the impact of the pandemic and the subsequent lockdown.
According to a report by HP Asia SMB, more than 73 per cent SMBs in India believe they will survive and bounce back after the pandemic ends. The report claimed that the Indian SMBs are also more confident than their Asian peers in bouncing back after the pandemic as the regional average stood at 60 per cent.
In its report, the HP Asia SMB claimed that the Indian SMBs believe that the coronavirus pandemic will bring more opportunities for them but in “long term”, adding that they are banking on digital transformation to revive their businesses.
As per the HP Asia SMB report, 75 per cent of SMBs in India feel that “digital adoption is essential or very important to their success”.
"SMBs are critical to our economy as they contribute nearly a third of our GDP and generate employment for millions. The ongoing pandemic has impacted SMBs as much as any other segment," Ketan Patel, Managing Director, HP India Market, said in a statement, as reported by news agency IANS.
"But the agility and flexibility in their operations, coupled with the adaptability to changing business environments and customer needs means they can bounce back far more quickly," Patel further said.
The report claimed that the Indian SMBs have recognised four key aspects – using online tools, flexible work options, advice on strategy and innovation at work – which will help them to bounce back after the COVID-19 pandemic.
Speaking about the challenges that the Indian SMBs might face after the pandemic, the HP Asia SMB said that “global instability is a top concern”. It, however, noted that adequate cash flow, accessing finance and leveraging digital tools are other challenges that the Indian SMBs might face after the pandemic.
Posted By: Aalok Sensharma