Dun & Bradstreet Join Hands with NSIC to Foster MSME Growth
Julian Prower, Chairman of the Board and Managing Director, Dun & Bradstreet, India said, “Dun & Bradstreet has been working very closely with the Indian MSMEs over the past two decades, providing business intelligence to help them grow and thrive."
Dun & Bradstreet Information Services India Pvt. Ltd., the leading provider of global business decisioning data and analytics, signed a Memorandum Of Understanding (MOU) with the National Small Industries Corporation (NSIC) to create an ecosystem for promoting, aiding and fostering the growth of Micro, Small and Medium Enterprises (MSMEs) in the country. This partnership will help MSMEs in India to increase their visibility, expand access to global markets, find potential customers, uncover new suppliers and channel partners, manage risk and identify growth opportunities.
The Indian government has set a target for the country to become a US$5 trillion economy by FY2025 and MSMEs will play a critical role in this growth journey. This segment is expected to contribute by 50% of GDP by FY 2025 from current 30%. To achieve that target, MSMEs must contribute 75% to the incremental GDP between today and FY 2025. This represents a significant contribution of MSMEs to India’s growth and they will require increased support from the government, policy makers and business service providers.
Speaking about the partnership, Julian Prower, Chairman of the Board and Managing Director, Dun & Bradstreet, India said, “Dun & Bradstreet has been working very closely with the Indian MSMEs over the past two decades, providing business intelligence to help them grow and thrive. Our periodic survey of Indian MSMEs has identified issues and challenges that have inhibited their growth, with respondents citing access to finance and lack of global markets visibility consistently. By working with the NSIC, we expect to play a pivotal role in enabling the eco-system required to accelerate MSME growth and help achieve the government GDP contribution target of 50% of GDP by FY 2025 .”
The new partnership will provide Indian MSMEs with access to Dun & Bradstreet’s suite of data and analytics solutions via NSIC’s countrywide network of offices and technical centers. Products like the Dun & Bradstreet D-U-N-S®Registered Solutions (credit on self) can help MSMEs build credibility both domestically and globally. Other products like D&B iAccess and D&B Hoovers can help MSMEs find and access potential buyers and business partners around the world to drive sustainable growth with Dun & Bradstreet data and analytics. Moreover, MSMEs will also be able to leverage platforms like D&B Credit to make credit decisions, monitor the financial health of customers, assess credit risk and identify portfolio trends. Dun & Bradstreet, India will also partner with the NSIC to provide customized training and certification programs to help MSMEs better navigate the ever-changing global business environment.