Over the years, India has seen a significant impact of Small and Medium-Scale Enterprises (SMBs) on the country’s economic landscape. With an allocation of ₹22,137.95 crores in the interim budget 2024, the sector is poised for growth, promising the establishment of more clusters and new technology centres.
WorkIndia, a leading technology-enabled blue collar recruitment platform highlights a substantial shift in the jobs posted by the SMBs. There has been an impressive 11% increase in paid job postings by SMBs, indicating a positive trend in employment opportunities within the sector. SMBs posted a remarkable over 2 Million jobs in the last year across various sectors.
Telecalling stands out as the dominant sector, making up a substantial 25.95% of SMB activities. This high percentage underscores the value of direct communication and engagement with customers, which are crucial for fostering relationships and driving sales. Closely behind, the back-office operations sector, comprises of 17.07% of SMB activities. This highlights the importance of these businesses in providing administrative and support functions, which are essential for the smooth operation of companies in various industries. Field sales make a significant contribution at 11.57%, indicating the importance of face-to-face interactions in securing sales and building rapport with clients, continuing relevance of traditional sales methods in the SMB space. The delivery sector, accounting for 7.64% of SMB activities, showcases the growing significance of logistics and supply chain management. This reflects the increasing demand for efficient delivery services, driven by the rise of e-commerce and online shopping. Lastly, the accounts sector holds a share of 3.81%, underscoring the essential role SMBs play in financial management and accounting services.
Nearly 490,000 employers opted for platform unlocks, signifying a growing preference among SMB players for digital solutions to address their hiring needs efficiently.
The sector has witnessed remarkable growth as Delhi leads with 23.62% followed by Mumbai and Bengaluru with 22.1% and 15.54% respectively, underscoring its role as a crucial hub for small and medium-scale enterprises. This highlights the strategic importance of these cities in driving economic growth and the potential for SMBs to play a pivotal role in India’s evolving job market.
Commenting on the data, Nilesh Dungarwal, Co-Founder and CEO at WorkIndia, said, “ SMBs are poised to emerge as key contributors to India’s economic resurgence. This data not only reflects the growing digital maturity within our sector but also signals a powerful collaboration between businesses and government initiatives. We look ahead with optimism, anticipating that these insights will inspire further innovation, job creation, and a flourishing economy led by the vibrant spirit of Small and Medium-Scale Enterprises. With increased digital adoption and the government’s financial support, we anticipate a substantial contribution from SMBs towards India’s economic growth.”
The significant budget allocation in 2024 demonstrates the government’s commitment to fostering innovation and development within the MSME sector, creating a favourable environment for SMBs to thrive. WorkIndia remains committed to providing insights that empower businesses to make informed decisions in this ever-evolving landscape.
