Govt launches forum to support MSMEs

The aim of The Forum for Internet Retailers, Sellers, and Traders (FIRST) is to promote awareness and support for Micro, Small and Medium Enterprises (MSMEs) across India to go digital and become self-reliant

March 3, 2023

The forum was launched in the presence of over 400 retailers and seller organizations

More than 17,200 enterprises have already registered with the Forum

72.5% of retailers have high acceptability for adopting digital tools to improve store operations and offerings

69% of retailers prefer online gateways for transactions such as United Payment Interface

The Forum for Internet Retailers, Sellers, and Traders (FIRST) was launched on Monday by Union MSME Minister Narayan Rane in the presence of over 400 retailers and seller organizations, according to media reports. The aim of FIRST is to promote awareness and support for MSMEs across India to go digital and become self-reliant. More than 17,200 enterprises across the retail, trade, and commerce sectors have already registered with the Forum.

The forum aims to be the voice of MSMEs selling online and help foster their growth by acting as advocates among government representatives and policymakers.

The launch event also saw the release of a report, which surveyed 22,761 Indian MSMEs across 13 states to understand the adoption and relevance of digital technology by retailers. 

The report revealed that 72.5% of retailers have high acceptability for adopting digital tools to improve store operations and offerings, with 53% using them to improve collaboration across departments. Additionally, 64% of retailers have an online presence, with 35.59% adopting a digital business program, and 25% in favour of digital adoption for a more adaptive mode of doing business. 

The report also suggests that 69% of retailers prefer online gateways for transactions such as UPI.

Source: Economic Times

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