The air is filled with a new exuberance. Prime Minister Narendra Modi’s vision of ‘Make In India’ aspires to turn India into a manufacturing hub for the rest of the world. Alongside, his invitation to US companies to participate in India’s industrial space signals a robust development for India’s booming SME community.
At an estimated 64 million in 2016, India has the second largest number of SMEs in the world, with China leading the table. While it has been established that SMEs have the potential to drive industry growth, what most entrepreneurs do not realise is that apart from conducive administrative reforms, some of the challenges they face can often be addressed by one important strategy in their arsenal: Branding.
Branding is a need, not a luxury.