Mapping the Challenges and Aspirations of MSMEs in Kerala for Building Growth Strategies

Abstract

The Central Government has the intent of taking India on a fast track to attain Atma Nirbhar status and self-reliance. The key driver of this revolution is going to be Micro, Small and Medium Enterprises (MSMEs). Over the years successive governments have rolled out many schemes, both monetary and non-monetary to small-scale units. Although the Indian government stopped with its protectionist policies they have continued with additional support to the MSMEs. For attaining the goal of self-sufficiency it is imperative that the needs of MSMEs are understood, as also the problems they face, the support required and the key to their success. A qualitative study was conducted amongst the MSMEs in the district of Ernakulam and it looked at the challenges faced by the MSMEs, their aspirations and possible growth strategies. A total of 164 fit responses were analysed using the IBM Text Modeller for text analysis. MSMEs face generic challenges like high cost of labour, shortage of manpower, lack of financing and access to technology. However, the silver line lies where the businesses can be sustainable with proper strategies like digital marketing, clustering and government financial support. Although the study was done towards the end of the coronavirus disease 2019 pandemic the results are applicable in general. The strategies for success for these MSMEs that have evolved out of the study can in all probability be replicated across the country for other MSMEs also.

Keywords: Entrepreneurship, MSMEs, MSME Challenges, Self-Sufficiency, Sustainability, Text Analytics

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