Indian SMEs Plan To Expand Businesses As Economy Revives, Restoration of Business Activities Likely To Gain Momentum Post COVID-19 Era: Survey

The small and medium enterprises (SMEs) in India are coming back to action besides new opportunities unlocking in numerous upcoming segments. As the economy in India limps back to normalcy, a number of small and medium enterprises (SME) in the country are now planning to expand their businesses. The SME Leasing & Business Sentiment Survey by 360 Realtors' commercial division, shows that business activities in the country are reviving amid increasing confidence in the overall economic outlook of India with the growth trajectory of the country expected to be in the range of 8-10 percent in FY 22.

In a statement, the 360 Realtors noted that business activities are reviving amid increasing confidence in the overall economic outlook of India with the growth trajectory of the country expected to be in the range of 8-10 percent in FY 22. "Echoing this sentiment, a whopping 69 percent of the respondents in the survey have demonstrated their plans to expand their business. As the economy is expected to expand, there will be significant growth in demand and consumption which is egging on industry players," the Survey stated.

Moreover, around 49 percent of the respondents said that they will launch new verticals, whereas slightly over 12 percent have suggested functional team reallocation. A report by IANS quotes the survey saying that the respondents are spread across numerous cities in India including Delhi-NCR, Kolkata, the MMR, Bengaluru, Hyderabad, Chennai, among other.

The COVID-19 pandemic has impacted the momentum of growth in the SME sector. Ankit Kansal, Founder & MD, 360 Realtors believed that the post-COVID-19 era will see the emergence of new opportunities and business proliferation driven by a consistent restoration of business activities.