Small businesses have always played a crucial role in the robust growth of a country’s economy. In a country like India, the economy is majorly dependent on small-scale business owners. To keep it simple, what does it actually mean when we say a small business? In India, businesses that don’t go beyond the investment limit of Rs 10 lakhs fall under the category of small businesses. Whether it is a wholesale market, a vegetable store or any of your freelancer friends working; all of it comes under the small businesses. Emphasizing how small businesses have contributed the most to a country’s economy, political leader Lalit Tanwar shares some meaningful insights.
The politician was recently appointed as the District Panchayat President in Amroha. Grown up in a family of politicians, Lalit’s father Kanwar Singh Tanwar is a former Member of Parliament. Along with politics, he has been innate to a terrific business intellect. Lalit believes that small businesses directly impact the Indian economy, and according to statistics, small businesses contribute 30% to India’s GDP.
“When it comes to supply chain, small businesses are of great importance. If you see, small businesses are either started to earn passive income or for others to earn a decent living”, said Lalit. He then went on to say that small businesses understand the audience’s needs and are affordable. “A majority of small scale businesses in India sell essential and day-to-day products which is another key reason behind its massive growth”, adds Mr. Tanwar.
However, proper marketing tactics are of utmost importance for any small business to sustain itself in the Indian market. We all have witnessed how the destructive COVID-19 pandemic has impacted small businesses heavily. While a majority of small businesses were temporarily shut during the lockdown, a few of them went out of business and operations. In these times, Lalit Tanwar has urged a majority of SMEs to take the route of digitalization to stay in the challenging times of the pandemic.
Digital businesses and online shops saw terrific growth during this time. That’s what Lalit Tanwar has urged fashion retail outlets to sell their products via e-commerce platforms and other shopping websites. To conclude, he revealed that platforms like Google and Facebook turned out to be money-spinners for small ventures who run their ads to reach out to a wider section of people. Being the genius business mind that he is, Lalit Tanwar has completed his MBA from the coveted Regent’s University, London but he has always stuck to his roots and wants to take India’s business sector on a global level.