Chinese help for SMEs

China’s richest man, Jack Ma, also the hottest entrepreneur globally following the astounding $25 billion debut of his firm Alibaba on the New York Stock Exchange, was effusive about the opportunities he sees in India. It was reassuring for those whose heart missed a beat as India at the Saarc meeting was said to be against the entry of China into Saarc. Mr Ma, obviously bowled over by Prime Minister Narendra Modi, was all for deepening the relationship between the two countries and his relationship with India. It was an eye-opener that Alibaba has had a 15-year business-to-business relationship with Indian vendors who were the second-biggest suppliers to Alibaba after China.

As he said, he was surprised that 400,000 Chinese were buying chocolates, tea and spices from India! It is estimated that 1.3 million Indian vendors use the Alibaba platform to sell their goods. In fact, Mr Ma himself described these small and medium entrepreneurs as “fantastic” in an interview to a leading pink paper since they seized an opportunity and took advantage of his platform even though it was never designed for them. He is enthused enough to want to build more platforms for many more of them to use. This is really good news for the SMEs, which comprise a neglected sector despite all the talk of them being the backbone of the economy and need to be helped. One hopes the Narendra Modi government takes a cue from this and stops showering attention only on well-heeled businessmen while paying lip service and throwing crumbs to the small entrepreneurs.