90% MSMEs confident about India's economy in 2024, shows survey

Mumbai: Ninety percent MSMEs are confident that India’s economy will be resilient or will further improve in 2024, creating an enabling environment to conduct business according to the second edition of the NeoInsights study – ‘MSME Business Confidence Study’ for the year 2024 – released on Wednesday.

Further, supported by government initiatives to enhance ease of doing business and a strong consumer demand, 91 per cent expect their profits to increase in 2024, however, this is lower when compared to 96 per cent in 2023.

Despite the volatile global environment, 3 in 5 MSMEs said that they have met their 2023 business targets, with Pune, Bangalore and Delhi leading the way. Around 80 per cent women-led MSMEs said that they
achieved their business targets set for 2023.

Over 40 per cent MSMEs benefited from the government schemes in 2023, with manufacturing and wholesale MSMEs being the top beneficiaries.

Approximately 60 per cent of MSMEs plan to open new stores and offer new products or services to their customers in 2024 showed the survey.

The study, which has analyzed responses from nearly 3,000 MSMEs from over 25 top cities in India, highlighted the continued confidence of small businesses in India’s economy, their preparedness to meet consumer demand, and the strategies they planned to implement in 2024 to drive business growth.