27.1 C
Delhi
Thursday, October 1, 2020

73% Indian SMBs confident of bouncing back post Covid: Report

- Advertisement -

Covid-hit Indian micro-businesses stay resilient: SurveyNew Delhi, Sep 10 (IANS) Over 73 per cent of small and medium-sized businesses (SMBs) in India are confident that they will survive and bounce back post Covid-19, said a new report on Wednesday.

The “HP Asia SMB Report 2020” showed that Indian SMBs are more confident than their Asian peers in bouncing back after the pandemic as the regional average stood at 60 per cent.

This confidence is reflected in the fact that almost two-thirds of respondents from India believe that this period presents a good opportunity to reformulate the business strategy.

Half of the respondents believe that the pandemic will ultimately bring opportunity, but in the longer term.

More importantly, SMBs in India recognise the importance of going digital to revive their businesses.

Three-quarters of the surveyed businesses believe that digital adoption is essential or very important to their success, said the report.

“SMBs are critical to our economy as they contribute nearly a third of our GDP and generate employment for millions. The ongoing pandemic has impacted SMBs as much as any other segment,” Ketan Patel, Managing Director, HP India Market, said in a statement.

“But the agility and flexibility in their operations, coupled with the adaptability to changing business environments and customer needs means they can bounce back far more quickly.”

Indian SMBs have also recognised four key aspects that will help them best to bounce back – using online tools, flexible work options, advice on strategy and innovation at work.

The research showed that growth correlates with how a company values digital adoption for its success.

Of SMBs that reported good business growth in the past year, 56 per cent see digital as a lever for success, with only 14 per cent considering it of low importance.

“A key finding from the research is that the more a company values digital transformation, the more positive they are about future growth, and nowhere in Asia is this reflected as strongly as in India,” Patel said.

The survey also touched upon key challenges that Indian SMBs have identified as roadblocks on the road to recovery.

While global instability tops the list of concerns, it is less pronounced in India than the rest of the Asian countries surveyed.

Other challenges include adequate cash flow, accessing finance and leveraging digital tools.

For the study, 1,600 SMBs completed the survey between May 26 and June 7, which comprised 200 interviews in each of the markets: Australia, India, Indonesia, Japan, South Korea, Singapore, Thailand, and Vietnam.

Source: IANS

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News

BJP says will fight Bihar polls together with NDA partners JD(U), LJP

New Delhi, 01 Oct (PTI) The BJP on Wednesday sought to scotch speculation about differences with Union minister Ram Vilas Paswan''s Lok Janshakti Party,...

Govt opening up economy for greater pvt sector participation: Goyal

New Delhi, 1 Oct (PTI) The government is opening up the economy for greater participation of the private sector and has been working in...

Amitabh Bachchan: I am a pledged organ donor

Mumbai, 1 Oct (IANS) Amitabh Bachchan is a pledged organ donor and says he is bearing the giving of life to another.Big B shared...

Microsoft imparts digital skills to 7.7 lakh Indians in pandemic

New Delhi, 1 Oct (IANS) Microsoft on Wednesday announced it has trained close to 774,000 learners in India as part of its global skills...

Covid Casualty: India’s core industrial output down 8.5% in Aug

New Delhi, Oct 01 (IANS) The deceleration rate in the production of India's eight major industries continued in August, official data showed on Wednesday.As...

Pak violates ceasefire on LoC for 7th straight day

Jammu, Sep 30 (IANS) Pakistan continued to violate ceasefire along the Line of Control (LoC) in Jammu and Kashmir's Poonch district for the seventh...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Topics In India

Covid 19 India Updates

New unlock guidelines: States free to decide on schools reopening after Oct 15

New Delhi, Sep 30 (IANS) : The Ministry of Home Affairs (MHA) on Wednesday left it to the states and union territories to decide on...

New unlock guidelines: States free to decide on schools reopening after Oct 15

New Delhi, Sep 30 (IANS) : The Ministry of Home Affairs (MHA) on Wednesday left it to the states and union territories to decide on...

Moderna’s Covid vax shows promise in protecting older adults

New York, Sep 30 (IANS) US-based biotech company Moderna's Covid-19 vaccine candidate has shown signs of working in older adults, new results from an...

Serum Institute to manufacture 200mn doses of Covid-19 vaccine

New Delhi, Sep 29 (IANS) A further collaboration among the Serum Institute of India (SII), the world's largest vaccine manufacturer by volume, Gavi...

87million were likely exposed to Covid-19, 1 in 15 had antibodies

New Delhi, Sep 29 (IANS) The key findings of the second round of sero-survey conducted by the Indian Council of Medical Research (ICMR) suggested...

Health ministry launches web portal for COVID-19 vaccine updates

New Delhi, Sep 28 (PTI) The Union Health Ministry on Monday launched a web portal that will provide all important information on COVID-19, vaccine...

Trending News In India

Common cold in past may give protection from Covid-19

New York, Sep 30 (IANS) In a big breakthrough, researchers have found that people who have had a bout of seasonal or common cold...

Govt opening up economy for greater pvt sector participation: Goyal

New Delhi, 1 Oct (PTI) The government is opening up the economy for greater participation of the private sector and has been working in...

Amitabh Bachchan: I am a pledged organ donor

Mumbai, 1 Oct (IANS) Amitabh Bachchan is a pledged organ donor and says he is bearing the giving of life to another.Big B shared...

Microsoft imparts digital skills to 7.7 lakh Indians in pandemic

New Delhi, 1 Oct (IANS) Microsoft on Wednesday announced it has trained close to 774,000 learners in India as part of its global skills...

Covid Casualty: India’s core industrial output down 8.5% in Aug

New Delhi, Oct 01 (IANS) The deceleration rate in the production of India's eight major industries continued in August, official data showed on Wednesday.As...

Pak violates ceasefire on LoC for 7th straight day

Jammu, Sep 30 (IANS) Pakistan continued to violate ceasefire along the Line of Control (LoC) in Jammu and Kashmir's Poonch district for the seventh...

Trending Showbiz

Multiplexes to reopen with 50% seating from Oct 15

New Delhi, Sep 30 (IANS) In its latest guidelines for further reopening, the Union Home Ministry has allowed certain activities such as functioning of...

Multiplexes to reopen with 50% seating from Oct 15

New Delhi, Sep 30 (IANS) In its latest guidelines for further reopening, the Union Home Ministry has allowed certain activities such as functioning of...

AIIMS, CBI looking at legal aspects before reaching logical conclusion in SSR case

New Delhi, Sep 29 (IANS) The Forensic Department of the All India Institute of Medical Sciences (AIIMS), which has been roped in by the...

We are conducting probe into Sushant case professionally, says CBI

New Delhi, Sep 28 (IANS) Days after Vikas Singh, lawyer of Sushant Singh Rajput’s family, sought updates in the Central Bureau of Investigation (CBI) investigation, the...

NCB seizes phones of Deepika, Rakul, Simone, Karishma in drugs case

Mumbai, Sep 26 (IANS) The Narcotics Control Bureau (NCB), which quizzed Bollywood actors Rakul Preet Singh, Deepika Padukone, her former manager Karishma Prakash, and...

NCB quizzes Deepika, Sara, Shraddha in drug case related to SSR death

Mumbai, Sep 26 (IANS) The Narcotics Control Bureau (NCB) on Saturday questioned Bollywood divas Deepika Padukone, Sara Ali Khan, Shraddha Kapoor for several hours...

Trending Sports

All-round effort helps SunRisers notch first win

Abu Dhabi, Sep 30 (IANS/GloFans) SunRisers Hyderabad (SRH) finally opened their account -- the last of the eight teams to do so -- with clinical...

Kohli wins Super Over thriller for RCB, Kishan’s 99 in vain

Dubai, Sep 29 (IANS/GloFans) In yet another roller-coaster contest, Royal Challengers Bangalore (RCB) edged out Mumbai Indians (MI) in a Super Over tie-breaker - the...

ICC gets recognition for two digital initiatives in Leaders in Sports Awards

Dubai, Sep 28 (PTI) The International Cricket Council (ICC) has been recognised for its twin digital initiatives at the prestigious Leaders in Sports Awards...

Played nearly 500 games, can speak to any player says Ganguly

Kolkata, Sep 28 (PTI) His nearly "500 international match experience" gives him the right to speak and guide any player "be it Shreyas Iyer...

Went through rigorous physical, mental transformation for 1996 Olympics, says Paes

New Delhi, Sep 28 (IANS) The year was 1996 and no Indian had won an individual medal at the Olympics 44 years prior to...

Sensational Tewatia hits five sixes in an over as RR defeats KXIP

Sharjah, Sep 28 (PTI) Rahul Tewatia struck five sixes in an over at the fag end of the match as Rajasthan Royals recorded the...

Latest Trending News In India

BJP says will fight Bihar polls together with NDA partners JD(U), LJP

New Delhi, 01 Oct (PTI) The BJP on Wednesday sought to scotch speculation about differences with Union minister Ram Vilas Paswan''s Lok Janshakti Party,...

Govt opening up economy for greater pvt sector participation: Goyal

New Delhi, 1 Oct (PTI) The government is opening up the economy for greater participation of the private sector and has been working in...

Amitabh Bachchan: I am a pledged organ donor

Mumbai, 1 Oct (IANS) Amitabh Bachchan is a pledged organ donor and says he is bearing the giving of life to another.Big B shared...

Microsoft imparts digital skills to 7.7 lakh Indians in pandemic

New Delhi, 1 Oct (IANS) Microsoft on Wednesday announced it has trained close to 774,000 learners in India as part of its global skills...

Covid Casualty: India’s core industrial output down 8.5% in Aug

New Delhi, Oct 01 (IANS) The deceleration rate in the production of India's eight major industries continued in August, official data showed on Wednesday.As...