What’s new: Survey reveals that small and medium businesses (SMBs) in India were hit hard during the pandemic. UPS, with Nathan Associates and India SME Forum, surveyed over 100 SMBs finding 93% struggled with decreased cash-flow, 90% reported a decrease of in-person sales and 88% were impacted with disruption in a supply chain.
Why it matters: The Micro, Small, and Medium Enterprises (MSMEs) sector is a major part of India’s economy. Over 63 million MSMEs spread across the country contributed 30.5% to India's GDP in FY19 and 30% in FY20.
Avoiding slow down: Joyya is a textile manufacturer, exporter and social justice enterprise that operates in some of West Bengal’s poorest red-light areas and slums. The organization creates sustainable employment with a focus on employing women, creating opportunities to break cycles of poverty and injustice.
“We faced major delays that resulted in a severe cash-flow crunch. We worried about losing long-standing customers and the impact it would cause to our staff,” said Chirag Jain, Joyya’s Chief Operating Officer. “We needed a partner who could reconnect us to our distributors, provide a reliable connection to the west and help us with business continuity. UPS worked closely with us and helped us stay in business.”
Joyya is committed to sparking good in difficult communities. Their staff overcomes great challenges keeping kids (especially girls) in school, taking care of the elderly, securing good homes and improving local communities.
Going further: UPS is committed to building a level-playing ground for women-owned businesses. We work with governments and organizations across the globe to help women-owned businesses overcome some of the challenges.
- The UPS Foundation launched SheTrades initiative in partnership with International Trade Centre. The initiative aims to increase participation of women-owned businesses in trade by improving their competitiveness, providing solutions for trade logistics and strengthening their supportive ecosystem that could generate business opportunities.
- UPS’s Women Exporters Program (WEP), a global effort to promote the growth of women-owned SMEs, UPS connects with local partners, non-governmental organizations and government entities to provide special training on customs regulations, supply chain processes, trade agreements and finance, in addition to offering special rate agreements and personalized advise.
- UPS works hand-in-hand with customers, governments and organizations like the India SME Forum to help small businesses reach global marketplaces. We also work to ensure that women-owned businesses have the same growth opportunities.
Did you know: UPS serves customers in 220 countries through an agile, integrated and a smart global logistics network. With our customer first, people led and innovation driven strategy guiding us. We work closely with our customers – big and small, to meet their needs and overcome challenges the pandemic has created in the supply chain.
A new survey shows small businesses need export help. Learn more here.
* Source- India Brand Equity Foundation