India is a very promising business and consumer community, with a population of 1.34 billion. As a diverse nation with an abundance of natural resources and cultural wealth, India presents a large and unique market with multiple niches, for businesses to venture into. The SMEs of India alone contribute to 37.4% of the country’s GDP. There is also a steady 10% growth rate in the number of SMEs in India.
1.34 billion population
SMEs contribute 37.4% to India’s GDP
The economic impact in the year 2020 due to COVID-19, was shocking and equally threatening to the entire world. Essential goods and services took precedence over other businesses overnight. Entrepreneurs priorities shifted from growth to survival.
Adapting to the surroundings, drives evolution. The pandemic made us introduce new methods of working and conducting business altogether.
SME owners suffered the most in times like these as they are generally operating with a much smaller profit margin. Even government aids didn’t really aid the SMEs. The impact was across the globe.
Yet, there are multitude of business opportunities going untapped. The SMEs needed a COVID-19 safe, sophisticated yet easy to adapt platform to bridge the global connectivity void.
A conglomerate of industry influencers and professionals conceived IFBC in Jan 2018, in Bangalore, India informally. Two programs were conducted as a pilot to carve out the right program course.
IFBC stands for Indo-Foreign Business Council, formally established in March 2021. IFBC was established exclusively for the SMEs to provide business opportunities, collaboration support and to empower them by connecting beyond the borders, thus facilitating true globalization.
IFBC recognizes the power of SMEs getting together in sharing their requirements during times like these. Worldwide collaboration can speed up their business recovery and also accelerate the SMEs growth.
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