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96% of MSMEs expect profits to rise in 2023, says study

96 per cent of MSMEs expect profits to increase in 2023, says an MSME Business Confidence Study released on Wednesday by NeoGrowth, an MSME-focused digital lender.

The MSME Business Confidence Study was conducted nationwide with responses from close to 3,000 MSME owners. The study covered the expectations of India's MSME owners across 25+ cities and 70+ business segments, as they step into 2023 amidst global volatility.

Arun Nayyar, Managing Director and CEO, NeoGrowth, said in a statement, “It is heartening that MSMEs are confident about their growth, profitability and other business indicator. We believe that the strong digital ecosystem in India will be a catalyst for MSME lending in the coming year. MSMEs are capitalising on new credit options to build and scale their businesses easily, unimpeded by traditional methods of credit underwriting. 2023 will be a crucial year for MSMEs, which will play a pivotal  

The optimism among MSMEs, India's economic backbone, is an encouraging sign in these uncertain times. Three out of four MSMEs, who were a part of the study, were confident of economic growth in 2023, 20% were neutral and only 5% were negative. Among the respondents, 80% of women MSMEs from the manufacturing and services sector said they were optimistic about India's economic growth.