Nation’s worldwide are en-tasked with responsibility to build sustainable future for all while maintaining appropriate environmental discipline and stable socio-economic growth, says study published In a lead Article in latest issue of Finance India Vol XXXII Vol.4, December 2018. The study entitled “Enterprising Entrepreneurship & Start-Ups : Models for Growth and Financing of Micro, Small & Medium Enterprises (MSMEs) in times of Recession” completed by Prof. Manju Agarwal, Prof. Aman Agarwal, Prof. Yamini Agarwal and Prof. Saurabh Agarwal, Professors at Indian Institute of Finance.
The paper states that the changing structure of world investment, trade, capital flow and the need for deeper integration, strengthening regulatory framework and signaling system is greater. The paper outlines framework for challenges & opportunities before MSMEs in the Global Economy through an integrated model approach of reducing Financial Volatility; fostering Employment Growth and Economic Development ; fostering Sustainable Environment ; restructuring Pension Systems and Societal Setups.
The paper also states that there is a need for developing Self-Assessment Financing Model for Inducing Sustainable Growth; using Goal Programing Model with a focus on organic Agriculture, empowering & doubling farmer’s Income; setting in Fiscal Discipline & re-orienting role of IMF and re-energizing multi-lateral trade agreements (WTO) along with bi-lateral FTAs.
India’s re-entry into the globalized world and sustained growth in the last decade especially last four years has opened up immense possibilities for becoming a truly favoured global democratic nation, economy and market. India has benefited from the old heritage, traditional value system and economic and societal norms opined Agarwals.
Authors strongly felt that the decision on demonetization, pronounced by PM Narendra Modi is one of the boldest decision in the right direction together with other historical policy decisions. PM deserves all praise for this and other policy decisions for inducing Financial inclusion, Banking and digital dividends to the poorest of the poor and the deprived section in Independent India post 1947. The necessary support to policy changes, trust and confidence hold the key to Growth and Prosperity of the people of India.