At the 3rd MSME Summit organised by ACMA in association with the Ministry of Micro, Small & Medium Enterprises, focused on volatility. The way volatility has impacted organisations of all sizes, across all major industries. Most significantly the MSMEs. Organised to assess the current business scenario and how component manufacturers, especially the small and medium enterprises can harness this challenging environment to their benefit, N.K Maini, Deputy Managing Director, SIDBI, and the Guest of Honour stressed on VUCA (Volatility, Uncertainty, Complexity amd Ambiguity) by redefining it as Vision, Understanding, Communication and Agility. He urged the industry to strategize such that the adversity turns into an advantage. Ajay Shankar, Member Secretary, National Manufacturing Competitiveness Council (NMCC), during his inaugural address referred to volatility as intrinsic to human civilisation. He said further: "While we have seen growth come to a standstill due to uncertainty and lack of confidence, the challenges for the future are equally daunting. Lack of availability of power, poor managerial bandwidth and low return on investments add to the challenge of unutilised capacity, especially for small Tier 2 and Tier 3 manufacturers. The industry has a lot more ground to cover and become cost competitive, while the Government needs to ensure a dependable and competitive ecosystem and infrastructure, the industry needs to focus on internal efficiencies and opportunities other than the conventional to keep their heads above water." Referring to VUCA as the 'new normal', Sudam Maitra, Chief Operating Officer (Supply Chain), Maruti Suzuki India, suggested that MSMEs should must strategically design a long-term road map to mitigate volatility. Have effective financial planning, prudently manage manpower, work smarter and leaner, and focus on limited, dedicated yet diversified customers without any compromise on quality. "It is imperative that for the auto component industry to be globally competitive, the Tier-1s must hand hold Tier -2/3s to build their capabilities including technology and skilling of personnel," he added. Outlining the purpose of the summit, Ramesh Suri, Vice President, ACMA averred, There's a need to understand the dynamics of the Indian automotive market with focus on MSMEs, the factors affecting their de-growth and what could be the possible strategies to manage the volatility in the industry. The industry and the government will need to collaborate in helping companies manage the challenges especially hand holding the Tier 2/3s, the weakest link in the entire automotive value chain".