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Tech advancement, enhanced awareness can upscale level of MSMEs in India
A conference on financing for growth-focus on sustainable development of Micro, Small, and Medium Enterprises (MSMEs), was organised by Confederation of Indian Industry at the CII headquarters here in Sector 31 on Wednesday.
A conference on financing for growth-focus on sustainable development of Micro, Small, and Medium Enterprises (MSMEs), was organised by Confederation of Indian Industry at the CII headquarters here in Sector 31 on Wednesday.
Jaspal Singh, secretary of expenditure department of finance and planning, Punjab, said, “Technological advancement, research and development, enhanced awareness about the assisting schemes and knowledge dissemination can work wonders to upscale the level of MSMEs in India and particularly in North.”
Singh added, “It is imperative that finance is easily available to MSMEs and at reasonable rates so that they can grow to the next level. We are continuously working to create an enabling environment for the MSMEs in Punjab as they play a critical role in Punjab's economy.”
On this occasion, a memorandum of understanding (MOU) was signed between CII and Canara Bank to facilitate credit access for MSME.
This MOU was signed by R Madhusudan, general manager, MSME Wing, head office, Bengaluru, on behalf of Canara Bank and Raman Saluja, chairman regional committee on MSMEs, CII (northern region) on behalf of CII.
PS Rawat, executive director of Canara Bank, said, “We are working closely with CII to remove the bottlenecks of the MSMEs and help revive and revolutionise them as they play key role in nation building”
Talking about the issue of financial gap between demand and supply in the sector, Rawat said, “The overall finance gap in the MSME sector is estimated to be Rs 20.9 trillion. So need of the hour is to bridge this gap and equity and venture funding can be game changers here. Also, collaborative efforts of financial institutions and Industry Associations like CII can play a vital role in this direction.”
Raman Saluja, chairman, regional committee on MSMEs, CII, said, “MSME plays a key role in the development of the economy with their effective, efficient, flexible and innovative entrepreneurial spirit and CII has been making concerted efforts for enhancing their competitiveness by organising various such conferences and seminars.”
