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CII hosts awareness session on financing for SMEs

Jamshedpur, Aug. 28: CII Jharkhand in order to facilitate SMEs access to financial requirements, time bound delivery mechanism, sharing information about the new SME schemes by financial institutions and create financial literacy among SMEs organized ďAn Awareness Session on Financing for SMEsĒ on 28 August at Auditorium, Centre for Excellence, Jamshedpur.

On the occasion, AK Srivastava, Convener CII Jharkhand MSME Panel & Partner, AK Industries mentioned that the growth in the MSME sector ensures Industrialization in backward areas and therefore helps in more equitable growth.

It has made significant contribution to industrial production, export and employment generation. He also highlighted that MSMEs are today exposed to greater opportunities for expansion and diversification across the sectors but they also face a number of challenges at various stages, which are majorly concerned with their financial requirements.

He emphasized that financial requirement both Debt and Equity are major determinants for the successful operation of the SMEs and financial institution therefore should be seen and perceived as partners for providing financial assistants.

Neeraj Kant, Chairman, CII Jamshedpur Zonal Council & Managing Director, The Indian Steel & Wire Products Limited highlighted that MSMEs in India also rely heavily on private money lenders and the unorganized financial sector for their requirements, where the terms of financing are unclear and interest rates are high.

This small pool of funding providers often forces many potentially viable and growth focused MSMEs out of operation. He further mentioned that financial institution have been successful in making inroads and have made successful strides in order to bridge this gap.

Tapas Kumar Sahu, Co Convener CII Jharkhand MSME Panel & Executive Director & CEO, Highco Engineers Private Limited mentioned that SMEs play the pivotal role in Indiaís economy and stressed upon the gap existing in demand supply in SMEs sector.

He further stated that it is imperative to make MSMEs aware of the financial assistance that can be offered on time and adequate capital infusion through term loans and working capital loans, particularly during the early and growth stages.

He elaborated upon the need for the Finance Facilitation Centre as it bridges the gap between the financing sector and SMEs. He also illustrated the role played by CII Finance Facilitation Centre in helping SMEs secure time bound finance by partnered banks.

The session was also addressed by the eminent speaker from Financial sector Dipan Mitra, Assistant Manager, NSE Emerge who discussed on Bringing Equity Markets to SME as an alternate source of Financing; Rajat Baid, Deputy Vice President, Pantomath Capital Advisors Private Limited highlighted on Alternate Source of Growth Capital for SME IPOs and Listing and B K Mitra, Chief Manager, National Small Industries Corporation Limited conferred about the Schemes, Services and GST updates by NSIC.

It may be noted that the theme of CII Jharkhand this year is ĎMomentum Jharkhand Ė Invest in Developmentí and it believes that there is a need to strengthen the entire support structure Ė relating to mentoring, financing, quality standards, marketing inputs and technology acquisition for SMEs.

CII intends to play a significant role in this endeavor by supporting MSMEs of the region. In line with Prime Ministerís Make in India vision, CII is putting best efforts to offer multifarious support services to the MSMEs in the region.

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