Thursday, September 21, 2023

Equity funding for MSMEs soon: Industry director

Himalayan Paths

CII organises MSME Conclave 2018

Jamshedpur: K Ravi Kumar, director, Department of Industries, Government of Jharkhand, said that MSMEs must act as a catalyst in the overall growth and development process of the industry. He reaffirmed that the Government of Jharkhand is also coming up equity funding for the MSMEs shortly. This will help the sector to flourish

During his address at the inaugural session of the CII Jharkhand Micro, Small & Medium Enterprises (MSME) Conclave 2018, Kumar stated that MSMEs need to grow fast. The banks also need to be much more proactive in providing finances to the MSMEs.

In regard to clearances and approvals, Kumar said, the situation has improved. He further stated that MSMEs need to focus on quality of their products. Most of the industries which has come up or expanding their business after Momentum Jharkhand � Global Investors� Summit belong to the MSME sector. Kumar avowed that the Government of Jharkhand is also working towards increasing its purchase from the MSMEs.

Debashish Choudhury, chief procurement (MRO & Services), Tata Steel Ltd said that 30-40% of steel is consumed by the MSMEs in Jharkhand. He opined that for the MSMEs, it is extremely important to engage with the customers. According to him, capability building is also crucial for the overall growth of the MSMEs along with sustainability.

Atul Dua, chairman & managing director, Multitech Auto Pvt Ltd stated that simplification of procedures is the need of the hour for the MSMEs. Jharkhand has all the capability to become leader in the casting, forging and machining space. He said that for the MSMEs, building inherent competitiveness is the key.

Addressing the gathering, Sanjay Sabherwal, chairman, CII Jamshedpur Zonal Council & Managing Director, Metaldyne Industries Limited said that MSMEs are the backbone of the Indian industry. MSMEs not only play crucial role in providing large employment opportunities at comparatively lower capital cost than large industries but also help in industrialization of rural & backward areas. MSMEs are complementary to large industries as ancillary units. He stated that CII has submitted some recommendations to the Government as priority for the growth of the MSMEs which include implementation of a revised framework for MSME definitions, special dispensation from various compliances related to taxation, labour laws, etc. for an initial period of 3 years, setting up incubation cells and hubs within clusters, implementing cloud technology among the MSME clusters and effective implementation of various market development schemes.

The CII Jharkhand MSME conclave had particular focus on Enhancing Competitiveness of MSMEs, Financing Options for MSMEs and Transformation through Technology.

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