Sudhir Panikassery: Long-term benefits for MSMEs might come from utilizing digital transactions and a simple procurement process
FinTech BizNews Service
Mumbai, December 15, 2023: MSMEs must be acknowledged in a global setting said Chief Guest Smt. R. Vimala, IAS Chief Executive Officer, Maharashtra State Khadi & Village Industries Board at the ASSOCHAM Maharshta MSME Sammelan ''Building Competitiveness for Global Value Chain held in Mumbai. MSMEs are essential to eradicating regional disparities in order to guarantee financial inclusion and raise productivity. They are essential in generating jobs, but they also greatly aid in the process of industrialization, she added.
The MSMEs should be commended for their establishment, which fosters industrial growth and development. It encourages the launch of novel goods, services, methods, and technological advancements. She went on to say that they contribute to the value chain by providing larger industries with completed items and raw materials.
As a special guest, Dr. Ramanand N. Shukla, Senior Director, ZED, Quality Council of India (QCI), made a keynote speech in which he discussed how India has a demographic prominence today and a responsible government with sound policy interventions. The time is ideal for business expansion for MSMEs. He stressed on India's position in the global value chain which is marginalized.
MSMEs must continue to be resilient and competitive, according to Jay Kumar Gupta, DGM of the Small Industries Development Bank of India (SIDBI), in his special address. In India, there are 65 million MSMEs. To ensure the success of MSMEs, it is imperative to offer them sufficient solutions and transparent lending terms. Since the majority of MSMEs operate in the informal sector, UDYAM registration is required in order to formalize them. Approximately one crore UDYAM registered entrepreneurs can receive government advantages and subsidies. Lending responsibly can only help India's MSMEs and value chain to expand formally. The idea of green energy is presented to companies in order to encourage sustainability.
In her context setting Sushma Paul Berlia Chairman, ASSOCHAM National Council on Business Facilitation and Global Competitiveness & Chairman Apeejay StyaGroup shared To achieve the objective of improving the exports through MSMEs by 60 per cent, it is imperative for the MSMEs to focus on becoming a part of global value chains (GVCs) by exporting and supplying to large exporting firms. The consortium of MSMEs with large firms will assist MSMEs in adopting new tools, technology, and innovation; reducing post-production costs; improving the competitiveness of the product; and broadening market reach. This will help the country in becoming self-reliant and a USD 5 trillion economy. The holistic development of this sector will help the country in becoming the centre/hub for global manufacturing and operations.
Shri Sudhir Panikassery Co -Chairman, ASSOCHAM National Council on Business Facilitation and Global Competitiveness & Group CEO, Aeries Technology Solutions Private Limited praised all Indian business owners for contributing to the country's $5 trillion economy. Long-term benefits for MSMEs might come from utilizing digital transactions and a simple procurement process.
India is the second-largest listing market, according to Avinash Gupta, Managing Director & CEO of DNB and Co-Chairman of the ASSOCHAM MSME Development Council. The MSME sector is widespread, so we should take advantage of the potential by offering more comprehensive solutions that boost people's competitiveness.
