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MSMEs to start riding economic revival

MSMEs to start riding economic revival
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MSMEs to start riding economic revival

Highlights

Digitalisation, exploring new markets, collaboration will be key

Hyderabad: The Confederation of Indian Industry (CII) has organised MSME summit on 'Empowering MSMEs and Bringing the Growth Back amidst the Changing Trade Dynamics' for the benefit of MSMEs. Jayesh Ranjan, Principal Secretary, Industries and Commerce, said there are evident signs of economic recovery, the way the manufacturing sector is rebounding, and the increase in GST collection. And definitely there is opportunity for MSMEs start riding on this economic revival.

He suggested that making effective use of digitalisation, targeting newer domestic as well as export market and collaboration among MSMEs are the three key success mantras to achieve sustainable growth post COVID-19. He mooted the idea of encouraging industry associations, particularly MSME organisations, to adopt and work very closely with ITIs, to overcome that challenges of skilled professional.

Addressing the inaugural session, Jun Zhang, country head- India, International Finance Corporation (IFC), who joined from Washington, stated that US $ 8 billion fund was fast tracked for financing. So far 4 billion has been dispersed to sustain businesses and preserve jobs after the outbreak. Pranav Bhasin, Director, MSME & Seller Experience, Amazon India, said there is a 60 to 80 per cent spike in new sellers registering on Amazon.in. Today, there are more than 6.5 lakh sellers, 90 percent of them include micro-entrepreneurs and SMEs. "From Telangana we have over 23,000 sellers. Through the Karigar initiative, we have on board more than 3,000 master weavers, co-operatives, artisans and APEX bodies," he said.

OP Mishra, SBI CGM, said there has been renewed interest among banks to facilitate MSME loans. Mahesh Desai, Chairman, EEPC & Mentor - CII Telangana MSME Panel & Managing Director, Meera & Ceiko Pumps Pvt Ltd, pointed out that the Centre's target is to increase MSMEs share of 29 per cent of GDP to 50 per cent in next five years and raise its export contribution from 49 per cent to 60 per cent.

In his welcome address, Sameer Goel, Vice Chairman – CII Telangana & Managing Director, Coromandel International Ltd, said "MSME lending can be the largest source of value creation for the financial services industry. It will have a multiplier effect on GDP." in his concluding remarks, AVS Reddy, convener, CII Telangana MSME Panel & Managing Director, Appidi Technologies Pvt Ltd noted that the country's merchandise exports increased by six percent to $27.58 billion in September this year. imports declined by 19.6 percent to $ 221.86 billion in comparison to September 2019.

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