PINAKI MAJUMDAR
Jamshedpur, Sept 26: The Confederation of Indian Industry (CII) today conducted a session on Financing for MSMEs at the Centre for Excellence here in Jamshedpur.
Notably, the emergence of India’s robust financial service technology ecosystem has the potential to revolutionize the MSME financing landscape.
The growth of NBFCs, fintech companies, digital banking and mobile financial services has created new opportunities for MSMEs to access financing.
The Indian government has also taken steps to promote financial inclusion for MSMEs by launching various schemes, such as the Pradhan Mantri Mudra Yojana (PMMY), to provide loans to small businesses and credit guarantee schemes.
Recently, the finance minister announced a revamped credit guarantee scheme for MSMEs of Rs 9,000 crores effective from 1st April 2023.
Tapas Sahu, Immediate Past Chairman, CII Jharkhand State Council & Managing Director & CEO, Highco Engineers Pvt Ltd, said as the world stands on the precipice of a new era characterized by technological innovation, India is in the throes of its own digital revolution, a promising phase known as India’s ‘techade’. In the context of India, the techade represents a crucial period where technology and digital innovation will be the cornerstone of growth. It aligns with the vision of transforming India into a developed nation by 2047, a goal set forth in the wake of the country’s 75th year of independence.
Pranav Jha, co-convener, CII Jharkhand, Economic Affairs, Finance & Taxation Panel & CFO, JCAPCPL said, “MSME sector is the backbone of the Indian economy. In Jharkhand, the MSME sectors contribute to the growth of Industries and sustain the ancillary ecosystem of Tata Steel and Tata Motors. Access to capital, access to technology, and access to information are the major challenges faced by MSMEs.”
Rajeev Bansal, Convener, CII Jharkhand MSME Panel and General Manager (Supply Chain), Tata Motors Ltd said, “Identifying the sources of finance and the accessibility to these sources is the most crucial factor to promote MSMEs in the Indian economy.”
