The Conclave, attended by several dignitaries from the industry, highlighted various issues hindering the growth of the micro, small and medium enterprises (MSMEs) of the region, as well as acted as a platform for the MSMEs to interact, collaborate and explore opportunities to facilitate growth.
Calling MSMEs as the ‘engine of growth’ for the nation, Brij Bhushan, Senior Vice President, Western UP Chamber of Commerce & Industry said that, the sector contributes to the process of economic development, equitable distribution of national income and regional dispersal of enterprises by way of mobilization of capital and entrepreneurial skills.
Ajay Thakur, CEO- SME Segment, BSE Ltd said, “The MSME sector forms the largest generator of employment in the Indian economy.” He added that, equity financing will lower the debt burden leading to lower financing cost and healthier balance sheet.
Yeshwant Adarkar, Assistant General Manager, SIDBI spoke on the need for cost management and elaborated on the various financing schemes available with SIDBI. On the other hand, Girish Kumar, Managing Director, Sai Electricals Ltd. opined that, the MSMEs need Innovative Financing. “MSMEs can be looked upon as a source of constant renewal in commerce and industry and as a wellspring of competition and dynamism. Consequent to the increased globalisation of the Indian economy, MSMEs are required to face new challenges,” he added.