MSME sector is growing faster in India

(prHWY.com) March 10, 2013 - Mumbai, India -- Indian Merchants' Chamber and the Institute of Company Secretaries of India have jointly organised a Conference on 'The Growth Outlook for MSMEs in India' at the ICSI-CCGTR, Navi Mumbai today.

Various aspects of MSMEs such as - Setting up of an MSME, Funding & Incentives, Sustainable growth and Challenges & Competitiveness were discussed at various sessions in the Conference.

"Today MSME sector contributes 45 per cent of the country's exports and 40 per cent of the county's manufacturing thus playing a pivotal role in the growth of our economy," said Mr. Sushil Manhot, Chairman, SIDBI speaking at the occasion.

"MSME sector is growing much larger than the larger corporate sector and this is evident from the 20 per cent growth of lending by the
banks since last five years to this sector," said Mr. Sanjiv Saraff, Senior Vice President, Investment Banking, ICICI Securities Ltd and Co-Chairman, MSME Committee, IMC. Mr. Saraff also explained various funding options available for MSME sector.

The following points were discussed and agreed by the Conference as
the main challenges faced by the MSME sector:

* Skilled manpower
* Shortage of Electricity
* Shortage of credit facility
* Basic Infrastructure facilities
* Multiplicity of Labour laws
* Lack of IT literacy

The Conference also agreed that the MSME sector have to understand and ensure that their business model can earn money, then only they get the support of financial institutions.

Prof. R. Balakrishnan, Former Company Secretary, FOSECO Ltd., Mr. S.V. Rasal, Principal Director, IDEMI, Ministry of MSME, Govt. of India, Mr. Suresh Thakur Desai, Prof. N. Swaminathan, Secretary General, Thane Belapur Industries Association and Mr Shuvayan Bhowmik, Area Head-Mumbai, SME Rating Agency of India Ltd were the speakers amongst others at the day long Conference.

Earlier, Mr. Arvind Pradhan, Director General, IMC introduced the theme of the Conference and welcomed the dignitaries & delegates. Mr. Ganesh Pillai Joint Director, IMC proposed the vote of thanks. The Conference was well attended by entrepreneurs from MSMEs and students from various management institutes.

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