A delegation led by the Member of Parliament and convenor of Friends for MSMEs led by Rajendra Agarwal along with the office bearers of the Federation of Indian Micro and Small & Medium Enterprises (FISME), the MSME-representative body, met the Finance Minister Nirmala Sitharaman on Tuesday after the proceedings of the parliament to discuss the issues faced by the MSME sector, FISME told in a release.
FISME highlighted the fact that India has around 6 crore MSMEs, out of which only 25,000 are categorized as Medium-sized industries. FISME stated various problems faced by these enterprises such as financial, technological, and regulatory challenges differentiate them from the small and large enterprises. These challenges are often overlooked or remain unaddressed, limiting their opportunity for growth and development.
Similarly, the MSME representative body also mentioned the challenges faced by micro and small enterprises, due to the phenomenon of the “Missing Middle,” which hampers the growth of the overall sector and affects sustainability.
FISME proposed the setting up of the “Center of Excellence for Aspiring SMEs,” which will help foster growth and development by access to the latest technologies, and strategic partnership between Indian SMEs and foreign companies, with a special focus on Joint Ventures with Japan, South Korea and Taiwan.
Finance Minister Nirmala Sitharaman has extended her support to the collaborative effort of FISME and IFCI (Industrial Finance Corporation of India) in establishing such Center of Excellence for Aspiring SMEs.
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According to the release, the Center will offer essential services, including a technology interface for aspiring SMEs, allowing them to access modern technology for higher productivity and competitiveness. It will also provide much-needed financial and management advisory services, equipping these enterprises to become ready for SME Exchange listing.
The FISME delegation included Dinesh Singhal, chairman of the Policy Committee and MD, Kanohar Electricals, Neeraj Kedia, Chairman of the Banking and Finance Committee, Anil Bhardwaj, Secretary General, and others.
FISME is a 743 members’ association, committed to supporting the growth of SMEs, and playing a major role in setting up the “IFCI-FISME Center of Excellence for SMEs,” to provide an ecosystem for SMEs to foster growth.
IFCI Ltd, a long-standing statutory financial institution with a history of over seven decades, currently focuses on providing advisory and consulting services to various industries, including managing 13 PLI schemes.