FE Emerging Business Growth Workshops — Bhopal Edition: With an economic growth rate of 16 per cent in the financial year 2022-23 and among the ‘Achiever’ states in the Ease of Doing Business Rankings by the World Bank, Madhya Pradesh is among the fastest-growing states in India. As per the state’s Economic Survey 2022-23, 1.87 lakh MSMEs were established in FY22, and 15 lakh potential jobs were made available.
Out of nearly 9.5 lakh Udyam-registered MSMEs in the state, Indore and Bhopal have the largest pools of MSMEs with around 1.75 lakh units in total. However, they have their unique set of challenges around credit access, talent, regulations, and more. To address these challenges, the Bhopal edition of the multi-city FE Emerging Business Growth Workshops presented by Adobe on October 27 at Hotel Pride, Bhopal will facilitate the exchange of knowledge and the sharing of ideas and best practices through thoughtfully organized panel discussions, keynote addresses, and a masterclass involving industry experts, policymakers, technology providers, entrepreneurs, MSME associations, and more.
The workshop will commence with the keynote address by P. Narahari, Secretary, Department of MSME & Commissioner, MSME and Secretary, Sports & Youth Welfare, Government of Madhya Pradesh on the existing opportunities and upcoming trends for small businesses in the state to tap into with the help of available support from the government.
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P Narahari is an Indian Administrative Services Officer of the 2001 batch of the Madhya Pradesh Cadre. He earlier served as Collectors of Districts Singrauli, Seoni, Gwalior, and Indore for 10 Years and as Secretary, Revenue and Commissioner & Secretary of the Public Relations Department, Aviation, Urban Administration, Technical Education, Cooperative and Food and Drug Administration Departments.
The keynote address will be followed by a special address by Kailash Manekar, General Manager, District Trade and Industries Center, Bhopal. The District Trade and Industries Centre offers comprehensive services and support at the district level to entrepreneurs interested in establishing MSMEs. This includes activities such as enhancing entrepreneurial skills through training programs, identifying appropriate government schemes, facilitating access to credit, fostering the growth of industrial clusters, and more.
Heading the District Trade and Industries Center of Bhopal, Manekar has expertise in the implementation of different policies and schemes related to MSMEs such as MP MSME Promotional Policy, Self Employment Schemes etc., along with cluster development and various hard and soft interventions for the growth of MSMEs. In light of the above, Manekar will address the MSMEs of Madhya Pradesh on the best practices entrepreneurs must adopt for growth at a competitive pace.
The Bhopal workshop will also have two panel discussions: first ‘Amrit Kaal for MSMEs in Madhya Pradesh — Empowered, Inclusive, Prosperous’ to understand the ways for uncomplicating and enhancing the ease of doing business scenario in the state to help local MSMEs flourish ahead. The session will include panellists Deepak Sharma, Vice President, Federation of Madhya Pradesh Chamber of Commerce & Industry and CEO, Linkage Technologies; Pradeep Karambelkar, Founder, Vision Biz Network; Rahul Choudhari, Principal Advisor, Centre for Economy, Trade & Innovation, Atal Bihari Vajpayee Institute of Good Governance and Policy Analysis; and Prasad Begde, Associate Professor and Dean, VITBS, VIT Bhopal University.
The second panel discussion titled Industry 4.0: Readying MSMEs with Technologies for Smart Growth will discuss how MSMEs can prepare themselves for smarter and faster growth with the adoption of the right technologies. While the potential benefits of technology and automation are substantial, MSMEs encounter unique challenges in their journey towards adaptation such as financial constraints, lack of technical expertise and skilled labour, awareness issues, and more. To overcome challenges to technology adoption, MSMEs may need tailored strategies addressing specific needs and collaboration with technology providers and industry experts.
The speakers in the second panel would be Pravir Krishak, Chief Executive Officer, C-Net Infotech; R.K. Dwivedi, Professor & Head, Centre of Excellence in Product Design and Smart Manufacturing, Maulana Azad National Institute of Technology, Bhopal and Yogesh Khakre, COO, B-Nest Incubation Centre and Sandeep Soni, Senior Assistant Editor – FE Aspire, Financial Express Digital.
The event will conclude with a highly engaging Expert Talk on how MSMEs can manage their finances well. Understandably, there exists a significant relationship between record-keeping, proper financial management and MSMEs’ performance. An owner or a manager with a sound knowledge of finance can take the firm up to a scale of growth. On the other hand, an entrepreneur without proper financial knowledge would not be able to make crucial business decisions and one wrong decision leads to a higher cost to the business. Improper record-keeping may lead to higher operating costs.
High operating cost leads to higher cost of manufacturing which hurts the financial performance of MSMEs. Against this backdrop, the expert talk by Samkit Bhandari, CEO, JAS Corporate Consulting and Managing Committee Member, CIRC Indore, Institute of Chartered Accountants of India will explain how MSMEs can ace financial management in business.