MSME challenges: Global Alliance for Mass Entrepreneurship (GAME), a mass entrepreneurship enablement platform, and MSME body Federation of Indian Micro and Small & Medium Enterprises (FISME) have announced a partnership to work together on delayed payment issues faced by MSMEs, ease of doing business, certain specific joint research projects and arbitration and grievance redressal advisory for small businesses.
From publishing landscape reports to research studies, formulating policy papers, and creating programs that help MSMEs create a base for expansion, the partnership will focus on increasing access to finance, scaling existing businesses and bringing local and national multi-body stakeholders onto the same platform, GAME said in a statement on Tuesday.
Speaking of the collaboration, Ketul Acharya, Executive Director, GAME said, “GAME and FISME are coming together to keep the focus on specific and key aspects that are a hindrance to MSME growth. We are excited to work with FISME on these fronts.”
“Whether it is access to finance, delayed payments, regulatory understanding and compliance, or bringing renewable energy to the nation’s MSME base, we intend for this partnership to provide fillip to these initiatives,” said Anil Bhardwaj, Secretary General, FISME.
GAME focuses on enabling an India-wide movement of mass entrepreneurship for the growth of both existing and new enterprises, resulting in 50 million new jobs by 2030, where women own 25 per cent of the businesses.
According to the official data available on the government’s delayed payments monitoring portal Samadhaan launched in October 2017, 1.64 lakh delayed payment applications have been filed by micro and small enterprises involving Rs 39,026 crore, of which 32,596 cases involving Rs 5,737 crore were disposed so far while 42,800 applications were rejected.
Also read: GAME and SIDBI launch “NBFC Growth Accelerator Program” to ease funding woes of MSMEs
Earlier this year, GAME had partnered with SIDBI to launch its NBFC Growth Accelerator Program (NGAP) for supporting small NBFCs and enabling them to apply for institutional funding. The five-month programme included handholding and mentorship from domain experts on risk, operations, governance, and technology aspects of the smaller / lower rated NBFCs.