MSME Delegation Urges Finance Minister to Prioritize Medium Enterprises for Economic Growth

MSME Delegation Urges Finance Minister to Prioritize Medium Enterprises for Economic Growth 

New Delhi-Finance Minister Nirmala Sitharaman has agreed to support a joint initiative of Federation of Indian Micro, Small & Medium Enterprises and IFCI Ltd to set-up Center for Excellence for Aspiring MSMEs focusing the specific needs of SMEs.

 A delegation led by Rajendra Agrawal, Member of Parliament and Convenor of Friends of MSMEs in Parliament  and office bearers of FISME had met in the Parliament today.

 There are only 25,000 Medium sized industries in India in the universe 6 crore MSMEs. Their needs for financial instruments, technology and regulatory environment are vastly different from traditional MSME support system and the regulatory set-up for Large enterprises.

 While numerous micro and small enterprises are established and contribute to economic activities, they face challenges in scaling up to become medium-sized enterprises resulting in a wide gap in the MSME landscape.  This gap, often referred to as the 'Missing Middle,' hinders the sector's full potential and raises concerns over its long-term sustainability.

 FISME highlighted before Finance Minister that there are several binding constraints including   inability to access modern technology for higher productivity & competitiveness and  access advance financial instruments needed for growing enterprises. 

 The Center of Excellence for Aspiring SMEs aims to provide an Interface for Technology between Indian aspiring SMEs & foreign companies especially JVs focusing Taiwan, South Korea and Japan.

 The  Center will also provide Financial & Management Advisory services and build capacities of willing SMEs to make them SME Exchange listing ready.  I

 FISME delegation comprised of Dinesh Singhal, Chairman, Policy Committee & MD, Kanohar Electricals Ltd;   Neeraj Kedia, Chairman Banking & Finance Committee and MD, Chkaradhar Chemicals Pvt Ltd,  Mohan Suresh, Chairman Intl Trade Committee and MD, Technospark Pvt Ltd and Anil Bhardwaj, Secretary General, FISME.      

 IFCI Ltd is a seven-decade old statutory financial institution which currently focuses on Advisory & Consulting to industry on financial matters including management of 13 PLI schemes. 

 FISME- a national network of 743 MSME associations having focus on assisting aspiring SMEs directly towards rapid growth, jointly decided to set up ‘IFCI-FISME Center of Excellence for Aspiring SMEs’.