Lucknow: 20th January, 2022: The UP Chapter of CII along with the global not-for-profit, Wadhwani Foundation, the Financial and Outsourced Service provider, Finance Crafter Enterprises and the online exchange for Trade Receivables Discounting System“TReDS”, M1Xchange have joined hands to help the SMEs of Uttar Pradesh towards making informed decisions regarding their business growth and how to navigate the volatile pandemic times through an online workshop titled,“Upgrading & Upscaling SMEs in U.P.”
It is well known that the 65 million MSMEs with a 110 million workforce, 33% contribution to GDP and 50% to exports are the growth engines of the Indian economy, with Uttar Pradesh having the highest shares of SMEs. However, ~95% of SMEs continue to remain in the unorganized category and the need of the hour is to address this by making MSMEs more resilient, self-reliant and less vulnerable.
Against this backdrop, the online workshop on 'Upgrading & Upscaling SMEs of Uttar Pradesh' on 28 January from 1130-1315 Hrs will bring together all important stakeholders on a common platform to brainstorm and share views on the key issues being faced by Indian MSMEs as also to evolve a roadmap for their sustenance and helping them become globally competitive. There will be focused deliberations on SME revenue growth, financial solutions, smart finance, with a live 30 minute diagnosis of business through Wadhwani Advantage Discovery Tool and much more.
Says Kiron Chopra, Convenor, CII - MSME UP State Panel and Chairman & Managing Director Chopra Retech Rubber Products Pvt Ltd.,“It is ironic that MSMEs, the biggest job & wealth creators get the least attention, handholding and policy support to perform to their full potential. This must change. This dialogue, therefore, assumes importance as the growth of MSME's can transform the economic landscape of India and help its aspiration of becoming a $5Tn Economy.”
Through this partnership, the Wadhwani Advantage program will train SMEs to diagnose their business problems & empower them with all-round capabilities for sustainable growth through tools, content and connects on our technology platform, 'Genie'. Adds Samir Sathe, Executive VP, Wadhwani Advantage at Wadhwani Foundation,“We are excited to take UP's competitiveness at a different level by creating 1000 role model SMEs; this grand event is just a start of this journey.”
On the other hand, M1xchange will provide supply chain cash flow finance at competitive rates through an open bid process through multiple financiers. With over 40 Banks, including SBI, BOB, PNB, Standard Chartered, DBS, ICICI, Kotak, etc., already on-board, over 900 large corporations and 10,000+ MSMEs M1xchange has crossed transactions worth INR 20,000+ cr. on the platform. Sundeep Mohindru, CEO of M1Xchange, says,“Through this webinar, we will introduce TReDS and demonstrate the efficiency of our platform to assure improved cash flow to thousands of SMEs in U.P. Those SMEs with a high credit rating are eligible for an unsecured loan while others have to securitize the loan to fulfil their working capital needs. We are resolving this challenge through M1xchange TReDS platform.”
Finance Crafter Enterprises (FCE) is a world-class financial supermarket focused on (1) Financial Services and (2) Outsourced Services with expertise in managing the financial health of SMEs. Says Nikita Bose, Chief Executive Officer- Finance Crafter Enterprises
“Only those businesses succeed against the brutal currents of time who embrace Upgrade and Upscale with an open mindset!”
User :- Ankita Chauhan
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