IFCI & FISME Establish 'Centre Of Excellence For Aspiring Smes' In India


(MENAFN- KNN India) New Delhi, Feb 20 (KNN) A 'Centre of Excellence for Aspiring SMEs' is launched to focus on the needs of Equity and Technology for rapidly growing Small and Medium Enterprises (SMEs).

The Centre has been set up by IFCI Limited- A Government of India enterprise and Federation of Indian Micro and Small & Medium Enterprises (FISME)- the national MSME body.

Inaugurating the Center Dr. Vivek Joshi, Secretary of the Department of Financial Services, Ministry of Finance said.“The collaboration of IFCI and FISME represents a rare and unique joint effort, aimed at enhancing the multifunctioning of MSMEs in the economy.”

During the event, Dr. Joshi released a Handbook on“Making Aspiring Small & Medium Enterprises Ready for External Equity,” which highlighted the positive impact of listing on exchanges on SMEs' performance and introducing key considerations for equity investors.

“I believe the Handbook released today would be truly helpful for the targeted MSMEs”, he mentioned.

Speaking at the occasion Manoj Mittal, MD & CEO, IFCI elucidated the conceptualisation of the Centre and its strategic role in addressing key needs of the SME sector.

“At growth stage graduating from small to medium, inability to bring in equity capital becomes a challenge for SME promoters. Through a range of strategic services the Centre would help such SMEs”, he added.

During the event, Vice President FISME Rakesh Chhabra highlighted that besides assisting SMEs in accessing to Equity and Technology, the Centre would play an important role in removing perverse incentives in the policy environment which discouraged Small enterprises to graduate to Medium size.

“ To face global competition, in many sectors, we need enterprises having 'economies of scale'. While Small is still beautiful but it is time we celebrate that it is glorious to be big and successful”, said Vice President FISME.

Notable guests included Dr. Bhushan Kumar Sinha, Joint Secretary, DFS, Ministry of Finance, Atul Kumar Goel, MD & CEO, Punjab National Bank, Swarup Kumar Saha, MD, Punjab & Sind Bank and S.K. Hota, Managing Director of NHB.

The event also featured a panel discussion on "SME Capital Markets Momentum – Broadening the base and reaching new heights," with experts from NSE, BSE, NBFC sector, the CEO of Share India, and a delegate from the SME sector.

Moreover, the Centre of Excellence signed a Memorandum of Understanding (MoU) with the Korean Small & Medium Enterprises Association in India (KOSMA).

The aim is to explore collaboration opportunities between SMEs of India and South Korea. This includes the establishment of joint ventures and the exchange of knowledge, expertise, and technology.

Additionally, Stock Holding Corporation of India, a subsidiary of IFCI, released an impact report on its e-Stamping business during the event, showcasing several benefits such as enhanced security, real-time processing, and cost-saving to the government, with a positive environmental impact.

The event witnessed participation from a large number of MSMEs, officials from NSE and BSE, Merchant Bankers, as well as delegates from various associations.

(KNN Bureau)

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