In India, small businesses struggle to get access to finance and are forced to take loans at higher rates. Also, a lot of ventures die an early death due to lack of finance.
To address these issues, the MSME ministry on April 30 launched the MSME Ideas Portal to help small businesses connect with financiers to help take business ideas forward.
Through this portal, an idea, innovation or research may be submitted through a form on the website www.ideas.msme.gov.in . This submission will then be evaluated by a team of government experts and will be published in public domain on the basis of its potential.
This portal will help rate ideas based on six parameters which include economic viability, lean manufacturing, technological feasibility etc.
The platform aims to enable venture capitalists and private equity firms connect with ideas and innovators to fund projects of MSMEs.
Speaking during the launch of the website, Joint Secretary Arun Kumar Panda said banks, incubators and foreign collaborations may be added to the portal in the coming years.
The portal will also help MSME check funding availability with other Centre and State departments. MSME technology centres will also be included.
Union Minister of State for MSMEs Pratap Chandra Sarangi said there is a need to unify schemes and policies on a common platform for a comprehensive approach.
"People lack the knowledge of availability of loans for MSMEs and option of restructuring loans when they are unable to repay," said Sarangi.
The portal is aimed at encouraging research and help in standardisation and establishment of indigenous practices to help convert them into viable businesses.
Minister of MSME Nitin Gadkari said the recent Covid 19 crisis is an opportunity for small businesses to help establish India as a manufacturing hub.
"As Japanese investments are shifted out of China, other countries will follow. This may be a blessing in disguise for small businesses in India," said Gadkari. He suggest industrial clusters need to be made near new upcoming highways to make use of infrastructure.
MSMEs contributes 40 percent to India's exports. However, exports are usually done by large scale exporters as small exporters lack the knowledge for direct exports. Ministry of MSMEs is working on a global market intelligence system in 22 languages to create awareness amongst MSMEs. The Ministry plans to establish 100 export facilitation council across India to give handholding support to MSMEs for documentation.