MSME Policy Next Highlights: To elaborate, Meesho CFO Dhiresh Bansal explained how in e-commerce, we see that whenever there is a new trend that is catching on, typically, the fashion MSMEs are the first ones to get on that trend quickly and produce relevant items, even if not in large quantities.
The live blog session has concluded. For more news, views and updates, stay tuned withMoneycontrol.com.
MSME Policy Next Live Updates: Nupur Goenka discusses how technology can support MSMEs
Nupur Goenka, Executive Director of Tally Solutions, says: “When it comes to broad spectrum of MSMEs, technologies should not change the way the MSMEs work… The technology should not just be demo-able but also applicable.”
“When MSME owner starts using the tech and there is lack of customer support and friction, he will reject it. If we can solve connectivity for business data, how businesses transact will change.”
MSME Policy Next Live Updates:
Let MSMEs come and make our industries their laboratories. The compliances and laws need to be rewritten for the growth of MSMEs, says Ravi Sood, president of Badli Indl Estate Association
MSME Policy Next Live Updates: Dhiresh Bansal explains why MSMEs have advantage of speed, how they tap it
Dhiresh Bansal, CFO of Meesho, said that MSMEs have an appetite to bring in new products or technologies and to make that happen, they have the advantage of speed. Their ability to work with lesser overheads help them in this regard, he added.
For example, he explained, in e-commerce, we see that whenever there is a new trend that is catching on, typically, the fashion MSMEs are the first ones to get on that trend quickly and produce relevant items, even if not in large quantities
MSME Policy Next Live Updates: MSMEs have advantage of speed, says Meesho CFO
Meesho CFO Dhiresh Bansal says MSMEs have the advantage of speed in terms of following changing trends. The next challenge will be to build on these strengths to compete with larger brands.
MSME Policy Next Live Updates: Dinesh Agarwal, CEO, IndiaMART on How to make MSMEs more attractive
-- Two kinds of people – those who like their family business and those who don’t
-- Brick-and-mortar format MSMEs are important; Handholding is important.
-- In terms of trust building, various mechanisms like OTP verification, ratings and reviews, PAN-based authentication can help bridge the impersonation gap
MSME Policy Next Live Updates: Panel discussion on MSMEs and Techade begins
Panelists Dhiresh Bansal, CFO of Meesho, Dinesh Agarwal, CEO of IndiaMART, Nupur Goenka, Executive Director of Tally Solutions, and Ravi Sood, president of Badli Indl Estate Association are discussing the dual challenges of digital marketing and e-commerce in MSMEs
MSME Policy Next Live Updates: Resurgent India MD Jyoti Prakash Gadia speaks on MSMEs' need to digitise
Jyoti Prakash Gadia, Managing Director, Resurgent India, says: “There are two types of customers -- one that can get software-generated loans, another that cannot get software-generated loans. The issue is whether MSMEs that cannot pass through the screens will be met with the manpowerneeded to screen them manually.”
MSME Policy Next Live Updates: CRISIL Director Pushan Sharma on Samadhaan Scheme:
“The quantum in rupees locked there (scheme) is only a fraction of the total number. The time it takes to resolve the issue is a problem. The amount of documentation needed is an issue. There need to be more digital and AI tools that can lead to faster resolution of MSME issues leaving only a few for manual intervention. Some contracts MSMEs have are only verbal, it is a challenge to solve these.”
“Banks do not have sub-sector level strategy for MSMEs which needs to evolve. Banks are overpricing good risk and underpricing bad risks.”
MSME Policy Next Live Updates: Compliance cost remains too high: Bhardwaj
“The cost related to compliance remains very high and is not decreasing despite various measures. It has come down in certain sectors such as income tax but has increased in GST,” says Anil Bhardwaj, Secretary General, FISME.
MSME Policy Next Live Updates: India must reduce compliance burden, says Crisil director Pushan Sharma
Pushan Sharma, Director, CRISIL, said: “Unlike large organisations, MSMEs do not have compliance teams. They do not have funds for it. A direct compliance cost and opportunity cost is a double whammy for them. If India has to capitalise on this demographic dividend, we need to reduce compliance burden.”
“Much more needs to be done to increase the ease of doing business in India. China has 33 percent lesser MSMEs but its MSMEs contribute 50 percent of its GDP. If we need to scale, we need to work on it.”
MSME Policy Next Live Updates: Documentation gap between MSMEs, banks needs to be addressed, says Resurgent India MD
Jyoti Prakash Gadia, MD, Resurgent India, said: “Understanding and documentation gap between MSMEs and banks needs to be addressed.”
He explained: “It is impossible in India for people to get their names, addresses same in all documentations for KYC process. Thus, 22 percent loan applications by MSMEs get rejected at KYC level itself. It is improper documentation or improper filing that rejects applications.”
Gadia further said that MSMEs catering to the B2C segment with no GST refund have no incentive to get regulated or join the GST mechanism. This explains why only one crore out of a total of six crore MSMEs are registered in India.
MSME Policy Next Live Updates: Financial literacy is important, says MSMEx CEO
Amit Kumar, Founder and CEO, MSMEx, said: “There is a clear gap between eligibility and capability…. Asking for loans is not a right. The applicants need to find out the right way to go about it. Financial literacy is important.”
MSME Policy Next Live: If MSMEs make bankable proposals, credit access will be made available, says Jha
Ambikanand Jha, General Manager and Zonal Head, New Delhi, UCO Bank, says: “For bankers MSMEs are one of the core areas. If MSMEs make bankable proposals, credit access will be made available.”
MSME Policy Next Live: Anil Bhardwaj, Secretary General, FISME, says…
Almost 80-90% ofMSMEs operate from unauthorized spaces. Because of this they find it difficult to access finance from financial institutions, and cannot access schemes.
The standard prescription is that there should be literacy, financial awareness about credit schemes, etc. But there are 2 areas largely responsible -- one is regulatory bottlenecks and the second is institutional gaps.
MSME Policy Next Live: Access to finance an issue despite multiple schemes for MSMEs, says FISME Secretary General Bhardwaj
-- Access to finance remains an issue despite several schemes for MSMEs, FISME Secretary General Bhardwaj said at the panel discussion.
-- According to an RBI report, a Rs 20-25 lakh crore gap still exists after the distribution of loans worth up to Rs 1 lakh crore.
-- Laws related to pollution control, fire department, getting maps approved strangle MSMEs, he added.
MSME Policy Next Summit: Both PM Modi, Balasaheb Thackeray are my gurus, says MSME Minister Narayan Rane
Both Prime Minister Narendra Modi and Shiv Sena founder Balasaheb Thackeray are my gurus, MSME Minister Narayan Rane says during a fireside chat at Moneycontrol’s Policy Next Summit on June 28.
MSME Policy Next Live: First panel discussion on ‘Scaling up – Powering MSMEs to achieve scale’ to start shortly
The first panel discussion moderated by Ravi Krishnan, Deputy Executive Editor, Moneycontrol, will focus on the financing challenges experienced by the MSMEs. Panellists Anil Bhardwaj, Secretary General, FISME,Jyoti Prakash Gadia, Managing Director, Resurgent India,Pushan Sharma, Director, CRISIL,Amit Kumar, Founder and CEO at MSMEx and Ambikanand Jha, General Manager & Zonal Head, New Delhi, UCO Bank will discuss the steps to acquire better funding in the MSME sector.
MSME Policy Next Live: Key takeaways from MSME Minister Narayan Rane’s fireside chat
-- 30% of the Indian economy comprisesMSMEs
-- MSMEs plan to contribute to 50% of India’s economy inthe next 5 years
-- MSMEs provide employment to around 12 crore people
-- Centre ready to aid upcoming MSMEs with loans, subsidies
-- Technical centres set up in all states to help youth understand emerging technology, make business more viable
-- One crore registrations have been done already in the MSME sectors
MSME Policy Next Live: Govt ready to finance MSMEs, says Rane, rules out credit worries
MSME Minister Narayan Rane says that one crore MSMEs were registered in the last one year alone in a fireside chat with Moneycontrol Deputy Executive Editor Ravi Krishnan at the Policy Next Summit. He says the government is ready to give loans to the MSMEs as soon as they get applications and that financing is not an issue. The minister clarifies that applications are rejected due to technical errors and it has nothing to do with issues like credit infusion.
MSME Policy Next Live: MSME Minister Narayan Rane speaks on politics, elections
MSME Minister Narayan Rane refuses to comment on upcoming elections and the prospects of the Bharatiya Janata Party. He says: “I am not a BJP executive, so I don't want to comment on the elections. There is time for the 2024 general elections, but I expect Narendra Modi to become prime minister again.”
MSME Policy Next Live:
MSME Minister Narayan Rane says: “We want India to become the third largest economy in the world. Germany and Japan are ahead of us and we are making an effort to overtake them.”
MSME Policy Next Live: One crore MSMEs registered in one year, credit financing not an issue, says Rane
We have registered one crore MSMEs in the last one year. I am sure that we will be able to register all MSMEs, MSME Minister Narayan Rane
We have given employment to 12 crore people via MSMEs. Credit financing is not an issue. We will try and give loans as soon as we get applications, Rane added.
MSME Policy Next Live: Offices in every state offering help with opening new MSMEs: Rane
MSME Minister Narayan Rane says: “We have offices in every state offering guidance to those who wish to open MSMEs. We provide a lot of information, even through events.”
MSME Policy Next Summit Live Updates:
Govt taking steps to ensurethat MSMEscontribute to 50 percent of the Indian economy in the next five years, says MSME Minister Narayan Rane
MSME Policy Next Summit Live Updates:
MSMEs are backbone of India’s economy; contribute to 40 percent of our exports, says Moneycontrol Deputy Executive Editor Ravi Krishnan
MSME Policy Next Summit Live Updates:
Moneycontrol Deputy Executive Editor Ravi Krishnan delivers welcome address
MSME Policy Next Summit Live Updates: Welcome address to begin shortly
MSME Policy Next Updates: Panellists to discuss effects of emerging technology on MSMEs
At the Moneycontrol Policy Next Summit, panelists would be holding high-powered policy conversations about different aspects of MSME financing. Some key aspects that are set to be discussed include big reforms and effects of technology on the sector, digitisation ofMSMEs, etc.
The first panel discussion will focus on the funding and financing part of theMSME sector, while the second panel will talk about enabling digital platforms and technology for the advancement of the sector.
MSME Policy Next Updates: Policy Next Summit aims to ease financing, regulatory issues for MSMEs
TheMSME sector has seen a slew of support schemes, including credit support, being implemented by the Government. Yet, financing remains one of the key challenges.
The panel will discuss what are the issues faced by MSMEs with regard to getting funding and what can be done to ease their financing woes. Panelists will also touch on the regulatory issues faced by the sector amid the push for formalisation.
MSME Policy Next Updates: Check out agenda of MSME Policy Next Summit
4:00 PM: Welcome address
4:15 PM: Keynote address by MSME Minister Narayan Rane on the ‘The Way Forward for MSMEs – Sunrise Sectors to Target’
4:25 PM: Fireside Chat between Narayan Rane and Ravi Krishnan, Deputy Executive Editor, Moneycontrol
5:50 PM: Opening note
6:00 PM: Panel discussion on ‘Scaling up - Powering MSMEs to Achieve Scale’
The panel will discuss what are the issues faced by MSMEs with regards to getting funding and what can be done to ease their financing woes. Also touch on the regulatory issues faced by the sector amid the push for formalisation.
Panellists include Anil Bhardwaj, Secretary General, FISME; Jyoti Prakash Gadia, Managing Director, Resurgent India; Pushan Sharma, Director, CRISIL; Amit Kumar, Founder and CEO at MSMEx; Ambikanand Jha, General Manager & Zonal Head, New Delhi, UCO Bank.
The panel discussion will be moderated by Ravi Krishnan.
6:40 PM: Panel discussion on ‘MSMEs & the Techade: Unleashing Potential, Driving Growth’
Panellists will discuss how MSMEs can surmount the dual challenges of digital marketing and e-commerce and how digital platforms are enabling micro entrepreneurs.
Panellists include Dhiresh Bansal, CFO, Meesho; Dinesh Agarwal, CEO, IndiaMART; Nupur Goenka, ED, Tally Solutions; Ravi Sood, President, Badli Indl Estate Association.
The panel discussion will be moderated by Chandra R Srikanth, Editor – Tech, Startups & New Economy, Moneycontrol
7:10 PM: Concluding remarks and vote of thanks.
MSME Policy Next Updates: MSME Summit to begin at 4 pm
The Moneycontrol summit titled ‘The way forward for MSMEs - Sunrise sectors to target’ is set to begin at 4 pm with the welcome address, followed by a keynote address by MSME Minister Narayan Rane on the topic.
MSME Policy Next Live: MSME Minister to hold fireside chat with Moneycontrol's Deputy Executive Editor Ravi Krishnan
At the Moneycontrol Policy Next Summit, where panelists will explore the opportunities and challenges that policymakers encounter as they navigate the new and rapidly evolving dynamics of one of the world’s fastest-growing economies, MSME Minister Narayan Rane will hold a fireside chat with Moneycontrol Deputy Executive Editor Ravi Krishnan after his keynote address.
MSME Policy Next Live: Narayan Rane to deliver keynote address
MSME Minister Narayan Rane to deliver the keynote address on ‘The way forward for MSMEs' at Moneycontrol Policy Next MSME Summit on June 28. The summit will explore what more can be done at the policy level to aid India’s over six-crore-strong MSME universe. It will look at the hurdles that these firms face today with respect to financing and marketing.
This live blog is now in session
