The Ludhiana edition of the SIDBI MSME Conclave focussed on promoting a culture of financially resilient and competitive MSMEs, in line with the country’s push towards Atmanirbhar Bharat (self-reliant India). The summit is part of a series of events aimed at bringing together micro, small & medium enterprises (MSMEs), policymakers and ecosystem enablers.
The conclave started with a keynote speech on empowering the Punjab MSME ecosystem; it was given by Rahul Priyadarshi, CGM at SIDBI. The SIDBI official asserted that MSMEs need timely credit at a reasonable cost, and SIDBI is actively addressing this with a host of offerings. He said earlier the spotlight used to be only on larger firms, but today MSMEs are gaining prominence because of their role in developing the economy. “MSMEs require awareness to tackle their problems and stay compliant with new regulatory paradigms, such as ESG norms,” he said. He further outlined the role of SIDBI in creating a conducive ecosystem for MSMEs by providing funding, mentorship and expansion opportunities. “If you have an idea, SIDBI is there to help you — from green finance to term loans to funds for startups, we have a host of products. SIDBI is one of the biggest contributors in venture funds, having contributed to over 150 venture funds, and these venture funds further help numerous startups,” he added.
Rajinder Pal Kaur Chhina, MLA, Ludhiana South, talked about the importance of a robust MSME ecosystem in Punjab’s industrial landscape and the larger role the sector plays in the country. “We are determined to get the MSMEs on track in Punjab under CM Bhagwant Mann,” she said in her special address.
The event also saw Ishita Thaman, Assistant Director, MSME-DFO, taking part in a fireside chat on “Atmanirbhar Punjab: Decoding the Blueprint for Holistic MSME Expansion”. According to her, MSMEs’ growth will be driven by sustainability, networking and a consumer-centric focus. She added that MSMEs will become more visible and gain access to better opportunities if they increase their connectivity.
This is also a focus of the MSMEs conclaves — to bring stakeholders, entrepreneurs, and policymakers together to connect and build the MSME ecosystem.
Balbir Singh, GM, SIDBI, in his special address, underlined that in banking, having a clean portfolio is one of the most important aspects of the institution.
ET OnlineRahul Priyadarshi, CGM, SIDBI (L) and Rajinder Pal Kaur Chhina, MLA, Ludhiana South (R)
As part of the programme, industry leaders and entrepreneurs took part in an engaging panel discussion on “Revitalising Ludhiana’s Manufacturing Landscape”.
Mridula Jain, Managing Director, Shingora — a manufacturer of shawls, stoles, scarves and fabrics — and one of the panel members, said, “It’s a full-time job in the fashion industry. It’s not that you make a dye, cast it and get a product. Every day is a challenge.”
Gurmeet Singh Kular, Chairman, Kular Enterprise, Darshan Group of Companies, said: “Tech can never replace entrepreneurs. It’s entrepreneurs who replace tech.” He added that MSMEs in Ludhiana need technology to improve their penetration in foreign markets. “We need raw materials and tech to manufacture products that meet EU standards.”
Upkar Singh, CMD of Newswan and President of the Chamber of Industrial and Commercial Undertaking, pointed out a common issue hindering MSME growth in the country: the inability to scale up. Singh emphasised the need for technology to enhance the competitiveness of MSMEs.
Badish Jindal, President of the Federation of Punjab Small Industries, said the high interest rates imposed by banks have been a major hindrance for MSMEs in Ludhiana and Punjab. The fierce competition from Chinese manufacturers, who benefit from lower interest rates, has further exacerbated the challenges faced by MSMEs in the region, he added. “High interest rates, lack of the latest technology and competition from China is hurting MSMEs. During Covid-19, 14-15 industries closed in Ludhiana and Punjab. No bank came up with a concession for MSMEs… we need cheaper finance as we can’t compete with China on interest rates,” Jindal said.
The SIDBI ET MSME Conclave is a series of events being held across the nation to bring together MSMEs, policymakers and ecosystem enablers. These summits aim to catalyse the next wave of growth opportunities, foster knowledge exchange, enable networking and help tackle challenges for sustainable growth for Indian MSMEs.
The first event took place in Indore on January 9, the second in Bhubaneswar on January 12, and the third in Ludhiana on January 19. More such events are being planned in Ludhiana, Belagavi, Rajkot and Aurangabad.
