FICCI MSME SUMMIT 2022: Role of MSMEs towards attaining $1 Trillion GDP for Tamilnadu
Chennai: “Honourable CM of Tamilnadu, M K Stalin is motivating and driving every sector to scale our States GDP to $1 trillion by 2030, among which MSMEs would make its major contribution says T M Anbarasu, Honourable Minister of MSME for Tamilnadu.
He also asserted that Tamilnadu is the only state which has granted investment subsidies in single instalment to support MSME even during the covid crisis. 2784 firms have received a sum of 169.44 crores of investment subsidies in a single spell which normally takes three spells. So far the Government has granted Rs.266 crores of investment subsidies to 8142 graduated youth and further it has relaxed the educational qualification as HSC (+2) to enable more opportunities to downtrodden. The newly formed Government has received 6838 MSME applications and shortly 5512 were approved after scrutiny.
Speaking at the event, Tmt. R Gajalakshmi IAS emphasises that anyone can become an entrepreneur. Just by identifying ones skill and potential. An unemployed can become an employer of few or many with the innovative ideas and good peers. 60% of private sector employees are employed in MSME sector which is self explanatory about the significance and prospect of it. GDP in the last financial year was 21.36 lakh crores and which is anticipated to reach 25 lakh crores by this year end. We should multiply by 3 times within a span of 8 years which is a certain possibility with the youngsters conviction, says Gajalakshmi.
The Summit which was aiming to create more opportunities in the MSME sector had a panel discussion about the challenges which they face.
Mr. H Sripad, Dy. General Manager, Indian Bank identifies working capital cycle as one of the major drawbacks in MSMEs. “An entrepreneur who is investing money is certainly able to produce a desired product or render good service but the time taken to get the monetary compensation in their hand is very long due to which they are unable to consistently carry out their work and fall prey to debt” says Sripad.
Vinod Jaswal, General Manager, SBI, looks the growth from a national perspective and commented I feel happy that Tamilnadu, which is in third position in terms of MSME exports with nearly 9% of market share is partnering with the vision of Central which aims at $5 trillion GDP for the entire country. He also adds that several changes have been made to simplify the funding procedure for MSME to align with the agenda of State and Centre that would facilitate even a street vendor to avail a least loan amount of Rs 10,000 and an industrialist in crores. He also insists that Udyam Registration Certificate which is a replacement of Udyog Aadhar is very mandatory for MSME registeration to avail various benefits in stamp duty, taxation, reimbursement and Subsidies”
Dr. GSK Velu, Chairman, FICCI Tamilnadu State Council & CMD, Trivitron/Neuberg Group of companies thanked our Tamilnadu CM and MSME Minister for being supportive in the covid crisis and for remarkable initiatives taken within a year of new Governance. Most Significant facility is the single window portal that enables MSME to get approval, clearance and NOC from all Government departments.
He also advises young entrepreneurs to take multiple opinions before starting an MSME from various people. FICCI would help any such aspirant not only within Chennai but across Tamilnadu.
Mr. Bupesh Nagarajan, Co Chairman FICCI Tamilnadu State council and Founder & CEO, Indira projects & development Pvt.Ltd says that the new Government has been very supportive to MSME which was evident by sanction of 500 industrial unit allotment in SIDCO by Tmt. R Gajalakshmi IAS in a short span. It is an entrepreneur who is pledging his sources and risking his life to begin a start-up and also creates employability. Just like farmers whose significance are noticed by masses these entrepreneur would also be noticed in future. To give a better support financing firms should practice or device innovative financing ideas than following traditional ones.
Mr. P. N Vasudevan, Convenor, FICCI Tamilnadu MSME Panel and MD, Equitas Small Finance Bank proudly say “our State comprises of 10% of Indias total registration in MSME Sector. For running them effectively a reliable business model has to be designed to ensure financial stability to industries and the bankers. He also thanked Honourable Minister T M Anbarasu for assuring that any grievances or obstacle in this sector would be properly addressed to ensure sustainability and growth of MSMEs.
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