BSE joins hands with FICCI to foster MSME sector
Author(s): City Air NewsMumbai, October 7, 2019: In its endeavor to enhance the MSME and startup environment, BSE in association with FICCI organized a brainstorming session to identify the gaps in the existing policies and make suggestions...
Mumbai, October 7, 2019: In its endeavor to enhance the MSME and startup environment, BSE in association with FICCI organized a brainstorming session to identify the gaps in the existing policies and make suggestions for robust policies, besides promoting Udyam Saathi and Udyam Sakhi initiatives to foster the MSME sector.
The MSMEs were invited to present their summary of ideas and suggestions as well as discuss their main issues of concern to the Ministry. Some of the concerns that were identified were simplifying the MSME definitions, availability of funds which will result in improved attitude of lenders and borrowers, pull up payment delays and increasing market access for the MSMEs.
Ram Mohan Mishra, Additional Secretary and Development, Ministry of MSME, Government of India, Nirankar Saxena, Deputy Secretary General of FICCI and Ashishkumar Chauhan, MD & CEO, BSE graced the occasion. Around 40 stakeholders- including 20 MSMEs participated at the event.
Ashishkumar Chauhan, MD & CEO, BSE graced the occasion. While addressing the delegation he emphasized the need of having vibrant ecosystem comprising of debt and equity is required to address the concerns of MSME’s.
Ajay Kumar Thakur, Head SMEs and Startups, BSE briefed the delegates that BSE is a very important stakeholder in MSME and Star Up Eco system. BSE has been the pioneer in creating the SME and Star up platform which has helped 310 SME’s in raising Rs 3300 crs. BSE will take all initiatives for the growth of SME’s and Start up eco system.
Some of the other suggestions that were presented at the session were:
• Create a database of businesses who have a chronic habit of issuing cheques that bounce
• Increase digitisation of corporate reporting: Expand scope of XBRL reporting
• Don’t give GST reporting waivers
• Digital exchange of documents in the transport industry
• Fix the rating agencies incentives linked to job creation