FICO celebrated International MSME Day, and awarded 3 Entrepreneurs

Ludhiana: Federation of Industrial & Commercial Organization (FICO-IamSMEofIndia) celebrated MSME Day at FICO Secretariat, Jaimal Road, Janta Nagar, Ludhiana; Virinder Kumar Sharma Director MSME DFO, Ludhiana was the Chief Guest on the Occasion, Ishita Thamman Assistant Director MSME DFO was the guest of Honor, and A.P. Sharma General Manager Central Tool Room was the Keynote speaker. Around 100 entrepreneurs attended the Session.  

FICO awarded three entrepreneurs for their outstanding achievements:
Rohit Pahwa - Nova Bicycle Industries (Innovation)
Jagatjit Singh - Jagatsukh Industries (International Joint Venture)
Harpal Singh Bhamber - Bhamber Mechanical Works (Technology Transfer)

Gurmeet Singh Kular President congratulated all MSME Units across the Country and said The United Nations General Assembly on 6 April 2017 designated 27 June as “MSME Day" to raise awareness of the tremendous contributions of MSMEs. MSME Day was not only an acknowledgment of the significant contribution made by MSMEs to the global economy but also honor of their role in achieving the Sustainable Development Goals (SDGs). They promote innovation, creativity, and decent work for all.
 
Vipan Mittal Vice Chairman FICO said that The MSMEs are providing financial independence to the most vulnerable section of our society. Based on available data, the rate of women’s employment in registered MSMEs stands at about 24%, while in unregistered enterprises, it is reported at 13.02%. Financial inclusion can play a significant role in promoting gender equality, with evidence indicating that 80% of women-owned businesses facing credit needs are underserved or completely unserved, resulting in a financing gap of approximately $1.7 trillion.

Ashpreet Singh Sahni Organizing Secretary FICO said that According to the United Nations data, the MSMEs account for up to 90% of businesses, over 60% to 70% of jobs worldwide, and half of global GDP. In India too, the MSMEs play a strategic role in the economic development of the country by contributing nearly 33 % to India’s GDP and employing over 110 million people across approximately 63 million enterprises. They not only produce 45% of India’s manufactured goods, but they also contribute to over 50% of total exports, and manufacture over 8,000 products with added value, spanning from traditional to advanced tech items.