PHD Chamber and FICO organise Interactive Session on Financial Empowerment for Small Businesses

Ludhiana, October 28, 2023: PHD Chamber of Commerce and Industry (Punjab State Chapter) in association with Federation of Industrial & Commercial Organization - FICO under its Accelerate MSME Series 2023, organised an Interactive Session on Financial Empowerment for Small Businesses: Debt Management, Listing, and Rating here to educate the participating MSME's about various aspects of financial empowerment.

Dewakar Jain, Convener, Ludhiana Zone, PHDCCI while welcoming the delegates and speakers highlighted the critical role of effective financial management in the growth and long-term sustainability of small enterprises.

Gurmeet Singh Kular, President, FICO & Managing Committee Member, PHDCCI during his address emphasized the pivotal role that small and micro industries play in our economic framework. He highlighted the necessity of collaborative initiatives among different Industry associations, which not only contribute to the growth of these vital sectors but also foster innovation, job creation, and economic prosperity while benefiting our communities and the nation as a whole.

KK Seth, Chairman, FICO opined that the Micro and Small enterprises contribute significantly to the employment, production, and exports. However, MSMEs face challenges in managing credit and payments, therefore credit management systems are crucial as delayed payments can harm cash flow, especially for smaller enterprises. 

Shiv Shankar Kumar, MD, Yashoda Fintax discussed debt management and the bank's lending approach. He mentioned that all the proposals must undergo two rating parameters: 'Compliance of Environmental Regulations' and 'Integrity,' referring them as Entry Barriers. 

During his comprehensive presentation Ananda Prakash Jha, Director- Business Development (North- MCG) CARE Ratings delivered thorough explanation of CARE Ratings' credit rating programs. He stressed that the benefits derived from these rating services depends on the financial stability and operational effectiveness of an MSME. He also highlighted that a strong financial position, transparent reporting, and efficient management practices enhance the credibility of the rating, resulting in maximized advantages.

Rakesh Khurana, Senior Manager, National Stock Exchange expressed the view that small and medium-sized enterprises (SMEs) can leverage the improved access to equity capital facilitated by listing, which has the potential to be a transformative factor for these businesses. This increased capital access & empowers SMEs to allocate resources towards expansion, innovation, and their overall development.

Jatinder Kumar Jolly, AGM, SBI -SME, Ludhiana along with his team, apprised the participating MSME's about CGTMSE Scheme; Lease Rental Discounting; Stand-Up India (SUI) Scheme; Pradhan Mantri Mudra Yojana; Asset Backed Loans; Warehouse Receipts Financing; Electronic Vendor Finance Scheme
and Packing Credit in Foreign Currency PCFC / Export Packing Credit EPC.

The Session was moderated by Bharti Sood, Regional Director, PHDCCI who strongly highlighted PHDCCI's proactive stance in supporting and strengthening the MSMEs.

While proposing the formal Vote of Thanks CA Vishal Garg, Co-Convener, Taxation Sub Committee, PHDCCI underlined the importance of collective efforts and collaboration in empowering MSMEs, acknowledging their pivotal role in the economic landscape.

Kundan Lal and Deepak Chechi, Assistant Directors of MSME DFO Ludhiana, honored the programme as special guests with their presence.

The programme was attended by over 250+ industry members including prominent business houses from Ludhiana.