CII Session on Financing Unveils Promising Opportunities

| | Jamshedpur
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CII Session on Financing Unveils Promising Opportunities

Wednesday, 27 September 2023 | PNS | Jamshedpur

The Centre for Excellence in Jamshedpur witnessed an insightful session today, focusing on the financing landscape for Micro, Small, and Medium Enterprises (MSMEs) in India. Hosted by the Confederation of Indian Industry (CII), the event shed light on the transformative potential of India's burgeoning financial technology ecosystem and its impact on MSMEs. Key speakers highlighted the role of technology, government initiatives, and access to capital in fostering the growth of this critical sector.


The event opened with  Tapas Sahu, Immediate Past Chairman of CII Jharkhand State Council, emphasizing the transformative power of India's financial services technology ecosystem. He discussed the role of Non-Banking Financial Companies (NBFCs), fintech firms, digital banking, and mobile financial services in providing much-needed financing avenues for MSMEs.  Sahu also highlighted government schemes such as the Pradhan Mantri Mudra Yojana (PMMY) and the revamped credit guarantee scheme for MSMEs as vital tools for financial inclusion.


 Pranav Jha, Co-Convener of CII Jharkhand's Economic Affairs, Finance & Taxation Panel, delved into India's ongoing digital revolution, termed "techade." He asserted that technology and digital innovation are poised to be the driving forces behind India's economic growth, aligning with the nation's aspiration to become a developed nation by 2047.


 Rajeev Bansal, Convener of CII Jharkhand MSME Panel, underscored the significance of the MSME sector in Jharkhand, highlighting its integral role in supporting industries like Tata Steel and Tata Motors. He pointed out that access to capital, technology, and information are the primary challenges faced by MSMEs.


The session concluded with  Pratik Agarwal, Chair of Yi Jamshedpur, emphasizing the critical importance of identifying finance sources and improving accessibility for MSMEs, ultimately promoting their growth in the Indian economy.


This insightful session shed light on the evolving landscape of MSME financing in India and the pivotal role technology and government initiatives play in fostering the sector's growth. It underscored the significance of the MSME sector in driving economic development, particularly in regions like Jharkhand, and highlighted the need for continued efforts to overcome challenges and enable access to finance for these enterprises.

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