BSE joins hands with FICCI to foster the MSME and startup environment

The BSE in association with FICCI on Monday organised a brainstorming session to identify gaps in the existing policies and make suggestions for robust policies to enhance the MSME and startup environment.

The session was organised to promote the Udyam Saathi and Udyam Sakhi initiatives to foster the micro, small and medium enterprises (MSMEs) sector.

MSMEs were invited to present their summary of ideas and suggestions as well as discuss their main issues of concern with the ministry. Around 40 stakeholders, including 20 MSMEs, participated at the event.

According to a statement by BSE, "Some of the concerns that were identified were simplifying the MSME definitions, availability of funds which will result in an improved attitude of lenders and borrowers, pull up payment delays, and increasing market access for MSMEs.”

Some of the other suggestions presented at the session were to create a database of businesses that have a chronic habit of issuing cheques that bounce; to increase digitisation of corporate reporting; not allowing GST reporting waivers; digital exchange of documents in the transport industry, and to fix rating agencies incentives linked to job creation.

Speaking at the event, BSE MD and CEO Ashishkumar Chauhan emphasised the need of a vibrant ecosystem comprising debt and equity to address the concerns of MSMEs.

The BSE facilitate SMEs in raising funds through its dedicated platform for such enterprises - BSE SME - where small companies can list and raise capital, enhance visibility, and create brand value. The platform has helped 310 SMEs in raising Rs 3,300 crore.

The exchange further said that it would take all initiatives for the growth of SMEs and the startup ecosystem.

Recently, FICCI President Sandip Somany made a case for the creation of a separate ministry for employment to effectively coordinate efforts to generate jobs.

Addressing the G20 Ministerial Meeting on Trade and the Digital Economy, he supported greater participation of MSMEs in developing countries both in domestic and global trade, as they are crucial for jobs and income generation, on which the livelihood of millions is dependent.

(Edited by Teja Lele Desai)