Seeking to train India’s Micro, Small and Medium Enterprises (MSMEs) on best practices in corporate governance, the Development Commissioner, Ministry of MSME (DC-MSME) and Institute of Directors (IOD) have partnered to form a strategic alliance, according to media reports.
The IOD is an international organisation, which aims to boost the professional competence of business leaders. It is an apex association of directors seeking to deliver value for its members, employees and stakeholders. It signed a Memorandum of Understanding (MoU) with the DC-MSME to jointly develop management and governance of the sector’s professional competency.
This means they will address the sector’s professional competency needs within their areas of expertise by identifying and executing required developmental initiatives.
In an official note, the DC-MSME said, “This MoU intends to provide a flexible and overarching framework under which collaborations and partnerships may be developed between DC-MSME and IOD in the area of professional development of MSMEs with the focus on micro and small subsectors.”
The MoU covers curated corporate governance training programmes and IOD membership for senior MSME professionals. IOD will also promote government programmes for MSMEs through its publications and e-publications.
The DC-MSME also recently signed an MoU with CSC e-governance Services (CSCeGS) to aid MSMEs in enterprise facilitation services and create a database for them. CSC e-governance Services India limited, the Special Purpose Vehicle (CSC-SPV) of Ministry of Electronics and Information Technology, will monitor the implementation of the Common Services Center Scheme.
Under the MoU, the DC-MSME is expected to link CSC-SPV with industry bodies and associations such as CII, FICCI, FISME, and PHDCC.