Telangana: TIHCL partners with Microsoft to launch digital platform for sick MSMEs
The sick MSMEs can register themselves on the platform to receive support from TIHCL in cases of poor financial performance and lack of access to bank finance.
I-Health, a digital platform to aid the revival of sick MSMEs in manufacturing, has been launched by Telangana Industrial Health Clinic Limited (TIHCL), reported KNN India. This makes Telangana the first state to partner with Microsoft to build a digital platform for MSMEs, the report added.
The sick MSMEs can register themselves on the platform to receive support from TIHCL in cases of poor financial performance and lack of access to bank finance. Industries and IT Principal Secretary Jayesh Ranjan was reported saying,
Migrating the workflow to a digital platform will help TIHCL handle more enterprises. Confidence among stakeholders will also increase and this will help TIHCL when it taps new funding channels. The state government is also working to tap funding agencies, venture capital, banks, and financial institutions.”
Sanjaya Maruvada, CEO, TIHCL, attributed industrial sickness to obsolete technology, non-availability of skilled manpower, poor customer engagement, diversion of funds, and marketing problems.
Over the past few months, the Telangana government has demonstrated a strong focus on boosting the MSME sector. In April this year, it invited applications from MSMEs for their third edition of the industry awards to recognise the exceptional achievements of businesses, both large and small, within the state.
The awards cover four categories, including the Best Financial Performance, Best Innovation Award, Best CSR Performance, and Best Employee Practices, enabling every business to have a chance at recognition.
Earlier in March, the state launched an MSME networking portal, Telangana State GlobalLinker, to digitise over 2.3 million MSMEs in the state.
"Digitization is going to be one of the game changers for MSME businesses as it helps them cater to customers beyond local boundaries, allows their profit to grow twice as fast and substantially increases their contribution to GDP," an official release quoted Jayesh Ranjan, Principal Secretary, Industries, as saying at an event.
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