MSMEs to get free advisory support from Apex CA body

The chartered accountants' apex body ICAI will start offering free advisory services to MSMEs, including on compliance and finance issues.

The initiative from the Institute of Chartered Accountants of India (ICAI), which has more than four lakh members, also comes at a time when high US tariffs and global trade uncertainties are adversely impacting the country's MSME sector.

With the ICAI-MSME initiative clinic, which will be available at close to 183 branches of the institute, the aim is to empower such entities as part of the Viksit Bharat vision, ICAI President Charanjot Singh Nanda said on Friday.

At a briefing in the national capital, he emphasised that every question of MSMEs (Micro, Small and Medium Enterprises) will be answered at the clinics and the services will be offered on a pro bono basis.

The initiative was launched on Friday.

In response to a query, Nanda said the institute can also act as a credit-matching service for MSMEs to help them find funding avenues.

"We will do (some kind of) handholding for the MSMEs... monies from credit platforms as well as private equity funding can be looked at," he said.

The clinics will provide services on a whole gamut of issues, including finance, compliance and ways to improve the credit scores of the MSMEs.

While expressing optimism that the current tariff issues will be resolved soon, the ICAI President stressed that "nobody can go away from India" as the country is a big market and has a young working population.

The trade talks between The United States and India is ongoing and there is clarity when the deal will be finalised. India has been very clear that it will not sign any agreement that will harm national interests especially with regard to agricultural sector. However, it is likely that there will be certain concessions and it remains to be seen which sectors will be impacted.