IRM signs a pact with NI-MSME to support SMBs

The tie-up will train SMBs to utilise available resources, avail government support and schemes, and develop their own entrepreneurial capabilities to generate employment.
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IRM India, the India-affiliate of Institute of Risk Management, on Tuesday said it has signed a pact with the National Institute of Micro, Small and Medium Enterprises (NI-MSME) to support the sector through a series of policy and education initiatives to deal with the disruptions caused by the coronavirus pandemic.

The sector is the largest job provider in the country, second only to agriculture, and has struggled with employment and economic losses since the lockdown began, IRM India said in a statement.

"We aim to develop a blueprint that will help India's 6.33 crore MSMEs apply globally-recognised enterprise risk management frameworks and practices to navigate through the current crisis, as well as safeguard themselves against future uncertain events beyond just financial risks," IRM India CEO Hersh Shah said.

He added that the current pandemic has impacted the ability of Indian MSMEs to compete in the global market. It has made it imperative to create an environment that will nurture them and provide a robust policy road map to help them regain their global advantage, he added.

NI-MSME Director-General S Glory Swarupa said this collaboration will help the micro, small and medium businesses identify, plan and mitigate the associated financial and enterprise risks in their enterprises.

The tie-up will also train them to utilise the available resources, avail government support and schemes, and develop their own entrepreneurial capabilities to generate employment by becoming self-reliant, she added.

NI-MSME is an organisation under the MSME ministry.

Through this partnership, IRM India and NI-MSME aim to reorient Indian startups and MSMEs towards risk-awareness and strategic mitigation planning.

They will also collaborate on various initiatives to advance risk management expertise in the sector, through research, consultation and training events, a statement added. 

More than 55 lakh people have been infected by the coronavirus and India’s has become one of the worst-affected countries in the world.

Edited by Saheli Sen Gupta