Power2SME and IIA join hands to bolster MSME operations
Power2SME, a buying club for Indian SMEs, signed a Memorandum of Understanding (MoU) with the Indian Industries Association (IIA), with the aim to bolster operations of MSMEs in India, reported KNN.
The MoU, which was signed at the Annual General Meeting (AGM) in Kanpur, will be valid for three years and across all 40 chapters of IIA. The MoU seeks to help MSMEs resolve key issues such as lack of access to working capital and raw materials procurement.
Sudha Sarin, Senior Vice President, Marketing and Communications, Power2SME, said, “Employing over 100 million people, the MSME sector is the backbone of India’s industrial landscape. Since inception, Power2SME has been committed to addressing the business challenges faced by MSMEs in India.”
She added, “Through the MoU, Power2SME is looking to extend its comprehensive solutions to MSMEs across IIA’s 40 chapters and cater to their raw material needs while also offering financial aid and MRO services.”
The report said that MSMEs can get easy facilitation of finance and credit support through tie-ups between IIA and Power2SME with financial institutions. In addition , Power2SME and IIA will jointly hold open house sessions, campaigns and seminars in order to create awareness of various government schemes that will benefit the MSMEs. Additionally, Power2SME will also assist small businesses in embracing and integrating technology in their day-to-day operations.
Sunil Vaish, President, IIA, said, “For India to prosper, it is imperative to explore the untapped potential of its MSMEs. We are extremely happy to partner with Power2SME to aid SMEs in enhancing their business operations and surmount hurdles that could hamper their growth.” He also said that Power2SME’s offerings would provide the required boost to the sector and help them explore opportunities.
Last year, Power2SME announced its plans to bring its business offerings to Karnataka and ensure seamless functioning of enterprises in the state. Power2SME had said it aims to give thrust to the operational efficiency of MSMEs and ensure higher profitability.