Panel discussion program organised under the aegis of IamSMEofIndia

Chief guest, Ashish Singh, Joint Secretary, MSME Department, GOI, illuminated discussion by emphasizing pivotal role of govt schemes in fostering SME development

Faridabad, 13 Jan 2024- In a groundbreaking initiative aimed at propelling the growth of the Small and Medium Enterprises (SME) sector, Panel discussion program organised under the aegis of the leading industrial organization IamSMEofIndia. The event witnessed a convergence of key stakeholders, including officials from the MSME Ministry, financial institutions, and industry leaders, all gathered to deliberate on the challenges faced by SMEs and chart a course for their unprecedented growth. Distinguished chief guest, Ashish Singh, Joint Secretary, MSME Department, GOI, illuminated the discussion by emphasizing the pivotal role of government schemes in fostering SME development. He underscored the plethora of opportunities available, including the 2% interest subsidy in the GIFT scheme and a 25% capital subsidy in the SPICE scheme. Singh also urged SMEs to leverage these schemes, asserting that such initiatives are crucial for the nation’s economic advancement.

While praising the organization wholeheartedly, Ashish Singh said that if other industrial organizations also emulate IamSMEofIndia, then the pace of growth of SME sector can further increase. In a noteworthy revelation, Tapan Sharma from SBI Bank unveiled the bank’s unwavering commitment to SME development under the leadership of the Central Government and PM Narendra Modi. Highlighting SBI’s swift and seamless online loan approval process, he disclosed that loans up to Rs 5 crore are provided without collateral security, aligning with the government’s vision for a thriving SME sector. IamSMEofIndia’s Chairman, Rajiv Chawla, delivered a powerful message advocating for a banking system attuned to industrial interests. He called for the abolition of charges on loan foreclosure, insisting on collateral-free loans for SMEs and medium industries. He painted an optimistic picture of the post-Covid economic landscape, foreseeing 2024 as the year that solidifies India’s stature as a global leader. As the discussion unfolded, he also stressed the need for collaborative efforts between the government, administration, and related departments. Further, he articulated a vision where industry players actively engage with the development process, combining the government’s responsibility for infrastructure, financial management, and industry-friendly policies with the industry’s commitment to productivity, quality, and technological innovation. The event also marked the release of a seminal book by Arun Bhardwaj, adding a literary dimension to the proceedings. An interactive question-and-answer session allowed industry managers to voice their concerns, expertly addressed by the panel of distinguished guests. This panel discussion program wasn’t just an event; it was a rallying call for a united front in the pursuit of SME excellence.

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