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Technology adoption, digital foot print and financial management will be the key for MSMEs in the post covid world

Confederation of Indian Industry (CII) organized a virtual seminar on “Rebooting MSMEs in the Post Covid World” as part of International MSME Day Celebrations.

            Speaking at Inaugural Session, Chief Guest, Jayesh Ranjan,  Principal Secretary, ITE&C, Industries & Commerce Department, Govt. of Telangana said that State government has established Telangana Industrial Health Clinic Ltd (TIHCL) to support & handhold the sick MSMEs and revive them. He has highlighted some of points from the study done by TIHCL that are making MSMEs fall prey to sickness, besides the external factors such as receivables from government etc. They include unrealistic business models and adopting wrong business lines by just copying others’ models without understanding the dynamics. Secondly, financial plan is not realistic while over relying on debt. Thirdly, weak technology & machinery adaption and lack of awareness. Fourthly, inability in using digital technologies. They have scope to bring broader market for MSMEs. Fifth one is lack of professionalism in accounting, HR practices, relationship with workers & financial discipline.

            He opined that this may be because of lack of professional help to MSMEs. He highlighted that there is a need to take steps to help and support MSMEs to overcome these problems. He also said that there will be opportunities to all in the post covid world. He also said that as the MSMEs definition has been changed, more MSMEs will be benefitted.

            Dr Andrew Fleming, British Deputy High Commissioner to Andhra Pradesh and Telangana, Hyderabad, in his address said that Corona is the biggest threat being faced by the world and has a devastating impact. He said that we need to put our best efforts to keep the trade continues and supply chains open so that there will be all the essential supplies. The supply chain through open markets will be crucial to the global economic recovery. He opined that there will be opportunities and soon we will bounce back even better, stronger with more resilience. He stated there has been a greater collaboration between UK and India from industry point of view, and it will continue to become even stronger in future.

            Earlier, during his address, AVS Reddy, Convenor, CII Telangana MSME Panel & Managing Director, Appidi Technologies Pvt Ltd, welcomed the guests and participants. He stated that MSMEs are an important part of national and global value chains and their health is important for the supply chains overall. He said that, as a result of pandemic Covid, many MSMEs across all sectors find themselves on the brink of survival in the current COVID-19 times. He said that MSMEs need support and mentoring in terms of Finance, International Linkages and reaching out to new markets for their sustainability in such a crisis time.

  1. Glory Swarupa, Director General, National Institute for MSME, said that Covid is a sudden surprise and shock to everyone. As per the Sustainable Development Goals, MSMEs growth is very vital. She said that there is need for a research on how to survive the MSMEs.

Capacity bulding programs identifies much needed training programmes to be conducted and key modules. There have been several government schemes supporting MSMEs which are documented and available in NiMSME website.

            Abhijith Jayanthi, Co-Convenor, CII Telangana MSME Panel & Managing Director, Simply JITH Investment Corporation Pvt Ltd, delivered the concluding remarks.

            The virtual seminar brought together leading experts and senior officials from UK, South Korea and Israel. They have shared their experiences and best practices in tackling the Covid Crisis.

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