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MSME

MSMEs in Haryana Get Major Boost! Products Manufactured by MSMEs in the State To Get Global Market, Talented Artisans To Benefit

Chandigarh, February 11: The products manufactured by the Haryana MSMEs will now get the global market as the Haryana government signed pacts with three companies on Thursday. The news was informed by Haryana Deputy Chief Minister Dushyant Chautala. The Minister, who also holds the industries department portfolio, said artisans producing traditional handloom products of the state will also get a reasonable price for their craft. The Deputy Chief Minister said the signing of MoUs with three companies of international and national level by the MSME department is a step towards ‘Atmanirbhar Bharat’. The pact will give a boost to the MSMEs of the state as well as to the talented artisans.

The pacts with ”eBay”, Power2SME”, India’s first ”buying club” for SMEs and TradeIndia.com, price and product discovery platform, was signed by Haryana MSME Department Director General Vikas Gupta and the representatives of the companies. The memoranda of understanding (MoUs) by Haryana’s Micro, Small, and Medium Enterprises (MSME) Department with three companies was signed in his presence, a state government statement said. Industries and Commerce Department Principal Secretary Vijayendra Kumar was also present on the occasion.

  • The products being manufactured by the MSMEs of the state will now be able to be purchased in any corner of the world; this will also increase the export of our country.
  • Haryana government’s primary focus is to promote entrepreneurship, to enhance inclusive and balanced regional development in the state.
  • The strategic collaboration will help MSMEs, artisans in remote parts of the state, to overcome challenges restricting their access to domestic and international markets. This will not only give a boost to sales of existing entrepreneurs but also create unprecedented opportunities for new entrepreneurs.
  • Through this initiative, we are aiming at significantly enhancing visibility of indigenous and specialised products from the state, be it industrial products, or traditional handicraft products, and further strengthening ”brand Haryana”.

Chautala said these MoUs will also create unprecedented opportunities for new entrepreneurs. On the occasion, Kumar said MSMEs are becoming the backbone of the economy. He said the state government is committed to strengthening the existing ecosystem of over 2 lakh MSMEs in the state. Chautala said that in the current competitive era, it is important for MSMEs to adopt new and strategic approaches and added that e-commerce has the potential to take MSMEs to new markets. Gupta said the directorate of MSME is providing all possible help to its entrepreneurs so that they can generate good income from their enterprises and more youth can get employment.

Gupta said the directorate of MSME is providing all possible help to its entrepreneurs so that they can generate good income from their enterprises and more youth can get employment. He added that this pact will help our MSMEs transcend geographic boundaries and reach out to newer markets. “We look forward to creating impact and generate larger market opportunities for our MSMEs.”

He added that this pact will help our MSMEs transcend geographic boundaries and reach out to newer markets. “We look forward to creating impact and generate larger market opportunities for our MSMEs.”

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Business motivation

MSME Credit Health Index: New Indicator Launched to Help Govt, Policymakers, Lenders & Others to Measure the Health of MSME Sector, Check Details

Mumbai, November 2: In order to boost the MSME sector in the country, TransUnion CIBIL in partnership with the Ministry of Statistics & Programme Implementation (MoSPI) has launched the MSME Credit Health Index.

This becomes very important as the MSME Credit Health Index will provide government, policymakers, lenders and MSME market participants, a unique and reliable numeric indicator to measure the health of the sector.

Here are details about the MSME Credit Health Index:

The MSME Credit Health Index is built using credit data submitted by lending institutions to TransUnion CIBIL. The index measures the credit health of India’s MSME industry on two parameters: Growth and Strength.

Growth will be measured by plotting increase in exposure value (outstanding balances) over time and strength is measured by a decrease/ increase in credit risk in terms of non-performing assets (NPA).

The first version of the MSME Credit Health Index is based on data from March 2018 to June 2020. Rajesh Kumar, MD and CEO, TransUnion CIBIL, in a statement mentioned.

According to reports, the MSME sector has seen an increased level of NPAs in the last two years due to a slower rate of economic growth. The cash flows of MSMEs have been impacted over a period of time thereby limiting their ability to service debts. This has resulted in the Strength Index reflecting a decreasing trend.