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UP MSMEs: Policy, Finance, Growth Drivers Unveiled
24 Dec
Summary
- MSMEs are crucial for UP's job creation and economic growth.
- Cluster financing and government schemes are key enablers.
- Operational excellence is vital for sustained business scaling.
The ET Make in India SME Regional Summit in Lucknow, held on December 19, spotlighted critical priorities for Uttar Pradesh's micro, small, and medium enterprises (MSMEs). Discussions revolved around addressing challenges such as business volatility and limited access to finance, while underscoring the sector's significant contribution to employment and regional economic expansion. Government support schemes and cluster-based financing were identified as crucial enablers for MSME growth.
Experts and officials highlighted various state government initiatives designed to support MSMEs, including schemes addressing land bank issues and promoting district-specific products like Bhadohi carpets. The summit also featured discussions on financial empowerment through institutions like IDBI Bank, which is focusing on strengthening MSME clusters. Emphasis was placed on tailoring financial products and employing risk-mitigation techniques to meet specific sector needs.
Operational excellence was presented as a cornerstone for sustainable growth, requiring disciplined execution, robust infrastructure, and continuous improvement. The summit also touched upon the need for better insurance coverage for MSMEs, with only about 15% adequately insured. The series aims to continue its pan-India journey, fostering learning and engagement for MSMEs nationwide.
