Moneycontrol Facilitates SME Round Table Conference Laying Impetus on Enabling MSMEs

Moneycontrol, India’s leading financial and business platform under Network18, organized an SME Round Table Conference on 24th January in New Delhi. The gathering featured a host of insightful conversations that enlightened and improved all those in attendance. These discussions led to them being educated on the methods that need to be implemented in order to boost the SME business operations that would result in the growth of the Indian economy. 

This SME conference witnessed the presence of many veterans from the SME industry namely, Mr. Sandeep Kishore Jain —Managing Director, Solo Components; Mr. Ravi Sood —Proprietor, Neeraj Industries; Mr. Anil Bhardwaj —Secretary-General, FISME and Amit Singal —Co-Founder & CEO of Startup Buddy. The conference was hosted by Mr. Gaurav Choudhary —Deputy Executive Editor, Editorial and Content and Mr. Kshitij Anand —Editor - Markets, Editorial and Content from moneycontrol.

Sharing his thoughts during the round table Mr. Gaurav Choudhary —Deputy Executive Editor, Editorial and Content from moneycontrol said, “MSME is not a small part of India’s ecosystem – if not half, it has contributed almost 45% to India’s GDP – making them an integral part of the economic chain. In order for them to grow business and increase their footprint, MSMEs have to use technology in an efficient way. Easybiz is one such solution which MSME entrepreneurs can use to increase the digital footprint and that is just the beginning because growth has no limits.”

Talking from the industry perspective, Mr. Anil Bhardwaj —Secretary-General, FISME, said, “Keeping in mind the two major pain points which MSMEs counter, at least at the current level, are the problems they face in GST filing and maintaining their GST accounts and second with regards to the receivables. Easybiz platform has come out with solutions that does address both these problems. So, I think, it will be lapped by the MSME sector or hopefully also serve the SME sector equally.”

Mr. Ravi Sood, Proprietor —Neeraj Industries, added, “The session today has been an interesting and interactive one and at the same time very timely as well as SMEs really need to go for digitization in a big way with there being immense scope. There is no doubt at this time that non digitization is not an option anymore. It is imperative that every MSMEs, whatever size they may be, adopt a digital approach. This offering by Moneycontrol has come at a right time as it will solve a lot of issues which MSMEs have to face on day to day basis and I congratulate Moneycontrol on this endeavor and wish them all the success.”

Speaking at the round table conference Amit Singal —Co-Founder & CEO of Startup Buddy, said, “As we all are aware that MSMEs do contribute a lot to the Indian GDP, I personally believe that the new product, which is the Easybiz launched by moneycontrol, is an extremely useful product for them. The key takeaway from today's discussion is how to help MSME in bridging the gap between the MSME businesses and the lenders etc. and the different statutory bodies so that the product becomes the one-stop solution for them allowing them to focus on their core business.”

Mr. Sandeep Kishore Jain —Managing Director, Solo Components, said, “My key takeaway from today’s session is that it is a very good platform for the micro, small and first-time startups and individuals who are doing some kind of business. An added benefit to it is that it will put you in touch with potential lenders and credit rating agencies. And as per earlier discussions today, it could also help you with your receivables or at least pointing them out to you in time as well as point them out to your buyers. Regular emails reminders will ensure that invoices and payments are no longer delayed. These for me are key takeaways that I have about the product.”

While participating in the round table discussion, Mr. Faiz Askari, Editor & Founder of SMEStreet welcomed Moneycontrol for introducing EasyBiz and suggested, "As we know that delayed payments are a major hurdle for MSMEs, and the government is making sincere efforts in resolving this issue. But, we definitely need strong advocacy support in this stream. The issue of delayed payments is very sensitive and it has to be taken up very carefully as most issues related to this issue cannot be handled straightforwardly. There is a possibility of a credible third party intervention which may ensure MSMES' interest."

The conference aimed at uplifting SME operations which have the potential towards guiding SME businesses to excel and contribute to India’s GDP by more than 50%. By emphasizing on the crucial matters including the problems faced by them and the opportunities that lie ahead, the meet facilitated the SME sector by identifying new technologies and innovations which can be adopted by them on a daily basis. The conference also featured a conversation that focused on how Easybiz enables a seamless digital integration for SME enterprises that simplifies their business performances.