‘MSMEs to get funding for growth’
The Hindu
COIMBATORE NSIC Venture Capital Fund Limited, a wholly-owned subsidiary of National Small Industries
NSIC Venture Capital Fund Limited, a wholly-owned subsidiary of National Small Industries Corporation (NSIC), has commenced operations and will invest in Micro, Small and Medium-scale Enterprises (MSMEs) for their growth, P. Udayakumar, Director (Planning and Marketing), NSIC, said on Thursday.
Speaking virtually at the inaugural of INTEC 2022, a five-day industrial fair organised by Coimbatore District Small Industries Association, he said that prior to COVID-19, the MSME clusters in the country had huge orders. However, after the first wave of the pandemic, the industries slowed down. Demand is picking up now and the NSIC and Ministry of MSMEs are launching several initiatives for the MSME units. The Emergency Credit Line Guarantee Scheme (ECLGS) has helped the MSMEs to some extent. The Union government has mandated NSIC to implement a growth fund for the MSMEs and the NSIC Venture Capital Fund has been formed for this purpose. “We will invest in MSMEs. Works have started for this,” he said.
Mr. Udayakumar told The Hindu that the growth fund is launched under the Self Reliant India fund. The Ministry of MSMEs has given seed fund of ₹ 10,000 crore and daughter funds will bring in ₹ 40,000 crore.
“We have a fund manager, legal advisor and an investment committee. We have onboarded 10-12 funds,” he said. MSMEs in the manufacturing and traditional sectors should have a track record for three years and should meet the criteria to get the funding. “This is not a seed fund but a growth fund,:” he said. The investor will do a thorough study before investing in a MSME unit. “This will be a game changer as funds will be available without interest or collateral,” he added.
Inaugurating the exhibition, Satyakam Arya, Managing Director and CEO of Daimler India Commercial Vehicles, said Indian MSMEs will have huge opportunities for the next 10 years. Apart from growth in local consumption, there are several opportunities in the global market. The next decade is the decade of technology, be it in products, manufacturing process, or business models. Hence, MSMEs should prepare to embrace change. They should focus on innovation, digitalisation, and quality, he said.
R. Ramachandran, chairman of INTEC 2022, said the International Machine Tools and Industrial Trade Fair (INTEC) has over 400 exhibitors from India and abroad. Business visitors will be able to see machinery demonstration and have B to B meetings. Spread over totally 25,000 sq.mt at CODISSIA Trade Fair Complex, the exhibition will be open for business visitors from 10 am to 3 pm and for others from 3 pm to 5 pm till June 6.
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