BSE joins hands with Ficci to boost MSME sector

To enhance MSME and startup environment, leading stock exchange BSE in association with Ficci on Monday organised a brainstorming session to identify gaps in the existing policies and make suggestions for robust policies. Besides, the session was organised to promote Udyam Saathi and Udyam Sakhi initiatives to foster the micro, small and medium enterprises (MSMEs) sector.

The MSMEs were invited to present their summary of ideas and suggestions as well as discuss their main issues of concern to the ministry. "Some of the concerns that were identified were simplifying the MSME definitions, availability of funds which will result in improved attitude of lenders and borrowers, pull up payment delays and increasing market access for the MSMEs," BSE said in a statement.

Around 40 stakeholders, including 20 MSMEs, participated at the event, it added. Some of the other suggestions presented at the session were to create database of businesses that have a chronic habit of issuing cheques that bounce; to increase digitisation of corporate reporting; not allowing GST reporting waivers; digital exchange of documents in the transport industry and to fix the rating agencies incentives linked to job creation.

Speaking at the event BSE MD and CEO Ashishkumar Chauhan emphasised on the need of having vibrant ecosystem comprising of debt and equity to address the concerns of MSMEs. The BSE facilitate SMEs in raising funds through its dedicated platform for such enterprises - BSE SME - where small companies can list and raise capital, enhance visibility and create brand value. The platform has helped 310 SME's in raising Rs 3,300 crore.

The exchange further said that it will take all initiatives for the growth of SME's and startup ecosystem.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)