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Sustainability, self-reliance emerge as top takeaways for MSMEs in Pune edition of ET Make in India SME summit
Pune (Maharashtra) [India],November 25: The ET Make in India SME Regional Summit in Pune had a stellar start with a range of industry representatives, SME associations and small businesses who were a part of the event. These summits aim to unravel opportunities, tackle challenges and foster knowledge-sharing and networking to propel the next phase of [...]
Pune (Maharashtra) [India],November 25: The ET Make in India SME Regional Summit in Pune had a stellar start with a range of industry representatives, SME associations and small businesses who were a part of the event. These summits aim to unravel opportunities, tackle challenges and foster knowledge-sharing and networking to propel the next phase of growth for Indian MSMEs.
The event started with a fireside chat that saw Rakesh Singh, Managing Director & CEO – Aditya Birla Finance Limited (ABFL) speak on the credit gap in the MSME segment being huge. “Access to credit in this segment is around 50%,” he said. The sector will be well served once it comes within the formal ambit of the economy.” Talking about how a lending approach of one size fits all isn’t able to cater to the varied needs of MSMEs, Singh stated that the needs of small business owners are very retail and consumer-like, because these are micro in nature, so it is important to deal with them like a consumer. On how Aditya Birla Finance Ltd. is scaling to match the growth rate of the MSME ecosystem, Mr. Singh mentioned, “In the last 2 years, our branch presence has grown from 159 to about 412. As per data from sectoral deployment of bank credit by RBI, credit exposure to MSMEs has grown at a CAGR of about 14% over last 2 years and Aditya Birla Finance Ltd. has outpaced this.”
