Indian SME's In Fast Changing Times

In an instance of rare convergence, businessmen, mentors and students came together to create a healthy debate on the base of the pyramid known as the Indian economy: the micro, small and medium enterprises. MSMEs roughly form 40% of the national product while provide 80% of the manufacturing sector jobs. No other topic could have been more relevant in today’s era, when the impact of internal shocks like demonetisation and structural change in the form of goods and services tax still lingers. 
 

The Smart Business event was organised by Business Standard along with Integrated Association of Micro, Small and Medium Enterprises of India (IamSMEofIndia), at the YMCA University auditorium, Faridabad. In his welcome address, Dinesh Kumar, vice chancellor at YMCA university highlighted the direct link of human resource transfer between technical colleges and the small and medium industry. 
 

Raj Nehru, vice chancellor of Haryana Vishwakarma Skill University addressed the gathering as the chief guest, and said that though we are undergoing rapid change, we should not change in one aspect, namely the values we share. He said that in today’s rapidly changing world, adapting to skills that the world requires has become the most important thing in India.
 

Rajeev Chawla, president of the IamSMEofIndia spoke in detail on the situation of MSMEs post GST implementation. He also underlined the issues regarding credit availability to the sector as a whole. 
 

Abhishek Waghmare, data journalist with Business Standard moderated a panel discussion among the dignitaries present. V.K. Malik, Chairman cum MD at Melco India gave his own example to show that organised industry in power sector was least affected by demonetisation and GST, but also stressed that some companies do face serious problems in terms of credit availability.
 

This argument was countered by Amit Kumar, AGM at the Faridabad branch of Small Industries Development Bank of India (SIDBI). He said that SIDBI gives loans to companies with good credit record at quite an affordable rate compared to other banks, and that it is the responsibility of the company to manage its finances well. 
 

Aditya Singhania, head of taxation at Taxmann Publications shed light on how GST service providers, or GSPs, would help even the MSMEs in easing compliance and preventing tax related litigation by introducing accuracy in tax filing in the first place. Prof. Dinesh Kumar said that the start-up cell in the YMCA wherein brilliant ideas are incubated with institutional funding will certainly provide as a bridge between industry requirement, human resources stability and innovation. 
 

The panel also discussed the urgency to learn new skills in the domain of computer and tech literacy.

(from left to right)

Aditya Singhania: Head Taxation Taxmann Publications Private Limited

Rajeev Chawla: President- Iamsmeofindia

Raj Nehru:Vice Chancellor of Haryana Vishwakarma Skill University

Dinesh Kumar: Vice Chancellor YMCA University Of Science & Technology Faridabad

V K Malik: Chairman cum Managing Director Melco India Private Limited Faridabad

Amit Kumar: AGM SIDBI Faridabad Branch