NSE joins hands with Gujarat govt to promote MSMEs

Leading stock exchange NSE on Friday said it has entered into a pact with the Gujarat government to work jointly for the promotion and development of MSMEs (Micro Small and Medium Enterprises) in the state.

The MoU will address multiple avenues for MSMEs in terms of fund raising and understanding of hedging foreign exchange fluctuations for MSMEs engaged in imports and exports business, the National Stock Exchange (NSE) said in a statement.

Apart from this, a fund is also being created by the state government on the NSE platform to encourage investors to invest in the fast-growing SMEs in the state.

As part of the pact, the NSE said it will support the efforts of the Gujarat government in enhancing the financing opportunities for MSMEs, through listing on NSE's SME exchange platform, EMERGE.

 

Besides, the exchange would handhold MSMEs through the process of listing, thereby empowering them to achieve their next level of growth.

The government has decided to support MSMEs financially by bearing a part of the expenses related to listing.

Listing helps companies get better access to capital for expansion and growth and provides visibility to local companies at the national level.

Further, the government and the NSE will also work jointly to promote the online digital bills receivable discounting platform.

"The joint initiative between Gujarat government and the NSE will bring growth and development for MSMEs in the state. The Gujarat government and NSE, together are working towards making this funding available for MSMEs in the state," Gujarat Chief Minister Vijay Rupani said.

The exchange said similar intent and policies have been introduced by Uttar Pradesh, Rajasthan, Maharashtra, Punjab, Haryana, Uttarakhand and West Bengal.

"Gujarat has strong and robust business ecosystem comprising industrial clusters of Jamnagar, Baroda, Morbi, Bhavnagar and Rajkot. The MoU...is to support the efforts of the Government of Gujarat to facilitate the SMEs in enhancing their financing opportunities and help them catapult to the next level of growth," NSE MD and CEO Vikram Limaye said.

NSE SME platform EMERGE has 205 companies listed currently and together raised Rs 3,192 crore. Of these, 64 firms are from Gujarat that garnered over Rs 900 crore.