Hyderabad: There is a need to take steps to help and support MSMEs overcome the problems they are facing. There will be opportunities to all in the post covid world. With the MSMEs definition changed, MSMEs stand to benefit without forgoing the benefits given for the category, said Industries Principal Secretary Jayesh Ranjan.
Participating in a virtual seminar on `Rebooting MSMEs in the Post Covid World’, organised by Confederation of Indian Industry as part of International MSME Day Celebrations, he said Government of Telangana has established Telangana Industrial Health Clinic Limited to support and handhold the sick MSMEs and revive them.
Highlighting the observation of the study that TIHCL did, Ranjan said MSMEs are falling sick due to unrealistic business models, copying others’ business models, relying heavily on debt, lower adoption of technology and machinery, inability to use digital technologies and lack of professionalism in accounting, HR practices, relationships with workers and financial discipline.
Dr Andrew Fleming, British Deputy High Commissioner to Andhra Pradesh and Telangana, said that coronavirus is the biggest threat being faced by the world and has a devastating impact. There is a need to put efforts to ensure trade continues and supply chains are open so that essential supplies are not hit.
Earlier, during his address, AVS Reddy, Convenor, CII Telangana MSME Panel & Managing Director of Appidi Technologies, said that MSMEs are an important part of national and global value chains and their health is important for the supply chains overall. Many MSMEs across all sectors are struggling and they need support and mentoring in terms of finance and international linkages for sustainability.
S Glory Swarupa, Director General, National Institute for MSME, said that Covid is a shock to everyone. There is need for a research on how MSMEs should deal with the impact.
Abhijith Jayanthi, Co-Convenor, CII Telangana MSME Panel & Managing Director, SimplyJITH Investment Corporation, also spoke. The virtual seminar brought together experts and senior officials from UK, South Korea and Israel.