India's progress toward a $5 trillion economy will be fuelled by the small and medium businesses – the engines of innovation that lie at the crux of our economy. And to acknowledge these powerhouses, at Business Insider India, we are setting the stage for industry leaders and budding entrepreneurs to interact and share their learnings. Day 2 of the event includes a number of panel discussions, fireside chats, workshops, masterclasses, and keynotes. From two engaging fireside chats to panel discussions on tackling MSMEs challenges on finance and technology – let's quickly get to what to expect from day 2. We shine the spotlight on the Indian economy and how <keyword id="6358354" type="General" weightage="20" keywordseo="msme" source="Orion">MSME</keyword>s have served as its skeleton. The Federation of India Micro and Small and Medium Enterprises' Secretary-General, Anil Bhardwaj, will deliver the keynote address – emphasising on the need to improve exports and public procurement to assist the MSME industry. There is evidence that over the past several years, India has experienced an increase in the number of SMEs listed. Ajay Thakur, Bombay Stock Exchange's Head of SME and Startup will provide additional light on what needs to be done in order to alter entrepreneurs' perspectives and why it is important to list small businesses to uncover value and scale higher. [Register here: <a href="https://www.businessinsider.in/msme-exchange-2023">https://www.businessinsider.in/msme-exchange-2023</a>] India is known to be the third-largest ecosystem for startups, but access to funds at the appropriate time remains one of the many difficulties the sector has encountered. You don’t want to miss a deep, insightful fireside chat with Rajnish Kumar, if you have the question, "How can small businesses harness the correct financial instruments and make the most of their finances?" As the former chairman of SBI and chairman of BharatPe, he brings with him more than 40 years of expertise and knowledge. We will also get candid with T Koshy, CEO of ONDC, to obtain a better understanding of how ONDC can be the major game-changer for MSMEs. By linking you with more network partners who will complete your e-commerce solution, ONDC gives you the chance to expand your business through online sales. It is hailed as the next big technological revolution that will enable <keyword id="6359222" type="General" weightage="20" keywordseo="small-business" source="Orion">small business</keyword> owners to define their mission statement. Hear from the man leading this revolution on their mission statement. And this is just part of the action, there's more to come! You do not want to miss the fascinating panel discussion that starts at 6:00 p.m. Top industry experts including Kishor Kharat, Former MD &amp; CEO of Indian Bank and IDBI, Vipul Sharma, Founder and CEO, of Chqbook, and Jinand Shah, MD &amp; CEO of Online PSB Loans discuss innovative finance solutions for small businesses. Since we've just talked about money, it's time to discuss technology, another critical need for MSMEs. And the <keyword id="4106334" type="General" weightage="20" keywordseo="msme-exchange" source="Orion">MSME Exchange</keyword> 2023 has you covered there as well. Do you have queries very much like "Can MSMEs transform and expand more? ", or "Is digital transformation the solution to issues encountered by small businesses? Our panellists, Ketan Gaikwad, MD and CEO of RXIL, Sundeep Mohindru, Founder &amp; Director of M1xchange, and Avinash Godkhindi, MD and CEO of Zaggle, will share their knowledge on how technology is empowering MSMEs. The discussion will start at 6:30 p.m. and will be moderated by NASSCOM Vice President and Head of Membership Srikanth Srinivasan. Finance and technology may be the building elements of a firm, but what keeps it operating long-term is a strong foundation built on sustainability. In his final remarks, Sudarshan Chari, Executive Director and Head of Business Banking at DBS Bank India, will discuss how sustainability is a key tenet for startup companies. The big finale will feature a master class on growing your brand in India from micro to small to big from Spring Marketing Capital's founder and creative partner, Arun Iyer! Small businesses must adapt to the changing times and position themselves well for a digital-first era. You will learn about the foundational elements of marketing and how to create memorable client experiences with this masterclass. If you don’t want to miss out on any of this action, register now on this link: <a href="https://www.businessinsider.in/msme-exchange-2023">https://www.businessinsider.in/msme-exchange-2023</a>

MSME Exchange 2023 goes live on Jan 18: Get insights from leading voices that matter

The <keyword id="4106334" type="General" weightage="20" keywordseo="msme-exchange" source="Orion">MSME Exchange</keyword> 3.0 is just around the corner and it promises to be bigger and better, reinforcing the significance of <keyword id="6358354" type="General" weightage="20" keywordseo="msme" source="Orion">MSME</keyword>s in our society and how they are the driving force behind our economy. Let's get on to what you can anticipate from Day 1 of the MSME Exchange without further ado. At 4:30 pm, the opening remarks on policies that support MSME growth and ease of doing business will take place. Sivasubramanian Ramanan, Chairman and Managing Director of SIDBI, will share insights on how small enterprises help the Indian economy expand. We put the focus on the policy effort to promote ease of doing business by supplying quicker loan outlets and programmes to boost the MSME sector. And perhaps even more crucially, the necessity to digitise the loan process in order to strengthen the ecosystem and remove obstacles. Following this strong start, Sameer Jain will deliver the keynote address. He will discuss how important it is to support MSME growth for the $5 trillion economy. He is the CEO and founder of Net Solutions Head and the Nasscom SME Council's SME Council. Don't miss the panel discussion at 4:50 p.m. IST if you're an entrepreneur eager to discover how to scale your business. Rahul Kothari, CBO at Razorpay, Lakshminarayan Swaminathan, CXO of Meesho's Supply Growth, and Kapil Thirani, Senior Director at Flipkart are on the panel and they discuss the social e-commerce revolution and how technology will help Indian SMEs become global success stories. We also shine the spotlight on India's solopreneurs, one such company is ChakiPeesing. The co-founder of ChakiPeesing, Rajeev Khera, will get candid about how his company used technology and digital channels to grow from 100 clients to over 5,000 in the NCR region in just two years. [Register here: <a href="https://www.businessinsider.in/msme-exchange-2023">https://www.businessinsider.in/msme-exchange-2023</a>] And from there, things only get better. Next up we have a panel discussion with leading women at 5:30 pm IST. Tune in because you'll get to hear about the success stories of women overcoming barriers in entrepreneurship across many industries. Our panelists are Kanika Tekriwal, founder and CEO of Jetsetgo Aviation, Naiyya Saggi, co-founder of the Good Glamm Group and founder &amp; CEO of Babychakra, and Hardika Shah, founder and CEO of Kinara Capital. These women have worked arduously to establish new growth trajectories, and comprehend what motivates people's passions, and the difficulties they encounter. They will elaborate on ways even to bridge these gaps. Don’t miss out! You can then tune in for a entrepreneurship 101 session with Ankur Warikoo, an educator, and content creator, at 6:10 p.m. IST. To add to that, we have Bharat Sethi Rage Coffee's CEO and Founder share his thoughts on creating a long-lasting brand and his learnings along the way. We're almost closing but only after we discuss why we are all here in the first place--to understand the future of SMEs. The pandemic underscored the importance of small businesses embracing digital transformation in order to not only survive but thrive in today's environment. We will have Archana Vohra, Director of Small and Medium Business India, and Meta deliver the closing remarks on how to keep pace with a dynamic and evolving marketplace and Meta’s role in driving entrepreneurship. If you don’t want to miss out on any of this action, register now on this link: <a href="https://www.businessinsider.in/msme-exchange-2023">https://www.businessinsider.in/msme-exchange-2023</a>

We're almost there! Here's what to expect from Day 1 of The MSME Exchange 3.0

The world is on a wave of digital transformation. And without a doubt, MSMEs need to adapt to this advancement. MSMEs may be micro, small, and medium businesses by classification, but the impact they have is massive and invaluable. They prevail as the backbone of the economy due to their high share of employment and value-addition. An added bonus to this business revolution aka the <keyword id="6358354" type="General" weightage="20" keywordseo="msme" source="Orion">MSME</keyword> movement would be a refreshed focus on innovation and digitalisation. It has emerged as the need of the hour for these companies: to engage in global markets as numerous segments still rely on conventional on-premises deployments and manual documentation. They must relook at their procedures and adopt new tools and systems if they want to remain relevant. At Business Insider India, we want to highlight how MSMEs can find solutions to unique challenges for their businesses with the help of new-age digital tools. The <keyword id="4106334" type="General" weightage="20" keywordseo="msme-exchange" source="Orion">MSME exchange</keyword> on January 18-19, 2023, will extensively discuss how businesses can terminate the challenges that are slowing them down in the race of digital transformation. [Register here: <a href="https://www.businessinsider.in/msme-exchange-2023">https://www.businessinsider.in/msme-exchange-2023</a>] Whether finance or security concerns, digitization resolves each issue without a hitch. Now, let's look into some important areas that require technological advancement. Finance Startups need significant amounts of finance to survive and expand. For this reason, signing up for government programmes will be necessary if you want to receive enough funds. In general, processing associated documentation for government funding takes longer. So it makes sense to switch to reputable fintech company policies. Numerous fintech companies that offer credit enable you to access significant financing at low interest rates. Project Administration Another crucial area to pay attention to for a business's seamless operation is project management. Micro, small, and medium-sized businesses often have between 10 to 250 employees. So, controlling the workflow while performing numerous tasks is really difficult. However, the tools and software for project management guarantee a well-organized workflow with maximum productivity. Asana and Trello are a couple of project management applications that support team management, project workflow management, and much more. Marketing For small and medium-sized enterprises, marketing is their top priority. MSMEs face significant obstacles when trying to engage audiences in other states due to local regulations and legislation. For businesses looking to expand their global audience, it is crucial to concentrate on digitising their marketing activities. For example, using social media platforms like Facebook, WhatsApp, Instagram, or Pinterest can help engage and grow a following. It consequently has a tremendous impact on conversion rates and sales. Security Security is one of the most important factors that businesses should take into account. As the company expands, it should concentrate on cutting-edge security measures to safeguard both internal and external data from hackers. There are a number of problems for customers and organisations when cybersecurity systems are lacking. In contrast, a workspace's effective security measures ensured minimum liabilities, compensation, and costs. Engagement &amp; Interaction with Customers Customer involvement and interaction is the final important area that MSMEs should digitise. Customer engagement and contact are essential in all businesses, whether they are service-based or eCommerce. To improve consumer engagement, a number of organisations use chatbots, review sites, websites, email marketing, contact forms, forums, and social media. Although it can be somewhat daunting, using these tools correctly ensures credibility and wins over customers' trust. Being successful at digital transformation is not always straightforward, which makes it more difficult for MSMEs to implement. While concentrating on digitalizing their internal operations, MSMEs must also maintain a strategic measure to make sure that their end clients are only positively impacted by this. MSMEs must develop strategies to undergo digitalization that will yield this result. A crucial component of digital transformation is technology adoption. However, the excitement surrounding digital transformation is increased by the fact that its advantages far outweigh its requirements. With the dependability that these modern technologies deliver, they have the potential to dramatically boost business productivity. The skills required to offer any firm its full benefits will take time, and it might not be an instant process. If the organization's employees are uncomfortable working with new methods, the digitalization process will fail and allow the potential for inefficiency or a slowdown in operations and results. Reminder: One week to go! Business Insider India’s MSME Exchange 2023 on January 18-19. You can register below and stay updated with the latest news and insights from industry leaders to business owners on all you need to know to future-proof your business. [Register here: <a href="https://www.businessinsider.in/msme-exchange-2023">https://www.businessinsider.in/msme-exchange-2023</a>]

MSMEs in the face of digital transformation

MSMEs lie at the heart of India Inc and play an integral part in our <keyword id="47276" type="General" weightage="20" keywordseo="economic-growth" source="Orion">economic growth</keyword>. In the recent few years, we have seen small businesses stay resilient in the face of a pandemic, thanks to the government’s policy push and initiatives. Over the last two decades, the government has come up with several regulatory measures to make it easier for these enterprises to not just grow but thrive. The <keyword id="6358354" type="General" weightage="20" keywordseo="msme" source="Orion">MSME</keyword>D Act of 2006 has been modified suitably in 2020 to take into account the changed market realities and the growing importance of these manufacturing and services companies. But there is no denying that technological progress, innovative financing solutions and the rise of social commerce have altered the MSME landscape. While the policy push has certainly helped the sector and its entities when it comes to innovative financing solutions for these entities, a real game changer has been technology and e-commerce platforms that have helped resolve many of the issues faced by these entities to discover new markets, deal with regulatory compliances and navigate logistics issues such that they can focus only on their business growth. India’s journey towards a five trillion economy is going to be powered by many small, micro and medium enterprises who now have the runway to take flight and big tech partners that are wind beneath their wings. At Business Insider India, we are back with the third edition of <keyword id="4106334" type="General" weightage="20" keywordseo="msme-exchange" source="Orion">MSME Exchange</keyword> – India’s leading MSME summit, powered by our knowledge partners NASSCOM &amp; BSE SME Council. Spread over two days in January (18-19), this summit aims to provide a platform for businesses, regulators, industry leaders, experts to come together and share ideas, explore critical issues and bring to light solutions that will transform the sector for the decades to come. [Register here: <a href="https://www.businessinsider.in/msme-exchange-2023">https://www.businessinsider.in/msme-exchange-2023</a>] Be it a story of a reseller on a social commerce platform or a seller on the world’s largest online retailer who built his export business from nothing, we seek to bring the stories of these small champions and shine the spotlight on all that has been done and needs to be done to achieve the government’s target of achieving $1 trillion in exports through India’s MSMEs. Core pillars that form the crux of this event – policy, finance, technology, social e-commerce and marketing – the fundamental need for any <keyword id="6359222" type="General" weightage="20" keywordseo="small-business" source="Orion">small business</keyword> to foster sustainable growth in the sector. The virtual event will be attended by policy makers, entrepreneurs, MSME champions, investors and business leaders. Speakers include: <ul><li>Rajnish Kumar, Former SBI Chairman</li><li>Ankur Warikoo, Educator &amp; Content Creator; Co-founder &amp; Board member, Nearbuy</li><li>Bharat Sethi, Founder &amp; CEO, Rage Coffee</li><li>T Koshy, CEO, ONDC</li><li>Anil Bhardwaj, Secy General, FISME</li><li>Ajay Thakur, Head - BSE SME &amp; Startups</li><li>Kishor Kharat, Former MD &amp; CEO at Indian Bank and IDBI Bank</li><li>Jinand Shah, MD, Online PSB Loans</li><li>Vipul Sharma, Founder &amp; CEO, Chqbook</li></ul>Register here now to stay updated about the event details: <a href="https://www.businessinsider.in/msme-exchange-2023">https://www.businessinsider.in/msme-exchange-2023</a>

Small businesses, big ideas: MSME Exchange is back with its third edition

New Delhi, Oct 10 (IANS) The Reserve Bank of India has urged the Supreme Court to lift the across-the-board stay on classification of non-performing asset (NPA) till further orders as it has huge implications for the banking system In a fresh affidavit filed in the apex court, the RBI said: "It is humbly submitted that this hon'able court had given an across-the-board stay on classification of any account as NPA till further orders. If the stay is not lifted immediately, it shall have huge implications for the banking system, apart from undermining the regulatory mandate of the Reserve Bank of India." On September 3, in a respite to stressed borrowers, the Supreme Court had directed that accounts not declared NPAs as of August 31 should not be classified as such until further orders. On October 3, in an affidavit, the Centre had informed the court that any account becoming non-performing even due to the bank's or any other delay need not suffer from being labelled as NPA. Justifying the lifting of the stay on NPAs, the RBI cited its July 2015 circular aimed at reflecting the true and fair position of the accounts of banks so that the financial assets (which are public assets) will be accurately reflected in the books of accounts of the lenders. "The classification of a loan account as NPA, based on the record of recovery, actually enables the lenders to follow the regulatory guidelines with regard to income recognition and provisioning. Every regulatory forbearance has its trade-offs in terms of adverse incentives and unintended consequences", said the RBI in the affidavit. "It is further prayed that the interim order dated September 4, 2020 restraining classification of accounts into Non-Performing Accounts in terms of the directions issued by the RBI may kindly be vacated with immediate effect," said the RBI. The Centre also emphasised that it is not possible to revise its decision to waive interest-on-interest for loans up to Rs 2 crore, wherein the government would bear the cost for MSME loans and personal loans. "This decision by the government to provide additional relief to a large segment of borrowers has addressed the primary prayers of the petitioners," the Centre said. On the aspect of sector-specific relief instead of a monolithic resolution framework sought by reals estate and power sectors, the RBI said such prayers deliberately obfuscate the fact that resolution framework gives complete discretion to the lending institutions and borrowers to arrive at resolution plans tailored to the specific requirements of sector subject. The RBI cited its September 7, circular, which provides for separate thresholds for 26 sectors, including power, real estate and construction. In respect of those sectors where the sector-specific thresholds have not been specified, lending institutions have been permitted to make their own internal assessments. The RBI said that sectors such as power and real estate were already stressed even before the coronavirus pandemic on account of various factors pertaining to sector-specific problems. "Nonetheless, it is submitted that the travails of the realty sector cannot be solved through banking regulations. The banking regulations of the RBI cannot substitute the redressal of structural problems of the real estate sector," the affidavit read. The RBI response came after the top court earlier this week told the government that its response did not contain "necessary details" and asked the Centre and the RBI to bring on record the KV Kamath committee recommendations on debt restructuring. (Sumit Saxena can be contacted at sumit.s@ians.in) --IANS ss/tsb

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MSME Exchange 2023 goes live on Jan 18: Get insights from leading voices that matter

BI India Bureau

We're almost there! Here's what to expect from Day 1 of The MSME Exchange 3.0

BI India Bureau

MSMEs in the face of digital transformation

BI India Bureau

Small businesses, big ideas: MSME Exchange is back with its third edition

BI India Bureau

Vacate stay on accounts' classification as NPAs, RBI urges SC

IANS