Chairman's Desk

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    CMD

    Dear Members,

    Micro, small and medium enterprises (MSMEs) contribute significantly to India's total GDP and are one of the driving forces propelling the Indian economy towards global greatness. As per the Udyam portal, MSMEs employ over two crore people, firmly establishing themselves as the bedrock of the economy.

    The government's objective is to raise this contribution from 30% to 50% in the coming years. Aided partly by supportive and reformatory government initiatives and technological innovations, the MSME sector has grown exponentially, accounting for ~46% of India's total exports.

    To support and foster MSME, the Ministry of MSME has launched and implemented various schemes offering credit support, new enterprise development, formalisation, technological assistance, infrastructural development, skill development and training, and market assistance to MSMEs through initiatives like:

    • Udyam Registration Portal: The government has come up with the facility of Udyam Registration Portal named to facilitate the permanent registration of MSME's through which they can generate Udyam Certificate which will enable MSME to access several government initiatives.
    • Udyam Assist: The government has come up with the facility of Udaym Assist platform aimed to facilitate online registration Informal Micro Enterprise for generation of Udyam Registration Number and Udyam Assist Certificate, who may not have the necessary documents, motivation, ability or awareness to register on the Udyam Portal. We at Greater Bank have enabled our Branches to help existing and new customers for Udyam registration.
    • Government E-Marketplace (GEM): MSMEs are being encouraged to market their products on the through GEM, owned and run by the government, wherefrom Ministries and PSUs (public sector undertakings) source their procurement.
    • Launching of “CHAMPIONS” Portal: The government has launched “CHAMPIONS” Portal for redressal of MSMEs grievances, helping them with various government schemes/policies, providing guidance and advisory services in various areas like Finance, Technology, Infrastructure and Capacity Building etc.

    THE DIGITAL TRANSFORMATION OF MSMES :

    MSMEs are moving forward with renewed zeal and vitality and a decided focus towards innovation and digitisation of operational procedures. Adopting new tools and systems ensures a sharper edge to their global c o m p e t i t i v e n e s s . Moreover, schemes l i k e t h e D i g i t a l MSME Scheme, which empowers all MSMEs registered w i t h t h e U d y a m registration portal to a d o p t I n f o r m a t i o n Communication Technology (ICT) tools and applications in their production and operations, ensure that the transition from traditional processes to digital ones is as seamless as possible. Furthermore, the Ministry of MSMEs has been allocated INR 22,137.95 Cr under the interim Budget 2024-25 for implementing various schemes and technology upgrades.

    CONCLUSION

    MSMEs and a focus on their growth are critical for the long-term prosperity of India's economy. MSMEs play a crucial role in the GDP growth, industrial production, and job creation in the nation's economy, and the various initiatives and regulatory reforms fostering them are a step in the right direction to ensure that untapped talent, resources, and growth opportunities are brought to the foreground.

    In the Current year Bank has aim to grow finance to MSME for which Bank has initiated following steps:

    1. Introduced Loan Schemes for MSME

    2. Helping customer to register for Udyam Certificate through Udyam Assist Portal so that they can take benefit of various government schemes.

    3. Create greater awareness among customer regarding MSME sector.

    I request members who are already into MSME Sector or are willing to be part of the MSME sector to take the benefit of the bank's loan product and make us your partner in your growth journey.


    With warm regards,
    Dr. Narendrakumar A. Baldota