The Micro, Small, and Medium-scale Enterprises (MSMEs) will continue to play a vital role in the economy, according to Sriram Viji, Deputy Managing Director of Brakes India Private Limited.

Speaking at the inaugural of Intec 2019, an industrial fair organised by the Coimbatore District Small Industries Association, he said the country saw steady growth and low inflation during the last few years. There has been significant investments in infrastructure and reforms such as GST. However, there are signs of a slowing global economy. While the long-term sentiment is good among industries, there are short-term issues. MSMEs - be it as vendors, customers,or traders - will play a vital role in the economy. The global and industrial trends are changing and the MSMEs should cope with the change. The industries need to innovate and upgrade technology constantly, he said.

According to P. Udayakumar, Director (Planning and Marketing) of National Small Industries Corporation, the new Government at the Centre is expected to come out with several reforms that will benefit the MSMEs. In the last seven years, the MSME sector is on a digital mode as several schemes have gone online. Three major challenges for the MSMEs are: marketing, skill, and credit access. The Government is aware of these issues. “I foresee a lot of reforms on the credit front.” Mr. Udayakumar urged the industries to look at technologies such as Artificial Intelligence and Internet of Things.

Karin Christina Maria Stoll, Consul General of Germany, Chennai, said that as in India, a large number of Small and Medium-scale Enterprises (SMEs) in Germany are family enterprises. The potential for Indo-German businesses are high and Coimbatore has many Indo-German businesses. India and Germany share a common perspective on several issues. About 1,700 German firms are operating in India and 120 of these started operations in the last three years. Tamil Nadu has nearly 130 German companies. There is a common working committee formed by the Indo-German Chamber and the German Consulate with the State Government. “We exchanged a note recently with the Government of Tamil Nadu on training,” she said.

J. Balu, chairman of Intec 2019, said the five-day exhibition at Codissia Trade Fair Complex has 575 exhibitors from different parts of India and 12 other countries. The event has a special focus on plastic dies and moulds. The previous edition of Intec generated business enquiries for ₹600 crore. As part of the expo, a conference on Global Manufacturing Cluster Vision will be held here on Friday.

Published On : 07-06-2019

Source : The Hindu