The National Stock Exchange (NSE) on Wednesday said it has signed a pact with the Haryana government to help boost the growth of MSME sector in the state.

As per the memorandum of understanding (MoU), NSE will support the Haryana government in enhancing the financing opportunities for MSMEs in the state through listing on NSE's SME exchange platform, ‘NSE Emerge’, the stock exchange said in a release.

 

On the other hand, the Haryana government would facilitate the listing of MSMEs on NSE Emerge through financial assistance.

 

Haryana government will explore the possibility of setting up a government-sponsored equity participation fund to invest in the fast growing SMEs in the state on the exchange platform," NSE said.

 

According to the release, the stock exchange has similar arrangements with seven other states -Uttar Pradesh, Uttarakhand, Rajasthan, Punjab, Gujarat, Andhra Pradesh, and Odisha.

 

"Development of SMEs is the focus for the state and to further this commitment, Haryana government and NSE have entered into mutual cooperation for enabling SMEs to list on NSE Emerge for raising capital in an efficient manner and scale up their businesses to compete globally," said Devender Singh, Additional Chief Secretary of Commerce and Industries, Government of Haryana.

 

Listing helps companies get better access to capital for expansion and growth, provides visibility to local companies at the national level, and gives them high credibility, NSE noted.

 

Vice president of NSE, Gaurav Kapoor, said:

 

"We are very focused on providing access to capital to SMEs and look forward to supporting SMEs from Haryana in their growth plans and do joint programmes with Haryana government in each district of the state for capital raising initiatives."

 

In February this year, the Haryana government had approved new policies for the MSME and pharmaceutical sectors. The state cabinet approved the micro, small and medium Enterprises Policy 2019, which aims to create globally-competitive MSMEs in the state.

 

The objectives of the policy are to promote balanced regional development through geographical dispersal of industry, increase the competitiveness of MSMEs through cluster development and adoption of quality manufacturing practices, facilitate MSMEs in accessing domestic and export markets, and provide a conducive ecosystem for promotion and growth of MSMEs in the thrust sectors of Haryana.

 

Published On : 18-07-2019

 

Source : SMB Story