National MSME Conclave 2023

By Shalil Gupta, Business Head, Mint & Mosaic Digital

By B.B. Swain, Secretary, Ministry of Micro, Small and Medium Enterprises, Government of India

Tech is a powerhouse to change lives, businesses, and economies. Healthcare is no exception—delivering unprecedented impact on healthcare by building foundation blocks toward connected homes and the healthcare ecosystem. Making surgeries more precise and accurate with new advances in analytics, robotics, and scanning systems.  Making doctor-patient communication faster with platforms and apps.

These developments will continue to evolve in the years to come enhancing convenience and accessibility.  But the ask is—what does the future of health tech look like, and how will digital technologies propel the healthcare industry and change people's lives in the new year?

Sumedha Bose, Assistant General Manager - Research & Solutions, Mosaic Digital in conversation with Vaidya Rajesh Kotecha, Secretary, Ministry of AYUSH

Innovation + technology has brought a radical shift in the traditional financial ecosystem, especially in budgetary installations and money processes. If you look at the stats today, India is the #3 largest finTech ecosystem in the world with 2100+ finTech companies. In 2021 alone, India witnessed an exponential surge in funding with total investments of over $8 billion. Globally, India has the greatest finTech adoption rate at 87%, whereas the world average at 64%.

Having said that, as India takes a prominent position on the global finTech stage, the new milestone for India's FinTech market is to reach $150 billion by 2025. But, how will India plot the next FinTech revolution in India? How will technology enable banks financial services, and insurance companies to run, transform and grow at scale and speed?

Shalil Gupta, Business Head, Mint & Mosaic Digital in conversation with Sivasubramanian Ramann, Chairman and Managing Director, SIDBI

As per the IBEF data, 54% of small business owners believe that digitization of daily chores has reduced their operational costs, and 51% say it has enhanced their competitive positioning. Not just this, India has also liberalized FDI policies and government schemes to uplift the MSMEs. The government has also announced economic relief package and an extended credit guarantee scheme for MSMEs to harness the full potential of tech deployments.

However, is all of this taken together enough to take this sector to new heights? How are government reforms & initiatives aiding growth, employment generation, and promoting export? What is the role of government financial incentives and training in the MSME sector promotion?

By Shri Narayan Tatu Rane, Hon'ble Union Minister, Ministry of Micro, Small and Medium Enterprises, Government of India

As per the IBEF data, 54% of small business owners believe that digitization of daily chores has reduced their operational costs, and 51% say it has enhanced their competitive positioning. Not just this, India has also liberalized FDI policies and government schemes to uplift the MSMEs. The government has also announced economic relief package and an extended credit guarantee scheme for MSMEs to harness the full potential of tech deployments.

However, is all of this taken together enough to take this sector to new heights? How are government reforms & initiatives aiding growth, employment generation, and promoting export? What is the role of government financial incentives and training in the MSME sector promotion?

By Shri Bhanu Pratap Singh Verma, Minister of State, Ministry of Micro, Small and Medium Enterprises, GOI

India's story of microfinance is a tale of growth and inclusiveness impacting lives and livelihoods. Since coming into the spotlight in the early 1980s, microfinance today is instrumental in fostering financial inclusion by making credit available at the last mile and acting as a safety net for those at the bottom of the pyramid. When it comes to MSMEs, microfinance act as a lifeblood. It empowers micro-entrepreneurial ventures by providing easy access to credit and imparting entrepreneurship skills such as computer literacy, financial skills, and market strategies.

In short, MFI is building regular interaction and a high degree of personal touch with MSMEs by eliminating the vast digital divide. However, the ask is—how are the fortunes of microfinance and MSMEs closely interlinked? How is this bond a great leap forward? How is microfinance helping MSMEs in promoting micro-entrepreneurship and facilitating national policy achievement?

Speakers:
Dr. Rajneesh, Additional Secretary and Development Commissioner, Ministry of Micro, Small and Medium Enterprises, Government of India
Dr. Alok Misra, CEO & Director, Microfinance Institutions Network (MFIN)

Moderator: Shalil Gupta, Business Head, Mint & Mosaic Digital

MSME is one of the integral arms of the Indian economy—contributing 30% to the GDP and accounting for 48% of annual exports. Tech solutions can potentially enrich the MSME business. If you look at the stats today, over 30% of MSMEs have their own business websites, and >50% have video conferencing tools to ensure business continuity. By 2024, digital adoption will enable SMEs to add US$ 158–216 billion to India’s GDP. Even India's tech start-up ecosystem is revolutionizing the entire business system by upskilling the young population with a technology skillset.

There are over 7000+ tech start-ups, and the number is spiraling by 35-40% every year. This adoption/ uptake is acknowledged to accelerate MSME outreach to a broader customer base by accessing AI and ML, and digital marketing.

By Anna Roy, Senior Adviser, NITI Aayog

Over the last decade, microfinance has undeniably grown into a sizeable industry. It’s no more a dominant proposition. Today, it’s a bastion of banks, including SFBs. Against this backdrop and to protect customers, strengthen the sector and safeguard the primary objective of regulations within a well-calibrated and harmonized set-up, RBI recast framework for microfinance providers.

The 5 core principles are— regulatory arbitrage addressing the introduction of a lender agnostic and activity-based regulation; protection of microfinance borrowers from over-indebtedness; competitive forces enablement to reduce the interest rates by increasing transparency measures; customer protection enhancement by strengthening them and extending them to all regulated entities; and flexibility facilitation to design products/services that comprehensively meet the needs of microfinance borrower. But the ask is— how will these regulatory reforms provide the impetus for long? More than that, how will it create a roadmap to an inclusive and responsible microfinance sector?

Speakers:
Nikunj Oli, Unit Head, Private Sector Financial Institutions (South Asia), Asian Development Bank (ADB)
Shilpa Mankar Ahluwalia, Partner, Shardul Amarchand Mangaldas & Co

Moderator: Sumedha Bose, Assistant General Manager - Research & Solutions, Mosaic Digital

Women own 20% of MSMEs in India. Today women are gradually modifying the business and social landscape. Micro-credit schemes like MUDRA (Micro Units Development and Refinance Agency Ltd.) offer reliable financial services to MSMEs.  

Financial independence is the first step towards women's empowerment. So is a supportive funding plan for a business. The government of India is coming up with more women-centric funding plans and schemes. The aim is to increase income, improve livelihood, enhance financial access, and create more business opportunities for women. Will these new credit plans & schemes make them financially independent and help them start their business?

Speakers:
Mercy Epao, Joint Secretary, Ministry of Micro, Small and Medium Enterprises, Government of India
Chetna Gala Sinha, Founder & Chairperson, Mann Deshi Bank
Anil Bhardwaj, Secretary General, Federation of Indian Micro and Small & Medium Enterprises (FISME)

Moderator: Sumedha Bose, Assistant General Manager - Research & Solutions, Mosaic Digital