GAME, FISME Unite To Address Growth Concerns of MSMEs

The Global Alliance for Mass Entrepreneurship (GAME) and the Federation of Indian Micro and Small & Medium Enterprises (FISME), have joined forces to address delayed payment issues, enhance the ease of doing business, conduct joint research projects, and offer arbitration and grievance redressal advisory for MSMEs.

The partnership aims to publish reports, conduct research, formulate policy papers, and create programs to empower MSMEs for expansion. Focusing on aspects such as access to finance, regulatory compliance, and renewable energy for MSMEs, the collaboration aspires to catalyze growth.

Ketul Acharya, Executive Director of GAME, highlighted the partnership's commitment to overcoming obstacles hindering MSME growth. “GAME and FISME are coming together to keep the focus on specific and key aspects crucial for the advancement of MSMEs. We are excited to work with FISME on these fronts,” he said.

Anil Bhardwaj, Secretary General of FISME, emphasized the partnership's objectives, stating, "Whether it is access to finance, delayed payments, regulatory understanding, compliance, or bringing renewable energy to the nation’s MSME base, we intend for this collaboration to give a significant boost to these vital initiatives."

A Unified Platform For Stakeholders

The partnership's scope includes diverse initiatives, ranging from publishing landscape reports and research studies to formulating policy papers. Additionally, it includes the creation of programs that will empower MSMEs to establish a strong foundation for expansion. One of the primary focuses is to increase access to finance, scale existing businesses, and bring together local and national stakeholders onto a unified platform.

GAME, dedicated to fostering a nationwide movement of mass entrepreneurship, envisions creating 50 million new jobs by 2030. A key aspect of this vision is to ensure that women own 25 per cent of the businesses in this entrepreneurial landscape.

MSME Grievances

Official data from the government's delayed payments monitoring portal, SAMADHAAN, revealed that 1.64 lakh delayed payment applications have been filed by micro and small enterprises, involving a substantial amount of INR 39,026 crore. Notably, 32,596 cases amounting to INR 5,737 crore have been resolved, while 42,800 applications faced rejection.

This collaboration follows GAME's earlier partnership with SIDBI to launch the NBFC Growth Accelerator Program (NGAP), supporting small Non-Banking Financial Companies (NBFCs) in applying for institutional funding. The comprehensive five-month program included mentorship from domain experts covering risk, operations, governance, and technology aspects for smaller or lower-rated NBFCs.

On June 1, 2020, Prime Minister Narendra Modi had launched a single-window grievance redressal portal Champions to address grievances or complaints of MSMEs related to delayed payments, schemes of MSME ministry, public procurement, Khadi and Village Industries Commission (KVIC), Coir Board, NSIC, Udyam registration, testing center, and other areas.

In conclusion, the collaboration between GAME and FISME is positioned to take substantial steps in advancing the interests of MSMEs, contributing to a resilient and supportive entrepreneurial ecosystem in India.