Shillong, May 20: The Micro, Small & Medium Enterprises (MSMEs), Export Promotion Council and technology firm BillMart FinTech have come together to create awareness on unlimited growth opportunities for MSMEs & start-ups in Meghalaya.
This is in the context of state attracting investment in food processing, horticulture, tourism and mineral based industries among others.
A joint study by MSME council and BillMart FinTech was presented to the state government, on Friday.
The study was released in the city by MLA AL Hek, who is the chairman of Meghalaya, MSMEs.
Dr DS Rawat, the chairman of MSMEs Export Promotion Council and BillMart Co-Founder & CEO, Jigish Sonagara were present.
Hek has recently taken over the chairman of Meghalaya unit to guide and help the institution for enhancing entrepreneurial skill. Providing handholding and training on how to use technology for the growth of businesses is also the focus of Hek.
Hek said besides food processing, ayush, agro-based, horticulture and mineral based industries, organic farming, tourism, and real estate development will also be taken up.
The MSME EPC and the BillMart will provide training for enhancement of entrepreneurial skill to the existing and potential entrepreneurs, women, start-ups and SC-ST categories. They propose to provide handholding to at least 50 potential entrepreneurs to start their own enterprises in a year.
BillMart, has already launched a MSME GAIN (Growth and Intelligence Network) and will train enterprises on application of technology for growth of businesses and up-date knowledge on various laws. MoUs will be signed with the local associations, lending banks and others to facilitate these services to their clients.
Hek said the food processing industry currently accounts for only 10% of the total agriculture produce of the state. He stressed the need to expand the sector and added that the existing units are doing exceptionally well with markets outside the country.
Sonagara. said one of the biggest pains of MSMEs is to gain access to affordable & timely credit and, therefore, it has introduced a digital ecosystem to handhold the MSMEs and provide seamless experience in raising short-term working capital, unlocking trade receivables and freeing cash flows.
The MSME EPC chairman said a special division on “Northeastern economic development” has been established in its secretariat and will be primarily focusing on to attract fresh private sector investment under the guidance of its Meghalaya chairman Hek.
The study observed that large number of projects are either pending or under implementation and has recommended constitution of a high powered committee under the chief minister to expedite the completion and to avoid any cost escalation. I
The study found that Meghalaya has achieved a significant success in the cultivation of non-traditional crops like tea, cashew nut, oilseeds, tomato, mushroom, wheat , turmeric and others.
