The world today is battling the horror of the covid19 pandemic which has gripped over 213 countries. The current bewildering situation has brought the world economy to a standstill and Indian economy too as one of its major subsets, is struggling with the challenges unleashed by this virus.
The said unprecedented situation has impacted all the sectors of the Indian economy but nowhere the strain is as much as that felt by the Micro, Small and Medium enterprises. More than six crore MSMEs have a crucial role to play in building a stronger self-reliant India. Considering the same, the Government through its ‘Aatmanirbhar Bharat Abhiyan’ intends to address the needs of this worst hit sector to help them sustain the prevalent situation and bounce back as the main force that creates decent jobs and improves livelihoods.
As part of the aforesaid Abhiyan, the Emergency Credit Line Guarantee Scheme (ECLGS) under which 100 percent cover will be provided by the National Credit Guarantee Trustee Company (NCGTC) for additional funding of up to Rs 3 lakh crore to eligible MSMEs and interested MUDRA borrowers, in the form of a guaranteed emergency credit line (GECL) facility along with the Union Cabinet’s additional provisioning of Rs 20,000 crore as subordinate debt to provide equity support to stressed MSMEs and equity infusion of Rs 50,000 crore for MSMEs through a fund of funds (the 2nd Package), shows the Government’s pattern and intention of boosting the supply side availability of capital on easy terms
The announcements have been made and calls for action now. The onus of the ground level implementation of the said announcements falls on the banks, financial institutions and other allied service providers which together constitute the financial architecture of the MSME sector and are critical in providing financial and alternative viable solutions to empower the MSMEs economically.
In view of the above, Confederation of Indian Industry, with its overall theme for the year 2020 of ‘Building India for a New World’, is organizing the Money Mobility Week. This week aims at providing a thrust to the MSMEs by bringing together both demand and supply sides of credit. In addition to the same, to help MSMEs empower economically, it is important that not only credit, but all the financial solution providers are made feasible to MSMEs through a common platform which not only provide solutions in the form of product or service but also enlighten them through their knowledge sharing and stimulate innovation.
Objective:
A virtual platform with the aim to make MSMEs financially self-reliant through connectivity with the financial institutions along with other allied service providers and a step towards materialization of the government’s announcement of special financial package for MSMEs as part of ‘Aatmanirbhar Bharat Abhiyan’.
Structure:
A weeklong programme with the following components:
Focused Policy roundtables with the Government and Apex Financial Institutions
Focused Policy roundtables with Banks, NBFCs, Small Finance Companies, Micro Financing Institutions, Fintech Companies, Risk Mitigators or Insurance Providers, Digital Payment Solution Providers, Tax and Compliance Advisory Service Providers, Capital Market Experts, Factoring Service Providers, Rating and Evaluation Agencies
A month-long Loan Mela Campaign with CII facilitating the connects between the MSMEs and the Partnering Banks and Financial Institutions in the form of run up to the Money Mobility Week
Virtual Financial Services Pavilion showcasing the products and services offered by the partnering financial institutions
Financial Repository as Digital Library with Financial Reports and other relevant information related to the partnering financial institutions
