From (L-R) - Mr. Dilip Chenoy (Former MD & CEO, NSDC), Mr. K. K. Jalan (Retd.) Former Secretary, Ministry of MSME), Dr. Ramgopal Agarwala (Distinguished Fellow NITI Aayog), Ms. Nirupama Soundararajan (Senior Fellow), Mr. Sumit Gupta, (Group President & National Head, Business and Rural Banking, YES BANK Ltd.)
Delhi, November 14, 2017, YES Global Institute and YES BANK along with Pahle India Foundation successfully organized the 5th edition of the Monthly Seminar Series on the theme of “Role of SMEs in Make In India” on November 14, 2017 in New Delhi. The series, comprising of 12 seminars will aim to deliberate on key issues and challenges in the SME sector and contribute towards policy development for growth of the sector.
Highlighting YES BANK’s commitment towards catalyzing sustainable growth of MSMEs in India, Mr. Rana Kapoor, MD & CEO, YES BANK and Chairman, YES Global Institute said “MSMEs are a significant contributor to the Indian economy as they account for about 40% of the total exports. This sector has a very important role to play in realizing the Government’s ‘Make in India’ mission and it is imperative that MSMEs achieve manufacturing excellence. YES BANK in line with its Responsible Banking ethos, is committed to supporting the MSME sector considers it vital to ensure that they are GST compliant.”
India’s MSMEs have played a key role in our economic progress, accounting for 45% of manufacturing output, 40% of total exports and employing 69% of India’s workforce. The strategic importance of MSME sector as prime movers of employment and economic growth is today acknowledged across the world. With recent developments such as rise of SME focused B2B ecommerce, improving SME lending with growth in FinTech firms and increase in pro-MSME Government initiatives, the sector is deservedly described as the growth engine of the Indian economy. However, despite the considerable importance towards actualizing Industrialization at large, MSME sector needs a handholding during the initial phase of initial learning.
Appreciating the YES BANK – Pahle India Foundation SME Seminar, Mr. K.K. Jalan IAS (Retd.) Former Secretary, Ministry of MSME said “Government has taken huge steps towards development of MSMEs by introducing schemes such as Make in India. Initiatives such as these complimented by on-ground interaction with MSME entrepreneurs will ensure better implementation of Government schemes”.
Mr. Dilip Chenoy, Former MD & CEO, NSDC noted that “Government initiatives such as mandatory contribution by employers towards Provident Fund for employees, providing funds for apprenticeship and skilling opportunities, have set the stage for speedy development of MSMEs. Additional steps such as tailor-made and flexible up-skilling programs and participation of private entities in development of curriculums will further help.”
Who We Are:
PIF is a not for profit policy think tank, established in June 2013 as a Section 8 company. PIF’s motto is “Facilitating Policy Change.” The motto guides all our activities.
What We Do:
At PIF, we work undertake research and disseminate its findings to contribute to the necessary paradigm shift in development thinking and practices in India. PIF is committed to enriching the public discourse and also to influence policy formulation that will help India successfully complete its triple transition in economic, political and social fields.
To emerge as a credible, trustworthy and neutral bridge between economic agents like firms, farmers and professionals on the one hand and policy makers on the other and to contribute to bringing the three principle stakeholders viz government, industry and academia on the same page and pulling in the same direction - a key condition for ensuring India’s success in global markets.
We have chosen four verticals that are relatively underworked areas that will permit PIF to create a niche for itself in the research and think tank space in the country. These are Finance Sector Defence Economics Small and Medium Enterprise Global Political Economy and India
How to Contribute:
All contributions made to PIF are exempt from income tax as per Section 80G (5)(vi) of the Income Tax Act of 1961. In accordance with General Circular No. 21/2014, page 11, point 6, issued by the Ministry of Corporate Affairs, research grants given to PIF comes under CSR under the category of “promoting education” as per Schedule VII of the Companies Act 2013.
For further information, please contact:
Pahle India Foundation
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About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 29 states and 7 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/