New Delhi, Aug 2 (KNN) A delegation of Federation of Indian Micro, Small & Medium Enterprises (FISME) called upon the Union Finance Minister Nirmala Sitharaman on Tuesday seeking prioritisation of medium-sized enterprises in the economic development of India.

The FM extended her support to a collaborative effort between the Federation of Indian Micro, Small & Medium Enterprises (FISME) and IFCI Ltd to establish the 'Center of Excellence for Aspiring SMEs.'

The initiative aims to address the specific needs and challenges faced by Small and Medium-sized Enterprises (SMEs) in India.

The delegation was led by Rajendra Agrawal, Member of Parliament and Convenor of Friends of MSMEs in Parliament, along with FISME's office bearers as they discussed the pressing issues faced by the MSME sector with the FM.

Currently, India boasts around 6 crore MSMEs, out of which only 25,000 are categorized as medium-sized industries. These medium-sized enterprises have distinct financial, technological, and regulatory requirements, differentiating them from both traditional MSMEs and large enterprises.

FISME highlighted that various constraints impede the growth of micro and small enterprises, preventing them from transitioning into medium-sized entities.

This phenomenon, often referred to as the 'Missing Middle,' poses challenges to the sector's overall growth and long-term sustainability.

To bridge this gap and foster growth in aspiring SMEs, the proposed Center of Excellence for Aspiring SMEs will act as a crucial interface between Indian SMEs and foreign companies, with a special focus on joint ventures with Taiwan, South Korea, and Japan.

The Center will offer essential services, including technology interface for aspiring SMEs, allowing them to access modern technology for higher productivity and competitiveness.

It will also provide much-needed financial and management advisory services, equipping these enterprises to become ready for SME Exchange listing.

The FISME delegation, comprising Dinesh Singhal (Chairman, Policy Committee & MD, Kanohar Electricals Ltd), Neeraj Kedia (Chairman, Banking & Finance Committee, and MD, Chkaradhar Chemicals Pvt Ltd), Mohan Suresh (Chairman, Intl Trade Committee, and MD, Technospark Pvt Ltd), and Anil Bhardwaj (Secretary General, FISME), emphasized the urgency of addressing these constraints.

IFCI Ltd, a long-standing statutory financial institution with a history of over seven decades, currently focuses on providing advisory and consulting services to various industries, including managing 13 PLI schemes.

The collaborative decision to establish the 'IFCI-FISME Center of Excellence for Aspiring SMEs' signifies their dedication to empowering the sector and fostering a conducive ecosystem for its development.

The joint initiative aims to enhance the growth prospects of aspiring SMEs, providing them with the necessary support and resources to contribute significantly to India's economic activities.  (KNN Bureau)