Renewable Energy Sector Poised to Boost MSME Growth in Tiruchi: City Union Bank CEO

ENA MSME 2024-08-30 17:45:33 Tiruchi, Aug 30 (KNN) The renewable energy sector could be a game-changer for micro, small, and medium enterprises (MSMEs) in the Tiruchi region, according to N. Kamakodi, Managing Director and Chief Executive Officer of City Union Bank. Speaking at a Confederation of Indian Industries (CII) session on MSME growth insights and leveraging government schemes held in Tiruchi on Thursday, Kamakodi highlighted the potential for significant growth and development in this sector, reported Hindu. Drawing parallels with the success of the textile industry in Coimbatore and Tiruppur over the past two decades, Kamakodi emphasised how government subsidies had played a crucial role in the sector's turnaround. He suggested that a similar opportunity now exists in the renewable energy field, particularly in solar power. The governments have been pushing for natural energy, especially solar power. It has good potential to be a praiseworthy field in the next one or two decades, Kamakodi stated. He advised engineering industries to consider reducing electricity expenditure by tapping into solar power as they venture into this promising sector. Kamakodi also noted the resilience and adaptability of Tiruchi's MSME sector. He recounted how local entrepreneurs, once heavily dependent on orders from Bharat Heavy Electrical Ltd. (BHEL), successfully pivoted to meet demands from the wind mill energy sector during times of crisis. Addressing the post-COVID-19 business landscape, Kamakodi observed a cautious approach among entrepreneurs regarding expansion. However, he encouraged businesses to consider growth, stating, There would be no worst scenario for the industrial sector than the COVID-19 period. In spite of testing times, most MSMEs have stabilized. Hence, the entrepreneurs could go for expansion. The banker emphasized the importance of financial discipline, noting that entrepreneurs who used loans strictly for their intended purposes generally fared well. M. Ramalingam, general manager of the District Industries Centre, highlighted Tiruchi's strong infrastructure and human resources, urging local industries to emulate the success of Coimbatore's engineering sector in adapting to emerging markets. The session, which saw participation from key industry figures including Chella Ramaswamy, Chairman of CII Tiruchi zone, and Ajay Jayaraj, Vice-Chairman, underscored the region's potential for industrial growth and the opportunities presented by the renewable energy sector. As Tiruchi's MSMEs look to the future, the insights shared at this CII session may well shape the region's industrial landscape in the coming years, with renewable energy at the forefront of this transformation. (KNN Bureau) 39107 https://knnindia.co.in/news/newsdetails/msme/renewable-energy-sector-poised-to-boost-msme-growth-in-tiruchi-city-union-bank-ceo 2024-08-30 17:45:33 knnindia.co.in Renewable Energy Sector Poised to Boost MSME Growth in Tiruchi: City Union Bank CEO