Bombay Industries Association is a forum of entrepreneurs and industrialists having more than 1000 members serving MSMEs, large scale to low scale industries. BIA portrays a cross-section of industries covering the intact range of Industries and its branches. It is registered beneath Section 25 of the Companies Act. In a candid interview with SME Venture, Mr. Siddharth Shenoy, the President of the Bombay Industries Association(BIA) explained the entire functions of Association and their significance in promoting the MSME sector.
- When the Bombay Industries Association formed and what were the schemes and activities undertaken for the development of small scale industries?
The Bombay Industries Association was formed in1948. It’s a very old organization that lies in between the industries and government. Bombay industries association was instrumentally in helping out MIDC in this area, particularly in Andheri east. That is the main reason why this association came into existence. When it comes to schemes and activities, we are organizing different events and workshops for SMEs. Our job is to be a platform for skill aspirers and encourage Small & Medium Enterprises in the growth of their business. We have diverse industries like metal, machinery, plastic, rubber industries and so on. Through Flagship events, we are sharing knowledge regarding technologies which will be very helpful for SMEs. Its a 100% networking platform for business people.
- Currently, what are the challenges you are facing and how you are planning to resolve it?
Small and medium enterprises confront several challenges that are much more complex. As we know, India has now been developing at a constant pace. To proceed at the prevailing pace, India requires adding one of its core micro representatives one of them being the Small & Medium Enterprises (SME) sector in India. The main challenges faced by us are lack of right Infrastructure and finance, Taxation, lack of support from the government for business automation and so on. To overcome these challenges, we are planning to connect financial mela and also thinking to organize workshops. Already we have done 9 workshops in the previous year by inviting the excellent motivators. And also we visited multiple industries in foreign countries to learn how they are doing business and how they are performing their investment on the same.
- Can you explain what special objectives of Ladies Wing initiative are?
Ladies Wing is a small group of ladies organized its own set of Office Bearers and committee to control the activities of the ladies wing. The activities of the wing cause inspiration and it guide women to participate in entrepreneurial exercises.
The wing combines seminars on subjects of restricted interests and organizes committee discussions and workshops. Educational and technical visits are also governed by the wing for the privileges of its members.
Time has transformed for ambitious women and the ladies Wing of Bombay Industries Association, which is a valid testimony of transforming statues of women in the business and corporate system. It’s started as a small group of industries in Mumbai. We are hoping for further participation of the women entrepreneurs.
- Are there any new initiatives you are planning for SMEs in 2020?
In 2020, we are looking to increase business scalability and also we are trying to connect financial mela, which is an outreach program to provide credit for our MSME members. This is very important because the lack of financial support is one of the main challenges that we are facing as I said earlier. So it shouldn’t continue in this year 2020. And also we are planning for more and more workshops, seminars, events for the skill development and business growth of SMEs.
- As per your view, how digital technologies are impacting on Global Trade?
As we know, at present everything has been almost digitalized. I want to say, digital technologies are also impacting on Global trade. Trade has continuously been grown by technology but the quick development of digital technologies at present can impact the global trade profoundly in the years to grow. There so many digital technologies – specifically the Internet of Things, 3D printing, artificial intelligence, and Blockchain – change trade prices, the quality of what is traded and the structure of the trade. It evaluates how global trade may be influenced by these technologies over the next few years.
- What are your views on the role of MSMEs in the Prime Minister’s vision for Job creation?
As we know, MSME Minister, Nitin Gadkari has made it clear that his plan for the MSME sector for the next five years is to generate 5 Crore jobs. This vision of our PM itself will be going to change the country’s per capita income graph and MSMEs can be an exceptional value creator in this area as well. Small and medium-sized enterprises (5 to 250 employees) create a large percentage of jobs in industrialized nations. This is a well-documented phenomenon. Job growth not only appears from existing companies but also from new start-ups, notably those that progress very fast in the first years of activity. There is no doubt, with such planning; MSMEs in India will be known to become the biggest asset of the World’s fastest developing economy.