The IMC Chamber of Commerce and Industry, popularly known as the IMC, is a legendary organization that has relentlessly proceeded the agenda of recognizing opportunities, approaching significant issues and encouraging Indian businesses with the single-minded focus of sustainable development. In a Candid Interview with SME Venture, Mr. Ashish Vaid deliberated about the association and status of the SME Sector. Let’s have a glance at it.
- When the IMC Chamber of Commerce and Industry formed and what were the schemes and activities undertaken for the development of small scale industries?
IMC is a very old organization. It’s formed in 1907. It’s not only deal with MSMEs, but also comprise a lot of large industries, a lot of chartered accountants, and lawyers as their members. IMC is a premier Chamber of trade, commerce, and industry in India. The chamber has more than 3000 members. It signifies the interests of a variety of sectors like banking and financial services, energy, environment, water resources, tourism, information technology, construction, education, etc. We arrange interactive meetings with ministers, senior bureaucrats, and others to communicate and drive their views. We also conduct training for arbitrators and mediators to fulfill the skill gaps of MSMEs.
- Currently, what are the challenges you are facing and how you are planning to resolve it?
In September, we had a meeting with MSME Minister Nitin Gadkari. We have been highlighted the problems which MSMEs are facing, such as finance, lack of bargaining power, registration of business issues, taxation issues, export promotion, lack of labor skills, power supply, infrastructure and so on. Mr. Gadkari assured that he will speak with the finance minister for funding support. And also he is trying to simplify the procedures of business registration and planning to provide special training for skill development for labors.
- Can you explain the vision and functions of your special initiatives such as Ladies Wing, young leaders’ forum & so on?
The Young leaders’ forum was set up to accommodate the educated and talented workforce with a platform to assert their opinions and to act collectively in resolving crucial issues and common concerns. It presents an interactive platform for young business people and professionals
Ladies Wing of IMC provides a special focus on entrepreneurial development for women. We are striving to inspire, motivate and encourage women to participate in entrepreneurial activities.
- Are there any projects you are planning for SMEs in the upcoming days?
At present, we are organizing 2 to 3 events per day. In the upcoming days, we are planning to organize flagship events, where we organize large conferences, and also we will get foreign participation. We are planning for digital awards, where top software companies are going to join. Along with this, we are also planning for a banking conference.
- 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 (five 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.
- As per your view, how digital technologies are impacting on Global Trade?
Digital technologies such as Blockchain, artificial intelligence and the Internet of Things (IoT) could supplement up to 34 percentage points to trade growth by 2030. This could be particularly beneficial for micro, small and medium-sized enterprises, as long as they can keep up with the enactment of modern digital technologies.
- Today when India is targeting to become a 5 trillion dollar economy, what contribution according to you should be coming from the MSME sector?
Well, this statement with a clear vision and planning will certainly be going to radically transform the look of the Indian MSME landscape. This change will be a comprehensive facelift of Indian MSMEs. To reach such enormous targets, the Ministry of MSME understood this vision and have started working towards this goal.