Conducive ecosystem for industries is the need of hour: Odisha Minister

Bhubaneswar: Capt. Dibya Shankar Mishra, Minister of State for Energy, Industries, MSME & Home Government of Odisha graced the virtual FICCI Banking Summit organized by the FICCI Odisha State Council with the active support of the Department of MSME, Government of Odisha, today as the Chief Guest.

He urged that the large industries must come forward to support the MSMEs. He also said that as the things are changing and the working environment is not the same as it used to be, we need to create an ecosystem for the new normal. Banking sector in the state has a huge role to play an bankers need to be more dynamic in their approach to reorient the banking in the new age.

UN Das, Additional Secretary, Department of MSME, Government of Odisha sharing some statistics said, there are around 6.3 cr. MSMEs in India contributing 27% of the GDP. Their contribution to the manufacturing sector is 45% & export-oriented activity is around 22%. He said that many of the MSMEs are deprived of formal credit as around 84% of the MSMEs get credit from informal sources amounting to around Rs 84 lakh crores. He urged the banks to go fully digital to shorten the process of giving credit to MSMEs and bringing transparency in the process as it is time to galvanize the credit ecosystem.

C Udayabhaskar, CGM, NABARD mentioned that NABARD is more focused on the development of the primary sector & Rural Economy. In order to help them during this tough time, NABARD has disbursed Rs 1500 cr. as liquidity assistance. He said that the bank support at the grass root level is very low to the tune of 16% only and unless credit is given, economy will hamper. He emphasized that there needs to be more credit guarantee schemes which will provide comfort to the banks in disbursing loans. He highlighted that the focus should be on forward & backward linkages. Market oriented linkages is also important, he said.

Monica Nayyar Patnaik, Chairperson, FICCI Odisha State Council and MD, Sambad Group in her address highlighted the need of more fruitful and continuous engagement with the industry and banker. FICCI Odisha State Council would be working closely with the stake holders for all round development of the state.

J K Rath, Chairman, MSME Committee, FICCI Odisha Sate Council and Director, MACHEM delivered the welcome and moderated the virtual Banking Summit.

Speaking during the Special Session on Reorienting Banking in the New Normal at the virtual summit, Ramakanta Pradhan, FGM, Union Bank of India, Lingaraj Nayak, AGM, UCO Bank of India, Sushil Kumar, Head, MSME, Canara Bank & Girish Meher, AGM, SIDBI talked about the various schemes of their respective banks & also briefed about the support they have extended to the industry in these difficult times.

Sanjeev Kumar Mohanty, Head, FICCI Odisha State Council delivered the Vote of Thanks.