Event Details
MSMEs are key contributors to the country's economic activity as an important source of employment, growth, and innovation. Despite their essential role, MSMEs receive a disproportionately small share of credit from the financial system, a trend that persists across developed and developing countries. In India, a greater number of MSMEs tend to be informal in nature, have limited publicly available information, and are relatively less aware of the bank requirements, all of which result in higher information asymmetries impeding bank lending to the sector.
Although, given the proportion of the problem around lack of finance, it is clear that no single solution can bridge the gap and create an enabling environment. Therefore, to address the perceptible credit gap, there is a need to introduce and adopt new financing models. Alternative financing tools, such as equity finance, peer to peer lending, TReDS, etc. have a lot of potential to grow. In comparison to larger firms, MSMEs often have difficulties to access financing from the formal financial system because financial institutions, particularly commercial banks, often view providing loans to them as too risky or involving high transaction costs.
India's financial system is predominantly bank-based in which banks play a major role in mobilizing savings, financing projects and working capital, and render other services to the business.
Keeping the above backdrop in mind, Indian Chamber of Commerce (ICC) in association with MSME DFO, Ministry of MSME, Government of India, Department of MSME and Department of Finance, Government of Odisha will be organizing a "Loan Mela for MSMEs (Easy Credit Flow), on 19th August 2022 at 1000 hrs in Hotel Swosti premium, Bhubaneswar".
This conference is aimed to bring together the Government, beaurocrats, Industry leaders, leading Banks and Financial Institutions to discuss the financial challenges and bridge the gaps of MSMEs. The key highlight of the event will be disbursement of loans to MSMEs in the event itself.
