Panel discussion on MSME sector

Chennai : Dr. Ramaseshan R, director, BHI Capital Advisors Private Limited and executive member of The Tamil Chamber of Commerce, spoke at a panel discussion at the third edition of Amazon Smbhav. A press release said that the discussion was held to deliberate on the need for a dynamic and digitized MSME sector.  During his speech Ramaseshan emphasised the need for an enabling GST regulation that promotes India’s inclusive growth agenda for MSMEs.
He said, “The government should take necessary steps and provide subsidiary provisions for MSMEs to buy gadgets like smartphone, laptops, etc. for their business.” “The government and industry bodies, including the Tamil Chamber of Commerce, is working towards nurturing MSMEs in India to help them onboard online and improve their technological strength. MSMEs need to be made aware of the advantages of technology to reach a wider customer base and ensure business continuity. He stated that the MSME ecosystem survived the pandemic
only because of e-commerce platforms, which makes it all the more important for the government to ensure dissemination of information is accurately being done,” he added.
He further said that there is a need for the government to promote digital platforms that cater to small businesses, enabling online business opportunities.  “Government must play an enabling role in onboarding these MSMEs onto the digital platforms like China. There is also a need for banks to approve flexible sanctions of loans for the MSME community. The GST regulations do not favour MSMEs at all. With the rapid digitization that the country is going through, MSMEs need to be encouraged to sell online, and for that, efforts must be made
to simplify the GST system and bring parity between offline and online sellers,” he said.  He also added that the threshold of 20 lakhs needs to be reconsidered “MSMEs must be roped into the digital ecosystem with comfort and for that the government plays a big role in reducing compliances and ensuring a smooth online journey,” he further said.