Kanpur, February 20, 2019: Power2SME, the first ‘buying club’ for SMEs in India, has signed a Memorandum of Understanding (MoU) with the apex representative body of the micro, small and medium enterprises (MSME), the Indian Industries Association (IIA), in order to enhance the operations of MSMEs across India. The MoU, valid for three years across all 40 chapters of IIA pan India, was signed at the Annual General Meeting (AGM) organised by the central body in Kanpur.

 

Speaking on the occasion, Sudha Sarin, Senior Vice President, Marketing and Communications, Power2SME said, “Employing over 100 million people, the MSME sector is the backbone of India’s industrial landscape. Since inception, Power2SME has been committed to addressing the business challenges faced by MSMEs in India. Through this MoU, we look to extend our comprehensive solutions to MSMEs across IIA’s 40 chapters to cater to their raw material needs while offering financial aid and MRO services.”

 

As part of this joint initiative, MSMEs will be able to benefit from the tie-ups between IIA and Power2SME with financial institutions for easy facilitation of finance and credit support. In addition to this, Power2SME and IIA will jointly hold open house sessions, campaigns and seminars in order to create awareness of various government schemes that will benefit the MSMEs.

 

Speaking on the occasion, Sunil Vaish, President, IIA, The Indian Industries Association opined, “For India to prosper, it is imperative to explore the untapped potential of its Micro, Small and Medium (MSME) enterprises. We are extremely happy to partner with Power2SME to aid the SMEs in enhancing their business operations and surmount hurdles that could hamper their growth. Power2SME’s offerings would provide the much required boost to the sector and help them explore opportunities.”

 

In line with the Government of India’s vision for MSMEs, Power2SME, through this association, will also aid MSMEs in embracing and integrating technology in their day-to-day operations. It will help them to resolve key issues that include lack of access to working capital and raw materials procurement, to name a few.

 

The MoU was signed between Sudha Sarin and Sunil Vaish.