Embarking on a transformative journey, Dr. CS Mamta Binani, a distinguished practitioner Mamta Binani, a distinguished practitioner, ecosystem for the MSME sector in the Eastern Region. As the esteemed President of both MSME DF West Bengal and the Asian African Chamber of Commerce-Eastern Region, she is at the forefront of initiatives aimed at empowering micro, small, and medium enterprises. With her visionary approach and unwavering dedication, Dr. Binani offers invaluable insights into the sector's promising prospects within the region. Insights gleaned from her interview underscore her unwavering passion and dedication to driving growth and innovation within this pivotal industry.

• What are the primary drivers behind the burgeoning MSME sector in East India?

The growth of the MSME sector in East India is propelled by a multitude of factors, including government initiatives such as Make in India, Startup India, and Digital India, which aim to bolster support for micro, small, and medium enterprises. Moreover, improved access to finance, skill development programs, infrastructural enhancements, and the escalating demand for goods and services in the region are also pivotal contributors to the sector's expansion.

Rising East

• What are the main obstacles encountered by MSMEs in East India, and how can they be surmounted to accelerate growth?

MSMEs in East India confront a myriad of challenges hindering their progress and advancement. Among these hurdles are the burdensome regulatory compliance, restricted market access, and talent acquisition difficulties. To catalyze the growth of MSMEs in East India, it is imperative for key stakeholders, including industry bodies involved in marketing and regulatory affairs, to collaborate and devise strategic solutions aimed at mitigating these challenges.

• How has your organization specifically contributed to fostering the MSME ecosystem in the region?

Our organization has played a proactive role in bolstering the MSME sector in East India. Through a continuous effort, we curate and host interactive sessions with sector stakeholders and experts to raise awareness on various pertinent issues. Additionally, we engage in constructive dialogues with state governments regarding matters pertaining to development. Collaborating with key industry bodies such as NSE & BSE, we organize conclaves to underscore the significance of SME IPOs. While we take pride in our accomplishments, we acknowledge that there is still much to be done, particularly in providing support to Micro & Small manufacturing Enterprises grappling with compliance issues and unaware of growth opportunities.

• How will technological advancements and digitalization impact the growth and competitiveness of MSMEs in East India?

Technological advancements and digitalization are poised to significantly transform the growth trajectory and competitive landscape of MSMEs in East India. These advancements will empower MSMEs to enhance operational efficiency, reduce costs, and broaden their customer base through e-commerce platforms. Moreover, embracing digital technologies will enable MSMEs to augment product quality and streamline business processes, thereby ensuring their competitiveness in the market and enabling adaptation to evolving consumer preferences.

• With SME IPOs gaining prominence, are they truly instrumental in accelerating the sector's growth?

SME IPOS (Initial Public Offerings) indeed hold the potential to expedite the growth of MSMEs by providing access to capital markets for fundraising, bolstering visibility and credibility, and facilitating business expansion. However, MSMEs contemplating an IPO must prudently evaluate the associated costs, regulatory requirements, and prevailing market conditions to ensure a successful outcome.

• How can collaboration among MSMEs, academia, and research institutions drive innovation and growth in the sector in East India?

Collaboration among MSMEs, academia, and research institutions can serve as a catalyst for innovation and growth within the MSME sector in East India. Through synergistic efforts, MSMEs can leverage academic expertise, research findings, and cutting-edge technologies. Simultaneously, academia and research institutions can gain valuable insights into industry needs, fostering entrepreneurship and innovation. Joint initiatives such as research projects, technology transfer agreements, and skill development programs are instrumental in nurturing a conducive environment for MSME growth through collaborative endeavors.

This article has been produced on behalf of Dr. CS Mamta Binani by ABP Digital Brand Studio.