Power2SME Signs MoU with Directorate of MSME, Government of Haryana

India's first 'Buying Club' for SMEs, Power2SME signed a Memorandum of Understanding (MoU) with Directorate of MSME, Government of Haryana, under the guidance of Chief Minister, Manohar Lal, today. Aimed at strengthening eCommerce linkages for MSMEs in Haryana, the MoU was signed between Sudha Sarin, Senior Vice President, Power2SME Pvt Ltd, and Vikas Gupta, IAS, Director General, Directorate of MSME, Haryana in the presence of Deputy Chief Minister, Dushyant Chautala.

The MoU envisages focused conversations on digital enablement, empowerment & enhanced market access for MSMEs of Haryana. As per this initiative, Power2SME will conduct SME Transformation Camps across various districts of Haryana under the aegis of the Directorate of MSME, Haryana. Power2SME will also facilitate the onboarding of regional MSMEs on its digital portal SMEShops.com through these transformation camps.

"Our government is focused on promoting entrepreneurship, enhancing inclusive and balanced regional development in the state. The strategic collaboration will help MSMEs, artisans in remote parts of the state, to overcome challenges restricting their access to domestic and international markets. This will not only give a boost to sales of existing entrepreneurs but also create unprecedented opportunities for new entrepreneurs. Through this initiative, we are aiming at significantly enhancing the visibility of indigenous and specialized products from the state, be it industrial products, or traditional handicraft products, and further strengthening 'Brand Haryana'," said Hon'ble Dushyant Chautala.

Speaking about the MoU, R. Narayan, Founder and CEO, Power2SME, President FICCI CMSME said, "Haryana has always provided a hotbed of opportunity to the entrepreneurial sector of the state. This MoU aims to seal the deal between Make in India & Digital India to provide further impetus to the sector and produce exemplary results to boost employment and economic contribution from the MSME sector."

"Haryana has several key industries such as automotive, agro and food processing industry, textiles, engineering, etc. with a significant presence of MSMEs. The state government is focused on promoting MSME development, and believe that this initiative will ensure market and geographical expansion for the MSMEs of Haryana," said Vijayendra Kumar, IAS, Principal Secretary, Industries & Commerce, Government of Haryana.

"Advancement and holistic growth of our MSMEs is a key focus area for the Directorate of MSME as it provides a huge lever to the economic and social development of the state. This MoU will help our MSMEs transcend geographic boundaries and reach out to newer markets. We look forward to creating an impact and generate larger market opportunities for our MSMEs," emphasised Vikas Gupta, IAS, DG, MSME.

The MoU comes in the wake of the recent budget which has announced doubling of budget allocation to MSMEs, reduction in the duty of raw material which will provide inputs to "Atmrbhar Bharat". Given the incentives available on digital platforms, it is imperative to promote digital literacy amongst MSMEs. The MoU will help MSMEs attain higher efficiencies and productivity, with transparency at each level, which will translate into increased opportunities for the MSME sector.

The first 'Buying Club' for SMEs in India, Power2SME, financially backed by Nandan Nilek, Inventus Capital Partners, Kalaari Capital, International Finance Corporations (IFC) and Accel Partners, began operations in 2012. Committed to empowering SMEs by increasing their profits, Power2SME focuses on reducing purchase prices for SMEs and enhancing productivity. Power2SME enables SME clients to focus on their core business of driving growth and expansion, while taking on the role of sourcing input raw materials at the most competitive price points across multiple products in categories such as Metal, Commodity Polymer, Engineering Polymer, Chemicals, Paints, Solar, Yarn etc. The company, today, has 8 offices spread across Gurugram, Pune, Kolkata, Chennai, Ahmedabad, Jaipur, Bhubaneshwar, & Bangalore, with a team of 200+ employees across India. Power2SME works with established and trusted suppliers such as SAIL, TATA Steel, ESSAR Steel, JSW, Rathi Steel, Victor Exim, Balaji Enterprise, POSCO Steel, Apollo Pipes, JSL, and many more.

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( With inputs from ANI )