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Power2SME, Foundation of MSME Clusters sign MoU to conduct series of SME Transformation Camps

Power2SME, Foundation of MSME Clusters sign MoU to conduct series of SME Transformation Camps

India Blooms News Service | | 08 May 2017, 10:13 pm
Kolkata, May 8 (IBNS): Power2SME, 'buying club' for SMEs in India, has signed a Memorandum of Understanding with FMC (Foundation of MSME Clusters) to organize a series of SME Transformation Camps pan India.


The first event of the series was organized today at Zilla Parishad, Kolkata in collaboration with All Bengal Steel Furniture Manufacturers' Association (ABSFMA).

Under the SME Transformation Camps initiative, FMC and Power2SME will reach out to and bring together a large base of SME groups by conducting a series of on-ground activations and events throughout the year.

With an objective of empowering SMEs digitally Power2SME will educate SMEs on technological means to address the issues related to raw material procurement and working capital loans.

Commenting on the initiative undertaken, Sumit Bhatia, Senior Vice President - Business Operations, Power2SME said, “Contribution of MSME in Indian economy, both in terms of employment and national production is huge but the sector is facing some challenges in terms of raw material procurement, financial support and digital literacy. We at Power2SME believe that technology can act as boon to address these pressing issues and via SME transformation camps, we aim to equip MSMEs with required skills and knowledge to help them improve profit margin, business efficiency and make them more bankable.

Sudha Sarin, VP & Marketing, Power2SME added that: “While many initiatives have been taken to address different pain points of MSMEs, but there are still gaps to be addressed. Power2SME’s collaboration with FMC for its Transformation Camps will create a platform to provide hand holding services for MSMEs across India. This initiative will be a continuous activity and we will reach out to multiple regions throughout the country.”

Anijit Bhattacharya, Senior Manager, Foundation of MSME clusters, commented, “Raw material procurement is an important economic activity for micro, small and medium manufacturing units. By joining hands wth Power2SME, we are supporting the MSMEs to get raw material at cheaper rates and reduce income cost to sell products at competitive prices”.