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Nepal-India Experts Stress On Rebounding Micro, Small and Medium Enterprises (MSMEs)

By N24 Staff Writer, NEW DELHI:- Economic and diplomatic experts from Nepal and India have emphasized on the need to rebuild the Micro, Small and Medium Enterprises (MSMEs) sector, which is badly affected by the coronavirus or Covid-19 pandemic. The experts further asserted that at a trying time like this, the economic cooperation between India and Nepal should be further accelerated.

They were speaking at a webinar titled as “Enhancing Cooperation for MSMEs in Nepal” and jointly organized by India-Nepal Centre in association with the Confederation of Nepalese Industries (CNI), Nepal SBI Bank Ltd (NSBL) and PHD Chamber of Commerce and Industry (PHDCCI).

In his keynote speech, Maha Prasad Adhikari, the Governor of Nepal Rastra Bank (NRB) termed the MSMEs sector as the growth engine of Nepal’s economy. Highlighting the recent policy measures, he assured that Nepal’s MSMEs are on the way to emerge stronger for yielding positive outcomes.

Likewise, Sushil Bhatta, CEO of Investment Board Nepal (IBN) recognized the challenges MSMEs are facing with the demand and supply shocks and crisis emerging out of the pandemic.

“In the recent past, the trade between India and Nepal has reached to around 85% peak of pre-Covid times both in terms of exports and imports,” said Kapidhwaja Pratap Singh, Commercial Representative of Indian Embassy in Nepal. He added that localized trade is happening at a fast pace. “This shows the immense networking and supply chain management development by business between India and Nepal,” he said.

Anukool Bhatnagar, MD and CEO of NSBL discussed the finance investors’ perspectives in the MSMEs sector of Nepal. He presented a view on key pressing policy issues that are impacting the way banks are landing to MSMEs.

Dr DK Aggarwal, President of PHDCCI shed light on Nepal and India’s unique and deep relationship, while Sanjay Aggarwal, Senior Vice President of PHDCCI urged all concerned to give their spaces for the growth of MSMEs.

Anil Khaitan, former President of PHDCCI presented a global overview about the effect of the pandemic on the economy and the required response to mitigate the challenges faced by MSMEs.

Other speakers of the event included Nirvana Chaudhary, Chairman of India-Nepal Centre (Nepal); Madhav Lal, Former Secretary, Ministry of MSME, Government of India; Ashutosh Bharadwaj, MD, Noveau Manufacturing Pvt Ltd; Praveena Kala, Director, Paramount Cables Pvt Ltd; and Dr Binod Atreya, MD, BFIN, among others.

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