Government’s new MSME Ideas Portal

The economic impact of the pandemic and the resulting lockdowns have been significant and far-reaching. Having said that, some of the hardest-hit sections of the Indian business landscape continue to fall within the Medium, Small and Micro Business, or MSME sectors. There are more than 6.34 crore MSMEs in India, and with the devastating impact of pandemic regulations, several of them are facing a number of roadblocks [1].

For starters, most MSMEs are run by only a handful of individuals, and several are too small to be adequately registered. In times of crisis, such as the current scenario, these conditions often limit the Government’s ability to extend aid and MSME loans to these businesses. Moreover, one of the most crucial obstacles faced by MSMEs is a lack of financing to keep their business afloat and provide them the impetus they need to grow.

What do MSMEs Currently Need?

In order to emerge from the current economic crisis, the MSMEs of India is in dire need of simple, efficient means of funding. To that end, a huge financial gap is being bridged by the Pradhan Mantri Mudra Yojana and its offering, the Mudra loans. These MSME loans go a long way in revitalizing the financial potential of these small businesses.

In addition to Mudra loans and other means of funding, MSMEs can also benefit further from ideas, support, and resources from potential financiers. That is where the recently launched ‘Ideas Portal’ can assist them in their eventual recovery.

Government Launches MSME Ideas Portal

On April 30, 2020, the Indian MSME ministry launched an Idea Portal known as the ‘MSME Bank of Ideas, Innovation, and Research’. This portal is primarily aimed at connecting small business owners with private equity firms and venture capitalists who can offer both capitals as well as support to new and existing MSMEs. It will also feature all relevant details regarding Mudra loans and other government-backed MSME schemes.

By the means of this portal, budding entrepreneurs or existing ones can submit and share business ideas, innovation. Each submission is to be evaluated by a panel of government experts who will rate these ideas on the basis of six business parameters. Upon passing their judgment on the potential of the submission, it will subsequently be shared on the public platform.

The MSME Idea Portal hopes to encourage research, facilitate innovation, and become a prime online hub for all national MSME-related information, such as MSME loans. Over time, the portal might also bring big players such as incubators, banks, and foreign investors into the fold to provide large-scale funding for the business ideas published on the platform.

Features of MSME Ideas Portal

With the Bank of Ideas, Innovation, and Research, MSMEs can finally claim a platform to provide them with the support, aid, and backing they require. Here are the variety of useful features on the Government’s new MSME Idea Portal that can help revitalize the sector:

• Firstly, the MSME Ideas Portal promises to be a one-stop-shop on which small businesses can access all information relating to the MSME schemes offered by both the central government as well as the state governments.

• The MSME Idea Portal will serve as a creative platform allowing the uploading, sharing, and crowdfunding of ideas by business owners. Users can select the sector of their business idea (such as Rural, Agro, or Manufacturing) as well as the area of business (such as Finance, Technology, or Policy).

• Apart from sharing ideas, users can also upload all relevant files and documents that can better illustrate the business concept. These include plans, photos, videos, and links to social media pages and websites.

• Users of the platform will also be able to indicate the stage of their business idea as well as rate ideas shared by others on the platform.

• The portal will also provide MSMEs with easy access to information about funding availability. Moreover, it will also include details about the country’s MSME technology centers.

• The portal will also allow MSMEs to access information about Government-backed MSME loans such as Mudra loans, as well as offer details about their restructuring options and current availability.

The economic inactivity brought on by the pandemic has proved difficult for the MSMEs in the country. However, with the Government’s various new initiatives such as the new MSME Ideas Portal, there appears to be plenty of scope for the eventual revitalization of the sector. Moreover, one of the greatest challenges faced by most MSMEs - lack of adequate funds - can be met with MSME loans such as Mudra loans that offer financial aid up to Rs 10 lakhs.

For business needs exceeding that amount, you can consider availing one of the Bajaj Finserv Business Loans available on the Finserv MARKETS platform. These MSME loans can be easily customized to suit the requirements of your own small business and offer features such as flexible tenures, quick approval and an online application process.

I write SEO articles for businesses that want to see their Google search rankings surge. My articles have appeared in a number of e-zine sites, including EzineArticles.com, ArticlesBase.com, HubPages.com and TRCB.com.