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Leverage Technology to Tap New Markets: Mohit Suri

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Mohit Suri

The Government of Uttar Pradesh has proactively stepped forward to aid the exporters in the state through the Ubharte Sitaare scheme launched by the Union Finance Minister in partnership with SIDBI and India Exim Bank. Presenting the industry’s perspective on the scheme, Mohit Suri, Chairman of, Indian Industries Association addressed the Ubharte Sitaare of Uttar Pradesh Conference.

Mohit Suri said that the COVID pandemic has completely changed the perception of governments worldwide. Owing to the viral outbreak, the Government of India imposed a nationwide lockdown that adversely impacted the dynamics of the industry completely and MSMEs were one of the worst-hit sectors. Citing challenges faced by MSMEs, he pointed out, “The capital requirements are shooting up in an unrealistic manner for the last two years and all SMEs have suffered losses. Besides, prices of each and every commodity in the last one to two years have gone up by 70 per cent.”

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Mohit Suri, Chairman, Indian Industries Association

Expressing his content with the launch of the Ubharte Sitaare scheme, Suri appreciated the efforts of the Government of Uttar Pradesh in providing handholding support to the exporters in the state under the scheme. “Particularly, at a time when the world is looking at India to be a key player in the global supply chain. We have the entrepreneurs, we have the MSMEs with a capacity to cater to the international markets. However, to overcome the existing challenges, MSMEs need to focus on leveraging technology interventions. Also, cheaper credits can add to the benefit.”

“To overcome the existing challenges, MSMEs need to focus on leveraging technology interventions. Also, cheaper credits can add to the benefit.”

Addressing the upsides of technology and its role in accelerating the growth of exporters, Suri said that a digital platform to connect buyers, who are established suppliers, with the manufacturers would really help the SME sector. “Before the pandemic, we had 90 per cent of our toys coming from China which has drastically changed now. We are rising in the toy manufacturing sector,” he added.

Also Read: “Uttar Pradesh holds the potential to become export hub”

Further, Suri cited pending GST refunds as one of the major challenges. He said, “The pending GST refunds of MSME exporters are running into crores which is a big bottleneck at this stage. And on top of this, such sort of a problem is adding to the problems of working capital. Secondly, international freight, due to the imbalance of containers, is also causing a lot of havoc in exporters. The costs have nearly gone up three to four times.”

Concluding his address, Suri said, “If we actually want to be Atmanirbhar and we want more Ubharte Sitare, then these major concerns need to be addressed. All those MSMEs who have survived this pandemic are definitely Ubharte Sitare.”

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