To enhance the capacity building measures of MSMEs & Startups, the Institute of Chartered Accountants of India (ICAI), the premier accounting body in the country, will be launching number of initiatives on the International MSME Day observed on June 27, 2021.

With the growth of Indian economy and employment generation capabilities, the Micro, Small and Medium Enterprises (MSMEs) are considered to be the backbone of the national economic structure. As on date, the MSME sector, accounts for nearly half of India’s total exports. This sector is rightfully being seen as a growth booster, providing resilience to ward off global economic adversities on account of pandemic. The MSME Sector is an important pillar to carry forward the vision of ‘Atmanirbhar Bharat’ and face economic challenging situation posed by COVID-19 pandemic.

Various schemes have been launched by the Central and State Governments to provide a much-needed impetus for the revival of the MSMEs. However, to reach the end users, there is a requirement of an enabled, simple and effective ecosystem which can help the MSMEs to get benefitted in a most optimized manner. ICAI, believes that Chartered Accountants with close proximity to the business, industry and entrepreneurs can work with the focus areas of MSMEs especially after being hit by Covid tsunami.

CA. Nihar N. Jambusaria, President, ICAI said “ICAI is responsive to the emerging challenges faced by the MSMEs & Startups. To address the issues faced by MSMEs & Startups, the ICAI will be taking a number of initiatives to strengthen and develop their capacity in order to enhance their competence and improve their visibility amongst the business community. The Institute will develop and provide Capacity Building Measures for the enhancement of the portfolio of MSMEs & Start-ups.”

To mark the importance of the International MSME Day, series of programmes are being organised to address the various needs of the MSMEs at local level. These programmes will focus on creating awareness about the various schemes introduced by the Government at Central and State level. The programme series will be canvassed around a central theme “CAs SWIFT RESPONDERS TO MSME NEEDS”.

On the occasion, the three very important initiatives for the MSMEs namely ICAI MSME EXCHANGE, ICAI MSME Portal and Certificate course on MSME will be launched.

Over 3.20 lakh Chartered Accountants community has deep reach and connect to the MSMEs sector as the trusted advisors providing a variety of services including project financing, working capital management, asset management, export promotions advice, budgetary forecasts, financial modelling, preparing standard operating procedures, assessing the design and operative effectiveness of internal controls besides regular accounting, auditing and taxation services.