Ministry of MSME, ONDC Launch Rs 277 Crore Initiative To Empower 5 Lakh Small Companies | Financial system Information
New Delhi: In an effort to empower micro, small and medium enterprises (MSMEs), the federal government on Tuesday launched the MSME Commerce Enablement and Advertising and marketing (TEAM) initiative with a finances outlay of Rs 277.35 crore over three years.
The initiative by the Ministry of Micro, Small and Medium Enterprises, in partnership with the Open Community for Digital Commerce (ONDC), goals to onboard 5 lakh micro, small and medium enterprises (MSMEs), with 50 per cent of those being women-led companies — to embrace digital commerce and develop their market presence.
“The MSME TEAM initiative is a chance to empower small companies with the instruments and assets they should thrive within the digital age. By connecting SMEs to the ONDC Community, we’re making a stage taking part in subject that allows them to scale, compete and succeed,” stated T Koshy, MD and CEO of ONDC.
By offering entry to digital storefronts, built-in cost programs, and logistics assist, the initiative reduces operational obstacles and helps companies faucet into wider buyer bases. Past these instruments, it emphasises formalizing operations and establishing digital transaction histories, which can improve the credibility and belief of taking part MSMEs.
In accordance with the ONDC, over 150 workshops will likely be held throughout tier 2 and three cities, focusing on key MSME clusters, with particular consideration to girls and SC/ST-led enterprises.
MSMEs will have the ability to register for these workshops and entry further assets, similar to financing choices and grievance assist, by way of a devoted portal.
“That is now the best time for Indian startups to leverage ONDC to faucet into the immense potential of India’s MSME ecosystem,” stated Koshy.
To ease the transition to digital commerce, monetary help will likely be offered to the ‘Vendor Community Individuals’ to facilitate catalogue creation, operations and account administration, thereby guaranteeing that SMEs have the assistance they should efficiently navigate and develop within the digital commerce area.
That is additionally a possibility for startups and know-how enablers in India to leverage the ONDC Community to create distinctive worth propositions for India’s huge MSME ecosystem. ONDC is a community of greater than 200 apps, together with purchaser apps and vendor apps.
