IRM India inks pact with NI-MSME to support small-scale businesses

The sector is the largest job provider in the country, second only to agriculture, and has struggled with employment and economic losses since the lockdown began, IRM India said in a statement.

"We aim to develop a blueprint that will help India's 6.33 crore MSMEs apply globally-recognised enterprise risk management frameworks and practices to navigate through the current crisis, as well as safeguard themselves against future uncertain events beyond just financial risks," IRM India CEO Hersh Shah said. He added that the current pandemic has impacted the ability of Indian MSMEs to compete in the global market. It made it imperative to create an environment that will nurture them and provide a robust policy road map to help them regain their global advantage, Shah said.

NI-MSME Director-General S Glory Swarupa said this collaboration will help micro, small and medium businesses identify, plan and mitigate the associated financial and enterprise risks in their enterprises. The tie-up will also train them to utilise the available resources, avail government support and schemes, and develop their own entrepreneurial capabilities to generate employment by becoming self-reliant, added.

The National Institute for Micro, Small and Medium Enterprises (NI-MSME) is an organisation under the MSME ministry. Through their partnership, IRM India and NI-MSME aim to re-orient Indian start-ups and MSMEs towards risk-awareness and strategic mitigation planning.

They will also collaborate on various initiatives to advance risk management expertise in the sector, through research, consultation and training events, a statement added.