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Time of India

Entrepreneurial spirit lights up Surat at ET Make in India SME Summit

Resilience, entrepreneurial drive, and innovation stood out in good measure at the second ET Make in India SME Regional Summit of this year in Surat . The city's potential as a hub offering the next wave of opportunities in diamonds, textiles , and chemicals was highlighted in the discussions with a cross-section of industry stakeholders in the city. The ET Make in India SME Regional Summit is a series of 20 nationwide on-ground events to bring together micro, small, and medium-sized enterprises ( MSMEs ), policymakers, enablers and key industry professionals. The summit series aims to unravel emerging opportunities, address critical challenges, and promote meaningful knowledge-sharing and networking to unlock growth for the MSME sector. Explore courses from Top Institutes in Please select course: Select a Course Category Data Science Project Management MBA Others Data Science CXO others Design Thinking Leadership Healthcare Operations Management Artificial Intelligence Management Finance Technology Data Analytics Digital Marketing Degree Public Policy Product Management Skills you'll gain: Data Analysis & Interpretation Programming Proficiency Problem-Solving Skills Machine Learning & Artificial Intelligence Duration: 24 Months Vellore Institute of Technology VIT MSc in Data Science Starts on Aug 14, 2024 Get Details The event, held on July 18, began with an insightful keynote address by J.B. Dave, General Manager, District Industries Centre, who spoke on how MSMEs can be empowered. "We need to do more for MSMEs in Surat despite being the second-largest i n terms of MSME registrations in the country," he said while discussing the strategy for a vibrant and resilient Surat. "For becoming an export-centric market, we need to focus on quality," he emphasised. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo Also Read: ET Make in India SME Regional Summit to debut in Nagpur, the 'Orange City', on July 24 This was followed by an interesting fireside chat with Nagaraj Garla , Executive Director, IDBI Bank , on the topic 'Catalysing Make in India Growth: IDBI Bank's Strategic Imperatives for Empowering MSMEs.' Live Events Garla spoke about several issues pertaining to the financial constraints of the sector. "Effective cash flow management remains the single most important factor distinguishing a successful MSME from a failed one," he said. ET Online Nagaraj Garla, Executive Director, IDBI Bank spoke about several issues pertaining to the financial constraints of the sector. He emphasised the various initiatives implemented by the bank to facilitate cash flow for MSMEs, underscoring the significant role technology has played in achieving this goal. "In March, we introduced an AI-ML-based credit system that decides if the money has to be disbursed or not in 15-20 minutes." Following that, Raj Tiwari, Senior Sales Manager, Canon India , delivered a presentation titled 'Making Business Simple with Canon.' Tiwari offered numerous insights on new technologies that showcase added layers of security in printing. This, he stated, could be of immense help to the entrepreneurs looking to create a differentiation for their businesses. Thereafter, local industry leaders and association heads got together to participate in an engaging session of the day—a panel discussion on how Surat's MSMEs can lead India's next wave of industrial innovation. Reflecting on the tariff developments, Ashish Gujarati, Managing Director, Aditya Textile Solutions, said that they are expecting 5-10% tariffs on the textile sector. "Most of the challenges come from QCOs and raw material availability," he stated. ET Online Local industry leaders and association heads got together to participate in an engaging session of the day—a panel discussion on how MSMEs in Surat can lead India's next wave of industrial innovation. Highlighting the advantages offered by Surat as a textile hub, Gujarati said that Surat's main advantage is that the entire textile ecosystem is within a radius of 45 km. Moving on to Surat's legacy as a diamond hub, Jayanti Savaliya, Regional Chairman of GJEPC India, said that Surat has unique strengths with which it can mould itself as per the market situation. "Surat has this distinct advantage: if there are threats to its diamond polishing and cutting business, then it can capitalise on its lab-grown diamond segment," he said while talking about the emerging opportunity in this new segment. Answering a question regarding the prominence of gemstone manufacturing in China, Savaliya noted that the gemstone industry holds a lot of potential in India, especially in Surat. "We still have miles to go," he said, candid in his admission. The panel discussion then moved on to the importance of schemes for the MSME sector. Bikash Chandra Naik, Zonal Head, National Small Industries Corporation Ltd (NSIC), said that they offer a number of schemes to handhold small businesses. "Micro and small businesses need a lot of handholding; they don't go to banks directly. Therefore, we have many collaborations with banks, and we help these businesses to get loans," he said. Naik also spoke about how people in rural areas lack the required skills, and NSIC helps in getting more skilled professionals into the industry. "NSIC has projects at various levels and also programmes that help them train in different skills," he added. Affirming his views, Prashant Patel, former President of FISME and Director of RK Synthesis Ltd, highlighted some big challenges faced by MSMEs in Surat. These challenges include land availability due to high land costs, a shortage of skilled manpower, the high cost of R&D equipment, and inadequate common infrastructure. Patel also spoke of the importance of R&D investment for enterprises to carve a niche for themselves in the long run. The panel was followed by a fireside chat with Nikhil Garg, Founder President of the Agarwal Business Network. Garg stated that Surat is known for adapting fast to changes. "The growth of the knitting industry here is remarkable. In India, if there is any other city that can challenge China, it's Surat," he said, adding that the power of communities can help to bring the MSME ecosystem together and go forward in their journey as small businesses. ET Online Nikhil Garg, Founder President of the Agarwal Business Network stated that Surat is known for adapting fast to changes. The final session of the evening was a presentation by C.S. Arya, General Manager, IDBI Bank, and Sherine Mendez, General Manager, IDBI Bank, highlighting the organisation's initiatives, outreach, and tools that empower MSMEs. This concluded the second summit in the ET SME summit series of this year in Surat, showcasing how MSMEs can leverage their strengths and counter the challenges in their path in an effective manner. The summit served as a key platform for bringing industry experts together and offering networking opportunities to a host of small businesses in the city. The event sponsors were IDBI Bank as Banking & Lending Partner and Canon as Tech Enabler. The series now heads to Nagpur on 24 July 2025 for another round of conversations, discussions and learning in the ET SME Make In India pan India series.