Union Minister of Micro, Small and Medium Enterprises (MSME) Narayan Rane launched ‘Repos Pay – a ‘Mobile Electric Charging’ platform and ‘Phy-gital’ – a Fintech Platform at ‘Fuelling India 2022’ event in Mumbai recently.
‘Repos Pay’ is a platform where one can order a Mobile Electric Charging Vehicle on app and charge their vehicles. Repos Pay is an innovative financial platform that offers new ways for citizens to get involved in delivering clean energy to doorsteps and reap the benefits of the technologically powered payment solution.
‘Phy-gital’ is a Fintech Platform that will bring credit to fuel consumers (Buy Now Pay Later) through Technology. The energy fintech platform will facilitate fuel on credit solution for bulk consumers.
“I am here to welcome the youngsters who have come up with new initiatives and who are venturing into business,” Shri Rane expressed his happiness to see young entrepreneurs. “We need to make our country Aatma Nirbar Bharat as envisioned by the Prime Minister.“
Shri Rane said that MSME’s share of contribution in the country’s GDP needs to be increased. He also asked the officials in the Ministry to scale up their efforts to meet a higher target. He asked them to work result oriented to bring a positive change. “India has capacity to become super power with its entrepreneurs and enterprises,” he noted and requested all stakeholders to help each other in achieving this.
The Minister thanked the Banking sector for the financial support provided to budding firms which help the small enterprises grow
Chairman, National Small industries Corporation P Udaykumar appreciated the budding entrepreneurs who are creating waves in the energy sector while most of the start-ups that are coming up in the country are from IT and Digital sectors. Speaking about the role of MSME ministry and NSIC in supporting the micro, small and medium enterprises in the country, Shri Udaykumar said that, “Our mandate is to create a very positive MSME ecosystem. This is a time when the whole world is looking at India. The MSME sector in the country withstood even during COVID.”
Shri Udaykumar went on to say that the performance of the sector has come back to pre-COVID levels. He also shared about the Government’s and the Ministry’s interventions to support the MSMEs. “The MSME’s initiative ‘SEED -fund’ has created a record by onboarding 24 daughter firms in a short span of 6 months which will create a much more robust eco system.” He also extended his invitation to eligible firms to approach NSIC for availing support for working capital funds, equity inclusion as well as venture capital.
Chairman – Indian Chamber of Commerce for Affirmative Action, Sunil Zode spoke about the importance of MSMEs in the country. “Indian MSME contributes about 29% of country’s GDP and 50% of India’s exports. Government has created an excellent eco-system to support MSMEs and that is why we can see so many youths coming forward with their businesses,” he said. Speaking about the launch of the app by Repos, he expressed confidence this initiative can pave way to bridge the gap between exports and imports in the country.