8 million MSMEs in India, which employ 111 million people

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moncler outlet online International Finance Corporation (IFC), a member of the World Bank Group on Tuesday has invested USD 10 million as equity in Power2SME, an e commerce platform that helps small and medium companies to buy raw materials at bulk prices and get working capital without https://www.hotmoncleroutlet.com collateral.In addition to the investment, IFC will also advise Power2SME to help expand beyond its current 14 states, improve its ability to provide working capital to cheap moncler coats mens SMEs by adding more banks as partners, and increase the number uk moncler sale of users on its platforms by up to 10 times in five years.”IFC’s extensive experience in supporting moncler online store the SME sector through financing moncler outlet prices and deep networks with banks and financial institutions will help us in our vision to make SMEs bankable,” said R Narayan, discount moncler jackets founder and CEO, Power2SME.He added that moncler outlet store Indian SMEs are critical to making India a manufacturing hub and we must foster the sector if we are to meet the national imperative of inclusive growth.”We have aggressive plans to boost our revenues and continue on our path of profitability,” he added.Micro, small and medium enterprises form a large part of the Indian economy, accounting best moncler jackets for 45 percent of the country’s industrial output and 40 percent of its exports.There are 48.8 million MSMEs in India, which employ 111 million people.There is a critical shortage of long term funding for the sector. Some estimates put the gap at USD 320 billion against a total of demand of USD 500 billion. India has the largest base of SMEs in the world after China, contributing only 8 to 9 percent to the GDP, compared to 60 percent in China.”Our investment in Power2SME will spur greater VC interest in the SME sector in the country and support India’s vision to become a global manufacturing hub,” said Ruchira Shukla, Venture moncler sale outlet Capital and Private Equity Lead, IFC South Asia.She added that by working with SME focused companies and partner financial institutions, we aim to improve access to finance for over one million SMEs in the next five years.. moncler outlet online

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