Recession has brought about a change in the mindset of Indian SMEs and MSMEs towards equity partnerships and consolidation within the industry. Companies have decided to come together for better resul
Recession has brought about a change in the mindset of Indian SMEs and MSMEs towards equity partnerships and consolidation within the industry. Companies have decided to come together for better results and mutual gains.
For example, in Chennai a group of five SMEs — CI.com, Tycons, Shrim Soft, Fifth Generation and Blue Shift — is planning to float a new company. Penguin Engineers, a packaging equipment company, has entered into collaboration with an Italian company.
According to the Coimbatore District Small Industries Association (CODISSIA), this is a promising move as it will help the SMEs in South India to lower their debt burden, arrange refinancing facilities and compete with big players.
The Government of India (GoI) has also joined the efforts of the SMEs to combat recession. It has approved a financial aid of Rs 4,000 crore. The Confederation of Indian Industry (CII) is planning to launch 15 new clusters across the southern states in 2009.
CODISSIA has built a trade fair complex, while the Coimbatore Industrial Infrastructure Association (COINDIA) has set up a research centre, a foundry complex, a modern tool room and a business centre to provide infrastructure facilities to the South India-based SMEs and MSMEs.
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