As economic rebounding is the need of the hour to brave a new world in post-pandemic times, in association with the State Bank of India (SBI), PHD Chamber of Commerce and Industry (PHDCCI) had started a new business outreach program series “SBI-PHDCCI Industry Roundtable Meet” in 2021. Starting with, the first three programs of the Series were organized at Ludhiana, Punjab and Baddi, Himachal Pradesh and Karnal, Haryana. On 4th March 2022, “SBI-PHDCCI Industry Roundtable Meet” was organized at Hotel Hyatt Regency, Amritsar to bring the important industry stakeholders and exporters of Punjab on a common idea/business platform and discuss some of the most crucial aspects concerning businesses and project finance in the state with a focus on Small and Medium Enterprises (SMEs), large corporates and enhancing the export potential from the state.
“SBI-PHDCCI Industry Roundtable Meet” at Amritsar was attended by the key policymakers from SBI and Punjab’s industries to ideate the way forward for ever closer cooperation between SBI and industry entities in state to support the economic fundamentals and strengthen the business ecosystem. In the post-pandemic times, it was one of the early interventions for supporting Punjab’s SMEs and exporters. The deliberations of Meet are expected to help the state’s industrial units to directly explore the financing and other banking services available with SBI in Punjab.
The Chief Guest & Keynote Speaker Anukool Bhatnagar, Chief General Manager, Chandigarh Local Headquarter & Head-Nepal Desk, SBI reflected on the macroeconomic trends in the light of pandemic and its adverse impacts on the industry, especially on SMEs and exports. He said that SBI is open to meeting the financing requirements of Punjab’s industries of all sizes (SMEs and large corporates), and assured the industry participants attending the Meet about SBI’s unwavering support for their businesses and Punjab’s development at large. To overcome the challenges of the demand slump and the rising cost of business, he suggested the industry to adapt to the new normal and brave it through their entrepreneurial zeal. He assured that SBI’s inherent strength will be serving the causes of the Indian industry, and like its glorious past, the bank’s present is illustrious in the service of the nation. He shared that through its Chandigarh Local Headquarters, SBI is catering to the banking needs of all segments of the customers and the bank is consistently on the progressive path both financially and through its outreach initiatives. Besides initiating various new initiatives in SBI’s Chandigarh circle to support all sizes of businesses, the SBI Nepal Desk is a new institutional initiative to serve the interests of people and businesses in both countries.
In their presentations, Sumit Phakka, General Manager (NW-I), Chandigarh Local Headquarter, SBI; O P Choudhary, Deputy General Manager (SMES), Chandigarh Local Headquarter, SBI and K K Singh, Deputy General Manager (B&O), Ludhiana, they highlighted the favorable offerings from SBI for SMEs, exporters and farmers in the state of Punjab. Jaideep Singh, Convener, Amritsar Zone, Punjab State Chapter, PHDCCI outlined the crucial matters concerning the growth of SMEs and exports from Amritsar zone besides apprising about PHDCCI’s initiatives in Punjab. The Session was moderated by Atul K Thakur, Joint Secretary, State Development Council & Nodal Coordinator, India-Nepal Centre, PHDCCI.
PHDCCI, the National Apex Chamber established in 1905, has been relentlessly working for the socio-economic development of Indian States with an axiom, “The strong States Make Strong Nation.” Under the aegis of its State Development Council (SDC) and Punjab State Chapter, the Chamber essentially carries forward the mission of “Empowering Punjab” to strengthen India’s federal structure of governance and economy.
The global pandemic Coronavirus or Covid-19 is being termed as a ‘one in hundred years’ crisis, which has already adversely impacted lives and livelihoods in unprecedented manners. Trade has been stopped, borders locked down and the people were being forced to either stay home or reach their respective homes. Some of the biggest changes that were never expected have taken place. As the crisis has global nature, India is severely impacted as well.
The world is self-assured to see a sort of re-set, it is the time for the government and industry to reckon the urgency of figuring out their immediate priorities, including on supporting the SMEs, the backbone of the Indian economy. A change in approach is much needed at this point of time, before the fundamentals of the world order go in reset mode, there should be determination to revive the SMEs financing to support the much needed demand factor of the economy. This is the time for proactive collective action to come out of the trying time with a blueprint for the revival of the economy. At the idea front, these were some of the key takeaways from the “SBI-PHDCCI Industry Roundtable Meet” at Amritsar.