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Punjab signs MoUs with Amazon, Flipkart to take MSMEs to new markets

CHANDIGARH: Punjab industries and Commerce Minister Sunder Sham Arora today signed MoUs with key e-commerce giants Amazon and Flipkart to enable access to new markets for the Punjab-based MSMEs. The minister said that the the MoU will enable B2B linkages with key international markets, including US, Canada, Europe.

Chandigarh: On the first day of the two-day Progressive Punjab Investors Summit, state industries and commerce minister Sunder Sham Arora signed MoUs with key e-commerce companies Amazon and Flipkart to enable access to new markets for the Punjab-based MSMEs.

The minister said that the government had signed the MoU with Amazon to enable B2B (business to business) linkages with key international markets, including the US, Canada and key European markets. The MoU was signed with the Flipkart to facilitate access for MSMEs to new domestic markets, as well as Flipkart Samarth, for giving a push to the growth of handloom weavers and small enterprises in Punjab, he added.
Managing director of Hero Cycles, a company with 1.2 billion-dollar assets employing around 7,500 people, Pankaj Munjal, said, “Punjab government, this is my promise agreed in paper. It is now on the ground and then it will be real. 10% of the world production will be here.”

Additional chief secretary of industries department and Invest Punjab, Vini Mahajan, highlighted the government’s initiatives to support the industry at the inaugural session of the summit. “To provide this ease to the MSMEs, the Punjab government has partnered with HDFC Bank to provide loans to around 700 MSME beneficiaries, amounting to Rs 1,100 crore,” said Mahajan. She added under their MoU, the bank is offering special pricing for business loans to all industries in the state. Mahajan described MSMEs as the engine of Punjab’s industrial growth and assured all the help from the state government.
Union secretary for promotion of industry and internal trade (DPIIT) Guruprasad Mohapatra said that MSME sector was the backbone of the Punjab industry and accounted for nearly 60% of the total output and around 80% of the total employment in industry in the state.