UP Govt Signs MoU With NSE To Boost MSME Funding

Lucknow, Apr 17 (KNN) The Uttar Pradesh government has signed a Memorandum of Understanding (MoU) with the National Stock Exchange (NSE) on Wednesday, creating a pathway for the state's 96 lakh micro, small, and medium enterprises (MSMEs) to access capital-raising opportunities.

Under this agreement, these enterprises can now secure funding by launching Initial Public Offerings (IPOs) through the NSE Emerge platform.

An official spokesperson confirmed that the state government remains dedicated to strengthening these enterprises both financially and technically.

"As part of the MSME Policy 2022, financial assistance of up to Rs 5 lakh is being offered to support MSMEs in getting listed on the stock exchange," the spokesperson explained.

This partnership represents a crucial development in the state's ongoing efforts to empower its MSME sector by facilitating capital access and expanding market presence.

NSE Emerge serves as a specialised platform designed to connect MSMEs with the capital market, providing opportunities for public funding, enhanced brand visibility, and access to a wider investor base.

Through their collaboration with the Uttar Pradesh government, NSE will organise seminars, awareness programmes, roadshows, and MSME camps throughout the state to educate entrepreneurs about the listing process and raising capital through IPOs.

The MoU was formally signed by UPSIC Managing Director Raj Kamal and NSE Senior Manager Nidhi Maheshwari. Principal Secretary for MSME Alok Kumar and Secretary for MSME Pranjal Yadav attended the signing ceremony.

"Under the visionary leadership of Chief Minister Yogi Adityanath and Industry Minister Rakesh Sachan, the UP government is creating a robust ecosystem for MSMEs,” stated Alok Kumar.

“This MoU will provide them greater access to the equity market, enabling business expansion and growth," he added.

Sriram Krishnan, Chief Business Development Officer, NSE, highlighted the platform's success, stating, "To date, 612 companies have been listed on the NSE Emerge platform, raising over Rs 17,003 crore in capital.”

“Their combined market capitalisation stands at approximately Rs 1,76,565 crore. MSMEs in Uttar Pradesh should seize this opportunity to accelerate their growth journey," he elaborated.

(KNN Bureau)