Haryana govt, NSE sign pact for growth of MSMEs

National Stock Exchange (NSE) Wednesday said it has signed a pact with the Haryana government to help boost the growth of MSME sector in the state.

As per the memorandum of understanding, NSE will support the Haryana government in enhancing the financing opportunities for micro, small and medium enterprises (MSMEs) in the state, through listing on NSE's SME exchange platform, NSE Emerge, the stock exchange said in a release.

On the other hand, the Haryana government would facilitate the listing of MSMEs on NSE Emerge through financial assistance.

Besides, "Haryana government will explore the possibility of setting up a government-sponsored equity participation fund to invest in the fast growing SMEs in the state, on the exchange platform," NSE said.

As per the release, the stock exchange has similar arrangements with seven other states -- Uttar Pradesh, Uttarakhand, Rajasthan, Punjab, Gujarat, Andhra Pradesh, and Odisha.

"Development of SMEs is the focus for the state and to further this commitment, Haryana government and NSE have entered into mutual cooperation for enabling SMEs to list on NSE Emerge for raising capital in an efficient manner and scale up their businesses to compete globally," said Devender Singh, Addl Chief Secretary of Commerce & Industries, Government of Haryana.

Listing helps companies to get better access to capital for expansion and growth, provides visibility to local companies at the national level and gives them high credibility, NSE noted.

Vice president of NSE Gaurav Kapoor said, "we are very focused on providing access to capital to SMEs and look forward to supporting SMEs from Haryana in their growth plans and do joint programmes with Haryana government in each district of the state for capital raising initiatives.