NSE signs pact with Uttarakhand govt to fuel MSMEs growth in state

New Delhi: Leading stock exchange NSE Wednesday said it has signed a pact with the Uttarakhand government to provide access to capital to MSMEs, which will fuel growth of such entities in the state.

The bourse will play an active role in nurturing the SMEs and start-ups by increasing awareness along with the government on the opportunities to raise capital, SME exchange guidelines, listing processes, compliances with listing agreement among others, NSE said in a statement.

"We, at NSE are happy to actively collaborate with the Government of Uttarakhand. small and medium enterprises (SMEs) are crucial for economic growth, employment generation and broad based inclusive development," NSE Chief Business Development Officer Ravi Varanasi said.

"We are very focused on providing access to capital to SMEs and look forward to supporting SMEs from Uttarakhand in their growth plans and do joint programmes with government of Uttarakhand in each district of the state for capital raising initiatives," he added.

As part of the Memorandum of Understanding (MoU), the exchange will support the efforts of the government in enhancing the financing opportunities for micro, small and medium enterprises (MSMEs) in the state, through listing on NSE's SME platform-- Emerge.

On its part, the government will facilitate MSMEs to get listed on the NSE Emerge, by supporting such entities financially or otherwise, in bearing the expenses related to listing.

NSE's SME Platform has currently 182 companies listed, which together raised over Rs 2,850 crore .The total market capitalisation of these companies will be about Rs 11,300 crore.