Tag Archives: Faiz Askari

Interviews

Shaping Up the New Era of Hirings Among SMEs: Workindia

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In this exclusive interview, we delve into the insightful mind of WorkIndia’s CEO, uncovering the driving force behind the company’s success and its impact on the job market. Discover the visionary strategies and innovative solutions that have propelled this tech start-up to the forefront of India’s employment industry.

Today we have with us. Mr. Nilesh Dungarwal is the CEO and co-founder of WorkIndia, and what we are going to discuss with him is hiring and skill development, specifically hiring and skill development among MSME. Segment the trends, opportunities, and overall future road map as well.

Faiz Askari: If we can start with a brief introduction about you and your work in India, you know, our audience can.

Nilesh: Workindia Is India’s largest recruitment platform. Specifically for MSA, we are the recruitment marketplace, so if there is an SMB looking to hire a candidate, they can simply visit workindia.in, post a job, and within 2 to 3 hours, they will start getting relevant calls. That’s how simple it is and we focus on making the entire hiring process as simple as possible. Speed, quality, quantity—everything is basically taken care of by our platform, by our digital platform, and by our technology. So that’s what we do: provide jobs and provide candidates to the MSMEs.

Faiz : According to you how are you observing hiring trends in last few quarters and how do you foresee next few quarters ahead, especially among the MSME sector in India?

Nilesh : So what we have seen is that the January, February, and March quarters were right. And the April, May, and June quarters are the strongest quarters in terms of hiring. Jan., Feb., and March are still good quarters,but the AMJ quarter is the best quarter. We see a dip in the July, August, and September quarters, which is the JAS quarter. And we see this picking up again during the quarter post-that, which is the October-November timeframe, the OND quarter. The reason why June or July is the month is not that fast because, though there are no festivals, the monsoon is there. There’s less consumer demand, hence less hiring. So that’s how it flows. What we also see on our platform are the MSMEs who are hired. One candidate online through the working platform has gone up from 1.1 to 1.3, so there’s a 30% increase in that. So that’s what we see, and we expect this trend to continue. This 1.3 will go to like 1.62 because working day, specifically as a platform, has been able to solve Problems of transparency and quality. Quantity. And speed is the largest problem, right? You want to hire quickly and not wait for a week. It was basically on the traditional platform, so that’s what we see in this.

Faiz : So is there any industry segment that you focus on, or is there any specific industry segment which is becoming big in terms of hiring.

Nilesh : What we see is that we are specifically for SMBs, so 94% of our revenue comes from SMBs. Right. And inside SMBs, what we see is that there’s a growing demand for a profile called sales. Let it be field sales, let it be telesales, let it be business development, right? So we are seeing a growing demand for these. Files. Also, we see the Allied in allied things or allied profiles like technicians, construction garments, etc. All of these profiles were not online before, which is more offline. Also coming online for their hiring. So these are the profiles we see growing on our platform from last year to this year, and we forecast that they will continue to grow in the same way. It was done before.

Faiz : And if you can just give us an idea about how many potential employees and employers are onboarded with WorkIndia, and what is the number that you are expecting in the next year or so?

Nilesh : So in total, The Work India platform has 20,00,000 registered SMBs. OK, right. So 20,00,000 SMB have used the platform for their adding needs every month. Around 1,25,000 companies, or SMBs, post jobs on the job board. India platform, right? We are able to generate 90,000,000 connections. What I mean by connection is An employer talking to a candidate and a candidate talking to the employer on our platform. And we have been able to provide jobs to 155,900 candidates in a month. 90,000,000 conversations are Every month, I’m talking about a month. I’m talking about the monthly numbers. Right. So, in total, around 3 crore? Candidates have been registered under the working platform.

Faiz : That’s huge in itself and in your observations towards the natural shift or inclination towards, you know, skill development, because what we have seen in the past few years is that a lot of people, young professionals, are investing their resources and time in skill upgradation. So how do you see that phenomenon happening on your platform?

Nilesh : We see upskilling growing in India at a very, very fast rate. And what we also see is that this upskilling is more from the standpoint that they want to get ready for the job. So basically, candidates prefer to do upskilling for 6 months, and then they land. Right. So that kind of upskilling we see happening will happen, and it is happening at a very fast rate. We don’t see a ₹ 20,000-person group looking for a 2-year kind of course or a 3-year kind of course. Because money is a very important factor, short upskilling courses of 3 to 6 months are what we see growing, and this would happen more at offline centers than online. That’s also what we forecast, because people are more interested in different things. They learn more from their peers and also when they’re sitting in an offline classroom, especially in this category. And so that’s what we see.

Exports, InFocus, MSME Loans, SMEStreet Exclusive, SMEStreet Special Reports

MSME Loans From Banks For MSME Exporters: SMEStreet Report

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Banks in India have developed several ways to provide MSME (Micro, Small and Medium Enterprises) loans to MSME exporters. Firstly, Export Credit Guarantee Corporation (ECGC) guarantees are available to banks to safeguard against political and commercial risks involved in exporting goods and services, thus allowing banks to provide loans to MSME exporters.

Secondly, banks provide collateral-free loans to MSME exporters up to a certain limit, allowing them to access credit without pledging any collateral or security. Thirdly, under the priority sector lending guidelines of the Reserve Bank of India (RBI), banks are mandated to lend a certain percentage of their total advances to MSMEs, which provides MSME exporters access to affordable credit. Fourthly, the RBI provides refinancing facilities to banks for providing credit to MSME exporters, enabling them to lend to MSMEs at lower interest rates.

Finally, banks provide MSME exporters with letters of credit, which serve as a guarantee that payment will be made to the exporter once the goods or services are delivered as per the terms of the contract. These various schemes and initiatives reflect the banks’ efforts to support and promote the growth of the MSME sector in India.

Indian Banks both public sector banks and private banks provide MSME loans to MSME exporters in several ways, including:

  1. Export Credit Guarantee Corporation (ECGC) guarantees: ECGC provides guarantees to banks against political and commercial risks involved in exporting goods and services. Banks can use these guarantees to provide loans to MSME exporters.
  2. Collateral-free loans: Banks in India provide collateral-free loans up to a certain limit to MSME exporters. This means that MSME exporters can get loans without pledging any collateral or security.
  3. Priority sector lending: Under the priority sector lending guidelines of the Reserve Bank of India (RBI), banks are required to lend a certain percentage of their total advances to MSMEs. This provides MSME exporters with access to credit at affordable rates.
  4. Export credit refinancing: The RBI provides refinancing facilities to banks for providing credit to MSME exporters. This enables banks to provide credit to MSME exporters at lower interest rates.
  5. Letter of credit: Banks provide MSME exporters with letters of credit, which serve as a guarantee that payment will be made to the exporter once the goods or services are delivered as per the terms of the contract.

Overall, banks in India provide MSME loans to exporters through various schemes and initiatives, with the aim of supporting and promoting the growth of the MSME sector in India.

 

Interviews, LimeLight, SMEStreet Exclusive, SMEStreet Podcast

SMEStreet Podcast with Anand Chandra of Accolite Digital

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Here is a SMEStreet Podcast Discussion between Anand Chandra of Accolite Digital and Faiz Askari of SMEStreet highlighting contemporary trends on how Fintech is influencing and transforming the Finance Sector. 

Anand Chandra is Global Head Banking, Financial Services & Insurance Presales & EU/APAC Growth Leader at Accolite Digital. In this role, Anand is responsible for leadership of presales management, targeted sales engagement for the BFSI vertical and sales campaigns to drive revenue growth in Europe and APAC.

Anand brings in over 20 years of extensive experience in the Financial Services sector, building and delivering enterprise-grade transformation programs across Wholesale, Retail, Institution, Private Banking, Wealth & Asset Management.

Accolite Digital is an innovative digital transformation services provider led by design thinking. The organization works with — Fortune 500 companies—solve complex business problems through human-centric design and product innovation approach.

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InFocus, Interviews, Marketing, SMEStreet Exclusive, SMEStreet Podcast, Women Entrepreneurship

SMEStreet Podcast with Niraali Parekh on Contemporary Trends on Design and Advertising

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In an interesting and insightful SMEStreet Podcast between Niraali Parekh of Bokaap Design and Faiz Askari of SMEStreet, Nirali explained trends that are influencing the advertising, design and creativity aspect among various industry sectors including SMEs. In this podcast, she highlighted major drivers of designs and advertising among small businesses.

Niraali Parekh is the Founder and Creative Director of Bokaap Design (previously, Designaren) – one of India’s foremost boutique studios serving clients in India and across the globe.

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FinTech, LimeLight, MSME Opportunities, SMEStreet Exclusive, SMEStreet Podcast

SMEStreet Podcast with Dr Alok Misra, CEO & Director of MFIN

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Here is an exclusive SMEStreet Podcast between Dr. Alok Misra, CEO & Director, Microfinance Institutions Network (MFIN) and Faiz Askari Founder Editor of SMEStreet, highlighting trends and status of microfinance sector of India.

The podcast discussion explains contemporary trends in the Indian microfinance segment and the role of Micro Finance institutions in the changing dynamics amid COVID Pandemic.

MFIN is a premier industry association comprising 58 NBFC-MFIs and 39 Associates including Banks, Small Finance Banks (SFBs) and NBFCs. It is also the Self-Regulatory Organization (SRO) for the regulated NBFC-MFI. By virtue of bringing the NBFC-MFIs under one common umbrella, MFIN acts as a bridge between them and the regulators to build a dialogue for greater transparency, better policy frameworks and stronger client protection standards for responsible lending, thus enabling the microfinance industry to partake in meeting the larger financial inclusion goals.

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Union Minister for MSME Shri Narayan Rane To be Chief Guest of SMEStreet-DealPlexus Ek Nayi Udaan’s MSME Influencers Forum 2023

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On August 4, 2023, at the India Habitat Centre, New Delhi, a mega program is getting organized by SMEStreet in association with DealPlexus – ‘Ek Nayi Udaan’ MSME Influencers Forum 2023. This nationwide initiative is aimed at rejuvenating the entrepreneurial spirit and boosting their contributions to the 5 Trillion dollar Economy target.

The Union Cabinet Minister for MSME Ministry, Shri Narayan Rane, has confirmed his presence as the Chief Guest for the event. In addition, Shri Amitabh Kant, Sherpa G-20 India Presidency, will be the Guest of Honor.

Our Hon’ble Prime Minister’s vision of establishing India as a ‘Vishwa Guru’ (World Leader) is the motivation for the SMEStreet team to conceptualize the MSME Influencers Forum initiative, which is designed to give MSMEs a boost as india chases the 5-trillion-dollar economy target.

Dr Faiz Askari Inviting Union Minister for MSME, Shri Narayan Rane for ‘Ek Nayi Udaan’ – MSME Influencers Forum 2023

The Event will have felicitations for some industry leaders and Flagship MSME Influencers who are contributing to enabling the MSME sector in the 5-trillion-dollar economy target chase. The event will showcase the SMEStreet-DealPlexus Strategic Partnership Announcement on the theme of Aik Nayi Udaan and launch the MSME Influencers Forum 2023.

A gathering of around 150 selected high-profile business owners, MSME Owners, HNIs, investors, and policymakers shall participate in the event. To discuss the common agenda of MSME development.


A detailed agenda of the event will be published on SMEStreet very soon.

“In today’s time, it is very crucial for every MSME to carefully focus on multiple areas of business. Be it finance or technology, these areas are continuously evolving, and an entrepreneur must stay focused on them. With this partnership with SMEStreet, we wish to remove every barrier for MSMEs who wishes to grow to the next level. The MSME Influencers Forum will become the benchmark of success for Indian entrepreneurs,” CA Deepak Maheshwari, Co-Founder of DealPlexus, stated while sharing his views on the upcoming launch event.

Commenting on the partnership and event, Dr. Faiz Askari, Founder and Chief Editor of SMEStreet, said, “While being called the backbone of the economy, we often have to take care of our valued MSME sector as the face of the country’s economic progress. Yes, with such a mindset, we tend to focus more on making this face of the economy smile. ‘ek nayiayi Udaan, the theme for our partnership with ( ek nayi udaan har jagah same style)DealPlexus, will ensure such happines on the faces of MMSME Owners across sectors and geographies. MSME Influencers Forum shall become a standard platform designed for every MSMEs and experts who have something to add value for the MSMEs. We are excited to be bringing such an august forum, which is our way of thanking the nation.”

About MSME Influencers Forum 2023

This nationwide campaign will start in August 2023, and it plans to touch over 3.5 Million (35 Lakh) Business owners, CEOs, CXOs, directors, top directors, and top management of MSMEs across Industry verticals and geographies.

The MSME Influencers Forum is going to be a Nationwide Campaign for recognizing and facilitating MSME Success Stories and MSME-focused experts. The campaign will have offline events as well as a series of webinars discussing various aspects of relevance to MSMEs. The entire activity is anchored on SMEStreet.in and supported by DealPlexus, India’s unique and innovative platform designed to offer 360-degree support for MSMEs’ growth.

To motivate Indian MSMEs (Micro, Small, and Medium Enterprises) for the 5 trillion dollar economy target chase, several strategies are getting implemented, and think tanks are working towards policies that can enable a pro-business ecosystem. While we understand that MSMEs play a crucial role in the growth and development of the economy and that their active participation is essential to achieving such ambitious goals, this has remained a priority aspect for SMEStreet for over 9 years.

Key Components of the MSME Influencers Forum:

1. MSME Success Stories Showcase

There will be felicitations and recognitions for those leaders who are working sincerely toward achieving this great target and establishing an undisputed global leadership position for India.

2. MSME Policy and Schemes Showcase

Government schemes and Programs that are designed to boost the MSME sector will be showcased and highlighted in the MSME Influencers Forum, both offline and online.

 

G20, Global, MSME Schemes

Potential Technological Advancements by MSMEs

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Ministry of Tourism has initiated many steps in the area of technological advancement for the tourism sector inter-alia Multilingual Incredible India website and mobile app, 360 degree virtual tour, launch of utsav.gov.in, digitalization of the classification of accommodation units and recognition of travel trade service providers, Incredible India Tourist Facilitator  (IITF) Certification programme for online learning, E-marketplace for IITFs/Guides, National Integrated Database of Hospitality Industry (NIDHI).

Further, the Ministry of Micro, Small and Medium Enterprises (MSME) has taken several initiatives recently, these inter-alia includes, adoption of dual criteria based definition of MSMEs, launch of Udyam portal to facilitate ease of registration, launch of Udyam Shakti portal, integration of Udyam with portals of Ministry of Labour and Employment and Ministry of Skill Development and Entrepreneurship, extension of non-tax benefits for 3 years.

The Ministry of MSME implements various schemes/programmes to encourage the growth of MSMEs in the areas of credit support, formalization, technological assistance, infrastructure development, skill development and training and market assistance. The schemes/programmes inter-alia include Prime Minister’s Employment Generation Programme (PMEGP), Credit Guarantee Scheme for Micro and Small Enterprises (CGTMSE), Entrepreneurship Skill Development Programme (ESDP) and Promotion of MSMEs in North East Region and Sikkim. The Udyam registered MSMEs engaged in tourism sector can also avail the benefits of schemes/programmes of this Ministry.

As per the information provided by Ministry of Tourism, the National Integrated Database of Hospitality Industry (NIDHI) portal is a technology driven system, aligned with vision of an “Aatmanirbhar Bharat“, which is to facilitate digitalization and promote ease of doing business for hospitality and tourism sector, including MSMEs. It provides a clear picture on the geographical spread of the Hospitality & Tourism sector, its size, structure and existing capacity so as to offer relevant services to the industry like showcasing, Star Classification, Destinations, Attractions, Events, Customer Feedback etc.

Further, Ministry of MSME is facilitating inclusion and ease of doing business to ensure a seamless and supportive environment for MSMEs in the tourism sector, by providing permanent registration through an online portal i.e., ‘Udyam Registration’ (www.udyamregistration.gov.in). The process for Udyam Registration is totally free, fully digitalized and paperless. E-certificates with dynamic QR Code are issued online on completion of the registration process.