Surat Summit Ignites MSME Innovation

Focus on Textiles, Diamonds, and Chemicals Fuels Growth Ambitions

Surat’s entrepreneurial spirit was on full display at the second ET Make in India SME Regional Summit, highlighting the city’s potential to drive future industrial progress in key sectors. Discussions centered on unlocking opportunities and addressing challenges for micro, small, and medium-sized enterprises (MSMEs).

Empowering Local Businesses

The summit, held on July 18, featured insights from industry leaders and government officials. J.B. Dave, General Manager of the District Industries Centre, emphasized the need for enhanced support for Surat’s MSMEs, which rank second nationally in registrations. “We need to do more for MSMEs in Surat despite being the second-largest in terms of MSME registrations in the country,” he stated, stressing quality for export-market competitiveness.

Financial Catalysts for Growth

Nagaraj Garla, Executive Director at IDBI Bank, addressed critical financial aspects impacting MSMEs. He noted, “Effective cash flow management remains the single most important factor distinguishing a successful MSME from a failed one.” IDBI Bank’s initiatives, including a new AI-ML-based credit system that disburses funds within minutes, aim to streamline financial access.

Technological Edge and Business Simplification

Raj Tiwari, Senior Sales Manager at Canon India, presented “Making Business Simple with Canon,” detailing how new printing technologies can enhance business differentiation and security for entrepreneurs. In 2023, Canon reported global revenues exceeding $30 billion, showcasing their extensive technological reach.

Industry Perspectives on Surat’s Strengths

A panel discussion explored how Surat’s MSMEs can lead industrial innovation. Ashish Gujarati, Managing Director of Aditya Textile Solutions, highlighted Surat’s integrated textile ecosystem within a 45 km radius, though he expressed concerns about quality control orders and raw material availability. “Most of the challenges come from QCOs and raw material availability,” he stated.

Jayanti Savaliya, Regional Chairman of GJEPC India, pointed to Surat’s adaptability in the diamond sector. “Surat has this distinct advantage: if there are threats to its diamond polishing and cutting business, then it can capitalise on its lab-grown diamond segment,” he remarked, underscoring the potential in this emerging area.

Support Schemes and Skill Development

Bikash Chandra Naik from the National Small Industries Corporation Ltd (NSIC) discussed the corporation’s role in supporting small businesses through collaborations with banks and skills training programs, particularly for rural populations. “Micro and small businesses need a lot of handholding; they don’t go to banks directly. Therefore, we have many collaborations with banks, and we help these businesses to get loans,” he explained.

Navigating Challenges and Community Power

Prashant Patel, former President of FISME, identified key challenges for Surat’s MSMEs, including high land costs, skilled labor shortages, and R&D equipment expenses. He stressed the importance of R&D investment for long-term success.

Nikhil Garg, Founder President of the Agarwal Business Network, lauded Surat’s rapid adaptation to change, particularly in the knitting industry. He believes community power is vital for strengthening the MSME ecosystem.

IDBI Bank representatives, C.S. Arya and Sherine Mendez, concluded the event by presenting the bank’s tools and outreach programs for MSMEs. The summit, sponsored by IDBI Bank and Canon India, highlighted the critical need for collaboration and strategic planning to foster growth in India’s vital MSME sector. The series is set to continue in Nagpur on July 24, 2025.