Engineering and technical consultancy giant KITCO has unveiled its plan to initiate a programme for cash-starved micro, small and medium enterprises (MSMEs) and bridge the gap between potential and real performance.
The organisation aims to hand-hold and make MSMEs competitive by launching the said programme on the day of its 45th anniversary celebration on September 15. Kerala Industry Minister A C Moideen is scheduled to inaugurate the programme.
“Though the MSME sector has huge potential in India, huge gap exists between potential and the real performance. Our programme aims to make them competitive and we will provide support to them in areas such as technology, management and accounting among others,” said KITCO Managing Director Cyriac Davies.
“KITCO proposes to make use of efficient funding sources such as venture capital and private equity funds,” he added.
The first phase of the programme will address the issue of shortage of funds, often faced by MSMEs, and provide “handholding” support to 10 enterprises operating in various sectors.
KITCO was established in 1972 as the first Technical Consultancy Organisation (TCO) in India by Industrial Development Bank of India (IDBI), other national and state level financial institutions, Government of Kerala and seven Public Sector Banks for rendering services to entrepreneurs, government departments/PSUs, local bodies, etc. Presently, Small Industries Development Bank of India (SIDBI) is the prime shareholder with 49.77 per cent shares of the company.
The organisation has trained more than 80,000 entrepreneurs through Entrepreneurship Development Programmes in various sectors. KITCO has been accredited as the Assessing Body under Skill Development Initiative (SDI) scheme of Ministry of Labour & Employment and so far assessed more than 60,000 candidates from various States and Union Territories.