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The Government of Maharashtra has entered into a strategic collaboration with M1xchange, a leading trade receivable discounting system (TReDS) platform, aimed at bolstering the financial resilience of Micro, Small and Medium Enterprises (MSMEs) operating within the state. Through this partnership, MSMEs will gain expedited access to working capital against invoices within 24 hours at competitive rates via M1xchange's online bidding platform. This initiative underscores the government's commitment to fostering the growth and sustainability of local businesses.
An integral aspect of this collaboration involves the launch of an extensive awareness programme across various industrial clusters in Maharashtra, jointly conducted by the government and M1xchange. This initiative seeks to educate and encourage MSMEs to register on the platform, offering them a seamless solution for accessing working capital.
State Minister for Industries Uday Samant expressed optimism about the partnership, emphasising the government's role in providing essential support and guidance to MSMEs. Sundeep Mohindru, Promoter and Director of M1xchange, echoed this sentiment, highlighting the collaboration's objective of promoting financial inclusivity and resilience among MSMEs.
M1xchange's success, driven by its innovative technology platform, has already facilitated invoice discounting worth ₹80,000 crore since its inception in 2017. With a significant increase witnessed in FY23, totalling ₹23,000 crores compared to ₹12,600 crore in FY22, the platform aims to further amplify its impact, targeting a record value of ₹45,000 crore invoices processed by the end of FY24.
This partnership between the government of Maharashtra and M1xchange signifies a proactive approach to supporting MSMEs, vital engines of economic growth. By leveraging digital platforms like TReDS, the initiative not only streamlines access to working capital but also promotes transparency and efficiency in financial transactions. As an advocate for economic development, I believe such collaborations are crucial in fostering a conducive environment for MSMEs to thrive, ultimately contributing to the overall prosperity of the state.
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