Page 53 - MMI - MayJune2022 small-single

To meet the market’s demand in MNCs or bigger industries.
for special products, the com- SMEs cannot match the packag-
pany has taken the initiative es offered by MNCs, so we find
to manufacture Bearing/Guide it very difficult to get the right
Strips, Spirals and Wear Rings, people. Indian Cylinder com-
and Springs (Special Grade) for panies do not want to purchase
Energized Seals. Singhal reveals, seals from the SME sector due
“Novelty Impex is serving all Source: Novelty Impex to large MNCs’ branding and
major fields from car jacks to air- faith in them,” he points out. “To
plane seals with Heavy Earth- “In today’s era, Automation is a overcome this issue, we have set
moving and Mining machines, critical factor for growth. We have up our in-house testing lab and
Hydraulic & Pneumatic Cylin- overcome this problem by test our products to ensure cus-
der manufacturers, Hydraulic importing the latest technology tomer satisfaction.”
from all over the world to maintain
Press manufacturers, Ceramic our global presence in terms of
industry, Defence sector and quality, production, and pricing.” Getting ahead
many more.” Aditya Singhal To achieve the goal of making
Operating on a global scale, with CEO India self-reliant for its ‘Aatman-
Novelty Impex
exports to more than 30 coun- irbhar Bharat’ scheme, the Gov-
tries, the company has OEM ernment of India is looking to
customers and business part- with the necessary help. When MSMEs to help turn the corona-
ners worldwide, including In- the units opened from May 14, virus crisis into an opportunity.
dia. Action Construction Equip- 2020, there was the challenge When asked if India has the po-
ments Ltd, Schwing Stetter, and of making everybody adhere to tential to become a manufactur- Research
others are its significant clients. the pandemic protocols. The Ra- ing powerhouse in the near fu- and devel-
“We have a business partner in jasthan Government opened the ture, Singhal staunchly believes opment in
China, the toughest market for industries with a pass system for that the country does. However, Material
any Indian company to serve,” industry owners and staff. We he suggests that those who in- Science
and Design
he informs. are very thankful to our custom- vest and take risks in establish- Development
ers for making timely payments ing new businesses or expanding is one of the
Overcoming obstacles to us in this difficult time.” existing ones should be support- most import-
COVID-19 and its subsequent State-wise restrictions took a ed by prioritizing their needs. ant driving
lockdowns posed a slew of chal- toll on the business, he shares. Various ministries and depart- forces be-
hind NOV’s
lenges for everyone. With seem- “Export orders were large, ments of the Government of growth and
ingly insurmountable economic which created a big gap to be India have been implementing success.
and social difficulties, the com- filled.” Aside from the financial schemes aimed at the MSME
pany realized the most difficult challenges that an SME fac- sector. New initiatives of the
challenge was the responsibil- es, the other major challenge ministry and a market-driven
ity of caring for its people. Sin- was attracting and retaining economy result in an expansion
ghal adds, “Many tested positive talented people. “Good people of product portfolios, assisting
with COVID had to be provided with talent find opportunities 45 lakh Indian MSMEs. The
Union Cabinet has approved
funding of up to `3 lakh crore to
MSMEs as part of the `20 lakh
crore economic package an-
nounced earlier by Finance Min-
ister Nirmala Sitharaman, with
National Credit Guarantee Trust-
ee Company Limited (NCGTC)
providing 100 percent guarantee
coverage. Elated, he says, “It is a
wonderful step to help MSMEs
with liquidity under NCGTC,
Source: Novelty Impex ment, because MSMEs’ major
started with the Modi Govern-

problems are financial issues and
high rates of interest.”

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