National Stock Exchange Ltd.’s (NSE’s) platform for listing of businesses of small and medium enterprises (SMEs), NSE EMERGE, said it has recorded the listing of the 200th SME.
Nitin Gadkari, Minister of Micro, Small and Medium Enterprises and Road Transport and Highways has quoted that, “MSMEs contribute 29% to the country’s GDP. We will take this to 50% in the next five years.”
The exchange said in a press statement that, Wonder Fibromats Ltd was the 200th firm to be listed on the NSE EMERGE platform. Meanwhile, two companies, Madhya Bharat Agro Products Ltd and Krishana Phoschem Ltd, have migrated from the SME platform to the main board of the NSE. The listed SMEs on the NSE are from 16 states.
NSE EMERGE, now has 200 companies listed on its SME platform, raising more than ₹ 3,100 crore over the last seven years since its inception in 2012. The market capitalization of these listed small and medium enterprises is in the region of ₹ 8,800 crore, and 22 SMEs have over time migrated to the main board of NSE, as per the exchange’s statement.
The MSME sector has huge potential for generating income and employment, boosting exports and contributing to economic growth in the country, said MSME minister Nitin Gadkari.
The minister added that the sector provides employment to about 11 crore people, we will take this to 15 crore in the next five years. The SME trading platform set up by the NSE can play an important role by helping to raise capital for MSMEs. I am glad that using the NSE EMERGE platform, 200 companies have fuelled their growth plans and nearly 22 companies have migrated to the main board of the NSE,” said Gadkari.