IRM India, ni-msme sign MoU

Hyderabad: IRM India, India Affiliate of Institute of Risk Management, UK, a leading professional body for enterprise risk management, and National Institute of Micro, Small and Medium Enterprises (ni-msme), an organization of the Ministry of MSME, Govt. of India, have signed a Memorandum of Understanding (MoU), to support the Indian MSME sector in strengthening its defences against threats such as the Covid-19 pandemic, through a series of policy and education initiatives.

S Glory Swarupa, Director General, ni-msme, said: "ni-msme has always been conceiving specialised need-based initiatives in tune with the changing policy and economic situation. ni-msme is not a mere world-class training institute, but a comprehensive hand-holding institution for the MSMEs and entrepreneurial youth in India and the developing world." The MSME sector is the largest job provider in the country, second only to agriculture, and has struggled with employment and economic losses since the lockdown began.

Discussing the agreement, Hersh Shah, CEO, India Affiliate of Institute of Risk Management, UK, said: "World Bank, World Trade Organisation and other organisations have acknowledged the grave risk that MSMEs have been confronted with globally and have highlighted the urgent need for sweeping reforms to help them steer safely through these difficult times. In the coming months, we aim to develop a blueprint that will help India's 6.33 crore MSMEs apply globally-recognised enterprise risk management frameworks and practices, to navigate successfully through the current crisis, as well as safeguard themselves against future uncertain events beyond just financial risks.