Interestingly UP stands third in the number of demat accounts in India with a total count at 5.5 million

By Virendra Singh Rawat

LUCKNOW, June 23 (The CONNECT) - The Yogi Adityanath government 2.0 is laying the pitch for the bull-run of the Uttar Pradesh micro, small and enterprises (MSME) sector.

The idea is to facilitate the mopping up of funds from the domestic capital market, so that the state MSMEs can compete nationally and internationally.

UP additional chief secretary, MSME and export promotion, Navneet Sehgal, has urged the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) to handhold the MSME sector for listing on the bourses.

According to Sehgal, 20 companies belonging to the MSME domain have been listed on the BSE and NSE over the past 12 months. The 12 companies, which were listed on the BSE have a combined market capital of Rs 129 crore, while the 8 companies listed on the NSE have a total market cap of Rs 101 crore.

The sudden spurt in the MSMEs listing on the exchanges follows the agreement between the state government and the BSE and NSE to promote the culture of small businesses raising working and business capital from the market.

Moreover, the MSME department has planned to create awareness about listing on the stock exchanges by holding workshops and knowledge sessions across the state.

The government will give priority to companies incorporated in the last 5 years for listing. The sectors including logistics, food processing, IT, manufacturing, plastic, leather, textile etc would be promoted.

Interestingly UP stands third in the number of demat accounts in India with a total count at 5.5 million.

Meanwhile, Noida and Greater Noida have emerged as hot destinations for setting up financial technology (fintech) companies over the last four years.

In fact, the state government has already announced to set up a mega Fintech City over 100 acres spread across Noida and Greater Noida region.

Currently, there are 239 fintech startups in Noida, working in the areas of digital lending, payments, blockchain and digital wealth management. These include companies like Pine Labs, Spice Money, Paytm Payments Bank, Advisorymandi, DIGISPICE, OneCode, Wishfin, GramCover, FanTiger, Marquee Equity, Easypolicy, Buddy4Study, Oye Loans, PayMe India, PortDesk and Nivesh.com.

“The availability of world-class infrastructure, uninterrupted electricity supply, internet connectivity and trained human capital have made Noida and Greater Noida as the favourite destinations for fintech companies,” a senior government official said here.