ET Make in India SME Summit showcases Indore’s potential as a key investment hub

Renowned for its industrial strengths, the city of Indore—also known as “Mini Mumbai”—saw a gathering of MSMEs, industry leaders, and policymakers from the region at the ET Make in India SME Regional Summit on March 13. From industry associations to successful entrepreneurs, the event highlighted the city’s diverse talent and entrepreneurial depth in good measure.


Shankar Lalwani, Member of Parliament, Indore, delivered a keynote address on the government’s commitment to accelerating MSME growth. “PM [Narendra] Modi has made it clear that India cannot compromise on quality if it wants to become a global leader, and MSMEs must align with that vision,” he said.


R.K. Bhanwar, Chief General Manager of the MP Industrial Development Corporation (MPIDC), later joined the stage for a special address. He spoke about the various challenges that SMEs face during their early years. “The MP Industrial Policy specifically focuses on addressing these early growth bottlenecks,” he said, noting that the revision in the MSME definition has helped the sector grow by allowing businesses to expand while still keeping their benefits, which supports industrial growth in Madhya Pradesh and across India.

Later in the summit, experts and industry leaders came together for a panel discussion titled, ‘From ‘Mini Mumbai’ to manufacturing might: MSMEs powering MP’s growth engine.’

Gautam Kothari, President, Pithampur Audhyogik Sangathan, spoke about Indore’s significant role in contributing nearly 25% to the state’s gross domestic product (GDP) and about 50% to exports. “Its strong industrial ecosystem has made it a key investment hub, further boosted by the Delhi–Mumbai Industrial Corridor,” he said.

Despite its considerable contributions, technological upgradation remains a challenge for MSMEs in the region primarily due to limited awareness and financial constraints, said Yogesh Mehta, President of the Association of Industries Madhya Pradesh (AIMP). While many owners are occupied with day-to-day operations, “upgrading technology is crucial for staying globally competitive,” he said.

Delving into how coordination between different stakeholders can make all the difference, Sachin Bansal, President of the Indian Plast Pack Forum (IPPF), said that the industrial ecosystem of any region develops only when there is positive coordination between local industry and policymakers.

Register here for the Dehradun summit.

Talking about the schemes offered by NSIC to support MSMEs, Vinod Vyas, Deputy General Manager, NSIC Indore, said that these schemes give small businesses access to raw materials, capital, guidance, and other operational needs. “These initiatives help MSMEs overcome key challenges while enabling them to grow and expand.”

Offering a perspective on financial schemes, Anand Singh, Deputy General Manager & Regional Head, Indore Regional Office, India Exim Bank, stated that EXIM Bank provides financial schemes for MSMEs, including term loans, along with government-backed support. “Its trade assistance programme helps MSMEs expand into global markets,” he said.

The following segment featured an engaging fireside chat with Mohit Jain, Co-founder & CEO, Kimirica, where he shared his journey as a start-up brand from Indore. Jain said that Tier I and II labels matter little in the overall scheme of things. “Scale depends on mindset and strategy. With a Rs 400-crore run rate and rising internet penetration, brands are expanding from metros to smaller cities, reflecting India’s shifting business landscape,” he said.

Jain’s session was followed by another fireside chat with Ramkrishna Eda, Chief General Manager, IDBI Bank, on the topic, “Catalyzing ‘Make in India’ Growth: IDBI Bank’s Strategic Imperatives for Empowering MSMEs”. He spoke about the range of opportunities on offer for MSMEs from IDBI Bank. “With the Delhi-Mumbai Industrial Corridor opening opportunities in Madhya Pradesh, IDBI Bank offers a range of products for traders, service providers, and manufacturers, many of which have been digitised to make access easier for MSMEs,” he said.

Next, Prashant Bhojne, Sales Manager, Canon India, gave a presentation on the topic “Making Business Simple with Canon”.

This was followed by a chat with Nirmalya Chanda, Regional In-Charge, Bhopal RO, The New India Assurance Co. Ltd., on the topic “Empowering MSMEs Through Comprehensive Insurance: Bridging the Protection Gap with New India Assurance”. Chanda said that insurance is a key pillar of the financial ecosystem. “In Indore, many MSMEs remain underinsured, as policies linked to bank loans typically cover only the loan amount, leaving other business risks exposed,” he said.

The last session of the evening was a presentation by Vinod Talreja, DGM, IDBI Bank. This concluded the ET SME summit in Indore, highlighting how MSMEs even from smaller hubs can work together to make a big impact.

The ET Make in India SME Regional Summit, a series of 20 nationwide on-ground events, aims to unravel emerging opportunities, address critical challenges, and promote meaningful knowledge-sharing and networking to unlock growth for the MSME sector.

The event was conducted by Economictimes.com with IDBI Bank as the Banking & Lending Partner, The New India Assurance Co. Ltd. as the General (Non-Life) Insurance Partner, Canon India as the Tech Enabler and India Exim Bank as the Export Enabler. The programme is supported by the Ministry of Micro, Small, and Medium Enterprises. The series now heads to Dehradun on March 20 for another round of conversations, discussions, and learning in the ET SME Make in India pan-India series.