Mr. Rohit Mali, Director, Firefly Fire Pumps commented, “The MSME sector received crucial support from the previous year's budget. In 2023, the government demonstrated proactive efforts through initiatives such as the extension of the Emergency Credit Line Guarantee Scheme (ECLGS) and the Production Linked Incentive (PLI) schemes, providing essential liquidity and boosting manufacturing. The introduction of the Udyam portal further streamlined the MSME registration process, reducing red tape and facilitating the formalization of new businesses. Despite these positive steps, the industry grapples with obstacles like rising input costs, supply chain disruptions, and the persistent shadow of global economic uncertainty. These challenges persist, creating anticipation for more robust measures in the upcoming 2024 budget. 

The 2024 budget will be a crucial opportunity to solidify 2023's gains and propel the MSME sector towards a brighter future. We are confident that the government will address existing gaps and collaborate closely with the sector to build an 'Atmanirbhar Bharat'.

Increasing the allocation of funds for schemes like Raising and Accelerating MSME Performance (RAMP), other schemes would provide major financial and technical support to MSMEs. Also, continuing support for the Production Linked Incentive (PLI) in vital sectors, expanding the scope of the Emergency Credit Line Guarantee Scheme (ECLGS), and investigating alternative financing avenues holds the potential to address the credit gap for MSMEs. This, along with targeted fiscal incentives for technology upgrades, digital solutions, and capacity building, can boost them towards cleaner materials and sustainable manufacturing practices.  Through tax breaks and R&D grants, MSMEs possess the capacity to make substantial contributions to India's GDP, facilitate job creation, lead in environmental leadership, and drive innovation. The forthcoming budget carries great importance for the MSME sector, providing a crucial opportunity to unleash its complete potential. By giving priority to affordable financing and technical training for these 60 million businesses, which form the backbone of our economy, we can pave the way for a sustainable, export-oriented future for MSMEs.

Mr. Rohit Sanjay Mali has been the Director of Firefly Fire Pumps since August in 2012. Having been a part of the legacy for over a decade, he has been responsible for the Sales & Marketing, Finance & HR roles at Firefly. Mr. Rohit has worked on building a sustainable business model inspired by "The Infinite Game" Ideology. He completed his Bachelor of Engineering from Shivaji University in the year 2011 and his Masters in Family Business Management from S. P. Jain Institute of Management and Research in the year 2014. Within just five years of joining the business, he has significantly increased sales revenue at the organization by 100%. Along with that, Mr. Rohit has been spearheading the growth of the business by bringing about significant changes and introducing the latest technology such as SAP HANA, Salesforce, and Latest Solidworks Software aiming towards the company adopting Industry 4.0. Under his leadership, Firefly has grown from 20 professionals to 100 professionals in the past 10 years across the shop floor and other departments. He has also helped the company double its production capacity through state-of-the-art equipment and a SCADA system for Pump Testing at the new plant. Under Mr. Rohit Mali’s guidance and leadership, the Government of Maharashtra Industries Department, Directorate of Industries has awarded Firefly Fire Pumps Pvt Ltd for outstanding performance in the Export District Conclave on "Investment Promotion, Export, Ease of Doing Business (EoDB) and One District One Product (ODOP)". Along with that, Fire India (Asia's Largest Fire Exhibition) has recognized Firefly Fire Pumps Pvt Ltd with a runner-up position in Innovation Award in Active Fire System Category.

(This "Tech Update" Published in February 2024 Edition)