Chandigarh BDS Cluster

Workshop on Accounting & Book keeping organized at MICC, Chandigarh on 25^th March, 2010

The project organized a workshop on ‘Principles of accounting and benefits of book-keeping’ for micro and small enterprises in association with Chandigarh Screw Manufacturers Association (CSMA) on 25^th March, 2010 at MICC Industrial Area, Chandigarh. The participants included micro and small scale manufacturers of fasteners in Chandigarh along with office bearers and members of CSMA.

Mr. Rathore (President, CSMA) emphasized the importance of preparing financial statements and also highlighted the pivotal role CSMA has played in guiding and furthering the interests of micro level screw manufacturers of Chandigarh. The TERI team described salient features of the project and urged the participants to avail maximum benefits from it.

Mr Ashok Mehan, a renowned Chartered Accountant based in Chandigarh, elaborated upon the various principles and practices of accounting. He described how MSME entrepreneurs could prepare proper financial statements and records based on standard accounting principles. He emphasized the importance of maintaining proper accounts; for, in their absence (as is often the case with units in the MSME sector), entrepreneurs are unable to avail of loans from leading financial institutions and also face difficulties in availing of benefits under government schemes. He also recommended that entrepreneurs should get their books of accounts audited by a certified chartered accountant. Mr Ashok Mehan agreed to provide free consultancy to first two entrepreneurs coming forward to get their financial statements made.

Mr. Ashish Pillai, marketing specialist and faculty with IBS, Mohali, encouraged the entrepreneurs to have a farsighted vision for growth. Observing that the future of India is in the hands of MSME entrepreneurs, he cautioned them against being complacent in today’s hyper-competitive world. He urged the entrepreneurs to work out a long term strategy that would enable them to gain and maintain competitive advantage.

Mr. C.R Panesar, Cluster Manager under the project, provided an overview of the government schemes for the development of MSMEs. He stressed the need for MSME units to form clusters in order to avail the benefits of existing government schemes for cluster development. The program concluded with a formal vote of thanks by Mr. B.S Saini, Honorary Secretary, CSMA.