By partnering with Gift City, Piyush Goyal encourages small businesses to consider dual listing

On Monday, Piyush Goyal, the minister of commerce and industry, pushed small enterprises to think about dual listing to increase their possibilities for acquiring finance.

The minister stated that small businesses have the choice to list on the SME platforms of the major bourses as well as on the Gift City in Gandhinagar.

He said there is a need to tap into more sources of finance as that can provide the small business sector a boost while speaking at an event to celebrate the 400th listing on the BSE's SME platform. You might want to have a peek at the Gift City's International Financial Services Center.

He added that the same option can also be investigated by companies looking at international listing. We also need to see if we can persuade some of these companies to pursue getting listed through the Gift City platform or a dual listing between Mumbai and the Gift City.

You might want to have a peek at the Gift City's International Financial Services Center.

According to him, a dual listing will make it easier to access both domestic and foreign funds that have already established or are planning to do so in the Gift City. He stated that it would be beneficial to ensure that foreign funds were aware of the SME platform and requested the BSE to make an effort to attract foreign institutional investors and sovereign wealth funds to this exchange.

"The SME platform has a lot of promise, therefore we must effectively market it. Additionally, we must sensitise foreign investors and attract more domestic investors "Goyal continued.

Additionally, he mentioned that up to 150 small businesses who were first listed on the SME platform are now trading on the main platform.

Goyal claimed that the government, through programmes like ECLGS and TReDS, had taken numerous steps to ensure an orderly resuscitation of SMEs after they were severely impacted by the pandemic. Overall, he continued, we were able to defeat the pandemic and manage the current geopolitical environment, particularly the crisis between Russia and Ukraine, in a way that did not undermine our industries' spirit or confidence.

In regards to startups, he noted that the nation is home to more than 100 "unicorns" and 70–80 "soonicorns," or firms that are on the verge of becoming unicorns. He also added that the BSE should establish up an interface with the startup ecosystem.

Both will benefit from such a move as it will hasten their growth and encourage domestic investors to enter the startup ecosystem. He lamented the fact that local investors are not paying much attention to the startup industry.

Goyal also expressed his condolences for Mulayam Singh Yadav, the founder of the Samajwadi Party, who passed away earlier in the day. Everyone loved Netaji, as Yadav was known by his many aliases. His passing leaves us deeply grieved. He asserted that his work would live on in memory for a very long time.