Mumbai, India – Pankti Agarwal, Executive Director of Laser Technologies Pvt Ltd, was invited to speak at the prestigious Festival of Manufacturing on the critical topic of Financing and Modernization of SMEs. The event brought together industry leaders, entrepreneurs, and experts to discuss key issues facing India’s Small and Medium Enterprises (SMEs), with a particular focus on the challenges of financing and modernization in today’s evolving manufacturing landscape.
In her keynote address, Pankti Agarwal shared the transformative journey of Laser Technologies, which evolved from a trading company into a full-fledged manufacturing entity. Pankti said, “Our journey was not without its challenges, especially during the COVID-19 pandemic when imports from China were halted. This forced us to pivot towards manufacturing our own laser marking and welding machines, which became a critical turning point for our business and set us on a path of growth and innovation.”
Pankti also addressed the significant hurdles that MSMEs (Micro, Small, and Medium Enterprises) encounter when seeking funding. Pankti said, “Accessing financing has always been a challenge for small businesses. It often requires extensive documentation, collateral, and even the mortgaging of properties. This process needs to be simplified. Government-backed initiatives that provide easier access to financing will be essential in supporting MSMEs and ensuring their growth in the manufacturing sector.”
She emphasized the need for government-backed initiatives that simplify and streamline the financing process, making it more accessible to MSMEs. Pankti said, “Simplification and approachability in financing are key to supporting the growth and sustainability of small and medium-sized enterprises, particularly in the manufacturing sector. Without these changes, many MSMEs will continue to face barriers to modernization.”
Additionally, Pankti introduced Laser Gurukul, an initiative by Laser Technologies that bridges the gap between academia and industry. This program provides students with both theoretical knowledge and practical, hands-on training, enabling them to become operators or service engineers in the field. Pankti said, “Laser Gurukul is our way of investing in the future workforce. It is essential to create opportunities for students to gain the skills needed to succeed in the industry and fill the skill gaps that are critical to our sector’s growth.”
Pankti Agarwal was part of an esteemed panel on Financing and Modernization of SMEs, alongside notable industry leaders such as:
- Probir Roy, Senior Advisor at WASME and Co-Founder of PayMate
- Smriti R., CEO of Sanmour
- Rujuta Jagtap Prakash Jagtap, Executive Director at SAJ Test Plant
- Pugal Thyagarajan, Founder of Potential Solutions
The panel was moderated by Alok Kumbhat, Director of Data and Strategy at Dun & Bradstreet India. Together, the panelists discussed the challenges and opportunities in financing and modernizing India’s SMEs. Pankti said, “It is crucial for industry leaders to come together and collaborate with the government to create a robust ecosystem that fosters innovation and growth for MSMEs.”
Pankti Agarwal concluded her address by reiterating the importance of collaboration between the government, industry, and educational institutions to create an ecosystem that supports innovation, modernization, and the long-term success of India’s manufacturing SMEs.
