Renewable Energy Sector Poised to Boost SME Growth in Tiruchi: City Union Bank CEO

Tiruchi, August 30 (KNN) According to N. Kamakodi, Managing Director and Chairman of the Board, City Union Bank, the renewable energy sector has the potential to be a game-changer for micro, small and medium enterprises (SMEs) in the Tiruchi region.

As reported by The Hindu, on Thursday, during a session of the Confederation of Indian Industry (CII) on “Lessons Learned on Growth of SMEs and Utilisation of Government Schemes” held in Tiruchi, Kamakodi emphasised the potential for significant growth and development in the sector.

Referring to the success of the textile industry in Coimbatore and Tiruppur over the past two decades, Kamakodi highlighted how government subsidies have played a key role in turning around the sector. He suggested that a similar opportunity now exists in renewable energy, particularly solar energy.

“Governments are pushing for natural energy, especially solar energy. It has a lot of potential to become a commendable field in the next decade or two,” Kamakodi said. He advised the engineering industry to consider reducing their electricity bill by using solar energy as they venture into this promising sector.

Kamakodi also noted the resilience and adaptability of the MSME sector in Tiruchi. He shared how local entrepreneurs, once heavily dependent on orders from Bharat Heavy Electrical Ltd. (BHEL), have successfully adapted to the demands of the wind power sector during the crisis.

Analyzing the business situation after COVID-19, Kamakodi noted a cautious approach by entrepreneurs to expansion.

However, he encouraged companies to consider growth, saying: “There will be no worse scenario for the industrial sector than the COVID-19 period. Despite the difficult times, most SMEs have stabilized. Therefore, entrepreneurs could decide to expand.”

The banker stressed the importance of financial discipline, noting that entrepreneurs who used loans strictly for their intended purpose generally did well.

M. Ramalingam, CEO, District Industries Centre, highlighted Tiruchi’s strong infrastructure and human resources, urging local industries to emulate the success of Coimbatore’s engineering sector in adapting to emerging markets.

The session, which was attended by leading industry representatives including Chella Ramaswamy, Chairman, CII Tiruchi Zone, and Ajay Jayaraj, Vice-Chairman, highlighted the region’s potential for industrial development and the opportunities presented by the renewable energy sector.

As Tiruchi SMEs look to the future, insights shared at the CII session could shape the region’s industrial landscape in the years to come. Renewable energy will play a key role in this transformation.

(KNN Office)