Hyderabad: The Telangana Industrial Health Clinic Limited (TIHCL) , set up by the State Government to help the micro and small enterprises improve their financial health, has on Friday launched i-Health, a cloud-based platform developed by software giant Microsoft.
The new platform will digitise the operations of TIHCL even as it will remove scope for individual biases while handholding the sick or incipiently sick industries.
Speaking at the launch of the platform, Industries and IT Principal Secretary Jayesh Ranjan said migrating the workflow to a digital platform will help TIHCL to handle more enterprises. Confidence among stakeholders will also increase and this will help TIHCL when it taps new funding channels. The State Government is also working to tap funding agencies, venture capital, banks and financial institutions, he said.
With this, the Government of Telangana becomes the first State to partner with Microsoft to build a digital platform to expedite and scale the revival of sick small and micro enterprises in the manufacturing sector. The State has been using Azure and TIHCL’s platform also rides on this, cutting down the need for additional hardware as the data will be on the cloud.
TIHCL, which was set up in 2017 as a fintech-driven NBFC, has so far revived 41 enterprises through manual operations. While 20 of them needed financial support, the rest of them were revived through counseling, mentoring and liaising with banks, said TIHCL Adviser Yerram Raju.
Due to TIHCL’s intervention about 18 weavers from Siricilla look forward to transform their stressed units into viable businesses with forward and backward linkages. The NBFC now has a corpus of Rs 10 crore, contributed by the State Government. It now has plans to work on new manufacturing units from leather and brassware clusters, he said.
THICL Chief Executive Officer Sanjaya Maruvada said industrial sickness is not uncommon. Factors responsible for sickness could include obsolete technology, non-availability of skilled manpower, poor customer engagement, diversion of funds, marketing problems and others. TIHCL conducts a diagnostic study of the problem and prepared a revival plan. It builds a bridge between the eligible enterprises and banks to ensure that the former do not become NPAS. TIHCL ensures that the plan is implemented and also handholds the enterprises till they are stable and healthy again.
Telangana State Industrial Infrastructure Corporation Vice-Chairman and Managing Director Venkat Narsimha Reddy said that the industrial health clinic was one of its kinds in the country. It had resolved many hitches in the past two years and is now poised for handholding small and micro enterprises. It will make recommendations of good practices to them for financial health.