India is the second-largest crude steel producer in the world, with 10.14 MT and is projected to grow 6.7% in 2023 from 6.1% in 2022, according to WSA's short-range outlook. According to a report from Ernst & Young (EY) and the Confederation of Indian Industry (CII), The Indian Steel Industry is expected to play an integral role in steering the country into a $5 trillion economy by 2025. The sector, which contributes around 2% of India's GDP and indirectly employs close to 2 million people, has been growing at a CAGR of about 5-6 % year-on-year.
The Indian steel industry is a vital component of the nation's economy, contributing 2.5 per cent to the GDP and directly and indirectly employing 2.5 million people. This sector is accorded great importance due to its essential role in infrastructure and industrial development. Its output effect on the economy is estimated to be 1.4 times, with a multiplier of 6.8 times for employment.
Suvarpu Renuka started her entrepreneurial journey with her husband three years ago. Her company’s name is Sri Lakshmi Steel Traders, located in Bengaluru, Karnataka. They decided to start a steel fabrication business since her husband had years of prior experience in the field. Initially, they used to get materials from a vendor but later figured out the process and began doing the production in-house.
When they started the business, they lacked sufficient funds to invest in it properly. Not having adequate capital, they struggled a lot to even maintain the stock. They turned to family members for financial support, but they too couldn't help them with sufficient funding.
Things completely changed when Renuka decided to apply for a Business Loan from Kinara Capital around 3 years ago. She received a discounted HerVikas loan of Rs. 5 lakhs quickly and was pleasantly surprised by how smooth the process was. Eventually, they reached out to Kinara for a top-up loan, and this time too, the response was prompt and positive.
The loan amount was really useful to her as she could invest in improving the business and start maintaining the stock. Thus, her business started growing and now it reached a sales volume of 7 to 8 tons from 4 tons before the loan.
Renuka says that Earlier, we didn't have the money to improve our operations and bulk buy materials to maintain stock. Kinara's loans changed all that. We were able to manage our inventory and get ahead in terms of production. Our output used to be around 4 tons, and now it has gone up to 7-8 tons, and our turnover has shot up from around Rs.10 lakhs to Rs.15 lakhs. I have also been able to use the profits from the business to build a new home for us and send my children to a good school. As a woman entrepreneur, Kinara's support has helped me achieve success and freedom, and that makes me so happy
Kinara Capital is a leading last-mile lending firm that envisions a financially inclusive world where every entrepreneur has equal access to capital. Kinara aims to help the underserved MSMEs with Collateral-free Business Loans to expand and take their businesses to a higher level. myKinara Business Loans are the best choice for MSMEs that need quick access to funding. Kinara’s fully digital process can go from loan decision-to-loan disbursement within 24 hours.
Small Business Owners can check their eligibility from myKinara App in a minute and the process requires minimum documentation. myKinara is available in 7 vernacular languages, including Telugu, Kannada, Hindi, Gujarati, Marathi, and English, for the convenience of the customers. Kinara also provides doorstep customer service. A Kinara loan officer will get in touch with the eligible customers as quickly as possible to complete the loan application process in their preferred language.
Kinara has successfully disbursed loans to more than 50,000 customers so far in over 3400+ pincodes. Visit Kinara Capital’s official website for more information about collateral-free business loans. Give a missed call at 080-6826445 and get contacted by our in-house customer support team.