Msme Sector

Most AI tools 'hallucinate'; not meant for Indian MSMEs : Vexoo Labs

Most artificial intelligence systems suffer from the flaw of 'hallucination' and are not meant for India's small enterprises in manufacturing sector, deep-tech company Vexoo Labs has said and claimed its AI solutions are for the "real world". "The focus on factual accuracy is both rare and crucial," said Ajay Kumar, Senior Business Leader, AI Evangelist and a Board Advisor at Vexoo Labs. He said most AI tools today are built for showcase, not for reliability. In the industrial alleys of Rajkot, the looms of Tiruppur, and the machining units of Coimbatore, India's small and mid-sized manufacturers are facing a silent crisis, he noted. "It's not rising input costs or labour shortages alone - it's the growing complexity of data, and the absence of any reliable AI system to help make sense of it," Kumar told PTI on the sidelines of Super AI, a mega exhibition and conference held June 18-19. According to Kumar, despite the global boom in artificial intelligence, "most systems on the .

Govt may start scheme to help MSME exporters register in new markets: Goyal

The government is considering formulating a scheme to fund exporters, especially MSMEs, in registering new products in new markets with an aim to boost the country's outbound shipments, Commerce and Industry Minister Piyush Goyal has said. He added that the entire cost of such registration will be funded by the government. "I am thinking of coming out with a scheme that any MSME that needs to spend any amount of money to register their products any where in the world, particularly for new products, new markets, new exporters, the government will fund the whole cost," Goyal said here on June 9 while addressing Indian business delegation. The minister is here on an official visit to hold meetings with Swiss leaders and companies to boost trade and investments between the two countries. This scheme is expected to be part of the Export Promotion Mission (EPM), which was announced in the Budget. It may include 12 components, including easy credit schemes for MSMEs, e-commerce exporters

CoC to meet on JSW-Bhushan case in 3 days: PNB MD & CEO Ashok Chandra

The Committee of Creditors (CoC), led by Punjab National Bank in the case of Bhushan Power and Steel Ltd (BPSL), will be meeting with other lenders

Trump tariff impact: Brace for exchange rate wars too, says Madan Sabnavis

At the global level, slower trade will also mean slower growth, especially for export-oriented economies, Sabnavis said. Back home, he feels that the MSMEs will be under pressure again

MSME bodies raise critical financing issues before parliamentary committee

"The industry highlighted issues impacting industry access to finance before the Parliamentary Standing Committee on Finance in a session," said a source

Bengal tops in MSME manufacturing industries in India: CM Mamata Banerjee

West Bengal topped the list in MSME manufacturing industries and also recorded the highest percentage of women-headed establishments in the country, Chief Minister Mamata Banerjee said on Monday. Citing the recently published findings of the 'Annual Survey of Unincorporated Sector Enterprises' conducted by the National Statistics Office (NSO), Banerjee highlighted Bengal's outstanding performance in multiple sectors. "Happy to share that the recently published findings of the Annual Survey of Unincorporated Sector Enterprises' conducted by the National Statistics Office, Government of India, once again establish Bengal's top position in MSME manufacturing industries and, simultaneously, our women's wonderful performance there," Banerjee posted on X. The state recorded the highest percentage of women-headed establishments in the country, at 36.4 per cent, she said. Banerjee added that the state has emerged as the leader in workers engaged in 'Manufacturing Enterprises,' contributing

No immediate review of China investment in India, says CEA Nageswaran

Nageswaran said India's capital markets remain strong despite the rupee depreciating at an average of 3 per cent annually due to inflation differentials

Budget boost for MSMEs with higher credit limits, lower guarantee fees

To help MSMEs scale up operations, enhance technological capabilities, and access capital, the Union Budget has introduced enhanced investment and turnover limits for MSME classification

What does Union Budget 2025 have in store for India's trade policy?

Since the IES expired on December 31, the commerce department is seeking approval for a slightly modified version of the scheme to cover at least MSMEs

Union Budget 2025-26: Here are the key challenges in the MSME sector

MSMEs face informational asymmetries, limited consumer visibility, and weak branding and marketing capabilities

MSME industry bodies seek RBI support for easier priority sector lending

The official further said that the RBI only partially restored this classification to the extent of Rs. 20 lakh per borrower. Hence, NBFCs funding to MSEs is now restricted

India to safeguard interests of SMEs in diamond industry: Piyush Goyal

Union Minister of Commerce and Industry Piyush Goyal, who is in Brussels, met with the delegation of Antwerp World Diamond Centre (AWDC) on Monday and asserted that India will safeguard the interests of its small and medium enterprises and individuals in the diamond industry.In a post on X, Goyal said, "Met with the delegation of Antwerp World Diamond Centre (AWDC) led by their President and other stakeholders from the diamond industry. Conveyed India's stand on safeguarding the interests of our Small & Medium Enterprises and individuals in the diamond industry."During the meeting, Goyal requested the European Commission trade commissioner to extend the deadline for technology-based certification in the diamond sector."Also, deliberated on the progress of the request made to the Trade Commissioner regarding an extension of the deadline for technology-based certification, highlighting its crucial role in supporting Indian small businesses and protecting consumer interests in the .

MSME Pharma units get breather as govt extends Schedule M deadline

Pharma cos with turnover of Rs 250 cr or less can submit an application to the central drugs regulator for one one-year extension

DGTR probes surge in steel imports, to consult MSMEs on safeguard duty

The commerce ministry's investigation arm DGTR has started a probe into an alleged jump in steel imports and it will also consult MSME downstream industries before making its recommendations, a top government official said on Monday. Commerce Secretary Sunil Barthwal said that the ministry has received a request from the steel ministry for conducting the safeguard investigations. "The DGTR is doing it and in the investigation, they look at the whole value chain. So we are looking at not only the HR (hot-rolled) and CR (cold-rolled) coil (steel products) which is coming to India, they are also looking at the requirement of downstream industry whether there is a production imbalance or whether it is an injury because of excess capacity in steel," he told reporters here. He said that all these stakeholders are being consulted including MSMEs as well as the downstream industries, "then only the DGTR will make a recommendation" in this regard. A final call on imposing the duty can be ta

Open to the idea of alternate financing models for MSMEs: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Thursday urged the industry to share specific issues they are facing in accessing bank credit and suggested that the government is open to exploring alternate financing models for MSMEs. He also said the ministry can earmark particular areas in the proposed industrial townships for the MSMEs (Micro, Small, and Medium Enterprises). Exporters have raised concerns over declining bank credit, particularly to the MSME segment. While exports grew by 15 per cent in the rupee terms between 2021-22 and 2023-24, the outstanding credit in March 2024 dropped by 5 per cent over the same month in 2022, according to exporters. "Give me specific details (as in) what kinds of problems they (MSMEs) face. Is too much collateral being asked? Suppose an ECGC (Export Credit Guarantee Corporation) cover is available, do they (banks) still ask for collateral, what kind of interest they charge when a 90 per cent guarantee is taken by ECGC in the event of any ..

Q2 GDP growth at 5.4%: Growth slowdown cyclical or policy-driven?

According to the RBI's assessment, the slow growth in H1FY25 was temporary, attributed to inadequate public spending in Q1FY25 due to the general election and excess rainfall in Q2FY25

GST fitment committee set to review 18% tax on co-lending services

Under the co-lending model, NBFCs are required to retain a minimum of 20 per cent of individual loans on their books, while the remaining balance is held by banks

RBI asks shadow banks to give information on supply-chain financing

NBFCs may have to rework credit service typically used by small businesses

Credit for growth: Enhanced credit flow to boost MSME investment, growth

Since credit is growing at a healthy pace, lenders must properly evaluate businesses before extending credit

BFSI Summit: Stress at MFIs to recalibrate in a few months, say NBFC CEOs

The MFI sector has been facing significant challenges over the past five to six months, leading to a notable decline in asset quality