Lender bets on MSME sector as well, starts co-branded credit card with Stan Chart
The minister said MSME sector is likely to contribute 50 per cent to the total GDP in the next five years
Earlier this year, the RBI allowed a one-time restructuring scheme for MSMEs with a maximum exposure of Rs 25 crore
However, if more NBFCs are allowed in the factoring platform, MSMEs will immediately witness ready buyers, and their debtor delay and working capital cycle will improve vastly
The eight-member committee was set up to review the framework for the micro, small and medium enterprises, and suggest long-term solutions for the economic and financial sustainability for the sector
Discussed measures to promote MSME loan, agriculture lending: Piyush Goyal
The panel would cover all the factors affecting the sector's performance and what would be the viable solution for its sustainability
The MSME bodies have demanded that central ministries clear all dues of MSMEs within a stipulated date
"The expert committee will submit its report by the end of June 2019," it said
Among various solutions, AIMO pushed for the supply of raw materials such as steel and aluminium to MSMEs at a lower subsidised cost
Roughly 40 per cent of India's MSME lending is in the informal sector, according to BCG, Omidyar Network reports
The government assuming more powers under companies law no substitute for beefing up the NCLT network
But zeal for helping MSMEs should be tempered with caution
Modi had on Friday announced a slew of measures, including sanctioning of loans of up to Rs 10 million to small and medium enterprises in 59 minutes
Modi said MSMEs can now register their complaints related to delay in payment from large firms on the MSME Ministry's Samadhan portal
"It will be a new era for the MSME sector," said Modi
Latest RBI data show credit to micro and small enterprises in June decelerated by 2.4% from March 2018
Steps could change sentiments of small traders, say officials
Uttar Pradesh is famous for product specific traditional industrial hubs across 75 districts
CRISIL's analysis of over 150 rated MSEs in the branded foods segment shows that many have created strong local brands by catering to local tastes while maintaining good hygiene and quality