Page 7 - Msme Sector

MSME ministry contributed significantly in Chandrayaan-3 dream: Rane

The Ministry of MSME contributed significantly in realising the dream of Chandrayaan-3, Union Minister Narayan Rane said on Wednesday. The Minister for Micro, Small, and Medium Enterprises said the Bhubaneswar Tool Room under the ministry manufactured about 54,000 aerospace components of 437 varieties for the mission. "IDEMI Mumbai, another institute under the ministry, also played an important role in manufacturing of parts for Chandrayaan-3," an official statement said quoting the minister. Congratulating the entire ISRO team and the countrymen on the successful landing of Chandrayaan-3, the minister, in a post on X, said the success of this mission will prove beneficial for India as well as for the whole world. "The MSME sector will surely play a crucial role in the space missions to be launched in the future as well," he said. Union Minister of State for Electronics and Information Technology Rajeev Chandrasekhar also congratulated the ISRO team on the achievement. "With the

Women-led MSMEs avail Rs 430 crore in loans in FY2023: Impact report

Nearly Rs 1,900 crore in loans were distributed to MSMEs, with women-led businesses making up 24% of the loans disbursed

Hon'ble Minister of MSME, Government of India awarded MSME Real Estate Business of the Year to Chintan Vasani, Founder Partner Wisebiz Realty

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KredX to disburse Rs 2,000 cr in working capital for MSME sector

Tier-two cities expected to have 35% growth in demand for such financing compared to last year, says firm

Multiple Private Equity, IFC to invest Rs 1,050 crore in Veritas Finance

The deal comprises a primary issue of Rs 400 crore and provides a partial exit to early investors

World MSME Day: Sector reforming to overcome logistic, tech hurdles

On International MSME Day 2023, here's a look at the challenges the sector faces and how it is overcoming them

DealShare to invest Rs 1,000 cr in SMEs in 5 yrs, assist its private labels

Social commerce firm said it will help brands find wider appeal, ensure manufacturing quality

Softer commodity prices to lift road units' margins: CRISIL SME Tracker

Liquidity conditions are also expected to improve, as measures under the Atmanirbhar Bharat scheme have been extended until March 2024, and payments by state authorities also become more punctual

World MSME Day: All you need to know about sector fueling India's growth

India has more than 63 million micro, small and medium enterprises (MSME) that account for nearly 27% of GDP

World MSME Day 2023: Date, Theme, Celebration, Essential Facts about MSME

This celebration of World MSME Day is to create market opportunities in both domestic and global markets, promote regional development, reduce regional disparities

Database of nearly 9 million MSMEs on the cards in Uttar Pradesh

Micro entrepreneurs will be eligible to the accident insurance cover of up to Rs 5 lakh, which is under active consideration of the Yogi Adityanath government.

Govt mulls changes to MSME prepackaged scheme, more teeth for IBBI

Experts feel that the current voting limit of 66 per cent for initiating the prepack process is a very rigid condition, which has been a deterrent for MSMEs

Govt shouldn't roll out PLI for shoes, handicrafts, says think tank boss

These items are mostly made by small firms while scheme focuses on scale production; Small firms don't need PLI--they need access to tech and low-cost finance through separate schemes

Seeing stress in MSME sector... had slippages of Rs 3K cr: A Manimekhalai

MSMEs showing signs of stress, says A Manimekhalai, managing director and chief executive, Union Bank of India

FSSAI's proposed label norms unfair to traditional Indian food items: MSMEs

They believe the proposed norms will allow big companies to dominate the Indian food market, as the rules will regard more than 85% of Indian snacks, sweets and beverages as unhealthy

MSME loan delinquencies dip to 3% by September, shows CIBIL data

The highest drop was in the private bank segment, from 2.8 per cent in Q2FY22 to 1.5 per cent in FY23-Q2

Govt to set up more 'technology centres' for growth of MSMEs: Minister

Union Minister Bhanu Pratap Singh Verma on Sunday said the central government will increase the number of technology centres to provide tools, trained personnel and consultancy to MSMEs for stimulating growth of industries. Verma, the union minister of state for micro, small and medium enterprises (MSMEs), inaugurated a two-day 'MSME Technology Centers Conclave' here, and highlighted the crucial role played by the sector during the COVID-19 crisis. "The MSME sector plays a major role in the development of manufacturing as well as services and contributes significantly to the growth of the Indian economy. MSMEs also generate the largest employment after the agriculture sector," he said. The technology centres, set up countrywide by the Ministry of MSME, offer stimulus for growth and integrated development of industries by way of providing quality tools, trained personnel and consultancy, Verma said. "The ministry is in the process of setting up more such technology centres across t

Industry asks govt to make 'Vivad se Vishwas' scheme attractive for MSMEs

The industry has suggested that the Vivad se Vishwas scheme announced in the Budget for MSMEs should be made attractive in terms of reimbursements and interest rates, a senior government official said on Tuesday. They also demanded a robust grievance redressal system on digital portals and a mechanism to resolve disputes before the initiation of an arbitration process. These issues were raised during a post-Budget webinar on 'Ease of doing business using technology, especially for small businesses', organised by the Department for Promotion of Industry and Internal Trade (DPIIT). To give relief to MSMEs, Finance Minister Nirmala Sitharaman in the 2023-24 Budget announced the 'Vivad se Vishwas-I' scheme. Under the scheme, in case of failure by MSMEs to execute contracts during the Covid period, 95 per cent of the forfeited amount relating to bid or performance security will be returned to them by government and government undertakings. DPIIT Joint Secretary Manmeet K Nanda, who ...

Retail and MSME asset buying to drive ARC business in FY24: India Ratings

Expected credit loss model for banks; PCA for NBFCs levers to asset sale

Budget 2023-24 will give boost to fund-starved sectors: MSME secretary

The Centre has acknowledged MSMEs' contribution to the country's economic growth, and the Budget 2023-24 has given a boost to the fund-starved sector with higher credit flow and by simplifying compliances, an official said on Wednesday. Availability, accessibility and affordability of credit/funds are the main challenges of the sector, said B B Swain, Secretary to the Union Ministry for Micro, Small and Medium Enterprises (MSMEs). He was addressing a session at the launch of the three-day Indian Foundry Congress (IFC) and India Foundry Equipment Exhibition (IFEX), being organised by the Institute of Indian Foundrymen (IIF) at the India Expo Centre in Greater Noida. "The government has acknowledged the contribution of MSMEs to the economic growth of the country. Union Budget 2023-24 has given a boost to the fund-starved sector with higher credit flow and by simplifying compliances," Swain said. He said the launch of a revamped credit guarantee scheme worth Rs 9,000 crore for MSMEs .