Page 10 - Msme

Crucial to identify real beneficiaries of interest subvention scheme: GTRI

It is crucial for the government to identify real beneficiaries of the interest subvention scheme provided to various export sectors, think tank GTRI said on Saturday. The Union Cabinet on Friday approved an additional allocation of Rs 2,500 crore for the continuation of interest equalisation or subsidy scheme on pre- and post-shipment rupee export credit up to June 30 next year. Launched on April 1, 2015, the scheme was initially valid for five years up to March 31, 2020. It has been continued thereafter, with a one-year extension during COVID, and further extensions and fund allocations. "No detailed study of the scheme has been done yet. It is important for the government to identify the actual beneficiaries. Considering the low spending, it is possible that a few large entities, rather than MSMEs, are reaping the most benefits," the Global Trade Research Initiative (GTRI) said. It is also necessary to find out which product groups receive the most credit and the effectiveness

Union Cabinet approves Rs 2,500 crore for Interest Equalisation Scheme

This would help exporters from identified sectors and all MSME manufacturer exporters to avail of pre and post-shipment Rupee export credit at competitive rates

Paytm expands loan distribution business, targets personal, merchant loans

Paytm said that it would continue to collaborate and add banks and NBFCs as lending partners for its loan distribution business

65% of MSME firms found manufacturing substandard drugs since Dec: Report

The Central Drugs Standard Control Organisation (CDSCO) and state drug inspectors have been conducting inspections as part of a massive nationwide crackdown on spurious and substandard medicines

SIDBI launches 'Sumpoorn' MSME Economic Activity Index with Jocata

Jocata, a digital lending transformation platform, has collaborated with SIDBI to launch a one-of-its kind MSME Economic Activity Index Sumpoorn. For the first time ever, this MSME specific high-frequency indicator will capture the state of India's growth engine, its MSMEs, that contribute more than a quarter of the country's overall Gross Value Added (GVA) and more than 40 per cent of its total exports, a release said. The currently available macro indices capture business expectations and rely on opinion or survey-based data. "It is a relative amplitude adjusted composite diffusion index developed using consent-led and anonymized monthly sales data reflected in official GSTN returns of more than 50,000 credit-seeking MSMEs over time," it said. A team of credit experts, data scientists and senior economists have built and tracked the Index over the past four years ensuring its ability to accurately represent the MSME economy and capture the impact of macroeconomic conditions, the

Exporters seek govt intervention in providing affordable credit to MSMEs

Exporters have sought the central government's intervention in providing affordable and easy availability of credit to MSMEs amid global headwinds due to lack of liquidity. In a letter to Finance Minister Nirmala Sitharaman, apex exporters' body Federation of Indian Export Organisations (FIEO) requested for the extension of Emergency Credit Linked Guarantee Scheme (ECLGS) till March 31, 2024 and restoration of interest subsidy benefit of 5 per cent to manufacturer MSMEs. It said some of the MSME sectors are affected due to a dip in exports on account of a global demand slowdown. FIEO has urged extending the ECLGS "till March 31, 2024" as it will help micro, small and medium enterprises sail through this difficult time and bounce back when the situation improves. "With interest rates firming up, MSMEs are getting credit at not less than 8-11 per cent. The subvention for the interest equalisation scheme was reduced as interest rates were coming down. However with complete change in .

India to become 3rd largest economy by 2030, UP to play big role: Minister

India is expected to become the third largest economy by 2030 and Uttar Pradesh will have a major role to play, Union Minister Narayan Rane said on Monday. Addressing the valedictory session of the UP International Trade Show in Greater Noida, Rane said that the per capita income of citizens needs to be improved to tackle migration, noting that the state is aiming to become a USD 1 trillion economy. He also drew a reference to the per capita income of the US and India to stress the need for economic growth in order for people to be able to live a better life. Citing example of his home state Maharashtra in industrialisation, Rane said due research and study are required to make sure which industry should be set up in which areas or districts. He said the prerequisite for bringing industries in any state also depends on the atmosphere for business there and said the way Adityanath is working towards promoting industries is laudable. "I come from Mumbai in Maharashtra. Mumbai is the

G20 declaration should spur govt to give big push to MSMEs: Experts

The declaration of G20 nations under India's presidency should spur the government to give a big push to the MSME sector by simplifying the regulatory process and enhancing their access to affordable capital, say experts. The commitments made in the G20's New Delhi declaration with regard to the MSMEs ought to be followed by the member nations as the sector has the potential to generate employment and promote sustained growth. The New Delhi Declaration adopted early this month said the G20 recognise that startups and Micro, Small and Medium Enterprises (MSMEs) are natural engines of growth. They are key to socio-economic transformation by driving innovation and creating employment. "We welcome the establishment of the Start-up 20 Engagement Group during India's G20 Presidency and its continuation," it said. Chairman of CII Delhi State Council and MD and CEO of Samtel Avionics Limited Puneet Kaura said the MSME is considered important the world over and the G20 declaration has once

Axis Bank launches NEO for Business transaction banking platform for MSMEs

India currently has over 65 million MSMEs which contribute over 30 per cent to India's gross domestic product

Unlocking MSME potential

Digital tools are crucial for expanding their reach and unleashing growth

Amazon inks pact with India Post for exporters; launches digital assistant

Amazon on Thursday said it has signed an agreement with India Post to simplify cross-border logistics for MSME exporters. Minister of State for Science and Technology Jitendra Singh unveiled a postal stamp to commemorate a decade of partnership between India Post and Amazon at the e-commerce company's Smbhav Summit 2023. Amazon introduced Sah-AI, a generative AI based personal digital assistant that leverages Amazon's experience of working with millions of sellers in India and globally to provide personalised assistance to new and existing sellers on its marketplace. Sah-AI simplifies time-consuming and complex steps such as registration, listing, and advertising support, among others, the company said. During the event, Amazon also announced its engagement with Indian Railways' Dedicated Freight Corridor Corporation of India (DFC), which makes Amazon the first e-commerce company in the country to leverage DFC for shipping customer packages through freight railway routes in ...

1.6 mn youth trained at MSME ministry tool rooms in last 9 yrs: Rane

As many as 16 lakh youths have been trained through 18 tool rooms and technology centres run by the Ministry of MSME in the last nine years, benefiting more than 3 lakh MSME units, Union Minister Narayan Rane said on Wednesday. The tool rooms and technology centres are making a significant contribution in realising Prime Minister Narendra Modi's dream of a self-reliant India, he said. On the occasion of National Small Industry Day, the Union Minister for Micro, Small and Medium Enterprises (MSME) took to X (formerly Twitter) to announce that "16 lakh youth have been trained subsequently, benefiting over 3 lakh MSME units in the last 9 years, through 18 tool rooms and technology centres run by the Ministry of MSME across the country". Rane said these tool rooms design and manufacture medium and small-size equipment as per international standards, which are used in industries related to sports goods, plastic, automobile, footwear, glass, perfume, foundry and forging, electronics and .

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

Kinara Capital to provide Rs 1,100 cr to MSMEs in Tamil Nadu this fiscal

Financial technology company Kinara Capital has committed Rs 1,100 crore to support the micro, small and medium enterprises (MSMEs) in Tamil Nadu and neighbouring Puducherry during the current financial year, a top official said. According to Chief Operating Officer Thirunavukkarasu R, the company disbursed more than Rs 656 crore in Tamil Nadu and Puducherry in FY2023. "With a renewed commitment of Rs 1,100 crore to MSMEs this financial year, we are realising the aspirations of thousands of micro, small and medium enterprises across the state," he said in a press release on Sunday. Kinara Capital offers business loans to the MSME sectors ranging between Rs 1 lakh to Rs 30 lakh. The company offers various business loan products including long-term and short-term working capital, and asset purchases among others. The company unveiled its 'myKinara' mobile application in Tamil language that offers easy access to credit for the MSMEs operating in the state. The company plans to hire 1

MSME influencers forum launched to promote small- medium units growth

An MSME influencer forum has been launched to promote micro, small and medium enterprises and raise awareness about various government schemes to boost their growth, a statement said on Saturday. Inaugurating the forum virtually, Union Minister Narayan Rane said that such initiatives will bring great thrust to motivate MSMEs and build them towards a bigger and brighter tomorrow. Indian MSMEs are experiencing a golden opportunity era. All they need to do is to focus on their core expertise and deliver their products and services with the best possible quality, the minister said. The collaborative programme will showcase government schemes and programs that are designed to boost the MSME sector both offline and online, the statement said. Influencers and leaders who are working towards the growth of MSMEs would also be felicitated as MSME will play a key role in achieving the USD 5 trillion economy target, it added. The collaborative programme which was inaugurated on Friday is prom

Cabinet approves PLI scheme worth Rs 1.97 trillion for 14 sectors

The PLI scheme is further expected to have a cascading effect on the country's MSME ecosystem

Govt rolls out credit guarantee scheme for MSMEs in livestock sector

Department of Animal Husbandry & Dairying on Thursday said it is implementing a credit guarantee scheme to facilitate inflow of fund to MSMEs engaged in livestock sector. The department, which is under the Ministry of Fisheries, Animal Husbandry and Dairying, is implementing the Credit Guarantee Scheme under Animal Husbandry Infrastructure Development Fund (AHIDF). The scheme is aimed to strengthen credit delivery system and facilitate smooth flow of credit to the Micro, Small & Medium Enterprises (MSMEs) engaged in livestock sector without hassles of collateral security. "For operationalising the scheme, the department has established a Credit Guarantee fund Trust of Rs 750 crore, which will provide credit guarantee coverage up to 25 per cent of the credit facilities extended to the MSMEs by the eligible lending institutions," an official statement said. The credit guarantee scheme facilitates access to finance for un-served and under-served livestock sector, making ...

BJP rule marked by Seva, inclusion, MSME growth: FM Nirmala Sitharaman

The NDA government at the Centre has provided excellent governance with zero corruption and efficient use of money in the last nine years, Union Finance Minister Nirmala Sitharaman said on Friday. Addressing an intellectuals' meet organised by the district unit of BJP in Udupi, she said the BJP rule was marked by Seva, inclusion and improvement of Micro, Small and Medium Enterprises (MSMEs). The reforms brought in by Prime Minister Narendra Modi-led union government in the financial sector has helped the ease of doing business, particularly in the small and medium sector in the country, she noted. She further said the Modi government has accorded priority to the growth of MSMEs by removing archaic laws and compliance burden. As many as 1,500 archaic laws and 39,000 compliances have been completely removed which rules out the possibility of them becoming instruments of corruption. The elements of the Companies Act which were troubling people have been decriminalised to help the ...

DPIIT appoints nodal officers to help MSME, retailers onboard ONDC

The Centre has appointed nodal officers in all the states with a view to encouraging startups, MSMEs, and retailers onboard the government's initiative open network for digital commerce (ONDC), an official said on Thursday. ONDC is an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT) which aims to build an open, interoperable network on which buyers and sellers can transact without needing to be present on the same platform. It is neither an application, nor platform, intermediary or software but a set of specifications/provisions designed to promote open, unbundled, and interoperable open networks. It offers small retailers an opportunity to provide their services, and goods to buyers across the country through an e-commerce system, where buyers will be able to purchase the products, which are sold on any platform. The official said that the nodal officers in every state would drive dedicated and customised programs for startups, MSMEs, retailers an

DealShare to invest Rs 1,000 cr in 5 yrs to help MSME partners scale biz

B2B e-commerce firm DealShare plans to invest Rs 1,000 crore over the next five years to help its MSME partners scale up their businesses, a senior company official said on Tuesday. The company plans to make investments mainly in six states -- Uttar Pradesh, Rajasthan, Haryana, Himachal Pradesh, Gujarat and Maharashtra. "Not only, we provide MSME partners support in terms of order volume, but also in research and development of their product. We will invest in the inventory that MSME partners will make. This will give them the confidence to increase capacity and invest back. Rs 1,000 crore will be spent within the next five years," Dealshare founder and CO-CEO Sourjyendu Medda said. DealShare's core e-commerce portfolio sources goods and products from more than 500 indigenous brands, accounting for nearly 70 per cent of its product offerings. The company supplies products to grocery stores in small towns and cities. When asked about the impact on a company's business with the mass