Page 11 - Msme

MoUs for Rs 1,723 cr investment signed in TN, expected to generate 30K jobs

Investments worth Rs 1,723.05 crore were confirmed at the International Micro Small and Medium Enterprises (MSME) Day function held under the chairmanship of Chief Minister M K Stalin here on Tuesday while a special government scheme for SC/ST entrepreneurs was also launched. The MoU, signed in the presence of the Chief Minister, would help in creating employment for about 30,000 people. A Memorandum of Understanding between FaMe TN (Facilitating MSMEs in Tamil Nadu) and SIDBI (Small Industries Development Bank of India) was inked to attract investments worth Rs 1,510 crore to provide jobs for 7,400 people. The Chief Minister inaugurated three new industrial estates at Kodur in Chengalpattu district, Manapparai in Tiruchirappalli and Sakkimangalam in Madurai district at an estimated cost of Rs 153.22 crore providing employment to 21,500 people and also a cashew processing cluster at Kadampuliyur in Cuddalore district under the MSME cluster development scheme for Rs 2.16 crore ...

Need to raise MSMEs contribution for India to be 3rd largest economy: Rane

There is a need to increase the contribution of India's micro, small and medium enterprises to become the third largest economy in the world by 2030, Union Minister Narayan Rane on Tuesday said. The MSME minister also said that a survey should be conducted to ascertain the number of micro-enterprises that have been shut in the country. According to the Udyam Registration Portal, 97 per cent of the MSMEs registered are micro units. "Even if we make efforts to increase the productivity of micro-enterprises we can become the third largest economy in the world by 2030," Rane said. The minister said at present, Japan (USD 4.3 trillion) and Germany (USD 4.03 trillion) are third and fourth largest economies, while India has a GDP of USD 3.46 trillion. He asked officials to make more efforts for entrepreneurs' transition to small from the micro category. Rane also said the latest technology needs to be adopted and related information must be disseminated among entrepreneurs. Various ...

India offers world complete value chain solution in apparel sector: AEPC

There are huge opportunities in the textiles sector and India offers to the world a complete value chain solution from farm to fashion in the apparel segment, AEPC chairman Naren Goenka said on Tuesday. He also said that India International Garment Fair (IIGF) at Noida provides a direct marketing platform to MSME exporters from across the country bringing together about 300 exhibitors and more than 2,500 overseas buyers and buying agents. It is the biggest platform in Asia under one roof wherein Micro, Small and Medium Enterprises (MSME) showcase latest garment and fashion accessories trends to the world and begin the order booking process. The Apparel Export Promotion Council of India (AEPC) chairman said that the platform provides huge opportunities considering the fact that the global apparel market is expected to reach USD 1.9 trillion in 2025. "India offers to the world a complete value chain solution from farm to fashion giving us a competitive edge by shortened lead times to

Instant line of credit, industry networking top priorities of MSMEs: Survey

The majority of micro, small and medium enterprises (MSMEs) feel the instant line of credit and industry networking are the top requirements in the financial services and non-financial services category, a survey said on Monday. Over 55 per cent of the total MSMEs interviewed said an instant line of credit is their top requirement to accelerate everyday business decisions, as per the 'MSME Sentiment Survey' by fintech Kinara Capital. In addition, 16 per cent of respondents favoured flexible repayment products that will give them the choice to make daily or weekly loan payments or variable loan payments, based on their business turnover for the selected time period, it added. "There is a growing acknowledgement of the importance of MSMEs and unlocking this sector's full potential will require a personalised approach. Our survey gave MSMEs an opportunity to vocalise their challenges and needs. "It is a sign that India's small business entrepreneurs are now seeking much more than acce

OTS slows down recoveries from retail portfolios for ARCs to 35%: Report

Recoveries by asset reconstruction companies (ARC) from retail loan portfolios have slowed down to 35 per cent since the launch of the one-time settlement (OTS) scheme in October last year, a domestic rating agency said on Thursday. The ARCs have started following measured steps to ensure realizations, which has slowed down the pace of recovery, and the recovery timelines can have got stretched by three to four quarters, India Ratings and Research said in a report. Recoveries across retail loan, including housing and ones to micro, small and medium enterprises, have seen a drag, coming at 35 per cent of the principal outstanding during June-December 2022 review cycle, the agency said. The rating agency said a change in prescribed norms, which now require an independent advisory committee to examine all settlement of dues with borrowers including retail, SME and MSME loans may be resulting in this and added that as per OTS, all the methods of recoveries shall have to be exhausted ...

270 mn loans to women under MUDRA; here's all you need to know about scheme

The MUDRA loans are given by commercial banks, regional rural banks, small finance banks, microfinance institutions, and non-banking financial institutions

Sidbi ties up with the Niti Aayog to finance 50,000 EVs for MSMEs

Sidbi has tied up with the Niti Aayog, World Bank, Korea-World Bank partnership facility and Korean economic development cooperation fund to finance electric vehicles for small and medium industrial units. The financing will be done under a new project called Evolve, which is electric vehicle operations and lending for a vibrant ecosystem, under which Sidbi will give access to affordable commercial financing for EVs, the national bank said in a statement on Monday. While Niti Aayog will give technical support to Sidbi, financial assistance will come from the World Bank, Korea-World Bank partnership facility and the Korean economic development cooperation fund, Sidbi said. The bank has already launched two financing schemes -- direct lending to MSMEs and a scheme for lending to N, to help them offer lower-cost financing. The new scheme seeks to finance 50,000 EVs, S Ramann, chairman and managing director of Sidbi, said. Kim Kisang, the chief representative from the Korean economic

Andhra govt to handhold MSMEs from manufacturing to marketing: CM Reddy

He also asked them to formulate an action plan to provide a separate wing for MSMEs in the Industries Department at the Secretary level and extend the required technology

FinMin extends date for MSMEs to submit refund claims till July 31

The finance ministry has extended the deadline for MSMEs by one month, till July 31, to submit refund claims for performance or bid security and liquidated damages forfeited by government departments and public sector entities during the Covid-19 period. To give relief to MSMEs, finance minister Nirmala Sitharaman in 2023-24 Budget announced 'Vivad se Vishwas-I' scheme which provides that in cases 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. The scheme commenced from April 17 and the Department of Expenditure under the finance ministry had fixed the last date for claim submission as June 30. The Expenditure department has now issued amendments to the scheme and extended the deadline for submission of bids till July 31. Under the scheme, ministries have been asked to refund 95 per cent of the performance security, bid ..

Former MSME Secretary Bidyut Bihari Swain sworn in as UPSC member

Former Micro, Small, and Medium Enterprises (MSME) secretary Bidyut Bihari Swain was on Thursday sworn in as a UPSC member, an official statement said. Swain, a 1988 batch Indian Administrative Service (IAS) officer of Gujarat cadre, was administered the oath of office and secrecy by UPSC chairman Manoj Soni, said the statement issued by the Personnel Ministry. The Union Public Service Commission (UPSC) conducts civil services examination annually to select officers of IAS, Indian Foreign Service (IFS) and Indian Police Service (IPS), among others. The Commission is headed by a chairman and it can have a maximum of 10 members. With Swain's appointment, there now exists a vacancy of four members. A UPSC member is appointed for a term of six years or until attaining 65 years of age. Swain was going to superannuate in September this year after turning 60, the age of retirement. Between 1989 and 2018, Swain served the government of Gujarat at the district and state levels. He joined

MSME Secretary Bidyut Bihari Swain appointed as UPSC member: Official

Senior bureaucrat Bidyut Bihari Swain, who is currently the Secretary of Micro, Small, and Medium Enterprises (MSME), has been appointed as UPSC member, officials said on Tuesday. Swain, a 1988 batch Indian Administrative Service (IAS) officer of Gujarat cadre, will be administered the oath of office and secrecy on Thursday, they said. The Union Public Service Commission (UPSC) conducts civil services examination annually to select officers of IAS, Indian Foreign Service (IFS) and Indian Police Service (IPS), among others. The Commission is headed by a chairman and it can have a maximum of 10 members. With Swain's appointment, there now exists a vacancy of four members. A UPSC member is appointed for a term of six years or until attaining 65 years of age. Swain was going to superannuate in September this year after turning 60. During 1989 and 2018, Swain served the government of Gujarat in various posts, at district and state level. He joined the government of India in 2018 as

Capital Small Finance eyes Rs 14,000 cr in FY24 on back of MSME loan growth

Capital Small Finance Bank Limited is looking at its total business rising over Rs 14,000 crore by the end of current financial year on the back of growth in its advances led by MSME loans and mortgages. The Jalandhar-headquartered bank has also plans to expand its branch network by opening 20 more branches in the northern region. Capital Small Finance Bank started operations as the country's first small finance bank in April, 2016 after conversion from Capital Local Area Bank. Prior to conversion to the Small Finance Bank, Capital Local Area Bank had been operating since January 14, 2000. In the last financial year, the bank's total business grew to Rs 12,000 crore with 12 per cent growth. "We are looking to grow our business to more than Rs 14,000 crore (by end of 2023-24)," Capital Small Finance Bank Limited chief financial officer Munish Jain said on Tuesday. The bank's total advances stood at Rs 5,507 crore with 17 per cent growth while its deposits stood at Rs 6,560.62 cror

Better ecosystem being developed for small entrepreneurs in Himachal: CM

A better ecosystem is being developed for small entrepreneurs in Himachal Pradesh, Chief Minister Sukhvinder Singh Sukhu said in Saturday. The chief minister made the remark during a discussion with the Secretary, Ministry of Micro, Small and Medium Enterprises (MSMEs), Government of India, B B Swain here. Discussions were held on the expansion and strengthening of MSMEs in the state during the meeting. He said that the state government is putting its best foot forward in the direction of attracting investment in electric vehicles, tourism, green hydrogen, green technology and other sectors. There is a proposal to set up clusters in the areas of cane and bamboo-based, traditional footwear, tea-based, weaving, food processing under the Central Cluster Development Programme, the chief minister said, adding that clusters have been approved in Tahliwal, Parwanoo, Jitpur Baheri, Khadin and Gondpur. Apart from this, proposals have also been sent for the establishment of two clusters at .

India on path to be 3rd largest economy: MSME Min urges industry to invest

Union MSME minister Narayan Rane on Wednesday urged the global and domestic industries to continue to invest in India, which is on its path to become the third largest economy. He made the remarks at 'GIC 23 Intergovernmental Connect' organised by Inventivepreneur Chamber of Commerce and Industry (ICCI) in association with the Ministry of Micro, Small & Medium Enterprises (MSME) here. "From 10 largest in 2014, India today is 5th largest economy. Only Japan and Germany are ahead of us. We will become the 3rd largest by 2030 as envisioned by our prime minister," he said addressing around 200 delegates from across the globe at the event. The minister further said that immense business opportunities are available in various sectors in India and promised full support to investors looking to invest in the country. The country will see various industrial parks across various locations and the investors can explore business opportunities in this area, he said. He also said the industry ..

Our recovery is more than slippages: Indian Bank MD & CEO Shanti Lal Jain

'The bank is adequately capitalised. But in case of need, we have taken enabling provisions from the board and shareholders'

Max Life partners IIA to offer insurance access to MSME workforce in UP

Max Life Insurance Company on Monday announced a partnership with the Indian Industries Association (IIA) to provide life insurance plans to the workforce of micro, small, and medium enterprises (MSME) in Uttar Pradesh. Under the recently announced Irdai's State Insurance Plan, Max Life aims to enhance accessibility and drive insurance penetration across Uttar Pradesh, the insurer said in a release. IIA has an extensive network across industrialized districts, it added. "Through this partnership, we aim to reach the underserved population in Uttar Pradesh, the country's most populous state, and financially secure the future of more than 11 lakh MSME workforce and their families," said V Viswanand, Deputy Managing Director, Max Life Insurance. Ashok Kumar Agarwal, President, Indian Industries Association said that for close to four decades, IIA has been working consistently towards creating an environment conducive to industrial growth, especially for MSMEs in India. The activities

AP Chambers seeks govt intervention as MSMEs face shortage of manpower

Facing acute shortage of manpower in the micro small and medium enterprises (MSME) segment, the Andhra Pradesh Chambers of Commerce & Industry Federation (AP Chambers) on Friday requested the State government to usher in some fundamental changes so that polytechnic students do not get wooed away by the software industry from core engineering streams. Potluri Bhaskar Rao, president, AP Chambers wrote to C Nagarani, director of Technical Education, that the situation is not conducive for industry in the southern state as students are being "brainwashed" not to pursue careers in mechanical, electrical, civil and metallurgy engineering streams but to go after only white collar software jobs. "From the recent interactions by the industries with the parents and students from different colleges, we understood that parents are forcing children to pursue careers only in information technology as software industry is more remunerative," said Rao in a press note shared by AP Chambers. Rao ..

Vivad Se Vishwas scheme aimed to provide relief to MSMEs comes into force

Also, relief will be provided in all contracts for procurement of goods and services, entered into by any ministry or department attached with MSMEs

Godrej Capital launches digital platform to help MSMEs grow businesses

Godrej Capital, the financial services arm of the Godrej Group, on Monday said it has launched a new digital platform Nirmaan to provide support to MSMEs to grow their businesses. Carefully curated, Godrej Capital Nirmaan packs a range of partners that provide services critical to the growth of MSMEs, the company said in a statement. The MSMEs in the country today face challenges like limited access to the market and ability to expand beyond their regional reach; lack of know-how about legal and regulatory compliance requirements; limited access to technology, hiring and retaining a skilled workforce; and limitation of access to credit, it said. The platform aims to solve these challenges and provide services under the categories of Grow the Business, Ease Business Operations and Transformation through upskilling. The company has initially partnered with Amazon Global Selling, Onsurity, Zolvit, and MSMEx to help increase the potential market reach, simplify legal and compliance, ..

MSME lending will be our focus this year: Godrej Capital CEO Manish Shah

So most of our focus is where the homebuyers are. So, we work with about 200 projects in the country across all of the reputed developers, says Manish Shah, MD and CEO of Godrej capital