Page 15 - Msme

10th North East Festival begins with promise to boost MSME sector in region

The 10th edition of the North East Festival began here at Jawaharlal Nehru Stadium on Friday with focus on small and medium enterprises as well as the startup ecosystem in the region. The cultural event was inaugurated by Minister of Micro, Small and Medium Enterprises (MSME) Narayan Rane, who said that the festival will help create more job opportunities and boost the startup ecosystem of the northeast. "The primary goal of this festival organised in Delhi is to showcase the best of northeast India's cultural resources and act as an enticing gateway for the exceptional talents of the region," Rane said. He added that there is an emerging startup culture in the northeast and they should take "maximum advantage of technology to boost their businesses". "The government is also leaving no stone unturned to educate the entrepreneurs about emerging technologies to augment the startup ecosystem in the rich Northeast region," the minister said. There are more than 100 MSME businesses tak

Low demand, rise in raw material prices key problems of MSMEs: Survey

The decline in demand and rise in raw material prices due to high transportation costs are the major problems faced by micro, small and medium enterprises in the last 27 months, according to a survey. The report by Bhartiya Yuva Shakti Trust (BYST) also said that though markets have stabilised, about 57 per cent of the units that participated in the survey are struggling to get new orders for their merchandise. "Lesser purchasing power of consumers lead to reduced demand and increased raw material cost due to higher transportation cost with increase in fuel prices have been cited among key problems faced by entrepreneurs during the last 27 months," Lakshmi Venkataraman Venkatesan, Founding and Managing Trustee, BYST, said. Over 5,600 Micro, small and medium enterprises (MSMEs) participated in the survey. While the impact of COVID-19 has been slowly receding, the economic situation is yet to completely stabilise due to multiple factors, according to the report. About 27 per cent of

Chennai-based MSME plays crucial role in Arab world's first lunar rover

The Indian enterprise made key structural parts for the rover, from materials many times lighter and several times stronger than steel

Counterfeiting, smuggling develop into substantial threat to global economy

Jaspal Singh IPS, Director General of Police, Goa informed that awareness is the first step towards enforcement as the problem of trade in illicit products emanates from the lack of awareness.

Shriram Finance turns India's largest retail NBFC after merger: Group

The company has net worth of Rs 40,900 crore and assets under management of Rs 1,71,000 crore

MP govt focuses on investment, developing industrial infra to generate jobs

The Department of Micro, Small and Medium Enterprises (MSMEs) has decided to offer MSMEs and start-ups training in marketing, and financial support

Varanasi-Haldia inland waterway to boost exports in Uttar Pradesh

The Uttar Pradesh government is set to leverage the Varanasi-Haldia inland waterway to boost exports, including those of farm commodities and manufacturing goods

Bank credit to grow 15% YoY in FY23, FY24 on corporate demand: CRISIL

Lenders may have to raise deposit rates at faster pace, says senior executive of agency

Going forward, IOB will be posting very good results: MD & CEO Sengupta

'It has been in the range of 20-30 per cent in almost every quarter'

Five-day DefExpo 2022 all set for launch in Gandhinagar on Tuesday

Prime Minister Narendra Modi is scheduled to inaugurate DefExpo 22 on Thursday

FM Sitharaman offers open source network India Stack to other countries

Separately on Thursday, at the G-20 meeting, Sitharaman called on her counterparts to work together from the current geopolitical risks from worsening

EVs, green hydrogen to soon come under priority sector lending: Report

Currently, 8 sectors are eligible to get lending under the PSL mechanism including agriculture, MSMEs, export credit, housing, education, renewables, and social infrastructure sectors

Warburg Pincus to acquire majority stake in MSME lender Vistaar Finance

NBFC has more than Rs 2,600 crore in AUM and it has some 200 branches

Uttar Pradesh's merchandise exports surge 32% to Rs 60,578 crore

The electrical machinery/equipment segment grew nearly 90 per cent with shipments jumping to Rs 13,606 crore in the April-July 2022 from Rs 7,202 crore in the year-ago period.

Engineering sector MSMEs seek production linked incentive scheme

An engineering sector's body of MSMEs has demanded from the government to announce a production linked incentive scheme (PLI) for the industry to boost domestic manufacturing, exports and job creation. In a communication to the commerce ministry, Ludhiana-based Hand Tools Association said that the sector provides employment to 7.25 workers for every Rs 1-crore sale per year on an average as compared to the job creation ratio of 4.75 in bicycle industry and 5-6 in textiles. Exports of hand tools industry is about Rs 3,200 crore annually. The association's President S C Ralhan said that the Indian hand tools industry has a long way to go in order to realise its full potential and it holds huge possibilities. But the main challenge is rapid modernisation, he added. "The total hand tools industry globally is Rs 30,000 crore and there is aggregate potential for modernisation and growth. Thus we request that the government should prioritise the industry and also bring it under the PLI .

At 16.2%, credit growth in banking system at multi-year high: RBI data

But a widening credit-deposit gap is a concern for lenders

Hard choice for MSME med device makers: Get licence by Oct 1 or shut shop

All Class A and Class B med device makers to switch to licensing regime within; many are dealing with slow pace of govt audits or simply not clearing them

CM Ashok Gehlot to release Rajasthan handicrafts, MSME policy on Saturday

Rajasthan Chief Minister Ashok Gehlot will release the state's first handicrafts policy and Rajasthan MSME Policy-2022 on Saturday on the occasion of MSME Day. Udyog Ratna and Export Promotion Awards will also be given to entrepreneurs and exporters in the programme, an official statement said. According to the program, Chief Minister Gehlot will release these policies at a program in Jaipur and will release a coffee table book 'Rajasthani Artifacts' prepared on the handicrafts of Rajasthan. Industries Minister Shakuntala Rawat said that the objective of Rajasthan Handicraft Policy-2022 is to provide better marketing arrangements for the upliftment of handicrafts, to revive traditional arts and extinct arts and to create new employment opportunities. With the implementation of the first handicraft policy of the state, artisans of rugs, ceramic and clay art, painting, leather craft, jewellery etc. will be benefited and more than 50,000 new employment opportunities will be available

One in every six MSME loans under ECLG scheme turned into NPAs: Report

The National Credit Guarantee Trustee Company Ltd (NCGTC) declared that 1.6 million accounts or 16.4 per cent of the total 9.8 million loans disbursed have been converted to NPAs

Banks jump on the ONDC bandwagon to draw synergy from the network

Nine banks have picked up stake in the Open Network for Digital Commerce (ONDC) network