Msmes

Manipur has highest number of MSME units in northeast: CM Biren Singh

Manipur has the highest number of Micro, Small and Medium Enterprise (MSME) business registrations in the northeastern region, Chief Minister N Biren Singh has said. Singh said that according to the 2018-19 Annual Report of the Ministry of MSME, the state registered 12,438 MSME businesses between 2015 and 2019. The chief minister said that under the leadership of Prime Minister Narendra Modi, the northeastern region is set to become the Growth Engine of New India'. Highlighting that Manipuri people are highly enterprising, Singh said, "The state alone has 12,438 MSME businesses, the highest in the northeast, between 2015 and 2019. Fifty per cent of these businesses are owned by women. Manipur's share in national population is 0.2 per cent while the state's share in MSME businesses is 0.3 per cent, he said. Singh said that the BJP-led state government has taken up various initiatives for the development of Manipur since its formation in 2017. One Family One Livelihood mission was

Uttar Pradesh govt plans e-commerce booster shot for the MSME sector

This strategic move is expected to benefit over 50,000 industrial and manufacturing units of these clusters, administered by the UP State Industrial Development Authority

Fintech Tide eyes a million MSMEs by 2025-end, launch new solutions

SME-focused business financial platform Tide looks to onboard 5 lakh MSMEs to reach 10 lakh members by December 2025 on the back of new AI-powered solutions, a top company official said on Thursday. Tide has crossed 5 lakh MSMEs (members) on its platform within two years after its market entry, Tide in India CEO Gurjodhpal Singh said in a statement. Our goal is to welcome another 500,000 small businesses to Tide by December 2025. To make this happen, we're expanding our range of financial tools using advanced technology to tackle the latest business challenges, Singh said. We're focusing on smarter AI-powered financial insights, stronger connections with India's growing digital payment systems, and new features to make managing finances and admin even easier, he added. Tide plans to offer new products like savings and investments, tailored insurance plans, easy access to formal credit, simplified Udyam registration, hassle-free GST filing and advanced payment acceptance solutions.

Prepack insolvency logged slow pick-up, only 13 cases till September

Of the 13 admitted cases so far, one has been withdrawn, and resolution plans have been approved in five case

Focus on trade infra, MSMEs to help India double share in global trade: CII

Deeper integration into global value chains, enhanced digital trade infrastructure and a focus on building the competitiveness of MSMEs will help India more than double its share in global trade from the present 2 per cent, CII said on Wednesday. Chairman of the CII national committee on EXIM Sanjay Budhia said that the chamber is committed to working closely with the government to address critical challenges which hinder manufacturing and export growth. "The journey will require deeper integration into global value chains, enhanced digital trade infrastructure, and a focus on building the competitiveness of MSMEs," he said. To further unlock the potential of exports, he suggested a common online portal for issue of circulars pertaining to various ports and locations. There is also a need to adopt best practices being followed by developed countries and implement the CAARR (Customs Authority on Advance Ruling) Regulation, 2021 as it would contribute to reduction of global trade cos

High interest rates deterrent for MSME exporters; working with FinMin: DGFT

The country's high interest rates are a big deterrent for exporters community and the commerce ministry is working with its finance counterpart to help them at this front, a senior government official said on Wednesday. Director General of Foreign Trade Santosh Kumar Sarangi said that the department of commerce has been "struggling" to convince the finance ministry regarding the relevance of the Interest Equalisation Scheme (IES) and the extent to which it is maintaining manufacturing competitiveness. Sarangi said there are many studies which suggest that very high collateral demand by financial institutions is a big deterrent for MSMEs to access institutional finance and that deters them from getting into the export market. "So how do we ensure collateral free or a subsidised collateral arrangement for MSMEs is something that the department of commerce is working with the department of expenditure," he said adding India has high interest rates vis-a-vis its peer nations. The repo

Kolkata-built INS Nirdeshak with 80% indigenous content commissioned today

According to an official statement by the Ministry of Defence, 'Nirdeshak' is the second vessel of the Survey Vessel (Large) Project

CGTMSE achieves milestone of approving 10 million guarantee to MSMEs

The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) on Tuesday said it has achieved a milestone of approving 1 crore guarantees to MSE beneficiaries. CGTMSE was set up by the central government and SIDBI in August 2000 to provide credit guarantees to micro and small enterprises, enabling them to access credit without the need for collateral and third-party guarantees. To mark the occasion, an event was organised, and attended by CGTMSE chairman Manoj Mittal and CEO Manish Sinha and representatives of various banks, including State Bank of India, HDFC Bank and Union Bank, and MSMEs. During the occasion, three Micro and Small Enterprises (MSE) borrowers and three prominent Member Lending Institutions (MLIs) were felicitated which have played a significant role in this achievement, CGTMSE said in a statement. Speaking at the event, Mittal emphasised the transformative impact of credit guarantees on the MSE ecosystem, enabling businesses to access funding without .

Hurt in Covid-19, MSMEs recover slowly as initiatives for them continue

Share of credit outstanding to MSMEs by scheduled commercial banks as a percentage of outstanding non-food credit is tepid

Need energy transition without compromising economic growth: CEA Nageswaran

Chief Economic Advisor (CEA) V Anantha Nageswaran on Thursday underlined the need to be cautious about energy transition and it should be without compromising growth. "We need to do it carefully so that we do not throw the baby of economic growth out with bath water in the name of managing energy transition and tackling climate change. Without growth there are no resources to invest for climate change management," he said while speaking at the Global Economic Policy Forum organised by CII here Citing negative impact, he said, Europe is facing an economic doldrum because of a sharp rise in industrial electricity prices partly because of focus on renewal energy and energy transition. He said that this is not just a political challenge, but also an economic one, affecting not only India but the entire global South. Assuaging concerns of slowdown, he said, India is on track to achieve 6.5-7 per cent GDP growth for the current fiscal pencilled in Economic Survey. He, however, said, the

Rajasthan govt's new policy set to give a fillip to MSMEs in state

The state government claims that it received investment commitments worth over Rs 25 trillion so far

Over 70% MSMEs use biz loans for immediate financial needs: Study

There is higher demand for working capital expenses, emphasising the liquidity challenges and short-term cash flow gaps faced by businesses in managing their day-to-day operations

Open to the idea of alternate financing models for MSMEs: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Thursday urged the industry to share specific issues they are facing in accessing bank credit and suggested that the government is open to exploring alternate financing models for MSMEs. He also said the ministry can earmark particular areas in the proposed industrial townships for the MSMEs (Micro, Small, and Medium Enterprises). Exporters have raised concerns over declining bank credit, particularly to the MSME segment. While exports grew by 15 per cent in the rupee terms between 2021-22 and 2023-24, the outstanding credit in March 2024 dropped by 5 per cent over the same month in 2022, according to exporters. "Give me specific details (as in) what kinds of problems they (MSMEs) face. Is too much collateral being asked? Suppose an ECGC (Export Credit Guarantee Corporation) cover is available, do they (banks) still ask for collateral, what kind of interest they charge when a 90 per cent guarantee is taken by ECGC in the event of any ..

Self-help groups, farmers struggling to get loans : RBI Deputy Governor

MSMEs led by women underserved in borrowing system, says Swaminathan J in speech

Smog disrupts supply chains, output for 3.4 million MSMEs in north India

Air pollution: Industry bodies say prolonged smog exposure is affecting workers' health, leading to reduced productivity and extended production delays

PSBs set to launch MSME credit model this month, reveals document

Initially, nine PSBs such as Bank of Baroda, Canara Bank, Bank of Maharashtra and others will allow loans only up to Rs 25 lakh. Bank of India will offer loans up to Rs 1 crore

New launches likely to fuel domestic growth: JB Pharma CEO Nikhil Chopra

JB Pharma is on track to deliver strong results in the second half of financial year 2024-25

Govt reconstitutes CAC to drive reforms, boost apprenticeship training

Among private sector employer representatives, the council will include members from the TATA Group, Maruti Suzuki, Reliance Industries, Toyota, and the Indian Banks Association, among others

BFSI Summit: Industry experts discuss future growth paths for NBFCs, MFIs

Business Standard BFSI Insight Summit 2024: Industry experts share insights into reach, regulatory pressures, growth opportunities for non-banking financial companies, microfinance institutions

Canara Bank cuts gold loan growth to 15-17% amid regulatory concerns

Stops lending to MSMEs against gold as collateral