Page 10 - Msmes

Exporters' body urges Piyush Goyal to restore IES benefits for all

A body of exporters has written to Union Commerce and Industry Minister Piyush Goyal, expressing concerns over the extension of the Interest Equalisation Scheme (IES) for only two months and exclusively for MSMEs. Federation of Indian Export Organisations (FIEO) president Ashwani Kumar highlighted that the scheme has so far benefitted not only MSMEs but also merchant exporters and large manufacturing companies at a lower rate of two per cent for 410 tariff lines, covering labour-intensive products. The current scheme, valid till June, provides pre and post-shipment rupee export credit, offers a two per cent interest equalisation rate for manufacturers and merchant exporters dealing with specified 410 export items, and a higher rate of three per cent for MSME manufacturers exporting under any of these items. Kumar pointed out that the exclusion of these categories from the extended scheme will severely impact labour-intensive exports, which have already been struggling in recent ...

700% surge in just 6 months: 25 SME stocks double in 2024; sell or hold?

Analysts caution that the sharp rally in SME stocks makes them a risky proposition at current levels, and also highlight the inherent risk associated to such investments.

MSME ministry targets onboarding 500,000 micro, small enterprises on ONDC

Addressing an event on International MSME Day, Manjhi said MSMEs will be a key force in the movement towards Atmanirbhar and Viksit Bharat

West Bengal sets target of bank loans worth Rs 1.53 trn for MSMEs in FY25

The West Bengal government has set a target of providing Rs 1.53 lakh crore as bank loans to the MSME sector in the current fiscal, a rise of 5.5 per cent over the year-earlier figure, officials said. In the 2023-24 fiscal, the state's MSME sector received Rs 1.45 lakh crore in bank credit, translating to a growth of 14 per cent. West Bengal is one of the leading states in terms of MSME units, with 21.5 per cent of the country's total such units located in the state. "There are 89 lakh MSME units in West Bengal, generating employment to 1.36 crore people. Of these, 29 lakh units are owned by women entrepreneurs, which is 32.7 per cent of the total units in the state," said Debashis Bandopadhyay, Special Secretary, MSME Department. The state has 589 MSME clusters, with 41.77 per cent of those engaged in manufacturing, 25.47 per cent in trading and 21.5 per cent in other sectors, he said at a Bengal Chamber-organised MSME event. "The amount of bank loans given to MSMEs in the state

Sidbi bats for sustainable development of MSMEs; pilots several projects

Small Industries Development Bank of India (SIDBI) has been making efforts for sustainable development of the MSME sector, which plays a key role in the economy, a senior official of the financial institution said on Thursday. Deputy Managing Director of SIDBI, Sudatta Mandal, said it has taken proactive steps to make the MSME eco-system green with several financial and non-financial engagements. Speaking at an interactive session on the occasion of International MSME Day organised by the MCCI, Mandal said SIDBI has launched various lending products on competitive terms to facilitate energy-efficient transition of the MSMEs. "In the green space, SIDBI has piloted several projects and validated models such as Partial Risk Sharing Facility for energy efficiency programme supported by the World Bank with a corpus of USD 37 million, he said. Mandal said SIDBI has made continuous efforts for holistic development of the MSME sector, which now contributes to 45 per cent of India's exports

MSME Day 2024: Know date, history, significance, theme and more

The United Nations declared June 27 as the MSME Day to raise awareness of the significant contribution of MSME in the growth of developing nations

Worldwide sales

Dedicated hubs will streamline e-commerce exports

4 of 5 workers in Delhi-NCR prefer flexible work location to beat the heat

Over 80 per cent of the workforce in SMEs, corporate and other enterprises across Delhi-NCR prefers flexible working locations instead of conventional offices, indicating a need to adapt to the changing climatic conditions, said a survey. According to 'Hot Summer@Work 2024' survey conducted by The Office Pass (TOP), a flexible co-working space provider, 35 per cent of respondents preferred to come to office 2-3 times a week, indicating a desire for a balanced approach between office and home. Working from home more often was preferred by 26 per cent, while 24 per cent chose to operate from a caf or co-working space near their home. Only 16 per cent preferred to work from office exclusively, it stated adding that over 80 per cent of the workforce prefers flexible working locations instead of conventional offices. The survey saw participation of over 1,000 employees from SMEs, corporates and some enterprises across Delhi-NCR. The TOP's latest survey was meant to gauge the changes in

Despite progress, MSMEs still face credit shortages: DG Swaminathan

Swaminathan said that SLBCs should conduct detailed analyses to identify the root causes of stagnant credit growth in certain jurisdictions

Most of top-level executives have positive GST perception: Survey

An increasing number of C-suite executives have a positive perception of GST with many highlighting further reforms like rationalising tax rates and effective dispute resolution process as focus areas to usher in GST 2.0, a Deloitte survey said on Wednesday. The Deloitte GST@7 survey, engaging C-suite and C-1 level executives across diverse industries through online platforms, highlights areas which have resulted in growing confidence in GST, specifically on the positive role of GST automation/ technology and consultative environment, in policy making. Reflecting growing confidence in GST, the survey found that about 84 per cent of respondents reported a positive perception of GST in 2024, up from 72 per cent in 2023 and 59 per cent in 2022. Automation of tax compliance, including e-invoicing, continues to be voted as a top performance area. Also, enhanced and continued stakeholder consultation, leading to the issuance of clarificatory circulars/instructions was considered as a ...

Mumbai fire safety check: Mills to malls caught in a tinder trap

The second part of the series revolves around Mumbai being vulnerable to fire incidents because of overcrowding and the high cost of robust fire protection equipment

Infosys ranked 74th most valuable global brand in Kantar BrandZ report

Infosys has secured a spot among the 100 most valuable brands in the world, according to Kantar, the Bengluru-headquartered IT services company said on Wednesday. In its annual 'BrandZ Most Valuable Global Brands' report, Infosys is ranked as the 74 most valuable brand in the world and ranked as the 20 most valuable global B2B (business to business) technology brand, according to a release. The Kantar BrandZ recognition is a validation of the client trust that Infosys has earned, and the relevance of its capabilities, especially in domains like enterprise AI where technologies like generative AI and cloud continue to evolve, the release added. **** CredAble raises Rs 3 crore from SIDBI * Fintech firm CredAble on Wednesday said it has raised Rs 3 crore in debt funding from SIDBI to scale up its operations and extend affordable financing solutions to MSMEs and women-led businesses in India. The funding from SIDBI will further accelerate the development of new market-leading financ

India-US CEO Forum working group launches knowledge-sharing platform

A working group of the India-US CEO Forum on Tuesday launched a bilateral knowledge-sharing platform. The group is focused on entrepreneurship, inclusive growth, and promoting small businesses. The platform was launched in partnership with United Services Institute (USI) and CyberPeace Foundation, during the dialogue on inclusive growth, unlocking trade, empowering Startups and MSMEs in the Digital Age at USI. The dialogue also saw the launch of Prakshepan, an innovation Hackathon, and Cybersecurity & AI Capacity Building and Skilling Workshops for MSMEs and startups. The workshops will focus on protecting MSMEs and startups from online threats, and provide these businesses with the knowledge and tools necessary to build resilient security structures. Subi Chaturvedi, Chief Corporate Affairs & Public Policy Officer, Global Senior Vice President, InMobi, and Sherpa, Working Group 7, said, "The dialogue and the knowledge-sharing platform will enhance the bilateral relationship ..

Limited interest, low recoveries: Prepack insolvency scheme in slow lane

In 2021 when the country was reeling from the Covid-19 pandemic, the government promulgated an ordinance and amended the insolvency law to help MSMEs avoid bankruptcy

Lok Sabha elections: Mumbai MSMEs clamour for government support

With the 2024 Lok Sabha Elections entering the fifth phase on May 20, the spotlight is on Mumbai's Thane-Bhiwandi-Kalyan region

Will end 'Inspector Raj' for all retailers: BJP's Chandni Chowk candidate

Khandelwal said that ensuring 'dignity' of the traders in his constituency will be his utmost priority

GST helped states earn 24% more than the old regime: FM Sitharaman

She praised the new tax system for being pro-poor and beneficial to 4.4 million small taxpayers and micro, small and medium enterprises (MSMEs)

MSMEs contribute 62% to employment in India: McKinsey Global Institute

MSMEs in India are only 26 per cent as productive as large companies, in other emerging economies it is 29 per cent

MSMEs protest 45-day payment rule, file appeal in apex court: Report

Small businesses say new orders from larger clients have declined after new regulation on timely payment

CRISIL SME Tracker: Equations getting better for chemicals MSMEs

Agrochemicals margins could normalise from the second quarter due to destocking of high-cost inventories