Page 13 - Msmes

MeitY to support development of AI chips under national programme

The Ministry also invited industry suggestions on its draft National Strategy on Robotics released last month

Festivals bring $13 bn sale for e-tailers, MSMEs clock more Diwali orders

MSMEs from non-metro cities are clocking more Diwali orders this year than sellers from metro cities while the e-commerce opportunity could be at a staggering USD 13 billion for the Indian MSMEs during the festive season, says a report. Tech-enabled logistics platform and unicorn Shiprocket in its report released on Thursday noted that with e-commerce gaining traction, it anticipates around 10-15 per cent of the total order volume to be attributed to first-time shoppers. Shiprocket estimates the Indian e-commerce opportunity will be at a staggering USD 13-billion for the Indian MSMEs during the festive season, it said. Observing that as much as 56 per cent of its order volume originates from non-metro cities, the platform said this underscores the rapid adoption of online shopping and digital transactions in smaller towns and rural areas. In this spirit, MSMEs from tier-2, tier-3 and tier-4 cities are expecting higher Diwali gift orders than sellers from metro cities, it ...

Schedule M likely to be revised to bring it closer to WHO standards

The draft rules, still under consideration, include provisions to strengthen quality control and the safety of drugs manufactured in India

RBI reviews flow of credit to MSMEs, delibrates on bridging credit gap

The RBI's Standing Advisory Committee (SAC) reviewed the flow of credit to Micro, Small and Medium Enterprises on Friday at its meeting held in Lucknow, a central bank said in a release. The 28th meeting of SAC was chaired by RBI Deputy Governor Swaminathan J, and attended by senior officials from ministries of MSME and finance. "During the meeting, the SAC reviewed the flow of credit to MSMEs and deliberated on issues related to assessing and bridging the credit gap for the sector, exploring digital solutions for improved credit linkage, accelerating adoption of TReDS, credit support to women entrepreneurs, revival and rehabilitation of stressed MSMEs, and credit guarantee schemes, among others," the RBI said. The deputy governor in his keynote address emphasised the significant role of the MSME sector, particularly in the context of the goal of attaining developed economy status by 2047. He stressed the need for collaborative efforts on the part of all stakeholders to unlock the

Sidbi to launch app-based 'invoice financing' loans platform 'GST Sahay'

With an aim to enhance the economic and financial sustainability of micro, small and medium enterprises (MSME), the Small Industries Development Bank of India (SIDBI) is in the process of launching an app-based 'invoice financing' loans platform 'GST Sahay', an official said. This was announced by SIDBI, Chief General Manager (CGM), Rahul Priyadarshi at a customer outreach programme here on Wednesday. "The MSMEs are vital for the economic growth and development of India. They (MSMEs) create jobs and contribute enormously to the socio-economic development of the country. Although several measures for the MSMEs have been taken in the past few years by the government, the crunch in working capital credit is one of the major issues for them. Now, SIDBI is in the process of launching an app-based 'invoice financing' loans platform for them," he said. "The new invoice platform-GST Sahay will reduce the problem of delayed payments and consequential cash flows mismatches for the MSMEs. The

Vivad se Vishwas - I scheme: Govt grants Rs 256 crore in relief to MSMEs

The Ministry of Finance said in a release that this move will increase the flow of bank credit by freeing up guarantees

MSMEs in Tamil Nadu go on strike over rising power costs today

Around 165 associations in Tamil Nadu are participating in the strike, bringing about loss of labour for a day for almost three crore workers. The government's revenue loss will be ₹ 1,200 crores

Number of MSMEs in Bengal to have reached 10 mn after Covid: Official

The number of MSME units in West Bengal is estimated to have reached 1 crore with the economy bouncing back after the pandemic, a senior official said. Addressing a programme, West Bengal Small Industries Development Corporation Ltd (WBSIDCL) executive director V Teja Deepak said there were 90 lakh MSME units in the state before the pandemic. "There were 90 lakh Micro, Small and Medium Enterprises (MSMEs) in Bengal before the COVID-19 pandemic, and now it must have reached 1 crore after the pandemic," he said. Maintaining that the state government's schemes such as 'Shilper Samadhan' have been a great help to the sector, he said the time taken to give various permissions for setting up businesses has also come down significantly. "Bengal is doing well in the export of textile and leather, and the 'Biswa Bangla' marketing is attracting buyers across the globe," he said. Speaking at the programme organised here by SBI and The Statesman on Saturday, PSU Andrew Yule and Company's CMD

DGTR probes dumping of 3 Chinese goods; to protect MSMEs from cheap imports

The commerce ministry's investigation arm DGTR has "suo-motu" initiated probes against alleged dumping of three products, including unframed glass mirrors and fasteners, by Chinese companies as the authority seeks to guard MSME units against cheap imports from the neighbouring country. Usually, anti-dumping investigations are initiated based on an application filed by domestic producers, but since the fragmented industries did not have the know-how of the procedures involved in the trade remedy probe, the Directorate General of Trade Remedies (DGTR) has undertaken the exercise to investigate the matter on its own initiative. According to three separate notifications, the DGTR said that it is probing alleged dumping of telescopic channel drawer, unframed glass mirror and fasteners. The move is aimed at granting much-needed protection to the MSME (micro, small and medium enterprises) producers against dumped goods from China. "This is a giant leap forward from DGTR's first suo-motu .

Best of BS Opinion: Unlocking MSME potential, digital forensics & more

Here is the best of Business Standard's opinion pieces for today

TruCap, HDFC Bank form co-lending tie-up for underserved MSME borrowers

Industry estimates indicate that the MSME sector has an overall credit demand of Rs 69.3 trn, growing at a CAGR of 11.5%

Empowering MSMEs for export success

Through reforms and e-commerce innovation, India must supercharge its MSMEs

Flipkart crosses 1.4 mn sellers ahead of its annual shopping event

Businesses are using e-commerce to digitise and modernise themselves, says company

PNB launches app to enable MSMEs access instant loans using GST invoices

State-owned Punjab National Bank (PNB) on Wednesday said it has launched a mobile application based on the GST Sahay scheme, an endto-end digital product under which lending can be done using GST invoices. With this integration, PNB has become the first public sector bank to facilitate frictionless credit flow to MSMEs using GST invoices, the bank said in a statement. The initiative is also in line with the bank's strategy to further the development of the MSME sector and digital credit ecosystem in the country. The PNB GST Sahay App makes the entire loan process digitised and helps eliminate any manual intervention for borrowers and makes the process more cost-effective, fast, and smooth, it said. Through this service, the loan amount will be directly credited into the borrower's current account with the bank. Speaking at the launch of PNB GST Sahay App, the bank's MD Atul Kumar Goel said, "our bank has been a pioneer in serving top industrialists as well as the masses and provid

MSMEs in steel sector get an India build-out lift: CRISIL SME Tracker

MSMEs in the steel sector mostly manufacture long steel products such as rebars and wire rods using induction-based furnaces and raw materials such as steel scrap and sponge iron

Implementing single GST rate imperative for shielding MSMEs: Rahul Gandhi

Creating industrial hubs and implementing a single GST rate are imperative measures to shield MSMEs which collectively possess the power to drive India's growth engine, Congress leader Rahul Gandhi said on Sunday as he shared a video of his recent visit to a chocolate-making factory in Ooty. Gandhi had visited "one of Ooty's most celebrated brands" Moddys Chocolates earlier this month while on his way to his parliamentary constituency Wayanad after his Lok Sabha membership was restored. Nestled amidst the picturesque Nilgiris lies a globally renowned Indian industry -- the chocolate-makers of Ooty, a statement issued by the Congress said. "On my way to Wayanad, recently, I had the delightful experience of visiting one of Ooty's most celebrated brands: Moddys Chocolates. The entrepreneurial spirit of the couple behind this small business, Muralidhar Rao and Swati, is inspiring," Gandhi was quoted as saying in the statement. Equally remarkable is the all-women team which works ...

State Bank of India set to measure carbon risk of its Rs 33 trn loan book

The bank plans to engage a consultant or advisor to measure the carbon footprint in its domestic lending portfolio according to internationally accepted norms

PM Modi calls for more attention to MSMEs at G20 trade ministers' meet

In the past nine years, due to the government's sustained efforts, India has ascended to become the fifth largest global economy

Alternate financing poised to capitalise on $570 bn SME credit opportunity

India is home to 64 million micro, small and medium enterprises (MSMEs), contributing 30 per cent of the nation's GDP

West Bengal sees microfinance as a key driver of economic growth: Mitra

Speaking at a precursor meeting of the Bengal Global Business Summit (BGBS) 2023, Mitra said that banks in West Bengal lent Rs 1.28 trillion to the MSMEs in FY23