Page 14 - Msmes

Women-led MSMEs avail Rs 430 crore in loans in FY2023: Impact report

Nearly Rs 1,900 crore in loans were distributed to MSMEs, with women-led businesses making up 24% of the loans disbursed

Bengal pitches for more employment generation in state through Indo-US ties

West Bengal on Thursday pitched for more employment generation in the state through US-India partnership. Principal chief advisor to West Bengal chief minister Amit Mitra said that the need of the hour is creation of more employment through exports, strengthening of the MSME sector in the state and value-chain integration. Speaking at a session of the Indo-American Chamber of Commerce virtually, Mitra said "During 2022-23, exports from West Bengal to the US increased 55 per cent over the previous period." Mitra, who also holds the rank of a state cabinet minister, said that exports from West Bengal to the US stood at approximately USD 13 to 15 billion. "Nearly ten per cent of India's exports to the US originates from West Bengal," he said. The major items of exports to the US from West Bengal are gems and jewellery, shrimp, human hair for wigs and industrial gloves among others, he stated. Mitra said, "According to the RBI, West Bengal is the fourth largest economy in the country

Govt rolls out quality norms for ceiling fans to boost domestic production

The government has issued mandatory quality norms for electric ceiling fans to curb the import of sub-standard goods and boost domestic manufacturing of the electric fans. A notification in this regard was issued by the Department for Promotion of Industry and Internal Trade (DPIIT) on August 9. Items under Electric Ceiling Type Fans (Quality Control) Order, 2023, cannot be produced, sold, traded, imported and stocked unless they bear the Bureau of Indian Standards (BIS) mark. "It shall come into force with effect from six months from the date of publication of this notification," the notification said. Till now, BIS certification rules were not applicable for electric ceiling fans. Violation of the provision of the BIS Act can attract imprisonment of up to two years or a fine of at least Rs 2 lakh for the first offence. In case of second and subsequent offences, the fine will increase to a minimum of Rs 5 lakh and extend up to 10 times the value of goods or articles. According

President Murmu to launch advanced stealth frigate for Navy on Thursday

President Droupadi Murmu will launch an advanced stealth frigate here for the Indian Navy on Thursday, further propelling India's maritime prowess, a defence official said. Murmu will launch the 'Vindhyagiri' at Defence PSU Garden Reach Shipbuilders and Engineers Ltd's (GRSE) facility on the banks of River Hooghly in Kolkata, he said. This is the sixth of seven ships being built under Project 17 Alpha for the Navy. The first five ships of the project were launched between 2019 and 2022. This is the third and last stealth frigate that the Kolkata-based warship maker was contracted to build for the Navy under Project 17A. The official said that 75 per cent of orders for equipment and systems of P17A ships are from indigenous firms, including micro, small and medium enterprises (MSMEs). The state-of-the-art ship will be fitted with the latest gadgets and undergo extensive trials before being handed over to the Indian Navy for commissioning into service. P17A ships are guided missil

Amazon India enabled nearly $8 bn in exports, created 1.3 mn jobs

Amazon had pledged to digitise 10 mn MSMEs, enable $20 bn in cumulative e-commerce exports and create 2 mn jobs in India by 2025. Amazon said it was well on track to fulfil these pledges

House panel appeals integration of ITIs with MSMEs, set up placement cells

Moreover, the committee also expressed concern over the persistent instructor vacancies in the ITIs and low enrollment levels

Bank credit growth to MSMEs decelerates on y-o-y in Q1, finds RBI data

Bank credit growth to Micro, Small and Medium Enterprises (MSMEs) has decelerated on a year-on-year basis in the first three months of the current fiscal, according to Reserve Bank data. Players in the MSME sector, the backbone of domestic industry and largest employer, said risk averseness makes banks reluctant to provide loans to small units, leading to a deceleration in bank credit growth. As per the latest Reserve Bank data, the credit to medium industries in June grew by 13.2 per cent (47.8 per cent last year) and micro and small industries by 13 per cent (29.2 per cent a year ago). In absolute terms, the gross bank credit outstanding to medium industries at June-end was Rs 2,63,440 crore compared to Rs 2,32,776 crore in June last year. In the case of micro and small industries, the credit outstanding in June was Rs 6,25,625 crore against Rs 5,53,675 crore in the corresponding month of 2022. In May, the credit to medium industries grew by 18.9 per cent (42.9 per cent last yea

KredX to disburse Rs 2,000 cr in working capital for MSME sector

Tier-two cities expected to have 35% growth in demand for such financing compared to last year, says firm

Facilities at IECC to help country become modern, developed: Piyush Goyal

The world-class convention centre, inaugurated by Prime Minister Narendra Modi here on Wednesday, have all the facilities to help the country achieve the goal of becoming a developed and modern nation, Commerce and Industry Minister Piyush Goyal said. The International Exhibition-cum-Convention Centre (IECC)) complex is India's largest MICE (Meetings, Incentives, Conferences, and Exhibitions) destination. In terms of the covered space available for events, the complex finds its place among the top exhibition and convention complexes in the world. It comprises multiple modern facilities, including convention centres, exhibition halls and amphitheatres. It was developed by India Trade Promotion Organisation, a body of the commerce ministry. Speaking at the unveiling of the complex, Goyal said the Prime Minister has inspired us to move as a nation towards the goal of becoming a developed nation. He also highlighted the role of Shramjeevis and architects in the development of the ...

Govt requests setting up of more MSEFCs for quicker disposal of cases

The MSME Ministry has requested states and union territories to set up more micro, small enterprise facilitation councils for quicker disposal of cases related to delay in payments to such units, Parliament was informed on Monday. As per the information available on the Samadhaan Portal, the total outstanding payments to micro and small enterprises from April 1, 2020, to July 17, 2023, stood at Rs 15,681.58 crore. Information shared by the Minister of State for Micro Small and Medium Enterprises Bhanu Pratap Singh Verma in a written reply to the Rajya Sabha showed that the amount due to micro and small enterprises has been on a rising trend. The total amount due to micro and small enterprises from the buyers of goods and services stood at Rs 1,825.52 crore for the period between April and July 17. The outstanding payments stood at Rs 5,134.19 crore in the previous fiscal (FY- 23), whereas in the two preceding financial years of FY-22 and FY-21, the total pending dues were to the tu

Godrej Capital announces launch of unsecured business loans for MSMEs

Additionally, borrowers can avail themselves of a reward program for timely repayments, the company said

MSME credit window zooms 80% to Rs 1.5 trillion in Uttar Pradesh

UP has India's largest base of 9 million MSMEs

Have taken regulatory action against 105 pharma companies: Health minister

Mandaviya said that after 137 firms were inspected, production has been stopped at 31 companies and the product licenses of 50 firms have been cancelled

G20 officials to meet at Kevadia for digitalisation of trade documents

Senior officials of G20 member countries will gather at Kevadia for three days from July 10 to build consensus on proposals, including digitalisation of trade documents, and an action plan to create meta information interface for MSMEs, an official statement said on Saturday. These proposals will be discussed at the third meeting of the Trade and Investment Working Group (TIWG). The meeting will be attended by more than 75 delegates from G20 member countries, invitee countries, regional groupings and international organisations. "The focus of the meeting would be to build consensus on accomplishing action-oriented proposals put forward by the Indian Presidency on global trade and investment-related issues, the commerce and industry ministry said. These proposals relate to developing high-level principles for digitalization of trade documents, action plan to create meta information interface for MSMEs, generic mapping framework for global value chains, G20 regulatory dialogue and ...

MSMEs are pivotal to Uttar Pradesh's economy, says Sharad S Chandak

State Bank of India has always recognised the importance of MSMEs in the growth of UP

World MSME Day 2023: Date, Theme, Celebration, Essential Facts about MSME

This celebration of World MSME Day is to create market opportunities in both domestic and global markets, promote regional development, reduce regional disparities

Stamp duty relief for women-led MSMEs; UP to facilitate loans of Rs 20k cr

Nearly a dozen agricultural and traditional products are likely to be awarded the Geographical Indication (GI) certificate soon

MSMEs to face headwinds due to economic slowdown in US, Europe: CRISIL

A fifth of the MSME sector by value is expected to witness an increase in working capital requirement this fiscal, the report said

India seeks carve out for MSMEs from European Union's carbon tax

The CBAM's transition-phase will kick in from October, followed by levying of carbon tax from January 2026

India seeks exemptions from EU's carbon tax for MSMEs: Commerce Secy

India has sought exemption for its MSMEs from the European Union's carbon tax, which would kick in from October this year, as the levy would impact the domestic industry in certain sectors, Commerce Secretary Sunil Barthwal said on Thursday. The EU is introducing the Carbon Border Adjustment Mechanism (CBAM) from October 1 this year. According to a report of the think-tank GTRI, CBAM would translate into a 20-35 per cent tax on select imports into the EU starting January 1, 2026. From October, domestic companies from seven carbon-intensive sectors -- including steel, cement, fertiliser, aluminium and hydrocarbon products -- will have to seek compliance certificates from the EU authorities to comply with the CBAM norms. The secretary said that they held a stakeholders' consultations meeting on the issue last month and discussed the preparedness of the industry for CBAM compliance. The compliance is in two parts - a requirement of filing data from October and later imposition of the