Page 17 - Msmes

Honeywell eyes 30% revenue growth from its Impact brand: Ashish Modi

Honeywell is eyeing around 30 per cent revenue growth in the next few years from its Impact brand, which provides sustainable and digital solutions for Indian businesses especially the MSME segment. "Since the last 3-4 years we have been growing at 30 per cent. We will grow at 30 per cent or at high double-digit given the growing Micro, Small and Medium Enterprises (MSMEs) in the country," Honeywell India Country President Ashish Modi told PTI. Pune-headquartered Impact by Honeywell was incubated in 2019, to develop sustainable and digital products that can enable MSMEs to optimise their business operations, boost process efficiency and performance and optimise costs. "When you go to the market, reaching the masses is very different when you want to reach your handful of customers and that's been a big learning. We absolutely wanted to do something meaningful in 'Make in India'... "So we had to think about how we would think about innovation because, again, reaching the masses at t

Tamil Nadu Round Table 2023: Need to make MSMEs future-ready, say experts

Gopal Krishnan CS of Hyundai Motor India announced that the company will open a battery system assembly plant in Tamil Nadu which will cater to 70,000-100,000 units a year

Cyclone Michaung: Life halts as Chennai sees worst rainfall in decades

Cyclone Michaung takes its toll: 5 dead; road, air, rail traffic affected; Foxconn, Pegatron, Hyundai ops hit

Vivad se Vishwas: Govt settles over 43k MSME claims; refunds Rs 700 cr

The government has settled 43,904 refund claims worth Rs 700 crore of MSMEs under the dispute resolution scheme Vivad se Vishwas-I. Under the scheme, MSMEs could claim a refund of 95 per cent of performance or bid security and liquidated damages forfeited by government departments and public sector entities during the COVID-19 pandemic. The scheme, announced in the 2023-24 Budget, opened on April 17, and the last date for submission of claims for relief on the GeM portal was July 31. "A total of 43,904 claims have been settled by the Government of India to the MSMEs under the Vivad se Vishwas scheme. The value is approximately Rs 700 crore right now, that's the amount refunded," Finance Secretary TV Somanathan said. He said about 4,000 refund claims are yet to be decided under the scheme. Somanathan said the scheme has given substantial relief to a number of MSMEs. The relief provided under this scheme was in continuation of the efforts of the government in promoting and sustaini

BSE issues fresh guidelines for SMEs looking to migrate to main board

BSE has put in place fresh guidelines for small and medium enterprises looking to migrate from its SME platform to the main board, whereby the applicant will be required to have a net worth of at least Rs 15 crore for the preceding two financial years. Under the guidelines, the applicant firm needs to be listed on the SME platform for at least three years. Besides, they need to have 250 public shareholders before shifting to the main board. In addition, the SME should have a positive operating profit for at least any two out of three financial years and have a positive profit after tax (PAT) in the immediate financial year of making the migration application to the bourse. "The applicant should have a net worth of at least Rs 15 crore for two preceding full financial years, " BSE said in a circular. Further, the paid-up equity capital of the applicant should be more than Rs 10 crore and the market capitalization should be at least Rs 25 crore. Among other parameters, the applican

ITeS, MSMEs set for stable growth amid global slowdown, shows report

More tailwind is expected from the travel segment, which is poised for double-digit revenue growth, further augmenting ITeS growth

MSMEs getting major business from public procurement portal GeM: Singh

Micro and small enterprises are getting major business from public procurement portal GeM and they are expected to sell goods and services worth over USD 20 billion by the end of this fiscal, a senior government official said on Monday. The Government e-Market (GeM) portal was launched on August 9, 2016, for online purchases of goods and services by all the central government ministries and departments. GeM CEO P K Singh said that the platform provides different support measures to these enterprises to increase their participation in government buying. "Out of the total procurement of goods and services since 2016, 50 per cent are coming from micro and small enterprises," he said, adding in 2016-17, procurement from these firms stood at USD 5 million, which jumped to USD 5 billion in 2020-21 and this fiscal it "will be in excess of USD 20 billion". He said that the portal provides business intelligence and data analytics services and information" to firms that are "correct, relevan

India seeks to provide MSMEs access to govt buying of different countries

India is looking at ways such as free trade agreements to enable domestic MSMEs to participate in public procurement of different countries, Commerce Secretary Sunil Barthwal said on Monday. He said that 10-15 per cent of the GDP of any country accounts for public procurement, which could be around USD 10-15 trillion in value terms. Several countries give preference to micro, small and medium enterprises (MSMEs) in their public procurement. "In fact, there are various ways by which countries promote MSMEs, we also promote them in India in the sense that we give them special purchase preference. "As more and more FTAs (free trade agreements) are getting signed...we are also looking at...how MSMEs...can have access to public procurement of different countries, so (that) Indian companies may get an opportunity... MSMEs from other countries can get access to our portal," Barthwal said here at an event. Under the India-UAE free trade pact, government procurement contracts worth over Rs

Majority organisations' very concerned' on impact of data law: EY study

While the rules that would provide exact processes of the DPDP Act are yet to be notified, the government has consistently claimed that large organisations must not require much time to comply

Axis Bank capitalised with self-sustaining structure to fund growth: MD

Axis Bank is well capitalised with a self-sustaining capital structure for funding organic growth, its managing director and CEO Amitabh Chaudhry has said. He said the bank expects to grow higher than the industry average on the credit side. It would be 400-600 basis points higher than the industry in the MSME segment this fiscal. To fund business growth, he said, the bank has adequate capital to take care of its needs during the current financial year. "Our overall capital adequacy ratio, including profit, stood at 17.84 per cent with a CET 1 ratio of 14.56 per cent. The Bank accreted 18 bps of CET-1 capital in Q2 FY24 and 54 bps in H1 FY24. Axis Bank is well capitalised with a self-sustaining capital structure for funding organic growth," he told PTI. In March this year, Axis Bank completed the acquisition of Citibank's consumer business and non-banking financial company (NBFC) consumer business. The bank paid Rs 11,603 crore for the acquisition. The sale excludes Citi's ...

How online Invoicing Software, Instabill, helps Indian MSMEs in Growth!

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Increased sugar prices to lift MSMEs' margins: CRISIL SME Tracker

Lower cane availability is expected to result in reduction in cane being diverted for ethanol production from 4.5 million tonne to 4 million tonne

SMEs utilising digital technologies for various business functions: Report

Small and Medium enterprises (SMEs) have been utilising digital technology for various functions, with 60 per cent of them using it for human resources, 51 per cent for sales and marketing, and 48 per cent for finance, according to a report by industry body FICCI. The report also revealed that the accounting software (such as Tally/ Vyapar/ Busy, etc.) and business applications like ERP and CRM were reported to be the most used digital tools by SMEs. According to the report, most of the firms have experienced improvements in productivity and reductions in operational costs as a result of incorporating digital technology into their business functions. Approximately 35 per cent of respondents reported a reduction in their annual operational costs by 11-20 per cent as a result of digitalisation, the report said, adding that another 30 per cent of respondents indicated that their annual operational costs had decreased by more than 20 per cent. It said amongst the enterprises that repor

SIDBI & GAME onboards 18 cohorts to NBFC Growth Accelerator Program

The joint initiative by SIDBI and GAME is expected to bolster the lending capacity of MSME focused NBFCs

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