Page 19 - Msmes

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

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