Page 19 - Msmes

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

Fintech firm Indifi raises Rs 290 cr in funding round by ICICI Venture

Company plans to expand its operations and expand small businesses' access to working capital finance

Sidbi signs MoU with HDFC Bank to offer financial solutions to MSMEs

State-owned Small Industries Development Bank of India (SIDBI) has entered into a Memorandum of Understanding (MoU) with HDFC Bank for providing financial solutions to MSMEs. Under the MoU, SIDBI and HDFC Bank will work together to provide complete financial product and services to the customers under Micro, Small and Medium Enterprises (MSMEs). The MoU will facilitate providing complete financial solutions to MSMEs in a seamless manner. This arrangement will enable MSMEs to avail financial products and services of both the banks. Both banks will endeavour to bring more MSMEs in financial ecosystems through the arrangement.

Allow MSMEs to pay liabilities in tranches: Exporters urge Centre

The scheme was announced by DGFT in the Foreign Trade Policy (FTP) on March 31 and is set to benefit 2,500-3,000 exporters

Crisil SME tracker: Inflation to hurt MSME growth in electronics sector

But growth will still be healthy as discounts and lower retail prices will cushion the fall

Most digitally adept MSME retail owners between 18-30 yrs of age: Report

Under the first edition of PayNearby's 'MSME Digital Index 2023', the report showcased the consumption of technology by MSMEs at the last mile

Disposal of delayed payment cases by micro, small industries at 5-year low

The government in the Budget announced that buyers would be allowed to claim a tax deduction for payments made to MSMEs only after they make a payment to them