Page 20 - Msmes

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

State-owned steel firms clear Rs 7,673.95-cr dues to MSMEs in FY23: Govt

Government-owned steel companies have cleared Rs 7,673.95 crore dues of various MSMEs during FY23, 39.3 per cent higher than Rs 5,511.07 crore paid during the preceding fiscal, the steel ministry said. "The status of pending payments to MSMEs by CPSEs (Central Public Sector Enterprises) of the ministry is being monitored on a weekly basis to ensure payments to them within the 45 days' time limit for such payments," it said. A payment of Rs 876.10 crore was made by steel CPSEs to Micro, Small & Medium Enterprises (MSMEs) during March 2023, up 38.1 per cent year-on-year (y-o-y) and 23.1 per cent higher than the previous month, the ministry said. During the entire financial year 2022-23, steel CPSEs have made a payment of Rs 7,673.95 crore to MSMEs, which is 39.3 per cent higher than Rs 5,511.07 crore payment made during FY 2021-22. CPSEs under the administrative control of the steel ministry include SAIL, NMDC, RINL, KIOCL, MOIL, MECON, MSTC and its subsidiary FSNL.

Godrej Capital aims to double its loan book to Rs 12,000 cr in FY24

Eyes a size of Rs 50,000 cr in five years; plans to infuse Rs 1,200 cr capital in current fiscal

Payments firm Worldline and SignCatch to partner for merchant digitisation

Programme will help small business owners to digitise operations and set up online presence

More than 408.2 mn loans amounting to Rs 23.2 trn sanctioned under PMMY

PMMY aims to facilitate easy collateral-free credit of up to Rs 10 lakh to micro-entrepreneurs for income-generating activities

PhonePe launches shopping app for ONDC, marking e-commerce entry

Pincode will connect consumers to small merchants and neighbourhood stores, says fintech firm

Small businesses file applications worth over Rs 35,000 cr in payables

Over 137,000 complaints made, govt portal shows state govt dues are among the highest

G20 working group talks ways to make trade work for growth, prosperity

Minister of State for Finance Bhagwat Karad, who addressed the inception meeting of the TIWG in Mumbai spoke about the widening gap between developing and developed countries

MSME, gold will grow faster than any other segment: Shriram Finance CEO

"Multiple people have shown interest (in Shriram Housing Finance), including the who's who of the private equity world"

Net zero target: How MSMEs are caught between a rock and a hard place

Amid a green push by governments across the globe, small industries rue lack of resources and help in energy transition

Snapdeal starts taking orders on ONDC, sees demand for smaller cities

Company says it's only e-commerce platform to fintegrate its buyer and seller platforms on platform

97% licences granted to MSMEs among toy-making units, says Centre

As many as 97 per cent licences have been granted to micro, small, and medium enterprises (MSMEs) among toy manufacturing units by the government

Worrisome to see no transparency in forex fees for small players: RBI's Rao

Foreign Exchange Dealers' Association should take lead in safeguarding customers against fraud platforms: Deputy Governor

Digital literacy prompts India to push next phase of Aadhaar in Budget FY24

Women doing better in digital awareness among reasons for government to expand technology in policies

Clix Capital aims to double its profit to Rs 100 crore in FY 2024

NBFC player Clix Capital Services looks to double its profit to Rs 100 crore in the next 2023-24 fiscal by focusing on lending to MSMEs and other segments. The post-pandemic period saw massive pent-up demand amongst sectors severely impacted due to Covid-19 and the subsequent lockdowns, such as travel and tourism, education, healthcare and automobiles, the company said in a release. "Clix Capital diligently utilised the Covid-induced disruption as an opportunity to reassess its business strategy as well as digitalise its core-operating model at scale," it said. Clix Capital is poised to cross an AUM (Assets under Management) of Rs 5,000 crore by the end of this fiscal and aims to surpass Rs 9,000 crore by 2024-25, it said. By servicing consumers and MSMEs, Clix has disbursed more than Rs 18,000 crore to date. Most of the company's disbursements have gone to underserved MSMEs. "...the company has carved its niche in focused business segments in line with India's growth trajectory i

FinMin asks depts, CPSEs to refund 95% of MSMEs securities till March 2022

The Finance Ministry on Monday asked all departments and public sector entities to refund 95 per cent of the performance or bid security and liquidated damages forfeited/deducted from small and medium businesses in government tenders for over two years till March 31, 2022. To give relief to MSMEs, Finance Minister Nirmala Sitharaman in 2023-24 Budget announced 'Vivad se Vishwas-I' scheme which provides that in cases of failure by MSMEs to execute contracts during the Covid period, 95 per cent of the forfeited amount relating to bid or performance security will be returned to them by government and government undertakings. The Finance Ministry's Expenditure Department on Monday issued an office memorandum stating that all contractors or suppliers registered as micro, small and medium enterprises (MSME) with the Ministry of MSME as on March 31, 2022, would be eligible to claim a refund of the forfeited amount for contracts which had an original delivery or completion period between ...

Union Budget 2023: FinMin notifies refund of security deposits to MSMEs

In her budget speech, FM had proposed refund of 95% of amount forfeited on account of non-performance of contract due to Covid

Sitharaman to begin post-budget outreach in Mumbai, meet business leaders

Finance Minister will travel to more cities, explain what the budget contains for various stakeholders

Corporates should clear dues of MSMEs within 45 days: FM Sitharaman

Union Finance Minister Nirmala Sitaraman on Thursday urged industries to facilitate payments to MSMEs within the contract period

Direct tax: Budget gives a blueprint for sustained high-growth trajectory

Presently, no TDS is required on interest payable in the case of listed dematerialised securities