Page 21 - Msmes

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

Cut in customs duty, support to MSMEs will boost shipments: Exporters

The announcements for tweaking customs duties in certain sectors and measures to support MSMEs will help in boosting domestic manufacturing and the country's outbound shipments, exporters said on Thursday. Increase in capital investment outlay by 33 per cent to Rs 10 lakh crore, 50 years interest free loan to states to incentivise infrastructure investment, highest-ever capital outlay for railways, several infrastructure projects in port, coal, steel will have a multiplier effect on economy and employment, they said. Federation of Indian Export Organisations (FIEO) President A Sakthivel said that many of the changes in the customs duties will help to provide competitiveness to manufacturing and exports, besides attempting imports substitution. The reduction in duty on denatured ethyl alcohol and crude glycerine will help the downstream users in the chemical sector, the cut in duty on key inputs for producing shrimp feed will help the marine exports as will be the drop in duty on see

Schemes for MSMEs in Budget 2023 to help boost exports, says AEPC

Various schemes, including a revamped credit guarantee scheme, announced in the Budget to support MSMEs and exporters will help promote the country's exports, AEPC said on Thursday. Finance Minister Nirmala Sitharaman in her Budget speech said a revamped credit guarantee scheme for MSMEs with an outlay of Rs 9,000 crore will be launched from April 1. Apparel Export Promotion Council (AEPC) Chairman Naren Goenka said that the focus on infrastructure, investment, green growth, youth power and inclusive development will boost India's journey to be the fastest-growing robust economy. The announcement to cover more sectors under the PLI scheme and support to the MSME sector will help thrust exports and investment in the country. Rs 9,000-crore corpus for a revamped credit guarantee scheme will surely alleviate the stress of small and medium enterprises in India, he said. As desired by exporters, the increased allocation for the interest equalization (subsidy) scheme from Rs 2,376 crore

From capex outlay to tax slab rejig, seven big wins from the Budget

The government's focus on ease of doing business and the expanded corpus for the credit guarantee scheme will mean MSMEs have a lot to gain from this Budget

Budget 2023: Credit Guarantee Scheme for MSMEs gets Rs 9,000-cr boost

This is expected to reduce the cost of credit by 1 per cent for MSMEs, said Union Finance Minister Nirmala Sitharaman

Budget: Govt to enhance presumptive taxation limit for MSMEs, professionals

The government on Wednesday proposed to enhance the limit for presumptive taxation for MSMEs and certain professionals provided their cash receipts are less than 5 per cent of the total turnover or gross receipts. The move is aimed at promoting non-cash transactions, as per the Budget document. The existing provisions of the Income Tax Act provide for a presumptive income scheme for small businesses and certain professionals. Micro enterprises with a turnover of up to Rs 2 crore and certain professionals with a turnover of up to Rs 50 lakh can avail of the benefit of presumptive taxation. In her Budget Speech in the Lok Sabha, Finance Minister Nirmala Sitharaman said MSMEs are growth engines of the Indian economy. "I propose to provide enhanced limits of Rs 3 crore and Rs 75 lakh respectively, to the tax payers whose cash receipts are no more than 5 per cent," she said. Moreover, to support MSMEs in timely receipt of payments, "I propose to allow deduction for expenditure incurred

Large companies must take responsibility to handhold MSMEs: Piyush Goyal

Goyal was speaking at the fourth Plenary Session of the B20 India Inception Meeting on Building Resilient Global Value Chains in Gandhinagar