Page 9 - Msmes

New launches likely to fuel domestic growth: JB Pharma CEO Nikhil Chopra

JB Pharma is on track to deliver strong results in the second half of financial year 2024-25

Govt reconstitutes CAC to drive reforms, boost apprenticeship training

Among private sector employer representatives, the council will include members from the TATA Group, Maruti Suzuki, Reliance Industries, Toyota, and the Indian Banks Association, among others

BFSI Summit: Industry experts discuss future growth paths for NBFCs, MFIs

Business Standard BFSI Insight Summit 2024: Industry experts share insights into reach, regulatory pressures, growth opportunities for non-banking financial companies, microfinance institutions

Canara Bank cuts gold loan growth to 15-17% amid regulatory concerns

Stops lending to MSMEs against gold as collateral

SBI plans to enhance limit under instant loan scheme for MSME sector

To ensure easy and adequate credit availability to the MSME sector, the State Bank of India (SBI) is planning to enhance the threshold under the instant loan scheme from the existing Rs 5 crore. 'MSME Sahaj - End to End Digital Invoice Financing', provides solutions ranging from applying for the loan, documentation and disbursement of the sanctioned loan within 15 minutes, without any manual intervention. "We have, last year, introduced a business rule engine based, data based assessment of the credit limits up to Rs 5 core. Anybody walking into our MSME branch has to give only their PAN and approval for sourcing GST data, we can give approval in 15-45 minutes," SBI Chairman C S Setty told PTI in an interview. Simplification of the MSME credit is something that the bank is emphasising on and making lending cash flow based backed by the CGTMSE guarantee, he said. This reduces the need for collateral, which would enable a lot of people to come into the formal MSME borrowing system, h

Lenders not allowed to levy foreclosure charges on MSEs, says RBI

Analysts said that the implementation of the norms will negatively impact the income of these lenders while increasing pre-payment of loans and balance transfers

Gandhi Jayanti: MSME raises wages for spinners by 25%, weavers by 7%

According to the official statement by the ministry, a special discount of 20 per cent on Khadi products and 10 per cent on Village Industries products has been launched at the flagship Khadi Bhavan

India melting pot of innovation, scale and execution: SAP India head

India is among the fastest-growing markets for SAP globally and Europe's largest software maker is upbeat about the demand pick-up from small and medium businesses that are keen on adopting technology and AI for driving scale and efficiency needs. The German firm - whose software is used by some of the largest and well-known companies across the globe to streamline business processes from inventory management to supply chains - is scripting a "phenomenal story" in India, Manish Prasad, President and MD of SAP Indian Subcontinent told PTI in an interview, describing the market as a "melting pot of innovation, scale and execution". The Indian market is growing at a faster rate than expected, Prasad said adding small and medium businesses (SMBs), which are an important cog in that, are prioritising AI in a big way. A tech veteran and seasoned business leader, Prasad is leading the charge on SAP's growth and innovation strategies in the Indian subcontinent. "We are extremely bullish ab

Three IPOs receive bids over Rs 1.05 trillion; demand outstrips supply

The strong demand from investors is on the back of high grey market premiums. All three will make their debut next week

Modi 3.0 100 days: Commerce ministry takes steps to support MSME exporters

The commerce ministry has taken a host of steps during the 100 days of the Modi 3.0 government for MSME exporters who are facing global challenges due to geo-political tensions. The measures included launching of 'Trade Connect e-Platform' to empower SMEs by giving them access to information and guidance on trade, the commerce ministry said on Tuesday. This platform will connect these enterprises to over six lakh IEC (import-export code) holders, 185 Indian Mission officials and over 600 Export Promotion Council members with the Department of Commerce. Briefing the media, Commerce Secretary Sunil Barthwal said that in the first 100 days, the ministry held meetings with exporters to understand their problems and find ways to resolve those issues. "This e-connect portal will provide all sorts of information to an exporter," he said adding for MSME and other exporters, this portal will become a single point by which they can explore new geographies for shipments. The secretary said t

Enhanced credit guarantee coverage to profit 2.7 mn women-led MSMEs: Manjhi

Women-owned micro and small enterprises will get enhanced credit guarantee coverage of 90 per cent under the CGTMSE scheme, after its board approved the new guidelines last week, Union Minister Jitan Ram Manjhi said on Tuesday. The decision is expected to benefit 27 lakh women-led MSMEs, he said. This is a significant step towards improving access of women entrepreneurs to collateral free-credit from banks. Prior to the approval of the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) Board, women-owned units were entitled to getting 80 per cent credit guarantee coverage. Talking about the enhanced guarantee coverage of 90 per cent, the minister said "27 lakh women-led MSMEs are expected to benefit from this initiative". Briefing the media on the achievements of the Ministry of Micro, Small and Medium Enterprises in the first 100 days after the Narendra Modi-led government returned to power at the Centre, Manjhi said a grand programme is being organised in Wardh

Rahul slams govt over video of restaurant chain owner 'apologising' to FM

Leader of Opposition in the Lok Sabha Rahul Gandhi on Friday slammed the government over a video in which a restaurant chain owner is purportedly "apologising" to Finance Minister Nirmala Sitharaman for voicing concerns about GST, and said that when "fragile egos" of those in power are hurt, it seems humiliation is what they will deliver. Two videos were being shared by several Congress leaders and in one of them at an event on September 11, Annapoorna chain of restaurants owner Srinivasan is seen purportedly highlighting concerns over varying GST rates. In the second video, Srinivasan was seen purportedly apologising in person to the Finance Minister. Gandhi said if this "arrogant government" would listen to the people they would understand that a simplified GST would solve the problems of lakhs of businesses. In a post on X, Gandhi said when the owner of a small business, like Annapoorna restaurant in Coimbatore, asks public servants for a simplified GST regime, his request is met

Finetuning industrial nodes: Intent correct, design requires refinement

The decision to develop select cities as industrial hubs is sound, but revisiting the choice of locations could make it a game-changer

New safety regulations for machinery, equipment to affect MSMEs: GTRI

The new safety regulations for machinery and electrical equipment issued by the government will affect domestic production by the MSME segment and delay the import of essential equipment, think tank GTRI said on Monday. It suggested extending the compliance timeline, implementation in a phased manner, and extending government support to help the industry deal with the regulations. It said that while large corporations may have the resources to meet new safety standards, MSMEs face unique challenges in complying with the Ministry of Heavy Industry's (MHI) order. These challenges include financial, technical, and infrastructural constraints, making compliance a significant burden for small businesses, the Global Trade Research Initiative (GTRI) said. On August 28, 2024, the Ministry introduced the Machinery and Electrical Equipment Safety (Omnibus Technical Regulation) Order, 2024, which is set to take effect on August 28, 2025. These comprehensive regulations bring in stringent saf

Need to bring 80% MSMEs under formal financial system: M Nagaraju

Banks have an undisputable responsibility in advancing the agenda of inclusive growth, which is fundamental to the economic and social development of the country

MSME loan portfolio expands 17.8% to Rs 64.1 trillion in FY24: Report

During the financial year 2024, a total of 27.4 million MSME loans were sanctioned, amounting to Rs 54.2 trillion. This marks a growth of 19.3% in volume and 5.4% in value

Bihar disburses Rs 2,900 cr to 74,540 beneficiaries for promoting MSMEs

The Bihar government is making serious efforts to give a fillip to small-scale and medium enterprises which would play a crucial role in the overall economic development of the state, a top official of the Industries department said. Around Rs 2,900 crore have been disbursed to nearly 74,540 beneficiaries under two schemes, one of which was launched only last year, for promoting Micro, Small and Medium Enterprises ( MSMEs) in the state, the official said. Bihar has a strong MSME base. To promote innovation ecosystem and unlock the enormous entrepreneurial potential of the state, the Mukhya Mantri Udyami Yojana (MMUY) and Bihar Laghu Udyami Yojana (BLUY) were launched in 2018 and 2023 respectively focusing on promotion of MSMEs in the state. "A total of Rs 2,697 crore was disbursed to 34,441 beneficiaries from 2018 till now under MMUY. Similarly, till date Rs 200 crore of the first instalment has been disbursed to 40,099 beneficiaries under BLUY", Secretary, Department of Industries,

'India's dependence on Chinese imports for MSME goods has been declining'

India's reliance on imports of MSME goods such as articles of leather, toys, and musical instruments from China is declining steadily, reflecting the country's efforts to diversify import sources and strengthen domestic production capabilities, an official said on Monday. On the other hand, dependency on imports of these goods from China by other countries like Brazil is increasing. Citing data, the official said that the concentration of musical instrument imports from China has decreased from 77.58 per cent in 2013 to 51.51 per cent in 2023. The share of imports of essential oils, cosmetics, and toilet preparations from China has also declined from 16.33 per cent in 2013 to 11.86 per cent in 2023. Similarly, the inbound shipments of toys and games from the neighbouring country have dipped from 76.7 per cent in 2013 to 70.97 per cent in 2023. "India's trend of reducing its reliance on Chinese imports, particularly in categories like articles of leather, ceramic products, toys, an

Public sector industries must prioritise MSMEs in buying raw materials: MoS

Union Minister of State for MSMEs Shobha Karandlaje on Friday emphasised that public sector industries must prioritise MSMEs when purchasing spare parts and raw materials. A memorandum to that effect will be submitted to Prime Minister Narendra Modi, said Karandlaje. The minister inaugurated a two-day conclave on MSME, organised by the Federation of Karnataka Chambers of Commerce & Industry (FKCCI) at Palace Grounds in Bengaluru. Karandlaje said small, micro, and medium sector industries play a vital role in the industrial development of the country. These MSMEs create jobs for our youth. The Centre has evolved many schemes to encourage MSMEs, she added. She also highlighted that there has been an increased allocation for MSMEs in the Union budget, emphasising that MSMEs are playing a vital role in realizing Prime Minister Narendra Modi's vision of a "Vikasit Bharat." According to Karandlaje, there is a need to improve the skill development of youth in MSMEs to better align with .

Financial institutions should deploy measures to help MSMEs: RBI dy guv

Restructuring, grace periods and tailored repayment plans can be used as tools, says Swaminathan