World MSME Day 2023

This celebration of World MSME Day is to create market opportunities in both domestic and global markets, promote regional development, reduce regional disparities

Vishakha Mulye

Loans to the sector are expected to get thrust with the Udyog Plus B2B platform launched by the NBFC arm, Aditya Birla Finance

SIDBI partners with VFS to extend MSME loans upto Rs 5 lakh at 13% p.a.

The Small Industries Development Bank of India (SIDBI) has entered into a partnership with VFS Capital to extend loans to the MSME sector, the Kolkata-based microfinance institution said.
VFS Capital will extend MSME loans upto Rs 5 lakh at 13 per cent interest rate per annum, a top company official said.
"We have tied up with SIDBI to provide loans to the SME and MSME sectors. VFS Capital expects to disburse Rs 30-40 crore under the scheme this fiscal, MD and CEO Kuldip Maity said.
The loan book of the MFI during 2022-23 is expected to be around Rs 1,100-1,200 crore from Rs 805 crore in the last financial year, he said.
Maity said the company is planning to expand its footprint in the north-western part by launching operations in Rajasthan by the end of January.
At present, it operates in 13 states including West Bengal, Assam and Tripura.
VFS Capital also plans to add 35 branches within this fiscal, taking the number to 270 across the country.
We aim to raise Rs 100 crore in .

Markets, bulls, bears, stocks, trading, technicals, market technical, technical analysis

Rhetan TMT hit a new high of Rs 299.05, having rallied 327 per cent against its issue price of Rs 70 per share

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The micro, small, and medium enterprises (MSME) ministry has created a portal where these firms can file applications online regarding delayed payments

pharma

The government on Thursday launched three schemes to strengthen Micro, Small and Medium Enterprises (MSMEs) in the pharmaceutical sector.
Union minister Mansukh Mandaviya noted that the schemes envisage technology upgradation, setting up of common research centres and effluent treatment plants in clusters for the pharma MSMEs.
Small companies should be able to upgrade their facilities to global manufacturing standards, he said.
The chemicals and fertilisers ministry rolled out the schemes under the banner of 'Strengthening Pharmaceuticals Industry' (SPI).
"I believe the pharma MSME industry will greatly benefit from the schemes. The new schemes have many benefits that will go a long way in making the Indian pharmaceutical industry, Atma Nirbhar, more resilient and future-ready," Mandaviya, who heads both health as well as chemical and fertilisers ministries, said.
The schemes provide for credit linked capital and interest subsidy for technology upgradation of MSME units in ...

MSMEs

UP is setting its sights on Rs 10 trillion in fresh investment from domestic and multinational companies at the high-ticket event

More than a quarter of India's micro, small and medium enterprises (MSMEs) lost over three per cent market share due to the Covid-19 pandemic, said Crisil Ltd on Monday.

Move will remove a major bottleneck for start-ups, MSMEs

Narendra Modi

Here are the top ten headlines on Wednesday morning

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Not all companies had declared results for FY20. Turnover figures for previous year were used when FY20 numbers were unavailable

parliament

Mr Javadekar said MSMEs are the backbone of India's economy and therefore the Cabinet has made a road map for implementation of decisions for the MSME sector

IPO activity drops in September quarter amid volatility in secondary market

In terms of number of deals, India ranked sixth globally

IPO, Initial Public Offer

Listing helps such small companies gain investor confidence faster owing to more transparent filing norms

Stocks to watch on Thursday, September 28 2023: Telecom stocks too may see some action after Trai data for July showed considerable new subscriber additions for Jio and Airtel; and loss of market shar

BSE, stock market, sensex

Closing Bell on September 28, 2023: 
Tech M, which sank 4 per cent, was the top laggard on the benchmarks after Morgan Stanley downgraded the stock to 'underweight'

bulls, bears, markets, sensex

Vedanta Ltd.'s parent, Vedanta Resources, will remain the holding company, the people said. Deliberations are ongoing and no final decisions on the structure or timing of the de-merger have been made

Vedanta refinery

As markets anticipate inclusion of the debt in other indexes, including the Bloomberg Global Aggregate, the flows could rise to $50 billion by the end of next year

ICICI Bank

RBI says widening due to higher trade deficit, lower surplus in net services and decline in private transfer receipts

current account deficit

Here is the best of Business Standard's opinion pieces for today

Trade talks

According to Ravi Nathani, an independent technical analyst, one should adopt a 'Buy on Dips' strategy for Nifty Private Bank index, while a 'Sell on Rise' strategy in case of the PSU Bank index.

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Former bureaucrat Amit Khare was on Monday given extension as advisor to Prime Minister Narendra Modi, a Personnel Ministry order said.
He was appointed to the post for two years in October 2021.
Khare, a 1985-batch (retired) Indian Administrative Service (IAS) officer of the Jharkhand cadre, had superannuated on September 30, 2021. He last served as the higher education secretary.
The Appointments Committee of the Cabinet (ACC) has approved the extension in Khare's tenure, on contract basis on the usual terms and conditions as are applicable in the case of re-employed officers of secretary-level in the government of India, beyond October 12, 2023 for a period "co-terminus with the term of Prime Minister", the order said.
In another order, the ACC has approved the extension in tenure of Rajesh S Gokhale as secretary, Department of Biotechnology, for a period of two years -- with effect from November 1, 2023.

Amit Khare

NGOs registered under the Foreign Contribution Regulations Act (FCRA) will now have to provide details of moveable and immovable assets created by them using foreign funds.
The need for mandatory declaration of assets by the NGOs by the end of every financial year (March 31) came after the Ministry of Home Affairs (MHA) on Monday issued a gazette notification modifying the rules that govern the NGOs which receive foreign funding.
According to the law, all NGOs receiving foreign contributions have to be registered under the FCRA.
The MHA made the changes in the Foreign Contribution Regulation Rules, 2010, by inserting two clauses -- (ba) details of movable assets created out of foreign contribution (as on March 31 of financial year) and (bb) details of immovable assets created out of foreign contribution (as on March 31 of financial year) -- in Form FC-4.
Form FC-4 is filled by NGOs and associations granted FCRA licences for filing their annual returns.
The MHA also decided to exte

Foreign funds

The Biden administration announced Monday that it is offering a $2 billion loan to Poland, which has been a hub for weapons going into Ukraine, to support the ally's defense modernisation.
The State Department said in a statement that Poland is a stalwart ally of the U.S. whose security is vital to the collective defense of NATO 's eastern flank, and that such funding is reserved for Washington's most important security partners.
The U.S. government is also providing Warsaw up to $60 million for the cost of the loan in Foreign Military Financing (FMF) which would support urgent procurements of defense articles and services from the United States, the State Department said. The $60 million is a loan subsidy meant to ensure that Warsaw can secure favourable terms for the loan.
Poland has been a staunch supporter of Ukraine since Russia's full-scale invasion of the country, handing over large numbers of its own tanks, fighter jets and other equipment. It has also been a hub for most of

poland flag

International credit agency Moody's Investors Service has made sweeping assertions against Aadhaar without citing any evidence, the Unique Identification Authority of India (UIDAI) said on Monday.
The UIDAI issued a strong rebuttal to Moody's Investors Service which claimed that the Aadhaar system often results in service denials and the reliability of biometric technologies, especially for manual labourers, in hot and humid climates is questionable.
"A certain investor service has, without citing any evidence or basis, made sweeping assertions against Aadhaar, the most trusted digital ID in the world. Over the last decade, over a billion Indians have expressed their trust in Aadhaar by using it to authenticate themselves over 100 billion times," the UIDAI said in a statement.
The unique id Aadhaar's custodian said that the report in question does not cite either primary or secondary data or research in support of the opinions presented in it.
"The investor service did not make any

Adhaar, UIDAI

Is inflation hurting FMCG companies' pockets? Can Indian e-gaming survive the tax demand? Is it time to book profit in real estate stocks? Why has the Cauvery dispute flared up again? Answers here

A (then) pan-masala chomping man notorious for putting down management theories, strategic thinking, and all the stuff that agencies thought was going to save them

Piyush Pandey

Tata Steel on Thursday said it has signed an agreement with Indian Oil Corporation Limited and its business associate to further reduce carbon footprint at its Ferro Alloys plant.
The agreement encompasses LPG supply, installation of LPG facilities, and the operation and maintenance of the same at the company's Ferro Alloys Plants in Gopalpur of Ganjam and Athagarh of Cuttack districts in Odisha, the steel major said in a statement.
Tata Steel has decided to transition from Furnace Oil and High-Speed Diesel to a more sustainable fuel option - Liquified Petroleum Gas (LPG) in response to the pressing environmental concerns and the global imperative to reduce carbon emissions.
This eco-friendly move is expected to bring about a considerable reduction in carbon emissions, it said.
Tata Steel's Ferro Alloys and Minerals Division Executive-In-Charge Pankaj Satija said, "The agreement, which is a part of our sustainability initiatives, will help us in reducing the carbon footprint at our

tata steelwork, tata, tata group

Normal life is likely to be affected, especially in the southern part of the state, with pro-Kannada and farmers' organisations calling for Karnataka Bandh' on Friday to protest the release of Cauvery water to Tamil Nadu.
Kannada Okkuta', an umbrella organisation for Kannada outfits including factions of Karnataka Rakshana Vedike, Kannada Chalavali (Vatal Paksha) and various farmers' bodies have given a call for the statewide dawn-to-dusk shutdown.
There will be a massive protest procession from Town Hall to Freedom Park in the city, in which people from all walks of life are likely to participate, the organisers said.
They have said that the bandh is for the entire Karnataka and that they will try to shut highways, toll gates, rail services, and also airports.
The opposition BJP and JD(S) too have extended their support to the bandh, as also hotels, autorickshaws and hail riders associations in Karnataka.
"Autorickshaw Drivers' Union and Ola Uber Drivers and Owners' Association .

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India's top 75 brands have a combined brand value of $379 billion, a decline of 4 per cent from 2022

Indian Army's Regiment of Artillery is looking to use the expertise of Indian Industry to produce 155 mm/52 calibre Towed Gun System

MSME listings

World MSME Day 2023: Date, Theme, Celebration, Essential Facts about MSME

MSME credit demand robust, but maintaining 46% growth a challenge: ABCL CEO

Sidbi partners with VFS to extend MSME loans up to Rs 5 lakh at 13% pa

Stock of this SME iron & steel products' company has zoomed 117% in 1 month

BSNL tops list of CPSEs with highest pending dues to small firms

Govt launches 3 schemes to strengthen MSMEs in pharmaceutical sector

Yogi 2.0 to showcase MSME bandwidth at UP Global Investor Summit 2023

Over a quarter of MSMEs lost over 3% market share due to Covid: Crisil

Easier overseas listing

Top 10 biz headlines: PM on economic revival, Moody's ratings and more

Nearly 70% listed firms' turnover below new MSME threshold due to lockdown

Key decisions announced in the Cabinet briefing today

IPO activity drops in September quarter amid volatility in secondary market

In 3 months, 21 MSMEs may list on BSE's SME platform; most from West Bengal