Msmes

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

MSMEs' access to formal bank financing hurt due to asset shortage: RBI DG

It is challenging to assess the creditworthiness of small enterprises, says Swaminathan J

Govt committed to 'major economic reforms', says PM Narendra Modi

PM said, his government has chosen the path of reforms to bring about a change in the lives of the poor, the middle class, deprived people, the urban population, and the youth

MSMEs to get Rs 15,000-crore subsidy to boost recycling, efficiency

Set to launch by early 2025, the initiative will focus on establishing material recovery facilities (MRFs) and managing the treatment of post-consumption products

'TN accounts for 15% of India's MSME sector, employs 14 mn people'

Tamil Nadu accounts for 15 per cent of the country's micro, small and medium enterprises sector, employing about 14 million people, Minister for Industries T R B Rajaa said on Tuesday. As much as 30 per cent of the state's industrial output is contributed by the MSME sector, he said at an event here. The state leads in women-run micro, small and medium enterprises with over 10 lakh units helmed by them, Rajaa said, after launching the Confederation of Indian Industry Tamil Nadu Micro Entrepreneurs Forum here, in the presence of CII Director General Chandrajit Banerjee, CII past president R Dinesh and CII Southern Region Chairperson R Nandini, among others. "As we launch this new CII project aimed at supporting micro enterprises, I want to emphasise the government's commitment to fostering entrepreneurship and job creation. The MSME sector alone contributes to 30 per cent of the state's industrial output and 45 per cent of exports," Rajaa said. According to CII officials, micro ...

Commerce ministry developing e-platform to connect exporters, MSMEs, govt

The government on Tuesday said it is developing a trade connect e-platform to connect exporters, MSMEs and entrepreneurs with various stakeholders including Indian missions abroad, export promotion councils, and other partner government agencies. Minister of State for Commerce and Industry Jitin Prasada said in a written reply to the Lok Sabha that the platform will provide information on trade events taking place in different parts of the world, benefits available due to India's free trade agreements (FTAs) and other international trade-related information and data. "The government has initiated the creation of a trade connect e-platform to connect Indian exporters, MSMEs and entrepreneurs with various stakeholders including Indian Missions Abroad, Export Promotion Councils, and other partner government agencies," he said. Replying to a separate question, Prasada said that the major districts which are recording healthy export growth include Jamnagar, Kanchipuram, Mumbai, Pune, ..

Budget 'nudges' in the right directions

But much bolder and comprehensive reforms are needed

Sidbi partners C2treds, UGRO Capital to facilitate loans to MSME sector

Small Industries Development Bank of India (SIDBI) has partnered with C2treds and UGRO Capital to facilitate loans to the MSME sector. SIDBI has onboarded C2treds, a platform that offers MSMEs liquidity within 24 hours through an online bidding process, C2FO said in a release. C2FO is an on-demand working capital platform, providing fast, flexible and equitable access to low-cost capital to nearly 2 million businesses worldwide. "Through this strategic collaboration, C2treds aims to enhance liquidity for MSMEs at competitive interest rates," it said. C2treds operates under the Trade Receivables Discounting System (TReDS) initiative which enables the discounting of invoices and is regulated by the Reserve Bank of India (RBI) to support the MSME sector in India. As the apex institution for the promotion and development of MSMEs, SIDBI is fully committed to increasing the flow of credit to MSMEs. TReDS has become an effective tool for the prompt realization of MSMEs' receivables and

MoD, NSE sign agreement to help MSMEs, emerging firms in defence sector

The Defence Ministry and the National Stock Exchange on Monday signed an agreement that seeks to help Micro, Small and Medium Enterprises and emerging companies in the defence sector to scale up their business operations, explore new markets and fund their research and development activities. The Memorandum of Understanding has been signed to facilitate capital market access to the MSMEs. It intends to facilitate MSMEs in the defence sector to raise productive capital for their growth plan efficiently and transparently through the NSE platform 'NSE Emerge', the defence ministry said in a statement. The platform offers new and viable options for raising equity capital from a diversified set of investors, it said. The MoU was signed by the additional secretary the Department of Defence Production (DDP) and managing director, NSE in the presence of Defence Secretary Giridhar Aramane. "The MoU will be in force for a period of five years, during which, DDP and NSE would conduct an ...

MSMEs' 180-day repay period demand genuine: PNB MD & CEO Atul K Goel

Goel discussed the public sector lender's latest quarterly results and its expansion plans

Strengthening IBC: Extend prepack to big companies, says industry

Both the finance minister and the economic survey have highlighted the success of IBC

Union Budget 2024: Govt puts focus on shipbuilding, cruise tourism reforms

Shipbuilding, Cruise Push to Pave Way for Employment, says Sonowal