Page 2 - Msme Sector

Industry body urges FM Sitharaman to continue 45-day MSME payment rule

Industry body SME Chamber of India has urged Finance Minister Nirmala Sitharaman to continue the 45-day MSME payment rule for corporates and other buyers. According to Section 43B(h) of the Income Tax Act, introduced through the Finance Act 2023, if a larger company does not pay an MSME on time -- within 45 days in case of written agreements -- it cannot deduct that expense from its taxable income, leading to potentially higher taxes. The government in last year's Budget added a new clause under Section 43B of the Income Tax Act to address the challenge of delayed payments faced by MSMEs in the country. "We are pursuing not to change the 45-day MSME payment rules imposed by the Department under the pressure of corporates or multinational companies to save the life span of the MSME sector. Section 43B(h) of the Income Tax Act reinforces the importance of timely payments by mandating that companies settle payments to MSME vendors within 45 days to qualify for deductions," SME Chamber

700% surge in just 6 months: 25 SME stocks double in 2024; sell or hold?

Analysts caution that the sharp rally in SME stocks makes them a risky proposition at current levels, and also highlight the inherent risk associated to such investments.

Budget 2024: MSME ministry gets 'positive' feedback on 45-day payment rule

Any change in Finance Bill prerogative of finance ministry, says official

DoT begins baseline survey for MSME; focuses on digital evolution via 5G

Aims to identify manufacturing sectors readiness for AI, 5G and advanced tech

Will end 'Inspector Raj' for all retailers: BJP's Chandni Chowk candidate

Khandelwal said that ensuring 'dignity' of the traders in his constituency will be his utmost priority

Rajasthan govt plans a boost for its artisans in handicrafts, MSME sectors

Cluster development schemes are being run by various central government ministries such as MSME, textiles, food processing, information and technology, and commerce and industry to support MSMEs

Klub and U GRO Capital sign partnership to disburse Rs 150 crore

The allocated fund of Rs 150 crore will facilitate lending activities across the country while offering debt financing of up to Rs 30 crore in a single tranche through Klub's platform

How to register MSME on Udyam portal? A step-by-step guide on procedure

Udyam registration is an electronic certification provided by the Indian government to MSMEs

Global toy majors shifting focus from China to India, exports jumped 239%

Popular brands like Hasbro, Mattel, and Spin Master depend more on India for sourcing

UP govt aims to develop MSME export hubs to compete in global markets

The MSME department is working on a plan to promote 75 districts as potential export hubs for local industries to create jobs and contribute to the Rs 1 trillion dollar economy goal

Women-owned MSMEs boost jobs and economy ahead of women's day: Report

Women-owned MSMEs hired 11% more women, created one-third of new jobs, and reported a 12% rise in monthly revenue, finds Kinara Capital's MSME Insights report

MSME loan portfolio's delinquency rate down to two year low of 2.3%: Report

The availability of enriched and timely credit data and rapid implementation of digital lending infrastructure has contributed significantly towards enhancing lender confidence, it said

NSE, Goa govt ink pact to facilitate fund raising for MSME sector

The National Stock Exchange (NSE) on Tuesday said it has collaborated with the Goa government to spread awareness among MSMEs of the state regarding fundraising through the IPO mechanism using its platform. As part of the pact, NSE with the support of the Goa government will conduct awareness drives through seminars, MSME (Micro, Small & Medium Enterprises) camps, knowledge sessions, roadshows, and workshops to guide corporates across the state for fundraising on the NSE Emerge platform and handhold companies in the listing process. "Listing on NSE Emerge platform shall provide an alternate source of investment raising opportunity for growing SMEs by accessing public capital along with enhancing goodwill and gaining visibility and credibility," Mauvin Godinho, Minister of Transport, Industries, Panchayat, Protocol, Government of Goa, said. Sriram Krishnan, Chief Business Development Officer of the bourse said that NSE Emerge enables SMEs to raise capital efficiently and increase ..

Honeywell eyes 30% revenue growth from its Impact brand: Ashish Modi

Honeywell is eyeing around 30 per cent revenue growth in the next few years from its Impact brand, which provides sustainable and digital solutions for Indian businesses especially the MSME segment. "Since the last 3-4 years we have been growing at 30 per cent. We will grow at 30 per cent or at high double-digit given the growing Micro, Small and Medium Enterprises (MSMEs) in the country," Honeywell India Country President Ashish Modi told PTI. Pune-headquartered Impact by Honeywell was incubated in 2019, to develop sustainable and digital products that can enable MSMEs to optimise their business operations, boost process efficiency and performance and optimise costs. "When you go to the market, reaching the masses is very different when you want to reach your handful of customers and that's been a big learning. We absolutely wanted to do something meaningful in 'Make in India'... "So we had to think about how we would think about innovation because, again, reaching the masses at t

30 cos taking advantage of PLI scheme to make millet-based products: Govt

Around 30 companies, including 22 MSMEs, are taking advantage of the Production-Linked Incentive (PLI) scheme for manufacturing millet-based products, according to the Ministry of Food Processing Industries. The PLI for Millet Based Products (PLISMB) was carved out of the savings of the main PLI Scheme for the Food Processing Industries (PLIFPI) to encourage the use of millets in Ready to Cook/Ready to Eat (RTC/RTE). According to the ministry, around 30 companies, including 22 MSMEs, are involved in the promotion of millet-based products under the PLISMBP. The PLISMBP scheme -- approved in August with an outlay of Rs 1,000 crore arising out of the savings from other segments -- envisages the use of a minimum of 15 per cent millet content in the approved food products, it said in a statement. Otherwise, under the PLISFPI, 176 proposals under different categories have been approved so far and about Rs 584.30 crore incentive has been released, it added.

Bharat Electronics bags orders worth Rs 2,673 crore from two firms

Bharat Electronics Ltd (BEL) on Friday said it has received orders worth Rs 2,673 crore from Goa Shipyard Ltd and Garden Reach Shipbuilders & Engineers Ltd. The company in a BSE filing said this will have participation of electronics and associated industries including MSMEs, which are sub vendors of BEL. The equipment manufactured by BEL are part of Aatmanirbhar Bharat' programme, the filing added. "BEL received orders worth Rs 2,673 crore from Goa Shipyard Limited (Rs 1,701 crore) and Garden Reach Shipbuilders & Engineers ( Rs 972 crore) for supply of 14 types of sensors for use on Next Generation Offshore Patrol Vessels (NGOPV)," it said. The company has also received additional orders worth Rs 86.15 crore since the last disclosure on December 15, 2023 and the orders pertain to miscellaneous spares and services. With this, BEL has bagged cumulative orders worth Rs 25,935.15 crore in the current financial year, the company added.

1,000 acres of defunct textile mills in UP to give way for new firms

These defunct units collectively owe liabilities of almost Rs 3,000 crore to different agencies, including financial institutions, and have little chances of revival

MSME contribution to India's GDP lags pre-pandemic highs, shows data

The share of MSMEs in the country's total output, in terms of gross value added, touched 31 per cent in 2018-19 before declining during the pandemic

31.6 million MSMEs registered between July 2020 and Dec 2023: Govt

Citing data uploaded on the Udyam Registration Portal, the Minister said all the 3,16,05,581 MSMEs included informal micro-enterprises. All the MSMEs were registered on the Udyam Assist Platform

65% of MSME firms found manufacturing substandard drugs since Dec: Report

The Central Drugs Standard Control Organisation (CDSCO) and state drug inspectors have been conducting inspections as part of a massive nationwide crackdown on spurious and substandard medicines