Page 3 - Msme Sector

MSMEs getting greater attention in free trade agreements: Govt official

The Micro, Small and Medium Enterprises (MSMEs) are getting greater importance in the upcoming Free Trade Agreements (FTAs) as these pacts provide huge opportunities for them to participate in global trade, a senior government official said on Thursday. Additional Secretary in the department of commerce Rajesh Agarwal said FTAs can enable better integration of MSMEs with global value chains. However, there are a few key challenges that need to be focussed on for the sector, including information asymmetry, access to affordable finance, reduction in regulatory burden, access to new markets, and capacity building through skill development programmes. "In every free trade agreement, we have talked about MSMEs, sometimes in paragraphs and sometimes in a full chapter As a country we will have to start putting in more and more weight around the work MSMEs can do and how they can be enabled to leverage the FTAs," Agarwal said in a event organised by industry chamber CII. The FTAs bring ..

NSE ties up with Bengal govt to facilitate fund raising for SMEs in state

The National Stock Exchange (NSE) on Wednesday said it has collaborated with the West Bengal government to spread awareness amongst MSMEs in the state regarding fundraising through IPO mechanism using the bourse's SME platform. As part of the pact, NSE with the support of West Bengal government will conduct awareness drives through seminars, MSME (Micro, Small and Medium Enterprises)camps, knowledge sessions, road shows, workshops to guide corporates across the state for fundraising on its SME platform, Emerge, and handhold companies in the listing process, the bourse said in a statement. "Today at the Bengal Global Business Summit, we have signed a MoU with the NSE to encourage and support the MSMEs of our state to pursue the capital market for growth opportunities. "Listing on the capital market shall help them raise capital to fuel their growth story. This shall provide an opportunity to showcase their business to a larger set of investors through NSE Emerge platform," Rajesh ...

MSMEs getting major business from public procurement portal GeM: Singh

Micro and small enterprises are getting major business from public procurement portal GeM and they are expected to sell goods and services worth over USD 20 billion by the end of this fiscal, a senior government official said on Monday. The Government e-Market (GeM) portal was launched on August 9, 2016, for online purchases of goods and services by all the central government ministries and departments. GeM CEO P K Singh said that the platform provides different support measures to these enterprises to increase their participation in government buying. "Out of the total procurement of goods and services since 2016, 50 per cent are coming from micro and small enterprises," he said, adding in 2016-17, procurement from these firms stood at USD 5 million, which jumped to USD 5 billion in 2020-21 and this fiscal it "will be in excess of USD 20 billion". He said that the portal provides business intelligence and data analytics services and information" to firms that are "correct, relevan

JKRLM, Kudumbashree sign pact to support micro enterprise development prog

Jammu and Kashmir Rural Livelihood Mission (JKRLM) and Kudumbashree National Resources organisation have entered into an initial pact to support the micro-enterprise development programme in the Union Territory, an official said on Sunday. The Memorandum of Understanding (MoU) was signed and exchanged through a video conference, in presence of Commissioner Secretary of the Rural Development Department and Panchayati Raj, Mandeep Kaur, on Saturday, the official said. Through this collaboration between JKRLM and Kudumbashree, the MED (micro-enterprise development) initiative is expected to have a significant impact on the lives of rural communities in 11 blocks of nine districts. "The objective of this initiative is to create sustainable livelihood opportunities and promote economic empowerment for rural communities. It will contribute towards poverty reduction, women empowerment and overall socio-economic development of rural women of J&K," the official said. He said the MED ...

5 MSME lending products complete test phase under RBI's sandbox scheme

The Reserve Bank on Friday said five products related to MSME lending have completed the test phase under its regulatory sandbox cohort and regulated entities may consider them for adoption. Regulatory sandbox usually refers to live testing of new products or services in a controlled/test regulatory environment, for which regulators may (or may not) permit certain relaxations for the limited purpose of the testing. Meanwhile, the central bank has also announced the fifth cohort under the regulatory sandbox scheme. Innovative products, services and technologies cutting across various functions in RBI's regulatory domain are eligible to apply for the sandbox scheme, the central bank said. Applications may be submitted from October 30 to November 30, 2023. The RBI said products of the entities which completed the 'Test Phase' were evaluated based on mutually agreed test scenarios and expected outcomes. Products of FinAGG Technologies Private Limited, Mynd Solutions Private Limited, .

Kerala launches insurance cover for MSME sector to safeguard businesses

In a boost to Kerala's thriving MSME sector, the state government has introduced a comprehensive insurance scheme covering Micro, Small, and Medium Enterprises. This initiative aims to safeguard these businesses from various risks and instill confidence in them to thrive in a competitive business environment, an official release said here. The Department of Industries and Commerce formalised agreements with four public sector insurance companies in the presence of Minister for Industries, Law, and Coir, P Rajeeve. Emphasising the importance of this initiative, Rajeeve said this was an upfront initiative that will provide financial protection to MSMEs against all kinds of risks that can have a detrimental impact on their businesses. As of now, Kerala boasts over three lakh MSMEs, out of which approximately 1,40,000 have registered as part of the government's Year of Enterprises initiative. However, only around 15,000 of them have insurance coverage against various risks. Suman Bil

Revving up: Outlook, opportunities for auto component SMEs in 2024

The replacement market is expected to modestly increase in 2024, following its improvement in 2023, driven by higher sales in FY19

Flipkart to host its 'Big Billion Days' sale event from October 8

Flipkart's chief rival, Amazon, is also hosting its flagship sale event, 'Great Indian Festival' (GIF), on October 8, with early access for Prime members beginning October 7

Govt accepts over 10,000 MSME claims worth Rs 256 crore for refunds

The government has accepted more than 10,000 claims of MSMEs involving refunds worth Rs 256 crore under a dispute resolution scheme Vivad se Vishwas-I. Under the scheme, MSMEs could claim a refund of 95 per cent of performance or bid security and liquidated damages forfeited by government departments and public sector entities during the COVID-19 period. The scheme, announced in 2023-24 Budget, opened on April 17 and the last date for submission of claims for relief on the GeM portal was July 31. "In a major relief to the Micro, Small and Medium Enterprises (MSMEs), various Ministries/Departments of the Government of India have accepted more than 10,000 claims of MSMEs under Vivad se Vishwas -I scheme aimed at providing relief to MSMEs for the COVID-19 Pandemic period. This has led to grant of more than Rs 256 crore to MSMEs and increased flow of bank credit through freeing up of guarantees," a finance ministry statement said. The highest relief of Rs 116.47 crore has been granted

MSMEs in Tamil Nadu go on strike over rising power costs today

Around 165 associations in Tamil Nadu are participating in the strike, bringing about loss of labour for a day for almost three crore workers. The government's revenue loss will be ₹ 1,200 crores

G20 declaration should spur govt to give big push to MSMEs: Experts

The declaration of G20 nations under India's presidency should spur the government to give a big push to the MSME sector by simplifying the regulatory process and enhancing their access to affordable capital, say experts. The commitments made in the G20's New Delhi declaration with regard to the MSMEs ought to be followed by the member nations as the sector has the potential to generate employment and promote sustained growth. The New Delhi Declaration adopted early this month said the G20 recognise that startups and Micro, Small and Medium Enterprises (MSMEs) are natural engines of growth. They are key to socio-economic transformation by driving innovation and creating employment. "We welcome the establishment of the Start-up 20 Engagement Group during India's G20 Presidency and its continuation," it said. Chairman of CII Delhi State Council and MD and CEO of Samtel Avionics Limited Puneet Kaura said the MSME is considered important the world over and the G20 declaration has once

Govt regulations should support MSME sector's entry into private labels

Ingovern also pointed out that private label and D2C are here to stay

MSMEs not integrated with e-commerce platforms face survival threat: ICRIER

In contrast, units that have integrated with the e-commerce platforms have witnessed significant gains in the form of increased sales, profitability and investments

Why small and microcaps are rocketing

The question on everyone's mind is, will this be sustainable? The answer is not simple

Tamil Nadu appoints IAS officer Arun Roy as new industries secretary

Civil servant has worked in several roles in the state government

Credit access for MSMEs depends on digitisation, integration of services

The backbone of a unified digital ecosystem will be TReDS, which helps MSMEs to convert receivables into instant liquidity

MSME ministry contributed significantly in Chandrayaan-3 dream: Rane

The Ministry of MSME contributed significantly in realising the dream of Chandrayaan-3, Union Minister Narayan Rane said on Wednesday. The Minister for Micro, Small, and Medium Enterprises said the Bhubaneswar Tool Room under the ministry manufactured about 54,000 aerospace components of 437 varieties for the mission. "IDEMI Mumbai, another institute under the ministry, also played an important role in manufacturing of parts for Chandrayaan-3," an official statement said quoting the minister. Congratulating the entire ISRO team and the countrymen on the successful landing of Chandrayaan-3, the minister, in a post on X, said the success of this mission will prove beneficial for India as well as for the whole world. "The MSME sector will surely play a crucial role in the space missions to be launched in the future as well," he said. Union Minister of State for Electronics and Information Technology Rajeev Chandrasekhar also congratulated the ISRO team on the achievement. "With the

Women-led MSMEs avail Rs 430 crore in loans in FY2023: Impact report

Nearly Rs 1,900 crore in loans were distributed to MSMEs, with women-led businesses making up 24% of the loans disbursed

Hon'ble Minister of MSME, Government of India awarded MSME Real Estate Business of the Year to Chintan Vasani, Founder Partner Wisebiz Realty

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KredX to disburse Rs 2,000 cr in working capital for MSME sector

Tier-two cities expected to have 35% growth in demand for such financing compared to last year, says firm