Page 4 - Msme Sector

Multiple Private Equity, IFC to invest Rs 1,050 crore in Veritas Finance

The deal comprises a primary issue of Rs 400 crore and provides a partial exit to early investors

World MSME Day: Sector reforming to overcome logistic, tech hurdles

On International MSME Day 2023, here's a look at the challenges the sector faces and how it is overcoming them

DealShare to invest Rs 1,000 cr in SMEs in 5 yrs, assist its private labels

Social commerce firm said it will help brands find wider appeal, ensure manufacturing quality

Softer commodity prices to lift road units' margins: CRISIL SME Tracker

Liquidity conditions are also expected to improve, as measures under the Atmanirbhar Bharat scheme have been extended until March 2024, and payments by state authorities also become more punctual

World MSME Day: All you need to know about sector fueling India's growth

India has more than 63 million micro, small and medium enterprises (MSME) that account for nearly 27% of GDP

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

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

Database of nearly 9 million MSMEs on the cards in Uttar Pradesh

Micro entrepreneurs will be eligible to the accident insurance cover of up to Rs 5 lakh, which is under active consideration of the Yogi Adityanath government.

Govt mulls changes to MSME prepackaged scheme, more teeth for IBBI

Experts feel that the current voting limit of 66 per cent for initiating the prepack process is a very rigid condition, which has been a deterrent for MSMEs

Govt shouldn't roll out PLI for shoes, handicrafts, says think tank boss

These items are mostly made by small firms while scheme focuses on scale production; Small firms don't need PLI--they need access to tech and low-cost finance through separate schemes

Seeing stress in MSME sector... had slippages of Rs 3K cr: A Manimekhalai

MSMEs showing signs of stress, says A Manimekhalai, managing director and chief executive, Union Bank of India

FSSAI's proposed label norms unfair to traditional Indian food items: MSMEs

They believe the proposed norms will allow big companies to dominate the Indian food market, as the rules will regard more than 85% of Indian snacks, sweets and beverages as unhealthy

MSME loan delinquencies dip to 3% by September, shows CIBIL data

The highest drop was in the private bank segment, from 2.8 per cent in Q2FY22 to 1.5 per cent in FY23-Q2

Govt to set up more 'technology centres' for growth of MSMEs: Minister

Union Minister Bhanu Pratap Singh Verma on Sunday said the central government will increase the number of technology centres to provide tools, trained personnel and consultancy to MSMEs for stimulating growth of industries. Verma, the union minister of state for micro, small and medium enterprises (MSMEs), inaugurated a two-day 'MSME Technology Centers Conclave' here, and highlighted the crucial role played by the sector during the COVID-19 crisis. "The MSME sector plays a major role in the development of manufacturing as well as services and contributes significantly to the growth of the Indian economy. MSMEs also generate the largest employment after the agriculture sector," he said. The technology centres, set up countrywide by the Ministry of MSME, offer stimulus for growth and integrated development of industries by way of providing quality tools, trained personnel and consultancy, Verma said. "The ministry is in the process of setting up more such technology centres across t

Industry asks govt to make 'Vivad se Vishwas' scheme attractive for MSMEs

The industry has suggested that the Vivad se Vishwas scheme announced in the Budget for MSMEs should be made attractive in terms of reimbursements and interest rates, a senior government official said on Tuesday. They also demanded a robust grievance redressal system on digital portals and a mechanism to resolve disputes before the initiation of an arbitration process. These issues were raised during a post-Budget webinar on 'Ease of doing business using technology, especially for small businesses', organised by the Department for Promotion of Industry and Internal Trade (DPIIT). To give relief to MSMEs, Finance Minister Nirmala Sitharaman in the 2023-24 Budget announced the 'Vivad se Vishwas-I' scheme. Under the scheme, in case of failure by MSMEs to execute contracts during the Covid period, 95 per cent of the forfeited amount relating to bid or performance security will be returned to them by government and government undertakings. DPIIT Joint Secretary Manmeet K Nanda, who ...

Retail and MSME asset buying to drive ARC business in FY24: India Ratings

Expected credit loss model for banks; PCA for NBFCs levers to asset sale

Budget 2023-24 will give boost to fund-starved sectors: MSME secretary

The Centre has acknowledged MSMEs' contribution to the country's economic growth, and the Budget 2023-24 has given a boost to the fund-starved sector with higher credit flow and by simplifying compliances, an official said on Wednesday. Availability, accessibility and affordability of credit/funds are the main challenges of the sector, said B B Swain, Secretary to the Union Ministry for Micro, Small and Medium Enterprises (MSMEs). He was addressing a session at the launch of the three-day Indian Foundry Congress (IFC) and India Foundry Equipment Exhibition (IFEX), being organised by the Institute of Indian Foundrymen (IIF) at the India Expo Centre in Greater Noida. "The government has acknowledged the contribution of MSMEs to the economic growth of the country. Union Budget 2023-24 has given a boost to the fund-starved sector with higher credit flow and by simplifying compliances," Swain said. He said the launch of a revamped credit guarantee scheme worth Rs 9,000 crore for MSMEs .

Govt trying to ensure global economic slowdown doesn't hit us: Narayan Rane

Rane also said efforts were being made to bring industries which can generate employment

India-Australia trade agreement to greatly benefit MSMEs: Piyush Goyal

The interim pact between India and Australia, also known as Economic Cooperation and Trade Agreement (ECTA), has the potential to double bilateral trade to $50 billion in half a decade

Micro, small industries exempted from EPR registration in Uttarakhand

In a major relief for micro and small scale industries, the Uttarakhand High Court has exempted them from the mandatory extended producer responsibility (EPR) registration for disposal of plastic waste. The decision by the bench of Chief Justice Vipin Sanghi and Justice R C Khulbe came after an organisation representing the industries informed the court that they had been kept in the ambit of the mandatory registration despite an exemption by the Central Pollution Control Board. The exemption was granted on Tuesday. Laghu Udyog Bharti, an organisation that works for small and micro industries, via its advocate informed the court that the CPCB, while amending its rules in February 2022, made EPR registration mandatory for all except the small and micro industries. However, the State Pollution Control Board has cancelled their consent to operate without EPR registration and bringing the industries in this category on the brink of closure. The court also directed the commissioners of

Cibil launches MSME borrower ranking to deepen credit, avoid sour loans

With the intent of deepening credit flow to small businesses and also helping lenders avoid loan losses on such bets, credit information company TransUnion Cibil on Tuesday launched a ranking system for MSME borrowers. The 'FIT Rank' launched by TransUnion Cibil in association with Online PSB Loans, will rate the over 6 crore micro, small and medium enterprises (MSMEs) by drawing inputs from their current accounts, income tax returns and also Goods and Service Tax (GST) returns to arrive at a score between 1-10 to rate a borrower after taking consent to draw the relevant data. Cibil's managing director and chief executive Rajesh Kumar told reporters that the ranking will give lenders an idea about the capacity of an enterprise to pay, its creditworthiness and also intention to pay from past experience. Till now, the leading credit information company (CIC) had the Cibil MSME Rank model in the market which was taking inputs from past loans, but new to credit customers were left ...