Page 5 - Msme Sector

Shadow lender Trucap Finance buys out retail MSME book of EZ Capital

MSME-focused shadow lender Trucap Finance has announced two deals -- buying out the retail MSME book of the Jalandhar-based EZ Capital in a share swap deal and a Rs 105 crore funding in a mix of equity and debt from the Mauritius-based fund Zeal Global. The city-based NBFC has a loan book of around Rs 500 crore spread across unsecured small-ticket MSME business loans (Rs 270 crore) and Rs 230 crore of gold loans. Its branches are spread across Maharashtra, Delhi-NCR, MP, Goa, Gujarat, and Rajasthan. The deal with EZ Capital involves taking over the Rs 65-crore MSME retail book along with over 100 people and 10 branches in Punjab and Delhi-NCR, in a share swap deal wherein the promoters of EZ will get 931 shares of Trucap for their every 711 shares. EZ will own 17 per cent of Trucap, Rohan Juneja, the managing director & chief executive of Trucap told PTI on Tuesday. On funding from Zeal Global, he said the fund is picking up an 8.25 per cent stake in the company for Rs 80 crore ...

BS BFSI Insight Summit 2022: Fireside chat with SIDBI Chairman S Ramann

Ramann joined Sidbi in the midst of the second wave of Covid-19 pandemic, he has been involved in crafting policies for providing timely liquidity, and schemes for restructuring support to MSME sector

Higher penetration doubles quarterly MSME loan disbursals since 2020: Rpt

The disbursals have been led by increased penetration as the approval rate for medium risk loans remained stagnant between FY21 and FY22: MSME Lending Report 2022

Flipkart, Walmart ink MoU with NSIC to speed up capacity creation for MSMEs

The three plan to support MSMEs in their quest to integrate with local and global retail supply chains

GSTN in AA network: Operational costs of banks expected to come down

GSTN is expected to go live on AA network in late January or early February, people aware of the development say

Rural distress harming MSMEs, pulling down manufacturing: Economists

Government's PLI schemes can help manufacturing and reduce import dependence in some sectors, say some experts

Govt envisions doubling MSME sector's contribution to economy: Minister

The government envisages doubling the contribution of India's micro, small and medium enterprises sector to the economy by realising its full potential, Union Minister Bhanu Pratap Singh Verma said on Wednesday. The Micro, Small and Medium Enterprises (MSME) sector contributes one-third to India's gross domestic product (GDP). The Minister of State for MSME said the Ministry is working towards this objective by resolving bottlenecks. "Our vision is to double the contribution of MSME sector to India's economy by realising its full potential. We will resolve internal bottlenecks towards this objective," Verma said while addressing the Global MSME Summit here. The Global MSME Summit is being organised by CII in partnership with the Ministry of Micro, Small and Medium Enterprises to promote the visibility of Indian MSMEs and encourage international market linkages.

MP govt focuses on investment, developing industrial infra to generate jobs

The Department of Micro, Small and Medium Enterprises (MSMEs) has decided to offer MSMEs and start-ups training in marketing, and financial support

Focus on job creation, capex boost, tax measures in Budget: Industry to FM

Employment-linked incentive scheme for services sector suggested

Varanasi-Haldia inland waterway to boost exports in Uttar Pradesh

The Uttar Pradesh government is set to leverage the Varanasi-Haldia inland waterway to boost exports, including those of farm commodities and manufacturing goods

Creditors recovered a third of claims in 553 resolved CIRP cases: IBBI data

IBBI says while this reflects extent of value erosion by the time a corporate debtor enters CIRP, it remains the highest among all options available to creditors for recovery

National security, building cybersecurity products on our agenda: DSCI CEO

'Tremendous amount' of data will be flowing into India, says leader of research and policy group

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

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

Going forward, IOB will be posting very good results: MD & CEO Sengupta

'It has been in the range of 20-30 per cent in almost every quarter'

New food processing policy will pay heed to concerns of MSME entrepreneurs

Uttar Pradesh Chief Minister Yogi Adityanath on Thursday said the new food processing policy to be soon introduced in the state will pay special attention to the concerns raised by the entrepreneurs in the MSME sector. The chief minister, who attended the three-day-long national seminar and expo on Agro-based Micro, Small & Medium Enterprises (MSME) here, called upon the entrepreneurs attending the conference to get ready for the Global Investors Summit, which will take place in Uttar Pradesh in February, an official release issued here said. Stressing that UP today is a state with endless potential, he said ,"I am pleased to learn that everyone in UP is considering the opportunities in the field of food processing. Many of you have already scripted stories of success in this sector. I congratulate all entrepreneurs who worked in the field of MSME and food processing industries and contributed to carrying out Prime Minister Modi's resolve to double the income of 'Annadatas' ...

768 start-ups register to participate in railway infrastructure: Govt

The offers have come from 123 startups, 80 individual innovators, 81 micro small and medium enterprises (MSMEs), and 18 research and development organisations and institutes

PNB Q2 net profit slips 63% to Rs 411.3 crore as NPA provisions rise

PNB's total income during July-September 2022 was Rs 23,001.3 crore as against Rs 21,262.3 crore a year ago

Credit to industry up 12.6% YoY in September; touches 100-month high

Apart from base effect, credit to industry got a big boost from MSMEs; among sectors, petroleum, gems & jewellery, engineering, iron & steel, and construction were key drivers

OEMs to drive 16-18% rise in auto-parts MSME revenues: CRISIL SME Tracker

MSMEs in the automotive components sector should see higher growth as well, but will lag average industry revenue growth owing to lack of vertical integration.

MSMEs can continue to avail non-tax benefits post re-classification: Govt

Micro, small and medium enterprises will continue to avail all non-tax benefits in their respective categories post re-classification for three years, the government said on Wednesday. The Ministry of MSME has notified that in case of re-classification in terms of investment in plant and machinery or equipment or turnover or both, and consequent re-classification, an enterprise shall continue to avail of all non-tax benefits of the category it was in before the re-classification for three years from the date of the such upward change. "This decision has been taken after due deliberations with MSME stakeholders and is in line with the Aatma Nirbhar Bharat Abhiyan. The Ministry of MSME, Government of India, has allowed those registered MSMEs to continue to avail of non-tax benefits for three years, instead of one year, in case of an upward graduation in their category and consequent reclassification," an official statement said. Non-tax benefits include benefits of various government