News

The small-scale business sector, also known as Small and Medium Enterprises (SME) sector, contributes around 40% to the total GDP of India. This sector plays a vital role in increasing employment opportunities in India but faces tough competition from privately-funded businesses. Therefore, the Government of India (GoI) offers multiple loan schemes to finance these small-scale businesses. These loans can be used by the SMEs to fund their operations, purchase new equipment, expand their business, and etc.

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With this development, Indian retailers and wholesalers can now register on the Udyam Registration Portal, along with the small and medium businesses. They can also apply and avail various schemes and relief packages the Indian government has rolled out for the SMB sector.

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Govt has simplified the registration process for MSMEs and they will now only need to furnish PAN and AADHAR for registration,

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MSME body Chamber of Indian Micro, Small & Medium Enterprises (CIMSME) in a letter the Reserve Bank of India Governor Shaktikanta Das has urged for extending the repayment period under the Emergency Credit Line Guarantee Scheme (ECLGS) 1.0 to five years from three years after the moratorium period.

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The Central government in July, last year, had launched a zero-cost MSME registration portal by the name – ‘Udyam Registration.’ According to the MSME ministry’s data, the portal has registered 31.56 lakh entities as of June 2, 2021.

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Engineering exporters in the MSME segment have sought Prime Minister Narendra Modi's intervention on rising steel prices, stating that the industry needs the alloy and other inputs at affordable rates so that export competitiveness of value-added products is maintained in the global markets.

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Union minister Nitin Gadkari on Saturday stressed on increasing the share of the MSME sector in the country's GDP to 40 per cent from 30 per cent currently. Addressing a virtual event, Gadkari said the world is now favouring India instead of China.

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As the second wave of Covid 19 pandemic continues its march across the country, businesses both big and small are beginning to experience disruptions to their operations as local governments impose restrictions on movement of people and goods across the country.

The Reserve Bank of India (RBI) in August last year during its second bi-monthly monetary meet had extended provisions of restructuring MSME loans classified as standard as of March 1, 2020.

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More than half of the existing startups and small companies could shut shops or sell off their companies by the end of the year due to Covid pandemic, a LocalCircles survey said.

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An industry body representing micro, small and medium enterprises has written to the Reserve Bank of India seeking to defer payment of instalments of emergency loans availed under last year’s Covid-19 relief package, citing a severe second wave of the pandemic.

Founded in 2019 by Ashish Deswal and Jeevan Gopisetty, Hyderabad-based Nemo is an easy, secure, cloud-based neobank for small businesses that unifies banking, accounting, credit, and operations.

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The government is considering several measures such as liquidity support, easier compliance norms and tax relief on online transactions for micro, small and medium enterprises (MSMEs) that are facing severe business disruptions due to the second wave of Covid-19 pandemic, two government officials aware of development said on condition of anonymity.

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To help the Micro, Small and Medium Enterprises (MSMEs) with required financial support, SIDBI has lauched two loan products at concessional rate for ramping up supply of products used in fight against the COVID-19 pandemic.

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According to a DPIIT memorandum, the stakeholders can lodge grievances for alleged violation of the order and the department can refer those to procuring entities/ministries/departments concerned through the portal on real-time basis for examination, necessary corrective action.

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The Ministry of Electronics and Information Technology (MEITY) has invited applications for the second round of production linked incentive (PLI) scheme for large scale electronics manufacturing.

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Mining firm Vedanta Limited, on Tuesday, launched the Vedanta Saathi programme for the MSME sector. The programme comes with a variety of offerings for the MSMEs such as an e-commerce portal,

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In a boost for Government's Make in India push for the food processing sector, Italy has launched its maiden mega food park in India as the two nations expand collaboration and engagement in a bid to deepen the bilateral ties,

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E-commerce giant Amazon on Thursday announced a USD 250 million (about Rs 1,873 crore) fund that will focus on digitising small and medium businesses, and driving innovation in the areas of agri-tech and health-tech in India.

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The government has notified a framework for prepackaged insolvency resolution for micro, small and medium enterprises (MSMEs) through an ordinance on Sunday.

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