by on November 29, 2020
Tantuja bags Skoch Award The state owned Tantuja has received Skoch Award (Platinum) for its response to Covid. The West Bengal State Handloom Weavers ‘Co-operative Society Ltd. Known as “Tantuja” which means products of “tantu”i.e. cloth. This is the highest award that Tantuja has received for its response to Covid. As response of the Micro, Small and Medium Enterprises and Textiles (MSME and T) department towards Covid preparedness, Tantuja procured around 3 crore cotton masks, 25 lakh PPE a...
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by on December 11, 2020
Business Standard Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and upd...
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by on December 21, 2020
The Indian government announced a special scheme for micro, small and medium enterprises, allowing them to get business and MSME loans within 59 minutes. Applicants can get loans ranging from ₹1 lakh to ₹10 crore, and in-principle approvals are sent within 59 minutes. The Small Industries Development Bank of India (SIDBI) has set up a fintech platform called PSB Loans in 59 Minutes, in partnership with five other public sector banks, namely the State Bank of India, Bank of Baroda, Punjab Nati...
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by on November 30, 2020
The Union Minister of Micro, Small & Medium Enterprises, Nitin Gadkari on November 30, 2020, addressed the first-ever 2020 Horasis Asia Meeting virtually and stated that the central government has been planning on creating 5 crores more employment opportunities for MSME sectors only. In his address, he also noted that in the coming years India will be the top automobile manufacturing hub in the world and as compared to China, India has got huge potential. He added that the availability of raw...
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by on November 25, 2020
The Union Cabinet on 11 November 2020, in a move to give a major boost to domestic manufacturing and exports, extended the existing Production Linked Incentive (PLI) Scheme to 10 more identified champion sectors. This is expected to bolster competitiveness, attract foreign players and encourage domestic employment potential. The PLI scheme will now cover the 10 new identified champion sectors of Advance Chemistry Cell (ACC) battery, electronic/technology products, automobiles and auto compon...
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by on November 25, 2020
‘Many MSMEs are still unaware of digital impact, they fail to build customer loyalty, retention’ Technology for MSMEs: The Coronavirus crisis and the lockdown was a phase of evolution for various MSME sectors. Digitization opened the gates for many local businesses to strengthen their operations and cope up with these stressful times. ...
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by on October 16, 2020
Breaking the prejudices that only men can start a business, women have come a long way as successful entrepreneurs with their start-ups bearing fruits of the seeds sown by them many years ago. The best example that can be thought of is Dr. Kiran Mazumdar Shaw, founder of Biocon, one of India’s biggest biotechnology company, surpassing all the criticism and skepticism by investors who refused to do business with her. Despite the number of women, the entrepreneur is increasing in India, still fe...
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by on December 14, 2020
Export-Import Bank of India (Exim Bank) and Small Industries Development Bank of India (SIDBI) plan to jointly set up an Alternative Investment Fund (AIF) to provide equity and loan support to small and medium enterprises (SMEs), which could emerge as rising stars in the export firmament. The AIF is being floated to give effect to a scheme, announced in FY21 Union Budget, to be jointly anchored by the aforementioned government-owned financial institutions to extend support to SMEs in sectors ...
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by on November 24, 2020
Even in the digital era when everything is online, it is vital to have a brochure for your business. And it’s equally important to have the right kind of brochure because a bad one can make the first impression go completely wrong. Brochures are cost-effective, easy to distribute, and used to promote the business or product. With an impressive catalog, one can introduce the features and benefits of their products and services to potential customers. Brochures are one of the productive marketi...
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by on December 3, 2020
Continuing its efforts to empower businesses with easy access to digital payment technologies, Razorpay, India’s leading full-stack financial solutions company, recently announced a partnership with PayPal, a global leader in digital payments to enable seamless international payments for MSMEs and Freelancers. The company’s partner businesses can now integrate with PayPal and accept payments from international customers from across 200 markets in a convenient and secure manner, reducing wait tim...
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by on November 25, 2020
Under this scheme, MSMEs borrowers with upto Rs 25 crores of total borrowing can avail an additional 20 percent of the loan outstanding from banks, NBFCs and other financial institutions. The government will set up a Rs 41,600 cr fund under National Credit Guarantee Trustee Company Limited (NCGTC) for this scheme. https://www.cnbctv18.com/finance/rs-3-lakh-crore-msme-scheme-eligibility-procedure-rates-and-other-questions-answered-5996731.htm/
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by on December 10, 2020
Finance Minister Nirmala Sitharaman reviewed the situation about payment to the MSMEs and expressed satisfaction and appreciation on the work done by the Ministry of MSME. As part of the Prime Minister's vision, the Finance Minister had announced the Atma Nirbhar Bharat package in May this year. It was stated that the MSME dues should be paid in 45 days. Since the month of May, regular follow-up and concerted efforts have been made by the Government, particularly by the MSME Ministry for paym...
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