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 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 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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by on December 3, 2020
IIT Kharagpur researchers have developed a portable Artificial Intelligence-based device for automatic inspection of goods manufactured in MSMEs. The innovation will immensely benefit the micro, small and medium enterprises, which rely on manual checking and incur losses when an entire batch is rejected if a few samples turn out to be faulty during random inspections, he said. The portable device will click pictures of products when set up on a batch of goods and send the feed to the AI- b...
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by on December 21, 2020
Referring to statements made by Union Home Minister Amit Shah during a press conference in Birbhum on Sunday, CM Banerjee said, "Amit Shah has spoken garbage of lies yesterday. He claimed our state is 'zero' in industry but we are number one in the MSME sector. He claimed we could not build rural roads but we are number one in that. This is Government of India's information." Taking aim at the saffron party ahead of the 2021 West Bengal Assembly elections, Mamata Banerjee went on to say, "BJP...
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by on December 14, 2020
The MSME units in the foundry and engineering space are in a fix, caught between abnormal increases in the price of raw materials on the one hand and order enquiries coupled with labour shortage on the other. “The last three months have been terrible. The situation is worsening by the day; we are unable to schedule production,” say unit owners, urging immediate government intervention to bail them out of their present imbroglio. “Both the Centre and State should step in without further del...
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by on December 14, 2020
The Finance Ministry said ₹21,000 crores of MSME dues have been paid in past seven months since May 2020 by the Central government agencies and Central Public Sector Enterprises (CPSEs) NEW DELHI : The Finance Ministry on Thursday said ₹21,000 crores of MSME dues have been paid in past seven months since May 2020 by the Central government agencies and Central Public Sector Enterprises (CPSEs). "Over ₹21,000 crores of MSME dues have been paid in past 7 months since May 2020 by the Central g...
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by on December 21, 2020
A majority of industries and businesses are now inching towards pre-COVID-19 levels, MSMEs have also started charting their path for recovery, Invoicemart said in a release. The lockdown has increased technological literacy and given a push to digital adoption among the micro, small and medium enterprises (MSMEs). Supported by their strong tie-up with over 760 anchor corporates, CPSE, PSUs, banks and NBFC factors, Invoicemart has already guided over 6,900 MSME vendors to register on TReDS ...
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by on December 14, 2020
A number of new business support models are available to small businesses providing a one-stop shop of support and facilitating their growth, according to a new study by ACCA (Association of Chartered Certified Accountants). India is home to the second largest ecosystem of start-ups in the world – with over 20,000 start-ups and growth rates of around 12 percent year-on-year. The country also boasts a number of innovative support programmes which has contributed to India’s flourishing SME comm...
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