BUSINESS
Narayan Rane, the new MSME minister, has lot of cobwebs to clear
Though the MSME sector is said to be the second-largest employment creator after agriculture, unskilled workforce and lack of technology have been the bane of the sector. Also, banks are unwilling to lend to the sector fearing that loans will turn NPAs
BUSINESS
RBI asks banks to reclassify retail and wholesale trade as MSMEs as per revised criteria
As per the existing definition of MSMEs, enterprises in the manufacturing and service categories are considered to be MSMEs.
BUSINESS
Cabinet reshuffle: Jyotiraditya Scindia gets cabinet berth
Scindia became a minister for the first time in 2004 in the Manmohan Singh cabinet (UPA 1) when he was given the portfolio of minister of state (MoS) for Communications and Information Technology.
BUSINESS
2.5 lakh households exhaust 100-day MGNREGA work limit in three months
The coronavirus pandemic has disrupted the life of the rural poor, prompting activists to demand that MGNREGA should be expanded to allow 150 employment days to beneficiaries instead of the current 100
BUSINESS
Demand for work under rural jobs scheme remains subdued in June
Fewer people sought work under the MNREGA scheme as the opening up of the economy after lockdowns in various states prompted workers to return to cities, and the start of the new cropping season kept them busy with agriculture, experts said
BUSINESS
Explained : Govt reinstates retailers, wholesalers as MSMEs, what benefits will they get, what are the concerns
Moneycontrol explains what is the present definition of MSMEs, when was wholesale and retail trade removed as MSMEs, what benefits will the trades get now and what are some of the concerns raised by the industry associations.
BUSINESS
Imerys invests Rs 350 crore in Vizag calcium aluminate plant, eyes 50,000-tonne output
According to Imerys, the one-billion-euros refractory market in India is expected to grow at a CAGR of approximately 8 percent per annum.
BUSINESS
Government includes retail and wholesale trades as MSMEs
The government in June 2017 removed retail and wholesale traders from the MSME category
BUSINESS
If there is a third wave, MSMEs may not recover before 2023, fears PHDCCI's Mohit Jain
ECLGS played the role of a band-aid for small industries during COVID. I would request the government to look at some formula for extending loans to those MSMEs that were not able to avail of the facility and stretch the moratorium to March 31, 2022.
BUSINESS
Number of international migrant workers rises to 169 million, says ILO
There has also been a 2 percent increase in the share of youth migrant workers aged 15-24 since 2017.
BUSINESS
MSMEs hail government's initiative of putting in place ratings system
The move would provide credibility to small industries and facilitate loans for them from banks and abroad, making them attractive in the export market, say associations and sector experts.
BUSINESS
Experts welcome extension of EPFO subsidy scheme but call for direct support
FM Nirmala Sitharaman also announced that, so far, a benefit of Rs.902 crore had been given to 21.42 lakh beneficiaries of 79,577 establishments.
BUSINESS
MSMEs struggle with high cost of inputs, fuel; seek immediate govt help
Input costs have soared as wholesale inflation is at a record 12.9 percent, but customers are not willing to renegotiate pre-booked orders, which forces MSMEs to sell at a loss and fire employees
BUSINESS
Credit availability a big problem for MSMEs; Centre, banks must resolve it: Experts
The Micro, Small and Medium Enterprises sector in India is said to be the second-largest employment creator after agriculture, providing employment to an estimated 11 crore people.
BUSINESS
MSME body AICA writes to PM, seeks intervention as price of raw material rises
As a result of the consecutive lockdowns in 2020 and 2021, the MSME sector has been facing a massive liquidity and supply crunch, shortage of labour and non-payment of dues.
BUSINESS
Less than 34 lakh MSMEs register on Udyam in 11 months; experts say compliance burden reason for low enrollment
Most small enterprises do not register and declare their existence because they find it more suitable to stay away from the compliance structure. Add to it the hazards of facing income tax scrutiny
ENTERTAINMENT
Explained | What are the five All India Surveys on labour
Their findings will provide extensive and latest data on the number of migrant workers in the country, domestic workers, jobs created in new age transport platforms like Uber, Ola and those in the professional service industries like medicine and accountancy, among others
BUSINESS
Companies hopeful of better performance in 6 to 12 months : FICCI - Dhruva Advisors Survey
As per the survey, 58 percent of the companies reported a high impact on their businesses due to the state level lockdowns while another 38 percent reported a moderate impact on their operations.
INDIA
How COVID-19, citizenship protests delayed crucial survey that will improve inflation data
Last year, some villages stopped surveyors thinking they were working on the Citizenship Amendment Act, and then the pandemic and the lockdowns came in the way, delaying the survey which is expected to improve the calculation of inflation.
BUSINESS
EPFO net new enrolments rose 13.73% to 12.76 lakh in April
States of Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka continue to lead in employment generation by adding 7.58 lakh subscribers during the month.
TRENDS
Exclusive | India considered minimum income support scheme after lockdown last year, says top official
Government officials held internal discussions regarding temporary income support of around Rs 5,000-6,000 per month for the urban and rural poor who had lost their livelihoods in the nationwide lockdown last year, according to Pronab Sen, head of a standing committee to overhaul India’s economic statistics and data collection.
TRENDS
MSME Ministry extends validity of Udyog Aadhaar from March 31 to December 31, 2021
The extension of the validity deadline would facilitate MSMEs registered under to avail benefits of the provisions under various existing schemes and incentives including Priority Sector Lending benefits of MSME
TRENDS
Minimum 71.2 lakh average daily vaccination doses needed till December to mitigate coronavirus third wave: CII
CII urged that Liquid Medical Oxygen (LMO) storage facilities be set up across 15+ strategic locations and oxygen care centers be set up to reduce the load from the hospitals.
TRENDS
Government procures goods worth Rs 1,952 crore from MSEs in first two months of FY22
Purchases from small businesses owned by women and SC/ST entrepreneurs fall short of targets
