MSMEs are considered the backbone of the Indian economy, contributing the bulk of Indian employment, manufacturing and exports. Many such firms have been hit hard by the COVID-19 crisis.
The minister said that successful experience of the NPC in implementing lean manufacturing in the MSME sector needs to be leveraged for expanding schemes to benefit more such units.
Under this scheme, MSMEs borrowers with up to Rs 25 crores of total borrowing can avail an additional 20 percent of the loan outstanding from banks, NBFCs, and other financial institutions (FI).
Under this partnership, both the companies will jointly create solutions for small and medium enterprises (SMEs) and startups to improve productivity, efficiency and automate processes and reduce costs along with focusing on easy and faster credit through a unique card which will have forex, prepaid along with credit, Zaggle said in a statement.
In a statement, the state government said that the chief minister released the amount despite the "deep financial crisis". It was done during a video conference with district collectors and entrepreneurs here.
Asserting that keeping MSMEs strong is one of the priorities of the government, Singh said there are more than 8,000 MSMEs, tiered partners of many defence organisations - ordnance factories, DPSUs and service organisations.
The SME segment calls for more concrete initiatives; perhaps a digital push to revive from the current crisis and become future-ready at all times.
Small businesses will benefit the most from the Rs 1 lakh-crore targeted liquidity boost to small and mid-sized non-banking lenders, housing financiers and micro-lenders, say the shadow banking industry leaders.
These disruptions are likely to pose challenges not only in the next two quarters, but could also linger for some more time before the economy revives, given the uncertainty on how long the pandemic would last, it added.
According to the RBI data, the system-wide SME loan book stood at Rs 15.7 lakh crore as of June 2019, up 10 per cent over the 12 months' period.
"We shouldn't get distracted by the current challenges. Obviously we have an issue with bank non-performing assets (NPAs), non-banking financial company NPAs, but out of this will emerge the next generation of credit which is going to be entirely tech and data-based," Nilekani said at an event here.
The company will use its global footprint to export USD 10 billion worth of Make In India goods by 2025, Bezos said at the Amazon SMBhav summit which will focus on discussions around how technology adoption can enable small and medium businesses (SMBs) in India.
As per a World Bank document, there are still issues with matching of B2B invoices, uploading information on tax returns, etc.
The company clocked over 15,000 orders per day in the recently concluded Black Friday Sale in November
With multiple business management modules, it targets specific pain points of SMEs, easing out their day-to-day business with the use of technology, it helps them scale the skies.