The government on Friday launched the revamped MSME Competitive (LEAN) scheme to make it more beneficial for enterprises and stakeholders.
Addressing the 10th webinar on Budget, Modi said the government has increased outlay on capex to a historic high of Rs 10 lakh crore.
According to the MSME ministry, the market is getting bigger with the advancement of digital technologies and opening up of more export markets.
The release further said that all 5G stakeholders including industry, academia, service providers, research and development institutions, government bodies and equipment manufacturers can utilise this facility at a very nominal rate.
The digital supply chain finance (SCF) ecosystem links HNIs and institutional investors, searching for returns with trusted providers, while MSMEs pool their unpaid invoices to obtain working capital
Shah was speaking at a session, titled "Enhancing and Empowering MSME and Cooperatives", at the Uttar Pradesh Global Investors Summit. The prime minister inaugurated the summit on Friday.
The RBI has allowed insurance companies as the fourth participant on TReDS, in addition to MSMEs, buyers and financiers.
Availability, accessibility and affordability of credit/funds are the main challenges of the sector, said B B Swain, Secretary to the Union Ministry for Micro, Small and Medium Enterprises (MSMEs).
Federation of Indian Export Organisations (FIEO) President A Sakthivel said that many of the changes in the customs duties will help to provide competitiveness to manufacturing and exports, besides attempting imports substitution.
Has the potential to generate employment for over 60 lakh people.
MSME Budget 2023 Expectations: MSME sector experts seek better access to credit for expanding their business, a more simplified tax system, and incentivising structure.
One of the issues is that women are more likely to be “thin file” customers, lacking a formal credit score. There are new ways of using alternative data to create a proxy score.
From lower taxes on hygiene products to easier access to credit and lower import tariffs to greater incentives for businesses owned by women, Indian women have their wish list from the first woman finance minister.
Union Budget should take into account the slowdown in developed economies which could hit exports by MSMEs. Some of the challenges on the funding front need to be addressed.
VFS Capital will extend MSME loans upto Rs 5 lakh at 13 per cent interest rate per annum, a top company official said.
At a time when India is initiating unparalleled reforms, there is no scope for overregulation and mindless restrictions, PM Modi tweeted
The framework will enable state-run banks to access the broad network of fintech companies' resources, lowering their own costs associated with obtaining loans and making ad hoc investments in expensive platforms or technology.
The report by Bhartiya Yuva Shakti Trust (BYST) also said that though markets have stabilised, about 57 per cent of the units that participated in the survey are struggling to get new orders for their merchandise.
Reforms, instead of a fiscal push, will help keep financing costs low, helping micro, small and medium enterprises expand, says Anil Bhardwaj.
The main advantage of digital lending is easy access via mobile devices, and less paperwork and eligibility checks than in a traditional bank
The agreement was signed at a summit here to mark the milestone of 20,000 MSMEs completing their training under the Walmart Vriddhi Supplier Development Programme, of which Swasti is a programme partner.
Addressing FICCI's Annual MSME Summit, Verma urged the industry and other stakeholders to work with the government to make India a USD 5 trillion economy along with becoming self-reliant.
The report is based on 69 sectors and 147 clusters or two-thirds of the MSME universe, which logged an aggregate revenue of Rs 56 lakh crore, representing 20-25 per cent of the GDP.
Kelly Waldher, vice president for marketing at Google Workspace, addresses concerns of small businesses in India about costly storage plans and adds that companies can soon pool storage among their teams.
The Ministry of MSME has notified that in case of re-classification in terms of investment in plant and machinery or equipment or turnover or both, and consequent re-classification, an enterprise shall continue to avail of all non-tax benefits of the category it was in before the re-classification for three years from the date of the such upward change.