Small and medium businesses, in India and across the world, have taken a severe hit due to the coronavirus pandemic-led economic disruption, with many even facing shutdown due to the drastic drop in their revenues amid the lockdowns
This is 14 percent higher than the credit projection made for the year 2016-17 by the National Bank for Agriculture and Rural Development (NABARD).
While the banking sector is reeling from stress in the corporate loan book, the government and banks are pushing to fund the neglected MSME segment to boost growth through MUDRA loans.
Leading stock exchange BSE expects to have 200 companies listed by June on its SME platform, an exclusive platform it has launched for raising of funds by small and medium enterprises.
The country will soon have a comprehensive policy for micro, small and medium enterprises, Union Minister Kalraj Mishra said today.
Amongst the businesses surveyed, 48 percent of the small and medium enterprises (SMEs) are positive about the current state, while 62 percent are positive about the future.
Encouraging small and medium enterprises (SMEs) to list on its platform, NSE has said listing will help such companies raise capital for their growth and provide visibility.
The Centre would shortly launch an exclusive scheme for women entrepreneurs, a senior official in the Ministry of Micro, Small and Medium Enterprises (MSME) said today.
Government today approved the creation of the Indian Enterprise Development Services (IEDS) in the Office of Development Commissioner, Ministry of Micro, Small and Medium Enterprises.
"There can be initial problems due to demonetisation, but after the currency flow regularises, it will help the sector," Union MSME Minister Kalraj Mishra told PTI in an interview.
At the inauguration ceremony of the MSME Expo at the India International Trade Fair here, Mishra said that quality manufacturing and inclusive growth of MSMEs plays a key role in the development of the country.
All India Ceramic Glaze and Glass Frit (Mixture) Manufacturers Association said several sectors need boric acid for their end products or production process but because of the restrictions these industries are negatively impacted.
SME Exchange is a special series that focuses on some of India's most promising small and medium enterprises and brings you their inspiring success stories. This episode showcases three diverse companies from the sectors of telecom, pharmaceuticals and construction and home decor. Find out more about these three entrepreneurs and their journeys.
The six firms coming up with IPOs are Jet Knitwears, Nandini Creation, Sakar Healthcare, Valiant Organics, Gretex Industries and Diksat Transworld.
"These units provide employment to 18,070 persons. Also, about 8,077 Micro Small and Medium Enterprises (MSMEs) units have been set up with an investment of Rs 9,248 crore providing employment to over 1,36,689 persons during the same period," a spokesman of the state Industries and Commerce Department said here today.
In comparison, 44 SMEs raised a total of Rs 290 crore in the entire last financial year (2015-16). "Indian primary market has witnessed spectacular revival in last few months, which is not limited to large IPOs like Mahanagar Gas or Quess Corp.
RBI, which has maintained key interest rate at 6.5 percent since April this year citing inflationary concerns, is scheduled to hold its next policy review on October 4.
"To increase liquidity support for the MSME sector, it has been decided that factoring transactions on 'with recourse' basis shall be eligible for priority sector classification by banks, which are carrying out the business of factoring departmentally," RBI said in a notification.
Gupta also feels that some of the reform agenda driven by the current Indian administration is under appreciated. States are now competing with each other while Rajasthan, Tamil Nadu and Madhya Pradesh are pushing ahead with land and labour reforms.
CRISIL believes the new guidelines will increase the usage and acceptance of credit ratings across micro and small enterprises (MSEs).
In an apparent criticism of RBI Governor Raghuram Rajan's monetary policies, Union Minister Nirmala Sitharaman said high interest rates are impacting cost competitiveness of the industry, especially small and medium enterprises
Poised for rapid growth and integration with major global value chains, MSEs will make considerable impact in realising Make in India vision. The sector has the potential to market its 'Made in India' brand globally," MSME Minister Mishra said while inaugurating the Cluster Development Programme here.
While Maharashtra state has contributed Rs 75 crore for the VC, LIC and Sidbi has contributed Rs 20 crore each for the fund and the balance has been raised from the market.
To promote patent registratoin among enterprises and protect their innovation, the state government has implemented the 'Patent Registration Scheme' for MSMEs, Industries Minister Capt Abhimanyu said.
The shares will be listed on the SME platforms of BSE and the National Stock Exchange (NSE).