Page 2 - Msmes

Budget 2023: Credit Guarantee Scheme for MSMEs gets Rs 9,000-cr boost

This is expected to reduce the cost of credit by 1 per cent for MSMEs, said Union Finance Minister Nirmala Sitharaman

Budget: Govt to enhance presumptive taxation limit for MSMEs, professionals

The government on Wednesday proposed to enhance the limit for presumptive taxation for MSMEs and certain professionals provided their cash receipts are less than 5 per cent of the total turnover or gross receipts. The move is aimed at promoting non-cash transactions, as per the Budget document. The existing provisions of the Income Tax Act provide for a presumptive income scheme for small businesses and certain professionals. Micro enterprises with a turnover of up to Rs 2 crore and certain professionals with a turnover of up to Rs 50 lakh can avail of the benefit of presumptive taxation. In her Budget Speech in the Lok Sabha, Finance Minister Nirmala Sitharaman said MSMEs are growth engines of the Indian economy. "I propose to provide enhanced limits of Rs 3 crore and Rs 75 lakh respectively, to the tax payers whose cash receipts are no more than 5 per cent," she said. Moreover, to support MSMEs in timely receipt of payments, "I propose to allow deduction for expenditure incurred

Large companies must take responsibility to handhold MSMEs: Piyush Goyal

Goyal was speaking at the fourth Plenary Session of the B20 India Inception Meeting on Building Resilient Global Value Chains in Gandhinagar

Emergency credit guarantee scheme helped save 1.46 mn MSMEs: Report

The emergency credit line guarantee scheme (ECLGS), launched during Covid to help small businesses tide over losses due to lockdowns, has helped save at least 14.6 lakh MSMEs which benefited from Rs 2.2 lakh crore in additional credit, a report said on Monday. According to an SBI Research analysis, this additional credit flow has saved around 12 per cent of the outstanding MSME (Micro, Small and Medium Enterprises) credit from slipping into NPAs. In terms of people, it saved the livelihood of at least 6.6 crore people, the report said. The ECLGS has helped in boosting credit flow to MSMEs with at least 14.6 lakh of them being saved due to the scheme. In absolute terms, loans worth Rs 2.2 lakh crore were flown into MSMEs from banks during the scheme. This means that around 12 per cent of the outstanding MSME credit has been saved from slipping into NPAs because of the scheme, and saving the livelihood of 6.6 crore people, SBI chief economist Soumyakanti Ghosh said in the report. The

Union Budget 2023: MSME sector seeks access to credit at affordable rates

PLI schemes, quick access to funding, and expansion of exports are some of the key areas that the sector is looking forward to

IBC overhaul seeks to give adjudicating authority a power boost

MCA proposes specialised framework for realty projects

Here's why private banks' SME credit has grown four times faster than PSBs'

Bankers say private lenders have more risk appetite, faster response times, and are aggressive on pricing

India-Australia trade agreement to greatly benefit MSMEs: Piyush Goyal

The interim pact between India and Australia, also known as Economic Cooperation and Trade Agreement (ECTA), has the potential to double bilateral trade to $50 billion in half a decade

Sugar industry MSME margins hit by flat product prices: CRISIL SME TRACKER

Globally, supply is expected to ease as output in Brazil and Thailand, both major producers, is likely to revive

Credit offtake grows 17.5% for fortnight ended Dec 2: CARE Ratings

The growth is driven by a low base, NBFC, retail credit, higher working capital demand driven by inflation and improvement in capacity utilisation ratio, and rising demand for fresh capex

Low demand, rise in raw material prices key problems of MSMEs: Survey

The decline in demand and rise in raw material prices due to high transportation costs are the major problems faced by micro, small and medium enterprises in the last 27 months, according to a survey. 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. "Lesser purchasing power of consumers lead to reduced demand and increased raw material cost due to higher transportation cost with increase in fuel prices have been cited among key problems faced by entrepreneurs during the last 27 months," Lakshmi Venkataraman Venkatesan, Founding and Managing Trustee, BYST, said. Over 5,600 Micro, small and medium enterprises (MSMEs) participated in the survey. While the impact of COVID-19 has been slowly receding, the economic situation is yet to completely stabilise due to multiple factors, according to the report. About 27 per cent of

Defence, aerospace exports treble to Rs 12,815 cr in 5 years: Govt

Foreign procurement in defence rises to Rs 50,061 cr

Digital lenders seek cap on default loss guarantee models from RBI

They suggested that the central bank could look at a reasonable cap to the FLDG models, given RBI's concerns of around build-up of systemic risk and 100% risk transfer rather than banning it outright

Walmart, Flipkart join hands with NSIC to help MSMEs grow, unlock potential

Walmart and Flipkart on Tuesday joined hands with the National Small Industries Corporation (NSIC) to accelerate capacity building for micro, small and medium enterprises (MSMEs) across India, help them unlock export potential and become part of retail supply chains locally and globally. 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. The Vriddhi programme also includes training, seminars and mentoring sessions conducted regularly for MSMEs. Tens of thousands of MSMEs have registered for the programme from metros and Tier II and III cities across India. The partnership will enhance access for participating MSMEs to schemes offered by the NSIC while making learning resources of Vriddhi available to MSMEs registered with the NSIC. "The Indian MSME sector currently comprises 6.3 crore MSMEs that employ more than 11 crore people. We

Flipkart, Walmart ink MoU with NSIC to speed up capacity creation for MSMEs

The three plan to support MSMEs in their quest to integrate with local and global retail supply chains

GSTN in AA network: Operational costs of banks expected to come down

GSTN is expected to go live on AA network in late January or early February, people aware of the development say

Shriram Finance merges with Shriram City to focus on MSMEs and others

Commercial vehicle financing major Shriram Transport Finance Company and two-wheeler and MSME financier Shriram City Union Finance have been merged to form Shriram Finance Limited (Shriram Finance)

Govt in advanced stage to launch Rs 3,500-crore PLI scheme for toy sector

Dept in advanced inter-ministerial talks; schemes for bicycles, footwear to follow

Rural distress harming MSMEs, pulling down manufacturing: Economists

Government's PLI schemes can help manufacturing and reduce import dependence in some sectors, say some experts

GSTN now part of AA network to facilitate cash flow lending to MSMEs: RBI

The AA network had been in discussion with the GSTN network for their onboarding for a long time as this would give financial institutions access to data regarding small businesses