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An ordinance was promulgated to amend the Insolvency and Bankruptcy Code (IBC) on April 4.(MINT)

Govt amends IBC, rolls out pre-pack plans for MSMEs

Livemint | By Gopika Gopakumar, Gireesh Chandra Prasad, Mumbai, New Delhi
UPDATED ON APR 06, 2021 07:08 AM IST
  • The ordinance introduces a new chapter in the Insolvency and Bankruptcy Code to offer the pre-pack scheme to those defined as medium and small enterprises or MSMEs under the MSME Development Act.
Workers inside a shoe factory in Capital’s Udyog Nagar, one of India’s biggest shoe-manufacturing hubs. Sanchit Khanna/HT
Workers inside a shoe factory in Capital’s Udyog Nagar, one of India’s biggest shoe-manufacturing hubs. Sanchit Khanna/HT

Tepid demand chokes small-scale industries

By Manoj Sharma, New Delhi
UPDATED ON MAR 22, 2021 04:28 AM IST
  • A year on, these Micro, Small and Medium Enterprises continue to be beset by many of these problems — and a few new ones. While the supply chains remain disrupted and the demand is far from reaching pre-pandemic levels
<p>The MSME (Ministry of Micro Small and Medium Enterprises) sector accounts for about 20% of the country's GDP. It is also the largest employment provider in the country. Most MSMEs are exempted from maintaining detailed audit records. But after demonetisation, that might change. In the last Union Budget, the government raised tax exemptions for small business units with a turnover of up to <span class='webrupee'>₹</span>2 crore from the earlier <span class='webrupee'>₹</span>1 crore. However, PM Narendra Modi has assured these MSMEs that there will be no harassment caused to them on the basis of their previous balance sheets. </p>

The MSME (Ministry of Micro Small and Medium Enterprises) sector accounts for about 20% of the country's GDP. It is also the largest employment provider in the country. Most MSMEs are exempted from maintaining detailed audit records. But after demonetisation, that might change. In the last Union Budget, the government raised tax exemptions for small business units with a turnover of up to 2 crore from the earlier 1 crore. However, PM Narendra Modi has assured these MSMEs that there will be no harassment caused to them on the basis of their previous balance sheets.

UP government says 42,700 crore loan given to about 13 lakh MSMEs in FY21

PTI | , Lucknow
PUBLISHED ON FEB 27, 2021 06:56 PM IST
About 14 per cent of the country's micro small and medium enterprises (MSME) are operational in Uttar Pradesh.
The Minister for Micro, Small and Medium Enterprises (MSMEs) and Road Transport &amp; Highways said rooftop solar offers an excellent value proposition to MSMEs by significantly bringing down cost of electricity consumption, which on an average, is up to one-fifth of their operations cost.(PTI)
The Minister for Micro, Small and Medium Enterprises (MSMEs) and Road Transport & Highways said rooftop solar offers an excellent value proposition to MSMEs by significantly bringing down cost of electricity consumption, which on an average, is up to one-fifth of their operations cost.(PTI)

Gadkari urges MSMEs to avail concessional finance and install rooftop solar

PTI |
PUBLISHED ON FEB 26, 2021 10:25 PM IST
The minister observed that a large amount (average 8 and higher per unit) is being paid by the MSMEs for power consumption, which contributes to up to one-fifth of the overall production costs.
Jaishankar was addressing the fifth Asia Economic Dialogue (AED) 2021. (Reuters File Photo )
Jaishankar was addressing the fifth Asia Economic Dialogue (AED) 2021. (Reuters File Photo )

‘Need to stand up for MSMEs...people expect govt to bat for them’: Jaishankar

By hindustantimes.com | Written by Kanishka Sarkar, Hindustan Times, New Delhi
PUBLISHED ON FEB 26, 2021 01:55 PM IST
In a separate virtual event, Prime Minister Narendra Modi also spoke about the schemes meant to uplift small businesses in the country.
The sector has been rendered vulnerable by the pandemic necessitating concerted effected effects to combat the stress. (ANI)
The sector has been rendered vulnerable by the pandemic necessitating concerted effected effects to combat the stress. (ANI)

MSME sector emerges as growth engine of economy, says RBI Governor

ANI | , New Delhi
PUBLISHED ON FEB 25, 2021 01:19 PM IST
Das called for increasing digital payment and digital penetration across the country.
The party sees the MSME sector as a key plank in at least two poll-bound states: Tamil Nadu and West Bengal. Tamil Nadu accounts for 15% of India’s MSME units with an investment of <span class='webrupee'>₹</span>32,000 crore. About one in five industries in the southern state are MSME. In West Bengal, the sector employs nearly 11 million people, according to official data. (HT Photo)
The party sees the MSME sector as a key plank in at least two poll-bound states: Tamil Nadu and West Bengal. Tamil Nadu accounts for 15% of India’s MSME units with an investment of 32,000 crore. About one in five industries in the southern state are MSME. In West Bengal, the sector employs nearly 11 million people, according to official data. (HT Photo)

Cong may focus on MSMEs before TN, Bengal polls

By Saubhadra Chatterji, New Delhi
UPDATED ON FEB 24, 2021 04:17 AM IST
In January and February, Congress leader Rahul Gandhi’s public engagements — both virtual and in the field —have been dominated by concerns for the MSME sector.
For the textile industry and MSMEs in the textile industry nylon chain has been made in par to polyester and other artificial fabrics.(Sunil Ghosh/HT file photo)
For the textile industry and MSMEs in the textile industry nylon chain has been made in par to polyester and other artificial fabrics.(Sunil Ghosh/HT file photo)

Union Budget 2021: Key announcements for MSME sector

By hindustantimes.com | Edited by Deepali Sharma, Hindustan Times, New Delhi
PUBLISHED ON FEB 01, 2021 03:29 PM IST
The highlight for the MSME sector is the increase in the proposed capital expenditure of this year.
Retailers on their way to their shops at Saban Bazaar in Ludhiana on Tuesday. (Gurpreet Singh/HT)
Retailers on their way to their shops at Saban Bazaar in Ludhiana on Tuesday. (Gurpreet Singh/HT)

RAI urges govt to allow retailers to register under MSMEs

PTI | , New Delhi
PUBLISHED ON JAN 15, 2021 01:43 PM IST
The USD 854 billion Indian retail sector was one of the worst impacted due to the pandemic.
In the letter, NEA President Vipin Malhan said the MSME sector employs lakhs of labourers who are aged below 50 years and earn around Rs 15,000 a month.(Sunil Ghosh/HT file photo. Representative image)
In the letter, NEA President Vipin Malhan said the MSME sector employs lakhs of labourers who are aged below 50 years and earn around Rs 15,000 a month.(Sunil Ghosh/HT file photo. Representative image)

Prioritise MSME labourers, give them vaccine for free: Industry body urges PM

Noida | By Press Trust of India| Posted by: Harshit Sabarwal
PUBLISHED ON JAN 07, 2021 05:56 PM IST
In a letter to the prime minister, the city-based NEA, which has over 6,000 micro, small and medium enterprises (MSME) as members, cited media reports that claim that the vaccine may cost anything between Rs 200 and Rs 1,000.
This rule will help to control fake invoices fraudsters who avail and pass on ITC by dummy, fake and dormant entities which show high turnovers.(PTI)
This rule will help to control fake invoices fraudsters who avail and pass on ITC by dummy, fake and dormant entities which show high turnovers.(PTI)

New GST rule is not applicable for MSMEs

Hindustan Times, New Delhi | By HT Correspondent
UPDATED ON DEC 28, 2020 02:46 AM IST
The Central Board of Indirect Taxes and Customs (CBIC) last week introduced a change in the GST rules that restricted the use of input tax credit (ITC) for discharging GST liability to 99%, the official said requesting anonymity.
Image for representation.
Image for representation.

‘New GST rule doesn’t apply to small firms’: Ministry official

Hindustan Times, New Delhi | By Rajeev Jayaswal
UPDATED ON DEC 27, 2020 08:45 PM IST
It is also not applicable to registered entities which have received a refund of more than Rs 1 lakh in the preceding financial year on account of export.
Chamber of Industrial and Commercial Undertakings president Upkar Singh Ahuja addressing the media in Ludhiana on Saturday.(Gurpreet Singh/HT)
Chamber of Industrial and Commercial Undertakings president Upkar Singh Ahuja addressing the media in Ludhiana on Saturday.(Gurpreet Singh/HT)

Ludhiana Inc seeks Centre’s intervention over hiked raw material rates

By HT Correspondent, Ludhiana
UPDATED ON DEC 19, 2020 10:58 PM IST
The industrialists said if the conditions prevail for some more time, 50 percent of the MSME sector will face closure, which will push around 5 crore staff/labourers towards unemployment.
Chairman Dinesh Kumar Khara pointed out that the Micro, Small and Medium Enterprises (MSMEs) are constrained today in terms of cash flows, time gap in realising receivables, among others and also the level of lenders’ confidence in funding them.(HT photo)
Chairman Dinesh Kumar Khara pointed out that the Micro, Small and Medium Enterprises (MSMEs) are constrained today in terms of cash flows, time gap in realising receivables, among others and also the level of lenders’ confidence in funding them.(HT photo)

SBI will prefer co-origination models of lending to MSMEs, says chairman Khara

New Delhi | By Press Trust of India | Posted by Deepali Sharma
UPDATED ON DEC 12, 2020 04:31 PM IST
Khara said banks need to have enough confidence into various models of the MSMEs and also the commitment level of such entrepreneurs.
The statement by the MSME ministry said the highest level of procurement was achieved in October of over Rs 5,100 crore and payment of over Rs 4,100 crore.(Sanjeev Verma/HT PHOTO)
The statement by the MSME ministry said the highest level of procurement was achieved in October of over Rs 5,100 crore and payment of over Rs 4,100 crore.(Sanjeev Verma/HT PHOTO)

Finance Minister Nirmala Sitharaman takes stock of MSME dues

New Delhi | By Press Trust of India | Posted by Nilavro Ghosh
PUBLISHED ON DEC 10, 2020 05:46 PM IST
As part of the Aatmanirbhar Bharat package announced in May this year, MSME dues from central government agencies and Central Public Sector Enterprises (CPSEs) should have been paid in 45 days.
“Presently, the MSME sector employs 11 crore people. Our target is to create 5 crore more jobs in the next 5 years,” Gadkari said.(HT Photo)
“Presently, the MSME sector employs 11 crore people. Our target is to create 5 crore more jobs in the next 5 years,” Gadkari said.(HT Photo)

Will increase turnover of village industry to Rs 5 lakh cr in 2 yrs: Gadkari

New Delhi | By Asian News International| Posted by: Harshit Sabarwal
PUBLISHED ON DEC 10, 2020 12:07 PM IST
Addressing the Confederation of Indian Industry (CII) Global MSME Business Summit, the Union Minister said, “Presently, the turnover of our village industry is Rs 80,000 crores. My mission is to make it Rs 5 lakh crores in 2 years.”
Amazon and CII will conduct trainings, workshops and masterclasses to enable MSMEs to sell online.(ANI Photo)
Amazon and CII will conduct trainings, workshops and masterclasses to enable MSMEs to sell online.(ANI Photo)

CII, Amazon India join hands to boost MSME business

New Delhi | By Press Trust of India | Posted by Srivatsan K C
PUBLISHED ON DEC 09, 2020 09:25 PM IST
As part of the memorandum of understanding (MoU), Amazon India will work with the Confederation of Indian Industry (CII) to train MSMEs in 10 states into building and scaling their business in India and globally.
Yes Bank aims to open up to 1 lakh fresh accounts every month by leveraging technology.(HT photo)
Yes Bank aims to open up to 1 lakh fresh accounts every month by leveraging technology.(HT photo)

Yes Bank aims to disburse Rs 10,000 crore retail, MSME loans in Dec quarter

New Delhi | By Press Trust of India | Posted by Deepali Sharma
PUBLISHED ON DEC 01, 2020 05:37 PM IST
Yes Bank also re-energised Yes Premia, unveiling a premium banking program that offers personalized solutions focused on the particular needs of key consumer segments.
Thousands of small- and medium-sized companies in India have missed loan payments and are staring at a prolonged period of distress owing to the pandemic(Sanchit Khanna/HT PHOTO)
Thousands of small- and medium-sized companies in India have missed loan payments and are staring at a prolonged period of distress owing to the pandemic(Sanchit Khanna/HT PHOTO)

Small, medium businesses send SOS to banks for debt restructuring

Livemint, New Delhi | By Shayan Ghosh
UPDATED ON NOV 26, 2020 06:37 AM IST
State Bank of India, the country’s largest lender, has received recast requests from 35,000 MSME borrowers.
The formalisation of firms and employment has been encouraged through the introduction of GST and the new Labour Codes.(AP file photo)
The formalisation of firms and employment has been encouraged through the introduction of GST and the new Labour Codes.(AP file photo)

HTLS 2020: Defining a new era of growth and prosperity

New Delhi | By Amitabh Kant
UPDATED ON NOV 24, 2020 09:24 AM IST
The latest in the set of structural reforms is the introduction of the production linked incentives (PLI) schemes approved by the Cabinet a few days ago.
Wadhwani Foundation president and CEO Ajay Kela said women comprise just 14 per cent of the total entreprenual base in India.(File photo)
Wadhwani Foundation president and CEO Ajay Kela said women comprise just 14 per cent of the total entreprenual base in India.(File photo)

Women form only 25 pc of India’s workforce against 49 pc globally: Wadhwani Foundation

Kolkata | By Press Trust of India | Posted by Deepali Sharma
PUBLISHED ON NOV 19, 2020 09:18 PM IST
Leveraging India’s vast talent pool of women and not allowing it to be frittered away, especially at this point of time could be transformational for Indian economy, as per the CEO of the foundation.
A worker wearing a protective masks packs a roll of adhesive sealing tape at a factory in Sonipat district, Haryana.(Bloomberg File Photo)
A worker wearing a protective masks packs a roll of adhesive sealing tape at a factory in Sonipat district, Haryana.(Bloomberg File Photo)

Retail, small biz loans aid credit recovery

Mint, Mumbai | By Gopika Gopakumar
PUBLISHED ON OCT 31, 2020 06:12 AM IST
According to the Reserve Bank of India’s sectoral credit deployment data released on Friday, the jump in bank credit was driven by personal loans, services sector and agriculture and allied sectors.
The government’s compound interest waiver scheme can be availed by borrowers in specified loan accounts for a period from March 1 to August 31, 2020.(AFP Photo)
The government’s compound interest waiver scheme can be availed by borrowers in specified loan accounts for a period from March 1 to August 31, 2020.(AFP Photo)

Centre’s compound interest waiver scheme: Who is eligible, what’s the benefit

Hindustan Times, New Delhi | By hindustantimes.com | Edited by Meenakshi Ray
UPDATED ON OCT 24, 2020 05:56 PM IST
This will waive the interest-on-interest burden for all retail and Micro, Small and Medium Enterprises (MSME) borrowers of up to Rs 2 crore, including those who didn’t opt for the repayment moratorium allowed by the Reserve Bank of India (RBI) in March.
The branch of the Sarva Haryana Gramin Bank in Gurugram.(Parveen Kumar/HT File Photo)
The branch of the Sarva Haryana Gramin Bank in Gurugram.(Parveen Kumar/HT File Photo)

Regional rural banks incur net loss of Rs 2,206 crore in FY20

Mumbai | By Press Trust of India | Posted by Kanishka Sarkar
PUBLISHED ON OCT 04, 2020 03:15 PM IST
Gross non-performing assets as a percentage of gross loans outstanding of RRBs marginally declined to 10.4 per cent as on March 31, 2020, from 10.8 per cent as on March 31, 2019, the data showed.
Labourers works in a utensil manufacturing factory, Jammu(ANI)
Labourers works in a utensil manufacturing factory, Jammu(ANI)

MSMEs: Structural issues go beyond the standard challenges

By Tamal Sarkar
PUBLISHED ON OCT 02, 2020 11:25 AM IST
First, the sheer number of enterprises; second, the challenge of linkages; third, the setting up of unregistered OAEs often happens as a livelihood of “last resort” or is inherited due to lack of options rather than entrepreneurial vision; and fourth, OAEs mostly survive with surplus family labour, lack business records, linkages with market, knowledge and technology.
Uttar Pradesh Chief Minister Yogi Adityanath (File Photo/ANI)
Uttar Pradesh Chief Minister Yogi Adityanath (File Photo/ANI)

UP gave maximum number of jobs during Covid-19 lockdown: Report

Hindustan Times, New Delhi | By hindustantimes.com | Edited by Karan Manral
UPDATED ON SEP 24, 2020 08:04 AM IST
A total of 14,616 people in the state got jobs under the Prime Minister’s Employment Generation Programme (PMEGP), from April to August. With 11,064 jobs, Jammu and Kashmir is next on the list.
Besides raising the current limit of Rs 5 lakh, other relief under consideration for small units include extending the October 1 deadline, and computation of TDS after deducting GST and commission to the e-commerce platform instead of gross sales value.(Representational Photo)
Besides raising the current limit of Rs 5 lakh, other relief under consideration for small units include extending the October 1 deadline, and computation of TDS after deducting GST and commission to the e-commerce platform instead of gross sales value.(Representational Photo)

TDS relief expected for MSMEs transacting through e-commerce platforms

Hindustan Times, New Delhi | By Rajeev Jayaswal
PUBLISHED ON SEP 20, 2020 05:13 PM IST
The tax exemption limit could be increased from the existing Rs 5 lakh for small businesses
the state government is all set to promote products selected under its ODOP scheme across the country through retail stores. The government will also provide financial assistance to the artisans whose products will be selected. (Photo @myogiadityanath)
the state government is all set to promote products selected under its ODOP scheme across the country through retail stores. The government will also provide financial assistance to the artisans whose products will be selected. (Photo @myogiadityanath)

UP to organise ‘one district one product’ international exhibition

Hindustan Times, Lucknow | By HT Correspondent
UPDATED ON SEP 15, 2020 12:23 PM IST
Through this exhibition, Indian and foreign buyers will be able to directly connect with artisans to do business.
On May 20, the Cabinet approved additional funding of up to Rs 3 lakh crore at a concessional rate of 9.25 per cent through ECLGS for MSME sector.(File Photo)
On May 20, the Cabinet approved additional funding of up to Rs 3 lakh crore at a concessional rate of 9.25 per cent through ECLGS for MSME sector.(File Photo)

Banks sanction Rs 1.63 lakh crore to 42 lakh MSMEs under credit guarantee scheme

New Delhi | By Press Trust of India | Posted by Kanishka Sarkar
PUBLISHED ON SEP 13, 2020 02:46 PM IST
The Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector is the biggest fiscal component of the Rs 20-lakh crore Aatmanirbhar Bharat Abhiyan package announced by finance minister Nirmala Sitharaman in May.
Figures gleaned from the Employees’ Provident Fund Organization (EPFO) show that these payroll additions are being made in poorly paid jobs(File Photo)
Figures gleaned from the Employees’ Provident Fund Organization (EPFO) show that these payroll additions are being made in poorly paid jobs(File Photo)

Payroll data shows job recovery’s distant

Mint, New Delhi | By Prashant K Nanda
UPDATED ON AUG 24, 2020 06:29 AM IST
Good jobs in manufacturing, financial establishments and core engineering firms are far from making a recovery.
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