MSME – ICC Sector Watch

The pre-budget meetings with finance minister Nirmala Sitharaman has received multiple suggestions from representatives of various sectors including mechanism for green certification to help many sectors

The pre-budget meetings with finance minister Nirmala Sitharaman has received multiple suggestions from representatives of various sectors including mechanism for green certification to help MSMEs, rationalisation of income tax, creation of innovation clusters, schemes for improving domestic supply chains, Social Sector Entrepreneurship Fund for Social Impact and more. According to a statement by the finance ministry,…

Accelerating the flow of credit to small enterprises is essential for India to achieve its $5 trillion economy dream by 2025 as the MSME sector has been a major driver in the country’s rise as the world’s fifth largest economy

Accelerating the flow of credit to small enterprises is essential for India to achieve its $5 trillion economy dream by 2025 as the MSME sector has been a major driver in the country’s rise as the world’s fifth largest economy, said industry body KPMG in its latest November 2022 report on non-banking financial companies (NBFCs)…

The Reserve Bank of India’s (RBI) decision to include the GSTN as the latest FIP under the AA framework has been hailed as a major push to further ease access to bank credit by MSMEs

The Reserve Bank of India’s (RBI) decision to include the Goods and Services Tax Network (GSTN) as the latest Financial Information Provider (FIP) under the Account Aggregator (AA) framework has been hailed as a major push to further ease access to bank credit by MSMEs. GSTN is the non-profit and non-government organization that manages the…

Laghu Udyog Bharati (LBU), a collective of around 40,000 small businesses in the country, has requested finance minister Nirmala Sitharaman to reserve “manufacturing and marketing of traditional, conventional and low-technology products of mass consumption” for MSMEs

Laghu Udyog Bharati (LBU), a collective of around 40,000 small businesses in the country, has requested finance minister Nirmala Sitharaman to reserve “manufacturing and marketing of traditional, conventional and low-technology products of mass consumption” for MSMEs. In a virtual pre-budget consultation meeting with Sitharaman, LBU said manufacturing of such products, consumed across geographies, is going…

The number of delayed payment cases of micro and small enterprises (MSEs) disposed of by the government’s Micro and Small Enterprise Facilitation Councils

The number of delayed payment cases of micro and small enterprises (MSEs) disposed of by the government’s Micro and Small Enterprise Facilitation Councils (MSEFCs) across the country stood at 20,840 involving Rs 3,841 crore so far since the launch of delayed payment monitoring portal Samadhaan by the Government back in October 2017. The disposed of…

The MSME Ministry is looking to expand the scope of public procurement for micro and small enterprises

The MSME Ministry is looking to expand the scope of public procurement for micro and small enterprises (MSEs) by adding multiple services and increasing the number of goods to the existing list of 358 items reserved for purchase from MSEs exclusively. The MSME Ministry has prepared a revised list of 469 items (including goods and…

The ministry of MSME has notified that in case of an upward change in terms of investment in plant and machinery or equipment or turnover or both

The ministry of MSME has notified that in case of an upward change 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 a period of three years…

The Government has made comprehensive plans for the hospitality, tourism, and travel sectors

The Government has made comprehensive plans for the hospitality, tourism, and travel sectors. These plans include various subsidies, financial assistance for licensing and cluster construction, etc. However, a large chunk of the unorganized sector associated with this business, that is, budget hotels, homestays, and lodge operators are often not aware of the financial aid being…

The Government’s platform for public procurement, Government eMarketplace

The Government’s platform for public procurement, Government eMarketplace (GeM) has crossed a whopping 50-lakh seller mark amid the growing number of registrations on the MSME registration portal Udyam. Launched in August 2016, the initial 10 lakh sellers were registered in the first 4.5 years (till January 2021) of GeM’s operation while the rest 40 lakh…

West Bengal has completed the setting up of 554 clusters in the state

West Bengal has completed the setting up of 554 clusters in the state. About 292 of these are for MSMEs while 262 are in the handloom and khadi segment. The state has clusters in diverse products like brass and bell metal, plastic, jewelry, nalen gur and muslin handloom, rice mill, zari zardosi, dokra, rakhi, kantha…

Sector Category: MSME