Prime Minister Narendra Modi on Saturday described as "landmark" the decision to include retail and wholesale trade as MSMEs.
Minister of MSME Nitin Gadkari informed that the government will now accord MSME status to retailers and wholesale traders.
The World Bank's Board of Executive Directors has approved a USD 500 million program to support India's nationwide initiative to revitalise the MSME sector
MSMEs are considered to be engines of economic growth that promote equitable development. Yet, several of these enterprises are struggling to make ends meet on account of the outbreak of the global pandemic and facing a lack of liquidity. This has made it necessary to restructure the ways by which micro, small and medium-sized companies can more easily rebuild and relaunch their businesses. Digital transformation can play a defining role here.
According to the ordinance, it is considered expedient to provide an efficient alternative insolvency resolution process for MSMEs to ensure quicker, cost-effective and value maximising outcomes for all stakeholders, in a manner that is least disruptive to the continuity of their businesses and which preserves jobs.
By offering a bundled connectivity plan at 1/10th the existing price (Rs 15-20K/month) in the market, Jio is looking to expand the addressable market in the MSME segment.
The MSME sector is hoping to get rid of challenges like lack of access to capital, infrastructure, skilled labor, and power supply issues.
The company expanded collateral-free loans of up to Rs 500,000 at a low-interest rate and unique daily EMI product customised for micro-merchants.
Union minister Nitin Gadkari on Wednesday called for increased investment by international institutions and bodies in the Indian Highways and MSME sectors, the MSME Ministry said.
As of July 23, 2020, the total amount sanctioned under the 100 per cent Emergency Credit Line Guarantee Scheme by public sector banks and private banks stands at Rs 1,30,491.79 crore, of which Rs 82,065.01 crore has already been disbursed.
Profits derived from the exports of products by micro, small and medium enterprises (MSME) will be excluded from the overall turnover of a company, said Union Minister incharge of MSME sector Nitin Gadkari
State-owned Bank of Maharashtra on Sunday said it has sanctioned loans worth Rs 2,789 crore to MSME, self-help group, agricultural and retail borrowers to help them meet their liquidity mismatches caused due to coronavirus crisis.
Union Finance Minister Nirmala Sitharaman on Wednesday announced a series of relief measures spanning across the micro small and medium enterprise (MSME), power, real estate sectors, besides providing a slew of temporary changes to the direct tax collection rules.
Shortly after the Finance Minister announced major schemes and relief measures for the MSME sector, Uttar Pradesh Chief Minister welcoming the measures revealed that UP would provide loans amounting to Rs 2000 crores to over 36,000 MSME unit workers for tomorrow.
Finance Minister Nirmala Sitharaman on Wednesday announced an economic relief package amid nationwide coronavirus lockdown in which her prime focus was on to save jobs in the MSME sector and help it to get back on track.
"We have sent recommendations for a relief package to the Finance Minister and Prime Minister, and I hope it will be announced soon," said Union Minister Nitin Gadkari