MSMEs urge RBI for a liberalised NPA classification policy for banks
SME Connect
by SMEConnect-Desk
4d ago
The sector has been struggling for financial support and deriving the advantages of facilities offered by financial institutions. As a part of their pre-budget meeting with Reserve Bank of India (RBI) mandarins, MSMES sought the central bank to amend its NPA classification policy. The Union Budget will be presented by the Finance Minister, Nirmala Sitharaman on July 23. Incidentally, been informed of the issues when representatives of MSMEs interacted with her sometime back. The plea is not without any reason and it must be noted that the NPA classification policy, which is in operation since ..read more
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SBI launches new 15-minute facility for MSMEs to avail loan against sales invoices
SME Connect
by SMEConnect-Desk
1w ago
MSME Sahaj will help MSMEs to avail credit against their Goods and Services Tax (GST) registered sales invoices of up to Rs.1 lakh in less than 15 minutes. Public sector lender State Bank of India (SBI) on Monday announced MSME Sahaj, an online business loan solution for MSMEs to avail credit against their Goods and Services Tax (GST) registered sales invoices of up to Rs 1 lakh. SBI said the new solution will have a turnaround time of less than 15 minutes from applying for the loan to documentation and disbursement of the amount, without any manual intervention. According to the bank, the cl ..read more
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With geo-political concerns, engineering firms nudge suppliers to ‘Make in India’
SME Connect
by SMEConnect-Desk
1w ago
In a bid to find a long-term fix to unrelenting geo-political concerns, Indian engineering and capital goods firms are looking to ditch foreign suppliers and plan to collaborate with Indian entities instead. Executives from these companies termed it an attempt to secure supply chains and cut down the transit time. If it works, one need not go to Europe, according to heavy engineering and L&T Valves with Larsen & Toubro. It was referring to an investment that L&T is making on research and development and other certification to develop a special grade of steel in India, along with A ..read more
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4.05 lakh businesses based in State closed since GST rollout
SME Connect
by SMEConnect-Desk
1w ago
Ahmedabad: While the goods and services tax regime aimed at improving business ease and simplifying taxes, some 4.05 lakh businesses closed after the new regime was rolled out. According to data from the State Commercial Tax Department, 4.05 lakh GST identification numbers (GSTINs) have been cancelled so far, implying that these many businesses either shut down or were consolidated. The number of closures in the past two years are equivalent to 47% of the number of closures in the first five years of the GST regime. Till FY 2022, some 2.75 lakh taxpayers got their GSTINs cancelled. The number ..read more
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SME BUSINESS FORUM
SME Connect
by SMEConnect-Desk
1w ago
Mr. S. Maheshkumar, Director – SME Chamber of India and SME Business Forum delivering the closing remarks Mr. Vinay Pandya, Managing Partner, Mantraa Advisory addressing the delegates on Alternate Funding options available for SME’s (IPO & Equity Funding) Mr. Stanley Dubier, Managing Director, Stanesh Semiconductor Pvt. ltd. addressing the delegates on SME and Electronic Components Ms. Jaya Singhania, Founder, J Singhania and Company addressing the delegates on Benefits of Keyman Insurance Mr. Ajay Vasandi, Cluster Head, IDFC First Bank Delegates at the SME BUSINESS FORUM MEETIN ..read more
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INTERACTIVE MEETING WITH MINISTER OF STATE FOR SOCIAL JUSTICE & EMPOWERMENT
SME Connect
by SMEConnect-Desk
2w ago
Shri Chandrakant Salunkhe, Founder & President of the SME Chamber of India and Maharashtra Industry Development Association, felicitates Shri Ramdas Athawale with flowers on his appointment as Minister of State for Social Justice & Empowerment, Government of India on 28th June 2024 at New Delhi ..read more
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INTERACTIVE MEETING WITH MINISTER OF STATE FOR SOCIAL JUSTICE & EMPOWERMENT
SME Connect
by SMEConnect-Desk
2w ago
Shri Chandrakant Salunkhe, Founder & President of the SME Chamber of India and Maharashtra Industry Development Association, felicitates Shri Ramdas Athawale with flowers on his appointment as Minister of State for Social Justice & Empowerment, Government of India on 28th June 2024 at New Delhi ..read more
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MSME Day 2024: Govt launches Rs 277 cr scheme to help MSMEs get on ONDC; Yashasvini campaign for women-led units
SME Connect
by SMEConnect-Desk
2w ago
MSME Day 2024: Commemorating the MSME Day 2024 on Thursday, MSME Minister Jitan Ram Manjhi launched a new Trade Enablement & Marketing (TEAM) scheme with an outlay of Rs 277.35 crore for three years (2024-27) to boost e-commerce access for MSEs (micro and small enterprises) via the government’s open e-commerce network Open Network for Digital Commerce (ONDC). With challenges faced by MSEs in accessing e-commerce such as limited digital access, financial constraints and lack of confidence in operating via digital platforms, the TEAM scheme aims to support Udyam-registered MSEs with catalog ..read more
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Passport Verification: Government has issued a new order regarding passport verification, you will get the benefit of this facility soon
SME Connect
by SMEConnect-Desk
2w ago
MEA On Passport Verification: Police verification is an important process for getting a passport and earlier it used to take a lot of time, but in some States its time limit has been reduced.   Police Verification for Passport: The Modi Government is constantly trying to improve the process for those getting passports. In this sequence, Union External Affairs Minister, S Jaishankar said that the Ministry of External Affairs is working to reduce the time taken in police verification of passport applicants. For this, the MEA is trying to coordinate with the police of the States and un ..read more
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Centre To Launch Trade Marketing Scheme to help Small Enterprises to Join ONDC
SME Connect
by SMEConnect-Desk
2w ago
The MSME Ministry has proposed the Trade Enablement & Marketing Scheme to help MSEs onboard ONDC. The MSEs will be provided subsidies via seller network participants to help cover costs for services like creating catalogues, managing accounts, packaging, and logistics. Earlier this year, ONDC also launched the Digi Ready Certifications (DRC) portal for the MSME sector by partnering with the Quality Council of India. The Centre is reportedly looking to launch a new scheme to help micro and small enterprises (MSEs) join the Open Network for Digital Commerce (ONDC) and start selling their pr ..read more
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