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Govt to soon decide on Sinha panel report on MSME sector: Nitin Gadkari

Thursday, September 5, 2019, 7:18 PM

Govt to soon decide on Sinha panel report on MSME sector: Nitin Gadkari

The government will soon take a call on the recommendations of UK Sinha committee to strengthen MSME sector, Union-Minister Nitin Gadkari said. The committee set-up by the RBI under the former-SEBI-chief among other things had recommended creation of distressed asset fund with a corpus of Rs.5,000-crore, insurance coverage to employees of MSMEs on the lines of PMSBY and PMJJBY schemes, and cash flow-based lending.

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Govt to speed up Rs 5,000 crore refund to MSMEs

Sunday, August 25, 2019, 12:16 PM

Govt to speed up Rs 5,000 crore refund to MSMEs

The Central Board of Indirect Taxes and Customs is finalising ways to speed-up the refund of Rs.4,000-5,000-crore to MSMEs as finance-minister Nirmala Sitharaman gets down to making the entire GST refund process seamless for businesses. Sitharaman had announced that all pending refunds of MSMEs will be cleared over the next 30-days and going forward, no dues will be pending for more than 60-days.

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MSMEs will play important role in job creation, says Gadkari

Saturday, August 17, 2019, 9:07 PM

MSMEs will play important role in job creation, says Gadkari

Union-Minister Nitin Gadkari said that MSMEs will play an important role in the job creation in the country. Till now 11.5 crore people have got employment in this sector," he added. "We have set a target of 5-crore new jobs from this sector," Gadkari further said. We have to work on achieving the target of becoming 5 trillion dollar economy set by PM Modi.

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Local sourcing norms for FDI in single brand retail to be eased in few weeks: Piyush Goyal

Wednesday, July 17, 2019, 8:33 AM

Local sourcing norms for FDI in single brand retail to be eased in few weeks: Piyush Goyal

India will be easing mandatory local sourcing norms for FDI in single brand retail trading in the next few weeks, Commerce and Industry Minister Piyush Goyal said. "India has opened up opportunities for single-brand-retail and is easing some detrimental clauses of the policy in next-few-weeks which will help single brand retail come in a-bigger-way to the country," an official statement said quoting the minister.

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New year bonanza: RBI issues norms for restructuring loans to MSMEs

Tuesday, January 1, 2019, 10:52 PM

New year bonanza: RBI issues norms for restructuring loans to MSMEs

In a new year gift to the MSME sector, Reserve Bank allowed a one-time restructuring of existing debt up to Rs 25 crore for the companies which have defaulted on payment but the loans given to them have continued to be classified as standard assets. The decision will help the MSMEs which are facing cash crunch in the wake of demonetisation and GST implementation.

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RBI allows lenders to recast debt of MSMEs with loans of up to Rs 25 crore

Tuesday, January 1, 2019, 10:29 PM

RBI allows lenders to recast debt of MSMEs with loans of up to Rs 25 crore

The RBI allowed lenders to recast loans of stressed MSME provided that the total fund and non-fund based exposure to such borrowers is up to Rs 25 crore. Such a debt restructuring, RBI said, will not lead to any downgrade in asset classification. In March 2016, RBI had notified a mechanism for resolving stressed MSME loans of up to Rs 25 crore.

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Govt likely to finalise capital infusion in PSBs this month

Monday, November 5, 2018, 11:30 AM

Govt likely to finalise capital infusion in PSBs this month

The Finance Ministry is likely to finalise the second-round of capital infusion for public sector banks towards end-of-this-month taking into account the latest quarter's performance, sources said. Last week, PM Modi launched a slew of measures, including loan sanction of upto Rs.1Cr in less-than an hour and relaxation in labour and environmental laws for MSMEs to give a boost to sector, country's second-biggest employer.

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Get Rs 1 core Loan in 59 minutes, announces PM Modi

Saturday, November 3, 2018, 12:46 PM

Get Rs 1 core Loan in 59 minutes, announces PM Modi

Announcing his "Diwali gift" for small and medium enterprises, Prime Minister Narendra Modi said "I dedicate the 59-minute loan approval portal to you. All GST registered small and medium enterprises can now avail a loan of up to Rs.1 Cr in just 59 minutes," PM Modi said while addressing crowd at the launch of programme at Vigyan Bhavan in national capital.

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MSME worst hit by GST, Demonetisation, says RBI study

Saturday, August 18, 2018, 3:28 PM

MSME worst hit by GST, Demonetisation, says RBI study

RBI has noted that MSMEs have been adversely hit by GST roll-out and Demonetisation, which had significant impact on overall credit of sector. "The MSME sector has witnessed two-major recent shocks, viz., demonetisation and introduction of GST. The introduction of GST led to increase in compliance-costs and operating-costs for MSMEs as most of them were brought into the tax-net," said the report.

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India eyes single regulator for e-commerce sector

Monday, July 30, 2018, 4:36 PM

India eyes single regulator for e-commerce sector

The government is mulling a single regulator and legislation to address all e-commerce related issues in the country, according to a draft policy document seen by Reuters. The measures suggested in the draft include local data storage, mandating the use of homegrown card payment network RuPay in online transactions and improving the participation of MSMEs in online retail.

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