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How will the COVID-19 relief for MSMEs help?

How will the COVID-19 relief for MSMEs help? Part of: GS-III- Economy (PT-MAINS-PERSONALITY TEST) Prime Minister Narendra Modi announced a ?20-lakh crore economic relief package titled Atmanirbhar Bharat Abhiyan. The relief package is being unveiled in tranches from May 13 by Finance Minister Nirmala Sitharaman. The first tranche, aimed at micro, small and medium enterprises (MSMEs), non-banking financial companies (NBFCs) and at some individuals was announced by her on Wednesday

CHAMPIONS portal

CHAMPIONS portal Prime Minister Shri Narendra Modi today launched the technology platform CHAMPIONS which stands for Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength. As the name suggests, the portal is basically for making the smaller units big by solving their grievances, encouraging, supporting, helping and handholding. It is a real one-stop-shop solution for the MSME Ministry. This ICT-based system is set up to help the

Changing the definition of MSME

Changing the definition of MSME The government is changing the criteria to define micro, small and medium enterprises (MSMEs), to make these in sync with the goods and services tax (GST) regime. The earlier classification was based on the investment in plant and machinery in the case of goods companies and in equipment in the case of service companies. The new classification is based on annual turnover. Enterprises Old Definition (In Millio

Information about Country of Origin by the sellers made mandatory on GeM to promote Make in India and Aatmanirbhar Bharat

Information about the Country of Origin by the sellers made mandatory on GeM to promote Make in India and Aatmanirbhar Bharat Government e-Marketplace (GeM), a Special Purpose Vehicle under the Ministry of Commerce and Industry, has made it mandatory for sellers to enter the Country of Origin while registering all new products on GeM. Further, sellers, who had already uploaded their products before the introduction of this new feature on GeM, are being reminded regularly to update the C

Signalling intent: On Government e-Marketplace

Signalling intent: On Government e-Marketplace New guidelines for the GeM platform # The Centre’s decision to make it mandatory for vendors on the Government e-Marketplace (GeM) procurement platform to specify the country of origin of new products listed by them is on its face of it unexceptionable, aimed as it is at promoting India-made goods. # Apart from the place of manufacture, the platform’s administrators have also sought details on the extent of local content and se

World Bank's Support to India

World Bank's Support to India Part of: GS-III- Economy (PT-MAINS-PERSONALITY TEST) World Bank With 189 member countries, the World Bank Group is a unique global partnership which consists of five development institutions. International Bank for Reconstruction and Development (IBRD) provides loans, credits, and grants. International Development Association (IDA) provides low- or no-interest loans to low-income countries. The International Finance Corporation (IFC)

MSME Emergency Response Programme

MSME Emergency Response Programme World Bank and the Government of India signed an agreement for the MSME Emergency Response Programme. It involves $750 million loan from the International Bank for Reconstruction and Development (IBRD). The loan has a maturity of 19 years including a 5-year grace period. The programme aims to support the increased flow of finance into the hands of MSMEs severely impacted by the COVID-19 crisis. It will support the government in providing targeted g

Open Credit Enablement Network (OCEN)

Open Credit Enablement Network (OCEN) A nationwide pilot of the newly-developed credit protocol infrastructure – OCEN is all set to start. About Open Credit Enablement Network (OCEN): The credit protocol infrastructure is known as Open Credit Enablement Network (OCEN). Indian Software Products Industry Round Table (iSPIRT) has developed the platform. It will mediate the interactions between loan service providers (usually fintechs and mainstream lenders) including all

Bank of schemes, ideas, innovation & research portal on MSMEs

Bank of schemes, ideas, innovation & research portal on MSMEs Micro, Small and Medium Enterprises, MSME Minister Nitin Gadkari launched a bank of schemes, ideas, innovation and Research portal - http://ideas.msme.gov.in on MSMEs. About the portal: The portal gives access to all schemes of Union, States and Union Territory Governments and has the provision for uploading ideas, innovations and research in the sector.  It has unique features of not only crowdsourcing id

SFURTI Scheme

SFURTI Scheme 50 artisan-based clusters were recently inaugurated through the SFURTI Scheme (Scheme of Fund for Regeneration of Traditional Industries) in 18 States. Ministry of MSME is implementing an SFURTI scheme with a view to organizing traditional industries and artisans into clusters to make them competitive and increase their income. Ministry of MSME, which aims to support at least one cluster in each district in the future. SFURTI cluster

National Startup Advisory Council

National Startup Advisory Council The Minister of Commerce & Industry chaired the first meeting of the National Startup Advisory Council (NSAC) recently. About the National Startup Advisory Council (NSAC): National Startup Advisory Council (NSAC) was constituted by the Department for Promotion of Industry and Internal Trade(DPIIT). Its purpose is to advise the Government on measures required to build a strong ecosystem for nurturing innovation and startups in the country.

Startup India Seed Fund Scheme

Startup India Seed Fund Scheme Union Minister of Commerce & Industry recently launched the Startup India Seed Fund Scheme (SISFS). About Startup India Seed Fund Scheme (SISFS): The scheme was announced during the Prarambh: the ‘Startup India International Summit’. Which marks the 5-year anniversary of the Startup India initiative. Objective: Startup India Seed Fund Scheme(SISFS) aims to provide financial assistance to startups. Assistance is provided for

Initiatives for MSME sector in India

Initiatives for the MSME sector in India The Ministry of MSME implements various schemes and programmes for the growth and development of the MSME Sector in the country. These schemes and programmes include the Prime Minister’s Employment Generation programme (PMEGP), Scheme of Fund for Regeneration of Traditional Industries (SFURTI), A Scheme for Promoting Innovation, Rural Industry & Entrepreneurship (ASPIRE), Interest Subvention Scheme for Incremental Credit to MSMEs, Credi

MSME Sector in India

MSME Sector in India First, complete this lecture by Ankit Sir on the MSME Sector of India. And then read this comprehensive notes. Your retention level will increase exponentially.  Micro, Small and Medium Enterprises Development Act (MSMEDA), 2006 Ministry of MSME established in 2007. MSME Act, 2006 is 1st-ever legal framework for recognition of the concept of “enterprise” which comprises both manufacturing and service entiti

Trade Receivables Discounting System (TReDS)

Trade Receivables Discounting System (TReDS) Trade Receivable Discounting System (TReDS) is working as per the guidelines issued by RBI. It is an electronic platform for facilitating the discounting of trade receivables of MSMEs through multiple financiers. Government of India has also instructed Central Public Sector Enterprises and all companies with a turnover of Rs. 500 Crore or more to get themselves on-boarded on TReDS. It is for facilitating the financing of trade receivables o

INTERNATIONAL MSME DAY

INTERNATIONAL MSME DAY International MSME Day is celebrated every year on the 27th of June throughout the world to highlight the importance of MSMEs and their crucial role in being the backbone of the country’s economy. KEY POINTS The United Nations designated 27th June as Micro, Small, and Medium-sized Enterprises Day through a resolution passed in the United Nations General Assembly in April 2017. In May 2017, a program titled 'Enhancing National Capacities for Unl

UDYAM PORTAL

UDYAM PORTAL According to the Union Minister of Micro, Small, and Medium Enterprises, over one crore Micro, Small, and Medium Enterprises (MSMEs) have registered on the Udyam portal in the past 25 months. What is the Udyam portal?? It was introduced on July 1st, 2020. The Union MSME ministry introduced an online mechanism for registering MSMEs. Additionally, it is connected to the databases of the Goods and Services Tax Network and the Central Board of Direct Taxes (CBDT).

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