With the growth of Indian economy and employment generation capabilities, the Micro, Small and Medium Enterprises (MSMEs) are considered to be the backbone of the national economic structure. As on date, the MSME sector, accounts for nearly half of India’s total exports. This sector is rightfully being seen as a growth booster, providing resilience to ward off global economic adversities on account of the pandemic. The MSME Sector is an important pillar to carry forward the vision of ..
In its recent circular no. 54/2020 -customs dated 16th December,2020 , CBIC has considerably relaxed compliance and security requirements for MSME enterprises. In this article an attempt is made to explain the modified requirements to enable MSMEs to avail the benefits of Authorized Economic Operator ( AEO) scheme. What is AEO Accreditation AEO is a programme under the aegis of the World Customs Organization (WCO) SAFE Framework of Standards to secure and facilitate Global Trade...
Recognising their critical contribution in supporting the economy especially during the present difficult times of COVID-19 pandemic, Central Board of Indirect Taxes & Customs (CBIC) has taken a new initiative to introduce its flagship “Liberalised MSME AEO Package” for Micro Small and Medium Enterprises (MSMEs). In order to attract MSMEs to become Authorised Economic Operators (AEOs) and avail the various benefits, the CBIC has relaxed the compliance criteria provided the MSM..
ICAI is organizing an MSME National Conclave on ‘Empowering #MSMEs towards #AatmaNirbharBharat where Launch of MSME Mentorship Program & 100+ GST/MSME Sahayata Kendras across India will take place. Date-7 Jan 2021 -10 AM. Link - https://live.icai.org/prc/07012021/ & https://youtube.com/watch?v=-NkyO6srpZk ..
Authorised Economic Operator (AEO) Certification for MSMEs. CBIC has eased the accreditation requirements for MSMEs AEO T1 & T2 certification. ..
Government’s aggressiveness for economic betterment of MSMEs shows result Procurement from and payment to MSMEs on the rise MSME sector on the upswing Union Minister of Finance Smt Nirmala Sitharaman reviewed the situation about payment to the MSMEs and expressed satisfaction and appreciation on the excellent work done by the Ministry of MSME. As part of Prime Minister of India’s vision the Finance Minister had announced Atma Nirbhar Bharat package in May, 2020, it w..
Finance Minister announces measures on AatmaNirbhar Bharat 3.0 A new Scheme “Aatmanirbhar Bharat Rozgar Yojana” launched Emergency Credit Line Guarantee Scheme for MSMEs, businesses, MUDRA borrowers and individuals extended till March 31, 2021 and additional credit up to 20% Production Linked Incentive worth Rs. 1.46 Lakh crore offered to 10 champion sectors Rs. 18,000 Crore Additional outlay for PM Awaas Yojana – Urban Relaxation of Earnest Deposit Money & P..
According to the Annual Report of the Department of MSME (2018-19), there are 6.34 crore MSMEs in the country. The MSME sector contributes around 6.11% of the manufacturing GDP and 24.63% of the GDP from service activities as well as 33.4% of India’s manufacturing output by creating employment for around 120 million people and around 48% of the overall exports from India. The MSME sector helps in achieving inclusive growth by providing Rural Entrepreneurship, Non-agricultural livel..
New online system of MSME/Udyam Registration stands the test of Time & Technology Totally seamless & smooth system also shows stability & resilience More than 11 lakh MSMEs already registered since its launch on 1st July, 2020 Out of this, more than 9.26 lakh registrations took place with PAN number This also includes more than 1.80 lakh old UAM holders; 1.73 lakh enterprises owned by women Ministry of MSME launches special drives for increasing Udyam Registration R..
An approval letter allegedly issued by the Ministry of MSME is granting a loan and requesting a payment of Rs. 1000 on the pretext of processing fee. The Ministry of MSME does not directly deal with individual beneficiaries for any of its credit schemes. ..
Riding on excellent outcome of its efforts, MSME Ministry substantially widens request to India Inc. for making payments to MSMEs; writes to over 2800 corporates to clear MSME dues MSME Ministry's Vigorous follow up with Central Ministries, CPSEs & State Governments, and a Direct communication last month to top 500 corporates of India brings in very good results With CPSEs paying Rs 3700 crore to MSMEs in September 2020; the highest in a month, takes total payment to Rs 13400 crore..
Key highlights: • MSME Ministry introduces Artificial Intelligence (AI) and Machine Learning (ML) strengthening its Single Window System Portal 'Champions' to assist MSMEs of the country • Ministry implements AI & ML tools to get insights into MSME related issues and grievances for their quick and effective resolution; • AI & ML analytics can be seen at the “AI Corner” on the Ministry's champions portal. MSME has impl..