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 tot..
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” at following link on Ministry's champions port..
COVID-19 can be termed as one of the biggest disasters of 2020. It has taken the whole world under its grip. The pandemic has not only affected the health of people around the world, it has also resulted in a devastating economy whose outcome is totally uncertain and unpredictable. In this article, we would restrict our concern to the MSME and the recent measures taken by Government to revive the situation of MSME. In a developing country like India, the role of MSME cannot be ignor..
Historic Interventions made by the Central Government to Ensure Timely Payments to MSMEs MSME Ministry takes lead in helping the MSMEs get their dues On-boarding of MSMEs on TReDS Mechanism made free MSME Ministry alerts MSMEs to beware of fake websites charging money in the name of registration; and re-iterates that registration be done on Govt website only To help the MSMEs in this long standing problem, Go..
The Indian government has been taking a number of measures to tackle the disruptions caused by the pandemic, giving special focus on small businesses. The small and medium size businesses form the backbone of any economy, specially developing economies like India, hence, the Micro, Small and Medium Enterprises (MSME) are seen as a key player in promoting momentum in economy once movement restrictions and social distancing norms are lifted. In order to stimulate the post-Covid economic scenari..
MSMEs/SMEs have proved to be the backbone of the Indian economy. They play a significant role in generating employment and aids in development of rural areas through setting up of industries. Small and medium enterprise (SME) in India can raise money through Initial Public Offering (IPO) and get listed at the Stock Exchanges. BSE and NSE are two such SME Exchange platforms which helps in raising funds from capital markets for such enterprises. Let us discuss the Eligibility ..
A large number of MSMEs are ancillary units catering to the needs of large industries, both in the public and private sector. They often face the problem of delayed payments, affecting their cash flow and working capital availability. Most of the time, delay in realisation of such receivables increases their operating cycle and reduces their ability to procure new orders or fulfil the existing ones. Although Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 contains provisions..
Eligibility: For Manufacturing and Service Sectors Classification: Criteria Micro Small Medium ..
ICAI- ASB Questionnaire on application of Accounting Standards by Micro and Small Non-Corporate Entities Accounting Standards (AS) and Micro and Small Non-Corporate Entities (MSNCE): ICAI Members are required to ensure compliance with AS while performing attest function enhancing creditability of Financial Statements of MSNCE. Simplicity and Relevance of AS to MSNCE considering their size and nature of business is a necessity. ASB,..
Scenario of MSMEs in India The Indian Micro, Small & Medium Scale Enterprises (MSME) sector is the spine of the Indian economic structure and has interminably acted as the bulwark for the Indian economy, providing it buoyancy to fend off global economic shocks and adversities. With around 63.4 million units throughout the geographical region of the country, MSMEs contribute around 8% of the manufacturing GDP and 45% of the GDP of India's manufacturing output. MSMEs have be..
Ministry of Micro, Small and Medium Enterprises have come out with notification no. [F. No. 21(5)/2019-P&G/Policy (Pt-IV)] dated 26th June 2020, wherein following new criteria of classification of enterprises and new registration procedures under MSMED Act,2006:- Classifica..
World Bank and Government of India sign $750 million Agreement for Emergency Response Programme for Micro, Small, and Medium Enterprises The World Bank and the Government of India today signed the $750 million agreement for the MSME Emergency Response Programme to support increased flow of finance into the hands of micro, small, and medium enterprises (MSMEs), severely impacted by the COVID-19 crisis. The World Bank’s MSME Emergency Response Programme will address ..