MSMEs (Micro Small and Medium Enterprises) are considered to be the backbone of the Indian economy considering their valuable contribution to the socio-economic development of the country. An MSME is relatively a small scale organisation where timely availability of funds and its proper management are extremely important for its long run sustainability and success. With the augment of the 'Atmanirbhar Bharat' in the year 2020, MSMEs have gain even more recognition and consequently, a ..
The Agricultural and Processed Food Products Export Development Authority (APEDA) yesterday on 17-03-2021 signed memorandum of understanding (MoU) with National Small Industries Corporation Ltd (NSIC) for ensuring cooperation in range of areas focussing on harnessing exports potential of agricultural and processed food products manufactured by Micro, Small and Medium Enterprises (MSMEs). According to the MoU, the key areas of cooperation include facilitating APEDA registered members getting a..
As informed by National Credit Guarantee Trustee Company Limited (NCGTC), the implementing agency for Emergency Credit Line Guarantee Scheme (ECLGS), as on 28.2.2021, cumulative sanction of loans stood at Rs 2.46 lakh crore against which guarantees for a total amount of Rs 2.14 lakh crore to more than 92.27 lakh borrowers have been issued under ECLGS. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question..
The Union Minister Shri Piyush Goyal directs BIS (Bureau of Indian Standards) to reduce testing fees for "MSME, Start Ups and Women Entrepreneurs" to encourage ease of doing business "SPEED, SKILL, SCALE & STANDARD", should be the new National Mantra of progress: Shri Piyush Goyal Producing the products of best quality and standards and accepting nothing less than that, is the need of hour: Shri Goyal BIS directed to map the industrial zones of the country ..
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..