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Aye Finance disburses Rs 700 crores loans to MSMEs
The Gurgaon-based FinTech has disbursed 60,000 loans and emerged as a leading MSME lender in India.Read more
YES Bank introduces an industry first GST backed OD facility for MSMEs through ‘YES GST’
YES Bank, India’s fourth largest private sector bank, announced the launch of ‘YES GST’, an OD (over draft) facility for Micro, Small and Medium Enterprises (MSMEs). Through this first-of-its-kind, industry first initiative, an MSME can avail OD up to Rs 10 million, based on their annual turnover, backed by GST returns.Read more
Universal Robots Showcases ‘Cobots’ at AeroDef India 2018
Universal Robots showcased their products at AeroDef India 2018. The Expo was held at the Bombay Convention and Exhibition Centre, Goregaon from February 22 – 24, 2018. Universal Robots are the leading manufacturers of advanced user-friendly and light industrial robotic arms from Denmark. Their latest technological advancement is collaborative robots or ‘Cobots’ were introduced to the international market with a unique intention, which is in line with Industry 4.0. They have Read more
Brexit will hit SMEs particularly hard, says VDMA
The withdrawal of the UK from the EU will create new barriers to trade. VDMA is in favour of a customs union with the UK to keep the impact as low as possible.Read more
North-East industrial development policy to incentivise MSMEs
In order to promote employment in the North East States and incentivise the MSME (micro, small & medium enterprises) sector, the Union Cabinet has approved the North East Industrial Development Scheme (NEIDS), 2017 with financial outlay of Rs 30 billion up to March, 2020.Read more
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Proposal to amend the classification of MSMEs gets green lit by the Union Cabinet
The Union Cabinet has approved the Ministry’s proposal to amend the Section 7 of the Micro, Small and Medium enterprises Development (MSMED) Act, 2006 to change the criteria of classification of MSMEs from ‘investment in plant & machinery/equipment’ to ‘annual turnover’Read more
Budget 2018: A big booster to SMEs
According to the National Sample Survey’s (NSS) 73rd round, there were around 634 trillion unincorporated non-agriculture MSMEs (micro, small and medium enterprises) in India in 2015-16 providing employment to 111 million workers. Taking into account the significance of MSMEs sector to the country’s economic development, Finance Minister Arun Jaitley announced a list of measures to help MSMEs and job creation in the budget 2018-19.Read more
Four banks join Invoicemart TReDS platform to facilitate MSME suppliers
Four leading banks - Standard Chartered Bank, Allahabad Bank, Vijaya Bank and Yes Bank, have joined the digital invoice discounting platform Invoicemart - promoted by A. TREDS Ltd (a joint venture between Axis Bank Ltd and B2B e-commerce company Mjunction Services Ltd).Read more
YES Bank partners FTAPCCI to empower MSMEs to ‘scale-up’
YES Bank, India’s fourth largest private sector bank, launched a knowledge series on February 20, 2018 for top executives and promoters of micro, small and medium scale enterprises (MSMEs) in Hyderabad, in partnership with Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry (FTAPCCI) to help local entrepreneurs scale their businesses to global audiences and gain competitive advantage.Read more
SMEs are the foundation on which industry is built
New opportunities are expected to be unleashed with the government aiming to increase the share of manufacturing in GDP from currently 15% to 25% in a five-year timeframe.Read more