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E-commerce giant <keyword id="18635" type="General" weightage="100" keywordseo="amazon" source="Orion">Amazon</keyword> on Wednesday announced it now aims exports worth $20 billion from <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> by 2025, thus doubling its goal.<br /><br />In 2020, Amazon pledged to enable $10 billion in cumulative exports from India by 2025.<br /><br />The company said that cumulative exports by the Indian micro, small and medium enterprises (MSMEs) via its 'Global Selling' programme are currently on track to surpass the $5 billion milestone.<br /><br />The programme took about three years to enable the first billion dollars, and the last two billion dollars have come in just 17 months, Amazon said during the '<keyword id="13813097" type="General" weightage="50" keywordseo="exports-digest" source="Orion">Exports Digest</keyword> 2022' event.<br /><br />"Enhancing the export potential of Indian MSMEs is a key government priority and efforts are being made to support Indian MSMEs for their success in international markets," said <keyword id="1658" type="General" weightage="50" keywordseo="narayan-rane" source="Orion">Narayan Rane</keyword>, Union Minister of <keyword id="916743" type="General" weightage="50" keywordseo="micro-small-and-medium-enterprises" source="Orion">Micro Small and Medium Enterprises</keyword>.<br /><br />The global programme has witnessed good adoption among businesses of all sizes across the country and has grown to more than 1 lakh (100K) exporters since its launch in 2015, showcasing their products to customers worldwide through Amazon's 18 international websites.<br /><br />"We are scaling up our pledge to boost exports from India using e-commerce to $20 billion by 2025. We will continue to work with all key stakeholders to make exports easier for the Indian MSMEs," said Amit Agarwal, <keyword id="5868006" type="General" weightage="50" keywordseo="svp-india" source="Orion">SVP India</keyword> and Emerging Markets, Amazon.<br /><br />More than 1,000 Indian exporters on Amazon Global Selling crossed Rs 1 crore in sales last year.<br /><br />In 2021, several Indian entrepreneurs and businesses emerged as globally successful brands, underlining the popularity of 'Made in India' products in international markets, the company said.<br /><br /><br />SEE ALSO:<br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/twitter-circle-is-a-feature-that-allows-you-to-share-tweets-with-selected-people/articleshow/91305472.cms">Twitter Circle is a feature that allows you to share tweets with selected people</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/australian-central-bank-hikes-interest-rate-for-for-first-time-in-over-decade/articleshow/91305045.cms">Australian central bank hikes interest rate for for first time in over decade</a><br />

Amazon promises $20 billion in exports from India by 2025

New Delhi, Feb 20 () Global trade information provider Connect2India on Thursday said it has partnered with IRClass to provide verification, credibility and conformance check for MSMEs.<p> Indian Register of Shipping (IRClass) is an international ship classification society providing ship classification and certification as well as technical inspection services.</p><p>Connect2India Founder Pawan Gupta said that the vision is to enable MSMEs to mitigate any regulatory and policy non-compliance coupled with business continuity and risk management. </p><p>"This will not only help Indian MSMEs find global customers easily and arrange export/import orders at a much faster pace, but also help overseas SMEs build the confidence in their Indian trade counterpart with required technical certification and inspection in place as result of this collaboration," he said in a statement.</p><p>While on one side the company is helping MSMEs understand nuances of overseas customers to make their trade safe, a constant worry has been to address the concerns regarding quality, conformance and responsible manufacturing. </p><p>"A common concern was that global MSMEs were constantly looking for an independent and impartial verification of Indian MSMEs to help build trust and confidence to trade. In their attempt to address such concerns, Connect2India.com announced its partnership with IRClass," he added.</p><p>Beginning March, he said his company will be adding IRClass's various offerings, including management system certification to international standards, second party audits on quality, environment, health and safety, product inspections and ratings on compliance levels extended for Indian and overseas MSMEs.</p><p>"With the global awareness on quality, environment, health and safety of industrial works, social accountability, it has become imperative to demonstrate these capabilities by any MSME wishes to expand its business and cater to international markets," Gupta said. </p>Trade platform Connect2India.com with over 2.5 billion world trade stats, and end-to-end solution enables seamless cross-border trade between Indian and overseas SMEs.   RR MRMR

Connect2India join hands with IRClass to provide verification services to MSMEs

<ul><li><cmsannotation type="cmsannotation" annotationid="about" comment="event_nav" text="About the Summit"><span data-til="noop">About the Summit</span></cmsannotation></li><li><cmsannotation type="cmsannotation" annotationid="themes" comment="event_nav" text="Themes"><span data-til="noop">Themes</span></cmsannotation></li><li><cmsannotation type="cmsannotation" annotationid="who_will_attend" comment="event_nav" text="Who will Attend"><span data-til="noop">Who will Attend</span></cmsannotation></li><li><cmsannotation type="cmsannotation" annotationid="agenda" comment="event_nav" text="Agenda"><span data-til="noop">Agenda</span></cmsannotation></li><li><cmsannotation type="cmsannotation" annotationid="why_attend" comment="event_nav" text="Why attend"><span data-til="noop">Why attend</span></cmsannotation></li><li><cmsannotation type="cmsannotation" annotationid="videos" comment="event_nav" text="videos"><span data-til="noop">videos</span></cmsannotation></li><li><cmsannotation type="cmsannotation" annotationid="contactus" comment="event_nav" text="Contact us"><span data-til="noop">Contact us</span></cmsannotation></li><li><cmsannotation type="cmsannotation" annotationid="insights" comment="event_nav" text="Insights"><span data-til="noop">Insights</span></cmsannotation></li></ul><cmsannotation type="cmsannotation" annotationid="video" comment="top_panel" text="https://slike-i.akamaized.net/3q/m9/3n3qm9l66u/720p_1600.mp4"><span data-til="noop">https://slike-i.akamaized.net/3q/m9/3n3qm9l66u/720p_1600.mp4</span></cmsannotation><br /><cmsannotation type="cmsannotation" annotationid="About the Summit" comment="about_title" text="About the Summit"><span data-til="noop">About the Summit</span></cmsannotation><br /><cmsannotation type="cmsannotation" annotationid="Description" comment="about_desc" text="The collective might of the 6.3 crore Micro, small, and medium enterprises (MSMEs) can not be overstated. They are the load-bearing pillar of the Indian, and have steadily marked their path to recovery post the pandemic. While a lot can be attributed to the government’s policy push and innovative financing solutions, technology and digital transformation has also been a game-changer. Tech has helped MSMEs resolve issues, discover new markets, deal with regulatory compliances and navigate logistical challenges to drive meaningful business growth.India’s journey towards a five trillion economy is going to be powered by these engines of innovation!At Business Insider India, we seek to highlight not just the potential, but the need for renewed thinking to supercharge the country’s MSME sector. MSME Exchange aims to provide a platform for businesses, regulators, industry leaders, experts to come together and share ideas, talk about challenges and solutions that will transform the MSME sector for decades to come."><span data-til="noop">The collective might of the 6.3 crore Micro, small, and medium enterprises (MSMEs) can not be overstated. They are the load-bearing pillar of the Indian, and have steadily marked their path to recovery post the pandemic. While a lot can be attributed to the government’s policy push and innovative financing solutions, technology and digital transformation has also been a game-changer. Tech has helped MSMEs resolve issues, discover new markets, deal with regulatory compliances and navigate logistical challenges to drive meaningful business growth.<br />India’s journey towards a five trillion economy is going to be powered by these engines of innovation!<br />At Business Insider India, we seek to highlight not just the potential, but the need for renewed thinking to supercharge the country’s <keyword id="6358354" type="General" weightage="20" keywordseo="msme" source="Orion">MSME</keyword> sector. <keyword id="4106334" type="General" weightage="20" keywordseo="msme-exchange" source="Orion">MSME Exchange</keyword> aims to provide a platform for businesses, regulators, industry leaders, experts to come together and share ideas, talk about challenges and solutions that will transform the MSME sector for decades to come.</span></cmsannotation><br /><br /><cmsannotation type="cmsannotation" annotationid="who_all_attend" comment="wwa_title" text="Who will Attend"><span data-til="noop">Who will Attend</span></cmsannotation><br /><ol><li>                    <div type="image" title="MSME investors, venture capitalists, leaders from financial institutions, think tanks and consultants" msid="101167223" hostid="261"></div></li><li>                    <div type="image" title="Ministers, Government representatives, leaders from industry bodies" msid="101167231" hostid="261"></div></li><li>                    <div type="image" title="MSME champions &amp;amp; stars in the making - startups, innovators and entrepreneurs" msid="101167252" hostid="261"></div></li><li>                    <div type="image" title="Business leaders, owners and promoters across sectors" msid="101167300" hostid="261"></div></li></ol><cmsannotation type="cmsannotation" annotationid="themes" comment="themes_title" text="Themes"><span data-til="noop">Themes</span></cmsannotation><table class="redcator-table-advance"><tbody><tr><td>Policy</td><td>FOSTERING MSMES</td><td><ol><li>Building the right environment for MSMEs to thrive.</li><li>Deliberations on policy issues, and industry-first solutions.</li><li>Creating the ecosystem for entrepreneurship in the MSME space</li></ol></td></tr><tr><td>Finance</td><td>NEED FOR INNOVATIVE FINANCING</td><td><ol><li>Making capital affordable and accessible for MSMEs across the value chain</li><li>Direction for regulation to help strengthen MSME financing</li><li>Technology as an aid for improved financing</li></ol></td></tr><tr><td>Technology</td><td>BRAVING THE DIGITAL WORLD</td><td><ol><li>Is digital transformation the answer to challenges faced by small businesses?</li><li>SaaS and MSMEs - Using innovative business models to foster digital innovation</li><li>Hear from the best in business about tech solutions for empowering and building a competitive MSME landscape</li></ol></td></tr><tr><td>Marketing</td><td>BRAND BUILDING FOR SMES</td><td><ol><li>Omni-channel marketing for MSMEs and synergising online and offline brand building </li><li>Building customer loyalty through engagement. Adding a personal connection to marketing</li></ol></td></tr><tr><td>Social e-commerce</td><td>UNLOCKING MSMEs POTENTIAL</td><td><ol><li>From interaction to transaction - unlocking e-commece potential for Indian MSMEs</li><li>Sell and earn: Making e-commerce simple and easy for new entrepreneurs</li></ol></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>   <br /><div type="embedgroup"><title>Videos</title> <div type="Youtube" id="W-ZBi_vVA-g" title="Promoting MSME Growth And Ease Of Doing Business" thumbUrl="https://i.ytimg.com/vi/W-ZBi_vVA-g/mqdefault.jpg"></div><payload><![CDATA[videos_top]]></payload></div><div type="embedgroup"><title>Videos</title> <div type="Youtube" id="W3LmGX6rfCY" title="Innovative Financing For MSMEs" thumbUrl="https://i.ytimg.com/vi/W3LmGX6rfCY/mqdefault.jpg"></div> <div type="Youtube" id="R2Dkr8KoOew" title="Tech Solutions Solving For MSME Problems" thumbUrl="https://i.ytimg.com/vi/R2Dkr8KoOew/mqdefault.jpg"></div> <div type="Youtube" id="iZAUFoKjkPc" title="MSMEs: The Backbone Of Indian Economy" thumbUrl="https://i.ytimg.com/vi/iZAUFoKjkPc/mqdefault.jpg"></div> <div type="Youtube" id="X4YJlFWiWQI" title="Empowering Women-Led MSMEs" thumbUrl="https://i.ytimg.com/vi/X4YJlFWiWQI/mqdefault.jpg"></div> <div type="Youtube" id="tWROVASCMoI" title="Empowering Small Businesses (MSMEs &amp;amp;amp;amp; Sustainability)" thumbUrl="https://i.ytimg.com/vi/tWROVASCMoI/mqdefault.jpg"></div><payload><![CDATA[videos_list]]></payload></div><br /><div type="embedgroup"><title>Agenda</title> <div type="Article" hostid="261" msid="101167582" title="Day 1" rank="1.0" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="101454766" title="Day 2" rank="2.0" mstype="2" mssubtype="0"></div><payload><![CDATA[agenda]]></payload></div><br /><div type="embedgroup"><title>Why Attend</title> <div type="image" title="Understand the challenges and opportunities that prevail in the Indian MSME landscape" rank="1.0" mstype="3" mssubtype="0" msid="101159833" hostid="261"></div> <div type="image" title="Engage with expert speakers, industry captains, lenders, entrepreneurs and gain insights into their journeys and the road ahead" rank="2.0" mstype="3" mssubtype="0" msid="101159819" hostid="261"></div> <div type="image" title="Listen, learn from the brightest minds working to find real life solutions – the thinking that we need to supercharge the backbone of India’s economy - MSMEs" rank="3.0" mstype="3" mssubtype="0" msid="101159803" hostid="261"></div><payload><![CDATA[why_attend]]></payload></div><br /><bulletContentEmbed name="Contact us" columns="1"><bulletContentHeading name="Contact us_head"></columnHeadThumb>Contact us</columnHeadTitle></columnHead></bulletContentHeading><bulleteContentBody name="Contact us_body"><bulletContentRow name="Contact us_9517658605537691"><bulletContentRowHeading><bulletContentRowHead col="1">Become a Partner</bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1"><strong>Maninder Kumar - Head, Brand Partnerships<br /></strong><a href="mailto:maninder@businessinsider.in"><strong>Maninder Kumar</strong></a></bulletContentRowCell></bulletContentRowBody></bulletContentRow></bulleteContentBody><payload><![CDATA[contactus]]></payload></bulletContentEmbed><br /><div type="embedgroup"><title>Previous Edition Speakers</title> <div type="image" title="Sudarshan Chari" rank="1.0" mstype="3" mssubtype="0" msid="101215842" hostid="261"></div> <div type="image" title="Rahul Kothari" rank="2.0" mstype="3" mssubtype="0" msid="101215804" hostid="261"></div> <div type="image" title="Sameer Jain" rank="3.0" mstype="3" mssubtype="0" msid="101215759" hostid="261"></div> <div type="image" title="Ankur Warikoo" rank="4.0" mstype="3" mssubtype="0" msid="101215670" hostid="261"></div> <div type="image" title="T Koshy" rank="5.0" mstype="3" mssubtype="0" msid="101215630" hostid="261"></div> <div type="image" title="Rajnish Kumar" rank="6.0" mstype="3" mssubtype="0" msid="101215599" hostid="261"></div><payload><![CDATA[past_speakers]]></payload></div><br /><br /><div type="embedgroup"><title>Insights</title> <div type="Article" hostid="261" msid="96728596" title="The IPO momentum will continue in 2023 at least for small IPOs: Prime Database" rank="1.0" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="96618323" title="Small is the new big: SME IPOs double in 2022, while mainboard IPOs halve" rank="2.0" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="92055240" title="This startup has a solution for other startups suffering from funding slowdown" rank="3.0" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="92485293" title="MSMEs can aid waste management in India but need more hand holding" rank="4.0" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="93027479" title="Financial Institutions Turning Towards MSME Lending" rank="5.0" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="92598320" title="MSMEs run on promoter’s savings and need insurance as much as other businesses" rank="6.0" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="92848620" title="Fintechs are helping Indian MSMEs with their biggest challenge — data and the lack of it" rank="7.0" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="92994870" title="Aditya Birla group to spend ₹2,000 crore on an MSME e-commerce venture" rank="8.0" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="93138395" title="India’s newly digitized MSMEs need offline marketing as much as online" rank="9.0" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="93323188" title="This startup is building infrastructure to automate and ease the process of giving out small biz loans" rank="10.0" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="93457388" title="MSME credit demand jumps 60% from pre-pandemic levels – a sign of rebound in economic activity" rank="11.0" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="94304823" title="IIT Guwahati starts incubation centre to help its students turn entrepreneurs" rank="12.0" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="95780667" title="Over 50% of microbusinesses had no mechanisms to cushion Covid impact, Road to Recovery report says" rank="13.0" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="95142442" title="Women-led Kinara Capital raises Rs 200 cr to empower MSMEs in India" rank="14.0" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="95575042" title="Union Bank, Tata Power Renewable join hands to help MSMEs switch to solar" rank="15.0" mstype="2" mssubtype="0"></div><payload><![CDATA[insights]]></payload></div><br />

MSME Season 4

<sup><em>(Image Credit- fairandorganic.org)</em></sup><br /><ul><li><strong>The trader segment saw a 43% decline in number of jobs since 2014 according to a survey by the All India Manufacturers’ Organisation (AIMO).<br /></strong></li><li><strong>The job losses have been attributed to a 70% drop in operational profits since 2014.<br /></strong></li><li><strong>Demonetisation and GST roll out are among reasons that impacted the sector.</strong><br /></li></ul>India’s micro, small and medium (MSMEs) have seen a dramatic drop in the number of jobs amid declining operational profits since 2014, according to a <a href="https://www.thehindu.com/business/Industry/msmes-traders-witness-loss-of-35-lakh-jobs-survey/article25758723.ece">survey </a>by the All India Manufacturers’ Organisation (AIMO).<br /><br />Specifically, the trader segment saw a 43% decline in number of jobs since 2014, followed by a 32% drop in the micro-enterprises and 35% in <keyword id="107207" type="COMPANY" weightage="20" keywordseo="Small-Enterprises">small enterprises</keyword>. The medium-scale enterprise segment, meanwhile, a 24% fall in the same period.<br /><br />Overall, the trader and the <keyword id="6358354" type="UNKNOWN" weightage="20" keywordseo="MSME">MSME</keyword> sector saw a loss of over 3.5 million jobs since 2014, according to the survey, which which analysed over 34,000 traders and MSMEs across India between October 1 and 30, 2018. <br /><br />The job losses have been attributed to a 70% drop in operational profits since 2014, the Indian Express <a href="https://indianexpress.com/article/india/dip-in-jobs-profits-for-msmes-noteban-gst-to-blame-survey-5496559/">reported</a>, citing K E Raghunathan, president of AIMO. After a steady growth in jobs up until 2015-2016, the trader and the MSME sector were significantly hit by demonetisation and the implementation of the Goods and Services Tax (GST), according to him.<br /><br />There are an estimated <a href="https://economictimes.indiatimes.com/small-biz/sme-sector/sidbi-and-transunion-cibil-launch-msme-pulse/articleshow/63269240.cms">51 million </a>MSMEs in India that make up over 40% of the country’s GDP. AIMO members include MSMEs in engineering, chemicals, pharmaceuticals, food processing and services sectors.<br /><br /><strong>See also: </strong><br /><a href="https://www.businessinsider.in/indias-central-bank-chooses-to-keep-interest-rates-on-hold-unveils-a-new-pricing-policy-for-retail-and-small-business-loans/articleshow/66968094.cms">India’s central bank chooses to keep interest rates on hold, unveils a new pricing policy for retail and small business loans</a><br /><br /><a href="https://www.businessinsider.in/indian-msmes-can-now-get-a-loan-approved-in-just-59-minutes/articleshow/66514755.cms">Indian MSMEs can now get a loan approved in just 59 minutes</a><br />

India’s micro and small enterprises saw a whopping 32% drop in jobs in the last 4 years: Survey

New Delhi [India], May 20 (ANI): A recent Certified Practising Accountant (CPA) Australia survey has revealed an overwhelming optimism among <keyword id="21735155" type="General" weightage="100" keywordseo="Indian-small-businesses" source="keywords">Indian small businesses</keyword>, with 84 per cent anticipating continued growth in 2024, significantly surpassing the market average of 70 per cent.<br /><br />Despite global <keyword id="20413867" type="General" weightage="20" keywordseo="economic-uncertainties" source="keywords">economic uncertainties</keyword>, 80 per cent of Indian respondents remain confident about the local economy's prospects for 2024, well above the survey average of 65 per cent.<br /><br />This buoyant outlook has been on an upward trajectory since 2022, highlighting the resilience and dynamism of India's small business sector.<br /><br /><keyword id="21735156" type="General" weightage="20" keywordseo="CPA-Australia-survey" source="keywords">CPA Australia survey</keyword> showed a rise in the growth rate of Indian <keyword id="390673" type="General" weightage="20" keywordseo="small-businesses" source="Orion">small businesses</keyword> from 73 per cent in 2022 to 77 per cent in 2023--the highest since 2019.<br /><br />Indian small businesses are riding a wave of optimism and growth, according to <keyword id="21735157" type="General" weightage="20" keywordseo="CPA-Australia" source="keywords" meta.keywordsubtype="org" meta.entityname="CPA Australia" meta.hostid="261" meta.entityid="CPA Australia">CPA Australia</keyword>'s latest annual Asia-Pacific Small Business Survey.<br /><br />The survey reveals that over three-quarters of Indian small businesses reported growth in 2023, surpassing pre-pandemic levels and making India's small business sector one of the most dynamic and fastest-growing in the Asia-Pacific region.<br /><br />Prafulla Chhajed, a CPA member of CPA Australia in India, emphasized the critical role of Micro, Small, and Medium-sized Enterprises (<keyword id="19910977" type="General" weightage="20" keywordseo="MSMEs" source="keywords">MSMEs</keyword>) in driving India's economic success.<br /><br />Chhajed said, "Micro, Small and Medium-sized Enterprises (MSMEs) are making a significant contribution to India's economic success. Not only is India's rapid economic growth and improving business environment boosting their confidence, support from the government ranging from digitalisation to access to funds, is assisting businesses to recover from the pandemic."<br /><br />He further said, "India's small businesses are enthusiastically improving their performance through innovation, adopting technologies, and building connections with overseas markets. 'Good staff' was nominated as the top positive factor that benefited India small business performance in 2023. It explains why Indian respondents have been so willing to add new employees over the past two years".<br /><br />"This year the pace in jobs creation by small businesses is expected to slow, although remain high in comparison to other markets. This is most likely due to a combination of factors including increasing levels of automation and rising labour costs," he added.<br /><br />However, Chhajed cautioned that the pace of job creation might slow down due to rising automation and labor costs, though it will still remain high compared to other markets.<br /><br />The survey highlighted several challenges faced by Indian small businesses, including increasing costs, competition, and cashflow difficulties.<br /><br />Staff and material costs were particularly detrimental in 2023, rising slightly from the previous year. To cope with these expenses and support growth, 68 per cent of small businesses sought external funding last year, though this figure dropped 20 percentage points from 2022. This year, 81 per cent plan to seek finance, despite tougher financing conditions.<br /><br />Only 42 per cent of respondents found it easy to secure funds in 2023, a sharp decline from 69 per cent in 2022. This trend is expected to continue, with just 43 per cent anticipating ease in accessing funds this year, down from 64 per cent previously.<br /><br />"Difficulty in accessing finance is a common challenge for small businesses worldwide. Though government loans like <keyword id="20151906" type="General" weightage="20" keywordseo="pradhan-mantri-mudra-yojana" source="keywords">Pradhan Mantri MUDRA Yojana</keyword> (PMMY) helps to foster entrepreneurship by offering financial support, MSMEs should not solely rely on borrowing to fund their long-term development, particularly in a high-interest rate environment", Chhajed explained.<br /><br />A significant number of Indian small businesses focused on managing costs and cash flow last year. Among the technologies they invested in, accounting software was particularly popular, with 23 per cent adoption.<br /><br />Professional advice was also sought frequently, with 34 per cent consulting accountants and 38 per cent seeking advice from friends and family.<br /><br />"Indian MSMEs are very competitive in many areas such as digitalisation and innovation, now they should focus on cost management and cashflow to increase their financial return. It's wise to use accounting software to control cost and analyse financial performance regularly. Further, financial experts like qualified accountants may provide professional advice to small businesses to manage technical issues like taxation and improve financial performance", Chhajed suggested.<br /><br />Indian small businesses also show a strong inclination towards innovation and global expansion. Leading the 11 surveyed markets, 34 per cent of respondents expect substantial revenue growth from overseas markets this year, significantly higher than the survey average of 19 per cent.<br /><br />Additionally, 44 per cent plan to introduce new products or services, compared to the market average of 29 per cent.<br /><br />Chhajed said, "The Indian government has established good platforms to bolster our MSMEs' global expansion, for example, international trade fairs for MSMEs.<br /><br />He added, "They could leverage these opportunities to connect with overseas customers and promote their novel products globally. Besides, our thriving digital economy also fosters MSMEs' innovation and revolution in the digital era."<br /><br />The survey gathered insights from 4,222 small businesses across 11 Asia-Pacific markets, including 505 respondents from India, providing a comprehensive overview of the region's small business landscape. (ANI)<br /><br />

84% of Indian small businesses anticipate robust growth in 2024: CPA Australia survey

New Delhi, Apr 14 () Industry body CII on Tuesday urged the government to relax collateral norms, extend moratorium, wage support and  release government dues to provide relief to micro, small and medium enterprises (MSMEs).<p>Confederation of Indian Industry (CII) in its recommendations, submitted to the finance ministry and various other government departments, sought expediting UK Sinha Committee recommended Fund of Funds for MSMEs,  which has been under the consideration of the government, and augmenting the assets of MUDRA Bank.</p><p>"With limited resources, MSMEs do not have the capacity to withstand massive shocks like COVID-19. In addition, many MSMEs are an important part of larger supply chains. The health of these MSMEs have a bearing on the entire supply chain, including the large corporates. Therefore, special, immediate and substantive support measures are required to see the MSMEs through this crisis," CII Director General Chandrajit Banerjee said.</p><p>The CII recommendations focus primarily on increasing finance availability with relaxed collateral norms and extension of the RBI moratorium.</p><p>It also called for additional additional working capital equivalent to April - June wage bill of the borrowers, backed by a government guarantee, at 4-5 per cent, with a refinance guarantee from the RBI.</p><p> The suggestions also include additional reconstruction term loans with a government guarantee on default, up to 20 per cent, and seek extension of the three-month moratorium period allowed by the RBI to six months for MSMEs.</p><p>The industry body also suggested that the Centre should increase the assets of Mudra Bank and other MSME-focused banks.</p>It urged the Centre to extend wage support by utilizing the ESIC funds under Rajiv Gandhi Shramik Kalyan Yojana, Atal Beemit Vyakti Kalyan Yojana to pay workers for the lockdown period, and clear all outstanding government dues to MSMEs, including payments for supply for goods and services to PSUs, GST refunds, various state and central government incentives.  RSN  BALBAL

Covid-19: CII urges govt to help MSMEs

New Delhi, May 20 () Khatabook, which provides solutions to help micro, small and medium-sized businesses track business transactions, on Wednesday said it has raised USD 60 million (over 454 crore) in funding led by B Capital Group. <p> The series-B round also saw participation from new and existing investors, including Sequoia India, Partners of DST Global, Tencent, GGV, RTP Global, Hummingbird Ventures, Falcon Edge Capital, Rocketship.vc and Unilever Ventures, a statement said. </p><p> Angel investors Kevin Weil, Alexander Will, Kunal Shah, Kunal Bahl and Rohit Bansal (Snapdeal founders) also participated, it added. </p><p> The latest funding will allow Khatabook to ramp up their products and services offerings for India's merchants, as the company builds technology solutions around financial services and a large merchant-focused distribution platform, the statement said. </p><p> Traditionally, Indian MSMEs keep track of credit flow with their consumers and suppliers offline, maintaining handwritten accounts. Merchants spend hours tracking dues and lose significant revenue due to misplaced ledgers or missed collections. </p><p> Khatabook said it is helping merchants manage their credit, creating transparency in cash flow, and increasing trust with end-consumers. </p><p> "Khatabook is the biggest player in the micro, small and medium business segment in the country, with over 8 million active merchants on the app. Khatabook is playing an important role in the digitisation of MSMEs -- a sector that forms the backbone of our economy -- helping to increase their incomes and making them more efficient and competitive," Khatabook co-founder and CEO Ravish Naresh said. </p><p> The company is looking to work closely with the government and financial institutions to strengthen Indian MSMEs, he added. </p> The company said more than one million merchants are uploading data and engaging with the Khatabook app daily while adding USD 200 million worth of transactions every day. More than 25 per cent of its total active merchants are joining the platform through word-of-mouth and referrals, it added. SR HRS

Khatabook raises USD 60 mn funding led by B Capital Group

<br /><ul><li><strong>Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> eased the loan application process for micro, small and medium enterprises (MSMEs) by launching a ‘59-minute portal’ on Friday. <br /></strong></li><li><strong>The digital initiative will allow the owners of MSMEs to get approval for a loan in less than an hour instead of the 20-25 days that it took earlier. <br /></strong></li><li><strong>The pilot experiment of the project has already sanctioned 72,000 loan applications.</strong></li></ul>Micro, small and medium enterprises (MSMEs) in India have been under pressure since demonetisation stagnated economic activity due to the sudden liquidity crunch followed by India’s indirect tax reform, when the Good and Services Tax (GST) was implemented. <br /><br />In order to energise businesses in this segment and provide the necessary capital, India’s Prime Minister, Narendra Modi, <a href="https://www.pscp.tv/w/1BdGYOlmQXDxX">unveiled</a> a digital platform which will prevent small enterprises from going through a lengthy procedure for credit requirements. <br /><br />The launch of the <a href="https://www.psbloansin59minutes.com/aboutUs">59-minute</a> portal to support small <keyword id="34606" type="DOMAIN" weightage="20" keywordseo="industries">industries</keyword> was a part of the Indian Government’s ‘<a href="https://www.pscp.tv/w/1BdGYOlmQXDxX">support and outreach initiative</a>’ for MSMEs. While addressing the programme, Modi <a href="https://www.bloombergquint.com/business/modi-government-portal-loans-msmes-59-minutes#gs.p04tWmU">claimed</a> that the project has already crossed its target of approving 72,000 loan applications in its pilot stage. <br /><br />As of now, loans worth ₹230 billion have been approved through the digital portal.<br /><br />
  
  
  
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<br />The digital initiative will substitute the processing time of 20-25 days to just 59 minutes making it easy for owners of MSMEs to get there loans sanctioned without visiting banks. In fact, the users of 59-minute portal can apply for loan of upto ₹10 million and expect it to be dispersed in 7-8 working days after the in-Principle approval letter is issued. <br /><br /><strong>So, how do you get your loan approved?</strong><br /><br />All the small enterprises which are registered under the GST policy are eligible for a loan by registering on the portal. Although, there is no fee for registration but ₹1,000 along with taxes are charged once the loan applicant finds a lender on the portal. <br /><br /><a href="https://www.livemint.com/Politics/cXSzAPcFJyyU5PZnSbn5PO/How-to-get-Rs-1-crore-MSME-loan-in-59-minutes-A-stepbyste.html">In order to apply</a> for a loan the applicant has to submit a six month bank statement, e-KYC documents, income tax returns for the past three years, GST ID, and business owner’s details. <br /><br />Small industries can avail a loan between ₹1 million to ₹10 million against an interest starting from 8%. <br /><br />Union Government has already asked Reserve Bank of India to relax the norm for weaker banks thereby allowing the MSMEs to resume borrowing from them but the 59-minute portal has been set up by the Small Industries Development Bank of India (SIDBI).<br /><br />The Government of India has been taking initiatives to protect MSMEs in India which went through cash-crunch issue due to demonetisation and taxation reforms.The outreach program is supposed to run for next 100 years aiming to cover each and every corner of India. <br />

Indian MSMEs can now get a loan approved in just 59 minutes

New Delhi, Apr 17 () Micro, small and medium enterprises, which form the backbone of Indian industry, will need to be supported by the government to kick-start the economy after lockdown is lifted, according to Ashok Leyland Managing Director and CEO Vipin Sondhi.<p> Measures such as easy access to working capital and liquidity through banks and NBFC's, providing interest free and collateral free loans; introduction of an incentive for MSME's to help them pay salaries and wages to their employees in these times need to be considered by the government.</p><p> "It would be crucial to kick-start economic activity after this period of disruption. MSME's are the backbone of Indian industry and form the key element of the product supply chain - be it agri-processing, textiles, or auto-ancillaries," Sondhi said in a statement.</p><p> Stating that MSMEs will need support from the government, he suggested measures to be considered which include "easy access to working capital and liquidity, through banks and NBFC's, providing interest free and collateral free loans; introduction of an incentive for MSME's to help them pay salaries and wages to their employees in these times".</p><p> Sondhi also said the NPA recognition period must be extended for MSMEs from 90 days to 360 days and ensure that all pending payments to industry/MSME's are cleared immediately by the government departments and PSUs.</p>Lastly, he said,"MSMEs can be incentivised to produce medical supplies, with a buy back arrangement from the government."  RKL   SHWSHW

Ashok Leyland seeks govt support for MSMEs post lockdown to kickstart economy

Industry body <keyword id="166814" type="COMPANY" weightage="20" keywordseo="Indian-Chamber-of-Commerce">Indian Chamber of Commerce</keyword> (ICC) on Friday demanded higher <keyword id="118132" type="PERSON" weightage="20" keywordseo="Interest-subvention">interest subvention</keyword> for micro, small and medium enterprises (MSMEs) on loans to boost employment generation in the country. The city-headquartered chamber in its budget demand also called for simplification of personal taxation by lowering tax rates for greater compliance. <br /><br />"The two per cent interest subvention scheme on loans has truly supported Indian MSMEs. We would like to propose that the scheme be further extended with enhanced coverage. We request the government to consider 3-4 per cent interest subvention to the extent of ₹3 crore against the earlier ₹1 crore," ICC president <keyword id="32299" type="COMPANY" weightage="20" keywordseo="Vikas-Agarwal">Vikas Agarwal</keyword> said. <br /><br />Since a key agenda of the interest subvention scheme for these enterprises is to get them on-board the GST network, the relaxation will help them come under the ambit of the indirect tax regime, he said. <br /><br />Speaking about individual tax, ICC also said it is necessary to reduce the personal tax rates for individuals so that there is a degree of equity and fairness in relation to structuring decisions. <br /><br />Dividend tax should also be capped at 15 per cent down from 20 per cent for resident assesses as well, Agarwal said.<br /><br />SEE ALSO:<br /><br /> <b><a href="https://www.businessinsider.in/budget/news/india-may-be-considering-a-covid-cess-on-high-income-earners-aside-from-more-levy-on-fuel/articleshow/80208520.cms">India may be considering a COVID cess on high income earners — aside from more levy on fuel</a></b><br />

ICC demands higher interest subvention on loans for MSMEs to boost employment generation

New Delhi, May 13 () The government on Wednesday unveiled a major booster dose entailing a series of initiatives for micro, small and medium enterprises, including Rs 3 lakh crore worth of collateral-free automatic loans for businesses.<p> A subordinate debt of Rs 20,000 crore for stressed units, a Fund of Funds for equity infusion of Rs 50,000 crore, and revision in the definition of MSMEs are among the steps announced by the government to help MSMEs recover from disruptions caused by the coronavirus-related lockdown.</p><p> The MSME sector employs 11 crore people, comprises 45 per cent of the country's manufacturing output, 40 per cent of exports and almost 30 per cent of the GDP.</p><p> The sector has been hit hard by the lockdown due to the coronavirus pandemic, with millions of units staring at the prospect of closure and the threat of job losses.</p><p> To provide much-needed liquidity to millions of units in distress, battling the impact of the coronavirus pandemic, MSME receivables from the central government and CPSEs will be released in 45 days, Finance Minister Nirmala Sitharaman said while announcing the relief measures in a conference here.</p><p> As part of the Rs 20 lakh crore financial package announced by Prime Minister Narendra Modi, Rs 3 lakh crore worth of collateral-free automatic loans will be sanctioned for businesses.</p><p> For this purpose, an emergency credit line to MSMEs has been introduced from banks and NBFCs up to 20 per cent of entire outstanding credit as on February 29, 2020, for borrowers with up to Rs 25 crore outstanding and Rs 100 crore turnover eligible.</p><p> Under this, loans will have a four-year tenor with a moratorium of 12 months on principal repayment.</p><p> The interest on loans will be capped, with 100 per cent credit guarantee cover to Banks and NBFCs on principal and interest. The scheme can be availed till October 31, 2020. There will be no guarantee fee and no fresh collateral. As a result, 45 lakh units can resume business activity and safeguard jobs.</p><p> The government will also facilitate a provision of Rs 20,000 crore as subordinate debt for functioning MSMEs which have turned into non-performing assets (NPA) or are stressed, a move expected to benefit two lakh units.</p><p> Sitharaman said the MSME definition has been changed to allow units with investment up to Rs 1 crore to be called micro-units in place of Rs 25 lakh now.</p><p> Also, units with turnover of up to Rs 5 crore would be called micro-units, she said, adding a turnover based criteria is being introduced to define small businesses.</p><p> The investment and turnover limits for small businesses have been raised to Rs 10 crore and Rs 50 crore respectively.</p><p> Units with an investment of up to Rs 20 crore and turnover of up to Rs 100 crore will qualify as medium-size enterprise.</p><p> The limits have been raised to allow MSMs to retain fiscal and other benefits.</p><p> Union MSME Minister Nitin Gadkari hailed the initiatives.</p><p> "Historic steps by government towards Atmanirbhar Bharat by strengthening the MSMEs which are the backbone of the country's economy," he said in a tweet.</p><p> "Foundation has been laid for a new MSME sector at the core of our future self-reliant economy. Directing huge capital inflows into MSME is the first step," Gadkari said in another tweet.</p><p> Under the revised definition, the distinction between manufacturing and service sector will be eliminated.</p><p> Moreover, to eliminate "unfair competition" from foreign companies faced by Indian MSMEs, global tenders will be disallowed in government procurement tenders up to Rs 200 crore, a move aimed at building a "Self-Reliant" India.</p><p> The Rs 50,000 crore equity infusion for MSMEs through a Fund of Funds will be operated through a Mother Fund and few daughter funds, which will help expand MSME size as well as capacity.</p><p> For this purpose, a Fund of Funds with Corpus of Rs 10,000 crore will be set up to provide equity funding for MSMEs with growth potential and viability.</p><p> The fund structure will help leverage Rs 50,000 crore of funds at daughter funds level and also help to expand MSME size as well as capacity while encouraging them to get listed on stock exchanges.</p><p> An e-market linkage for MSMEs will also be promoted to act as a replacement for trade fairs and exhibitions and Fintech will be used to enhance transaction-based lending using the data generated by the e-marketplace.</p><p> MSMEs are critical for employment preservation and growth; firing up the MSME sector is the surest way to accelerate job creation, Arun Kumar, KPMG India Chairman and CEO, said.</p><p> The finance minister's schemes announced on Wednesday will provide relief for MSMEs that need immediate succour for their survival as well as help those enterprises that need a fillip to grow.</p><p> Expanding the definition of MSMEs and introducing new thresholds based on turnover while elevating the investment ceilings for each segment are welcome, Kumar stated.</p><p> The broad focus on enhancing liquidity is timely, including the measures for NBFCs, HFCs and MFIs and those for the power sector to ease the situation of distribution companies and cash-strapped independent power producers.</p> These measures to ease liquidity for lenders and businesses will make a tangible difference, Kumar commented.  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