Mamata Banerjee led TMC has released its election manifesto on Monday promising to bring all round development in West Bengal with special emphasis on industry and agriculture.
Sources said the designers present in the meeting will submit their individual proposals shortly to the MSME ministry entailing suggestions to set up design centres.
While the meetings on Friday were preliminary discussions, it is learnt that sectors like tourism; hospitality; aviation; micro, small and medium enterprises (MSMEs); and livestock have sought deferring loan repayments and temporary tax holidays in specific cases to help them tide over the steep fall in economic activity.
Record liquidity infusion by the central bank in the banking system during the financial year 2020-21 amid sluggish economic activity resulted in banks investing more in safe government papers than in extending loans, data from Reserve Bank of India (RBI) showed. This trend has not been seen in nearly two decades, barring 2016 - the year of demonetisation.
The government sees the total employment in village industries touching over 1 crore (10 million) by the end of current financial year from nearly 93 lakh in the previous fiscal.
The meeting, which would have representation from the ministries of finance, external affairs and micro and small and medium enterprises, would suggest steps to prepare the way for the annual supplement to the Foreign Trade Policy (2009-2014), expected to be unveiled in April.
In 50 days, 60% of the work force was let off in retail, agri, textile and other sectors.
According to highly placed sources, the finance ministry is likely to extend ECLGS and other loan guarantee schemes for micro, small and medium enterprises (MSMEs), hospitality and tourism sector, and the health infrastructure beyond March 31, Business Standard has learnt. This is likely to be announced by Finance Minister Nirmala Sitharaman as part of her Budget speech on February 1.
Union Minister Nitin Gadkari said opening of transport and highways will go a long way in instilling confidence among the public and cautioned towards maintaining social distance and adopting all safety measures like hand wash, sanitizing, face masks, etc while operating buses and cars.
Easy financing, including grant of tax exemption, being considered to provide early stage funding.
Village panchayat unanimously passed a resolution declaring it would not allow the MNC to go ahead with its plans.
The alliance combines capabilities of both the companies to offer a set of solutions comprising connectivity, computing, storage solutions, and other technology services and applications required by Indian businesses, and will span the broad Reliance Industries ecosystem, including its existing and new businesses.
MSMEs contribute immensely to the industrial landscape of the country in terms of their 45 per cent share of manufacturing output and 40 per cent of exports.
A task force formed by Prime Minister Manmohan Singh on Thursday discussed steps to enhance credit to MSMEs, which contribute 45 per cent to the country's industrial production.
Banks will also consider requests from MSMEs for restructuring their stressed standard assets. So far, only 25 per cent of the around 1 million eligible MSMEs have taken benefit of the RBI's special dispensation.
The small, medium and micro industries are fidgeting in anxiety after having seen some tough times in the past few years.
The Small Medium and Micro industries are fidgeting in anxiety after having seen some tough times in the past few years.
India Inc on Friday said it is looking forward to a repo rate cut in future as cost of funds has to come down in coming times, and expects continuation of accommodative policy stance by the Reserve Bank of India (RBI). The RBI decided to leave the benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance, as the economy faces the brunt of the second COVID-19 wave. Sanjay Aggarwal, president of PHD Chamber of Commerce and Industry, said the RBI has maintained an accommodative stance as long as necessary to revive and sustain growth on a durable basis and to mitigate impact of COVID-19, apart from an aim to keep inflation within the target.
E-commerce firms and sellers including Amazon and eBay have made recommendations to the government for a differentiated policy framework for e-commerce in the revised Foreign Trade Policy (FTP) which is expected to come into effect from April 1, 2021. This is because the existing policies on exports have catered largely to traditional, offline and business-to-business exports. Suggestions have been made to the government that through the FTP, it is important to create a conducive policy framework for e-commerce exports that lowers the entry barrier for small businesses to start exporting, according to the industry sources.
Agra has long been known for the Taj Mahal, but it is also a manufacturing hub filled with micro, small and medium enterprises (MSMEs) that make everything from electronic components to metal products, from paints and chemicals to footwear. And five years after the introduction of the Goods and Services Tax (GST), the MSMEs here complain that while the indirect tax regime has been transformative, cutting out the need to file multiple taxes, its biggest drawback has been the delay in credit refunds. Whoever you speak to - MSME owners, tax lawyers, or industry bodies like the National Chambers of Industries and Commerce (NCIC), Agra Footwear Manufacturers and Exporters Chamber (AFMEC) and Agra Shoe Manufacturers Association (ASMA) - they all emphasise that the GST continues to face some key challenges.
'The equipment that you make for us must be the best in the world so that it complements the Indian soldier who is without doubt the very best in the world.'
The presence of the private sector at a prestigious military training institution is an important acknowledgement of its growing capabilities in designing and manufacturing cutting edge aerospace and defence equipment, reports Ajai Shukla.
Virbhadra Singh wants the private sector to invest in the food processing industry
Full list of the rejigged Union Council of Ministers
The proposal is being piloted by the nodal ministry of micro, small and medium enterprises which wants to ensure that all the KVIC products enjoy credibility.
Farmers may be grinning ear to ear as the rain god is smiling on Punjab and Haryana, but industries in these states are busy calculating their losses.
Fifteen Cabinet ministers and 28 Ministers of State were sworn-in by President Ram Nath Kovind at a ceremony at Rashtrapati Bhavan on Wednesday evening.
"Some people think I said something negative against Amazon. If you look at the context of my statement, I said investment should come within the law and regulations. This process is followed across the world," the minister told reporters in Ahmedabad when asked to comment on his statement.
To generate ample private sector interest, there is a need to introduce market-linked tariff rates.
The Industries Association of Uttarakhand, an organisation of MSMEs, has prepared an agenda for the Budget.
While the directorate general of foreign trade has completed consultations with the industry and exporters, it will start interacting with the different ministries like agriculture, finance, micro, small and medium Enterprises, steel and environment. Revenue department in the finance ministry holds the key for extending benefits to exporters who are facing the brunt of recession in several major economies.
Swadeshi Jagran will be leading the delegation on a multi-city tour, expected to start on September 21. The week-long trip will include meetings with industry bodies and government agencies.
Last year in January at Amazon's flagship event Smbhav, Infosys Co-founder N R Narayana Murthy had to shorten his keynote speech from 20 minutes to about five because the event was delayed by 1.5 hours. "I will try to finish it in five minutes, because I am not used to delays," said Murthy, while addressing hundreds of micro, small and medium enterprises (MSMEs) about building businesses that last. In the audience was Amazon founder Jeff Bezos. Murthy referred to Bezos' prediction that the 21st century will be the Indian century. "That confidence enhances our enthusiasm," said Murthy. The relationship between Murthy and Bezos dates to 2014, when Prione, a 49:51 joint venture (JV) between Amazon and Murthy's venture capital company Catamaran, was formed.
The tank, designed, developed, and manufactured by the Defence Research and Development Organisation's Combat Vehicles Research and Development Establishment and made in Tamil Nadu, will be used to protect northern borders.
Amazon
Officers across departments and ministries have been asked to speak to people across sectors for 'SWOT' analysis of issues for revival of the economy.
A plea was filed in the Supreme Court on Wednesday challenging the Delhi high court's May 31 verdict which dismissed a petition seeking to suspend all construction activity of the Central Vista Avenue redevelopment during the COVID-19 pandemic while describing it as a 'vital' and 'essential' project of national importance.
Even as the industrial cycle has ground to a halt during the 21-day lockdown, the industry has been hit hard by foreign orders from major clients in the US and Europe being cancelled. Also, a sudden lack of labour has crippled the sector because of a mass exodus of workers from industrial units to the hinterland.
For now, the concerns over bad loans have taken a back seat; a bigger challenge for the banking community is credit growth, explains Tamal Bandyopadhyay.
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