Of the Rs 20-lakh-crore package that Prime Minister Narendra Modi announced to defend the economy against coronavirus disruptions, fresh support may be only around 60 per cent of the offer as it counts the first financial stimulus and liquidity support that Reserve Bank has given already, and will overburden the bond market, says a report.
After introducing the call auction mechanism in Sensex and Nifty stocks, the Securities and Exchange Board of India (Sebi) is mulling extending this to the proposed platform for small and medium enterprises (SMEs), although with a few changes.
On the eve of US Commerce Secretary Gary Locke's trip to India next week as the head of a high-tech trade mission of 23 American companies, including Fortune 500 heavyweights and also several small and medium enterprises, the Department of Commerce has moved expeditiously to implement the export control initiatives to facilitate high tech trade with India.
There are thousands of stocks within the NSE, for example, that are rarely traded.
'In times of recovery, we may see a rural-urban divide with the urban pockets affected more by COVID-19, but the MFI business model should encourage banks to handhold them in this hour of crisis,' notes Tamal Bandyopadhyay.
The additional outgo to combat the impact of COVID-19 will significantly erode the fiscal consolidation achieved by the state governments in the past three years, an RBI report said on Tuesday. In its study of the state budgets of 2020-21, the RBI report which has dwelled on the theme 'COVID-19 and its Spatial Dimensions in India', said that Gross Fiscal Deficit (GFD) of the states would spiral during the current fiscal.
Except for laws pertaining to the payment of minimum wages, following safety norms and adequate compensation for workers in case of industrial accidents, no other provisions of the labour law would apply to all new companies that wish to operate in the state for at least 1,200 days, and for those that have already been operational for that period.
Noting that SMEs in India account of substantial part of domestic production and that 40 per cent of the manufacturing and exports come out of SMEs, the minister said that SMEs, particularly the medium enterprises, are great incubators of technologies and that such an initiative would make the bilateral trade and commerce more meaningful.
The major beneficiaries of loan recasting will be sub-Rs 500 crore corporate exposures and retail exposures, which were earlier expected to see the highest increase in NPAs in percentage terms.
In a bid to create an ecosystem of both large and small companies in the chemical and engineering industries, Gujarat Industrial Development Corporation (GIDC) is developing specific zones for small and medium enterprises in these two sectors.
The protocol aims to "democratise" lending, reduce costs of credit, and ensure accessibility of credit to small companies and street vendors, according to Nandan Nilekani.
Without accounting for refunds, however, the collection contracted 5.4 per cent, indicating muted economic activity as the Covid-19 pandemic and subsequent curbs paralysed most sectors.
The earliest ones included whistles shaped like birds, toy monkeys that could slide down a string and small carts made from materials found in nature such as sticks, clay and rocks. While there might be no disputing India's rich toy-making tradition, the industry is languishing for lack of investment and technology, and also owing to competition from cheap imports. And though it has been listed among 24 key sectors under the government's Atmanirbhar Bharat Abhiyaan, the question remains: will this push help place it in the global game? Currently, 80-odd per cent of the toys sold in India are imported - nearly 60 per cent of them from China.
The Reserve Bank of India (RBI) has clarified that loans which have remained standard without any defaults as of March 1, 2020, will be eligible for restructuring under the pandemic-related resolution framework issued in August.
Crisil's experience is that these reports improve volumes for the companies covered.
Qatar's Doha Bank has said it is keen to engage Indian IT major Wipro to provide software solutions to improve its e-commerce and Small and Medium Enterprises (SME) systems, among others.
The gems and jewellery sector in India, consisting of a large number of small and medium enterprises (SMEs), has started to shine again, according to a survey conducted by IndiaMART Knowledge Services (previously known as IndiaMART Research Unit).
The two tournaments will see cricket bats and accessories of major players bearing the logos of Jalandhar companies like BAS and Ranson.
The Orissa state government may soon recruit "bare foot managers" to provide various expert services to the micro, small and medium enterprises (MSMEs) in the state.
To generate ample private sector interest, there is a need to introduce market-linked tariff rates.
The apex body representing Indian IT industry, Nasscom, on Wednesday said that small and medium enterprises (SMEs) would drive growth in the sector and help India maintain its lead globally.
Large retailers are allegedly importing apparel made of Chinese fabric from Bangladesh at nil duty, under our free trade agreement with the latter country. However, the same agreement does not permit duty-free export from here.
Lenders had filed 1,251 cases to recover Rs 24,765.5 crore. Wilful defaulters are the entities that do not pay back money despite the ability to do so. Defaulters above Rs 1 crore were considered for this exercise.
Odisha minister Yogendra Behara couldn't buckle his own sandals at an Independence Day event in Kendujhar on Monday, so he made his personal security officer bend down and do it for him.
Credit ratings agency Crisil on Tuesday said it expects to increase its rated portfolio in the small and medium enterprises (SME) segment by 10 folds in the next 3-4 years.
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.
The World Bank also approved $200 million for Pakistan, $100 million for Afghanistan, $7.3 million for the Maldives and $128.6 million for Sri Lanka.
Highlighting the role of MSMEs in enhancing exports and helping the country achieve self reliance, Union Minister Nitin Gadkari on Monday said India does not need to import from China. "Already in automobile sector, in many sectors now, in agriculture, automobiles, everywhere, we have already found the solutions. Now we don't need to import from China," said the minister. He observed that India was exporting a lot of items instead of importing them.
From Hyundai to Tata Motors, automakers are staring at a bleak future. With no succor provided in the Budget, the pain for companies is likely to continue for the next two quarters.
Continuing to target Prime Minister Narendra Modi on his second day of campaign in Tamil Nadu, Congress leader Rahul Gandhi on Sunday alleged Chinese troops have occupied Indian territory and the man with '56 inch-chest' cannot even utter the name of the neighbouring country.
The government on Friday shot down a suggestion in the Lok Sabha for setting up a committee under the member of Parliament in respective constituencies for monitoring disbursement of loans by banks to priority sector like agriculture, small and medium enterprises.
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.
The Survey says that present skilled workforce in India is only 2%.
Expecting the economy to slow down in the current fiscal amid global recession, President Pratibha Patil said the new government will focus on adversely-affected sectors like infrastructure, exports, SMEs, and housing to restore the growth momentum.
Cancellation of at least Rs 3,000-crore worth of business has happened in the past few weeks.
The background work of creating a suitable digital architecture of a website also remains unfinished as it has been a challenge to shortlist technology partners.
Gujarat, Maharashtra and Andhra Pradesh have been more proactive in providing the ideal environment for the growth of small business.
Addressing the industry's concerns that banks were not lending to the MSME sector, he said credit flow to MSMEs had doubled from Rs 1,27,000 crore (Rs 1,270 billion) in 2006-07 to Rs 2,57,000 crore (Rs 2,570 billion) in 2008-09. In 2007-08, credit flow to the sector was Rs 2,13,000 crore (Rs 2,130 billion).
The hit to economic activity will be mostly confined to the first quarter. And a third wave, if it materialises, is unlikely to be hugely disruptive for the economy, predicts T T Ram Mohan.
The government on Friday proposed to extend the concessional export finance regime for select exporters for one more year till March 31, 2011, thus giving the slowdown-hit sector further relief.
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