New Delhi, Nov 10 (KNN) – Among the 12 major announcements by Prime Minister Narendra Modi to help Micro, Small and Medium Enterprises (MSMEs), the most awaited announcement was the 59-minute financing for small industries. After piloting the loan-in-59-minutes service, the prime minister publicly revealed the initiative on November 2 amid
Enterprises in India have seen rapid growth, especially post-Covid-19, coinciding with an increased annual budget for MSMEs. As a result, to promote entrepreneurship, MSME has launched several portals that assist small business owners. MSME Sambandh is one such portal that is discussed in this article. The Sambandh Portal Public Procurement
Introduction: A digital escrow mechanism is a secure and trusted online arrangement used to facilitate transactions between two parties (Buyer and Seller), especially in situations where there might be concerns about trust or risk. It ensures that both parties fulfill their respective obligations before the transaction is completed and the
“Any sufficiently advanced technology is equivalent to magic.” – Sir Arthur C. Clarke Technology plays a pivotal role in the growth and success of MSMEs. Regular and persistent investment in modern technology (machines and equipment), particularly in the industrial industry, is necessary to maintain quality and stay ahead of the competition.
In the contemporary economic environment, Gender parity has emerged as an essential imperative. Women from diverse social backgrounds are now actively participating in the MSME sector, previously dominated by male entrepreneurs. In India, the introduction of a number of government incentives for female entrepreneurs has encouraged more women to enter
Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in the economy. However, there has been a persistent challenge in finding suitable financing options to support their growth. Some of these firms frequently fail because of a lack of adequate and timely finance. The Central Government has introduced several
Micro, Small, and Medium Enterprises (MSMEs) form the backbone of the Indian economy. However, the MSME sector often faces challenges like insufficient cash flow and poor credit scores. As a result, the government has launched a number of credit capitalization and loan schemes in order to strengthen the sector. One
One of the best GDP growth stories in the world currently is that of India. Despite facing economic challenges, India's GDP has been growing steadily over the past few years, with a growth rate of over 6 % in 2023. One of the key contributors to this growth is the SME
In the mix of all the industries and businesses that boost India's growing economy, the Micro, Small, and Medium Enterprises (MSMEs) are like the hidden stars. Often called the main support of the Indian economy, they play a big part in guiding how the country's economy moves forward. The Rise
Traits of a businessman to be successful one need to have passion and motivation, creativity and innovation, persistence and resilience, risk-taking ability, strong leadership skills and adaptability. For a Entrepreneur to be Successful and make the Company grow from Micro to Small to Medium, need to have a strong Execution
India has a vibrant MSME (Micro, Small and Medium Enterprises) sector that plays a significant role in the country's economic growth, MSMEs are contributing around 35% to Indian GDP. In recent years, the government has implemented various policies and schemes to leverage the potential of this sector and enhance its
The COVID-19 pandemic has caused unprecedented disruptions to businesses across the world, with micro, small, and medium enterprises (MSMEs) being one of the worst affected. In India, MSMEs contribute significantly to the economy and provide jobs to millions of people. To support them during these difficult times, the Indian government
Understanding Microfinance Microfinance services are provided to unemployed or low-income individuals because most of those trapped in poverty, or who have limited financial resources, do not have enough income to do business with traditional financial institutions. Despite being excluded from banking services or recently connected through PM’s Jan-Dhan Yojna
The Micro, Small, Medium Enterprises (MSME) is one of the most important sectors in the Indian economy, contributing almost 29% to the country’s GDP, and an employer to more than 11 crore people in its 6.3 crore enterprises[1]. Despite this, the sector has always faced ease of
As a small business grows, it is not surprising for the owners or managers to reach a stage where sales stagnate, or it is difficult to figure out the most effective marketing or business development strategies or where one is not able to find the requisite number of employees. The
India's micro, small, and medium-sized enterprise (MSME) sector is thriving. According to the Ministry of Micro, Small, and Medium Enterprises' MSME census, India has over 6.5 crore MSMEs. This figure is only expected to rise as the fifth generation of founders expand their enterprises. In many other countries, business