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| Economy |
Bankruptcy Code will enable SMEs complete resolution process in 90 days: Finance Ministry Insolvency and Bankruptcy Code 2016 will be an enabler for start-ups and small and medium enterprises (SMEs) to complete the resolution process in 90 days (extendable to 45 days in deserving cases), Ministry of Finance said in a release.
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Parliament passes the Insolvency and Bankruptcy Code The Rajya Sabha, on Wednesday, passed the major economic reform Bill moved by the Government i.e. ‘Insolvency and Bankruptcy Code, 2016’. The Lok Sabha had earlier passed the Bill on 5th May, 2016.
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Rajya Sabha passes Bill that sets up a panel to decide interest rates The Reserve Bank of India (RBI) has issued the Framework for Revival and Rehabilitation of Micro, Small and Medium Enterprises (MSMEs) along with operational instructions, to all banks for immediate implementation. Under the Framework, cases for all MSME loan accounts where principal or loan instalments are overdue for 60 days or above are to be compulsorily placed before the district committee for stressed MSME assets for developing corrective action plan (CAP).
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After showing bankruptcy, one cannot do other business as well: Economist on Bankruptcy Bill India’s exports have been falling for the last 15 months. Different reasons, opinions and views have been given about the decline by experts from across sectors. KNN spoke to industry experts and economists on ways to curb the decline. The apex body for exporters FIEO President SC Ralhan said it is primarily due to global slowdown. “But there is a slowdown in China too and India should take advantage of that,” he said.
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DIPP will issue new UBIN shortly for budding entrepreneurs: DIPP Secretary The Department of Industrial Policy & Promotion (DIPP) has begun an exercise for issuance of Unique Business Identification Number (UBIN) for budding entrepreneurs to start off their new businesses without any delay, said DIPP Secretary, Ramesh Abhishek.
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Govt making optimum use of tech to address custom clearance related issues, facilitate trade: Fin Min Both the Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC) are making optimum use of technology for expeditious disposal of assessment and refunds as well as for addressing the issues relating to custom clearance and facilitating trade among others, Ministry of Finance said today.
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| MSMEs |
Units are shutting down but no help has come from Smriti Irani, Rahul Gandhi or RBI: Amethi MSMEs The MSMEs, which are on the verge of closure in Amethi, are disappointed with the politicians representing the region stating that despite being approached they have failed to solve the woes of the small entrepreneurs here. The MSMEs have even expressed disappointment with the RBI for not taking any measures to solve the industry’s problems with the banks.
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‘Is Eligible MSMEs ignored in Railway Tenders? Despite the government’s clear instruction to follow the mandatory 20% procurement policy from the Micro, Small and Medium Enterprises (MSMEs), some of the big departments like Railways are allegedly flouting the norms ignoring repeated requests made by the small entrepreneurs to include them in the tenders for which they are fully entitled and qualified.
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GIZ supports setting-up of new incubators in tier II-III cities to boost innovation in MSMEs With an endeavour to promote innovation amongst MSMEs in the country, GIZ, the German Agency for International Cooperation, is supporting the set-up of new incubators in Tier II and Tier III cities by providing capacity building, mentoring and handholding the organizations interested in setting up an incubator.
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Uttarakhand has always been a victim of political instability, say MSMEs As the Congress is set to return to power in Uttarakhand with the Centre acknowledging that Harish Rawat had won a trust vote held yesterday, the MSME sector in the state feels that despite a good environment for doing business, the political uncertainty takes a toll, to some extent, on the local industries as well.
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Chhattisgarh MSMEs welcome relaxation of labour norms; say the move would end ‘Inspector Raj’ The Chhattisgarh Government has relaxed the labour laws in the state, a move that would help the Micro, Small and Medium Enterprises (MSMEs) elude the regular inspection from labour department officials.
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East Delhi MSMEs upset over 10 times hike in property tax; threaten to agitate, approach the court The micro, small and medium enterprises (MSMEs) in the national capital are upset over the increase in property tax by almost 10 times at the industrial areas in East Delhi and are ready to move court against the notification issued by the Municipal Corporations in this regard.
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Haryana Govt to provide financial assistance of up to Rs 25 lk to MSMEs for patents The MSMEs from across sectors including steel and textile are expecting transparency through the new web portal launched by the government on coal allocation and monitoring system. Gandhi Sircar, Executive Director, Steel Re-Rolling Mills’ Association of India told KNN, “Web Portal for distribution of coal by State Nominated Agencies (SNA) is a right step in Coal Business Domain.”
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‘Creating and protecting trademarks can transform MSMEs into MNCs’ MSMEs must take advantage of the Madrid Protocol and protect trademarks of their products and services in 97 member countries by filing a single application in the Indian patent office, said O.P. Gupta, Controller General of Patents, Designs & Trade Marks & Registrar of Geographical Indications.
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| Sectors |
Cabinet approves National Intellectual Property Rights Policy In a move that would weave in strengths of the corporate entities including MSMEs, the Union Cabinet yesterday approved the National Intellectual Property Rights (IPR) Policy that will lay the future roadmap for intellectual property in India. The Policy recognises the abundance of creative and innovative energies that flow in India, and the need to tap into and channelise these energies towards a better and brighter future for all.
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CCEA approves development of 8/6 laning of Delhi-Meerut Expressway In a move that would benefit the frequent commuters on Delhi-Meerut road, the Cabinet Committee on Economic Affairs has approved for development of 8/6 laning of Delhi-Meerut Expressway – Package-II – Uttar Pradesh Border to Dasna Section of NH-24 in Uttar Pradesh.
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NIESBUD organizing programme to help become govt certified commercial dairy farming consultant Keeping in view the immense opportunities available in Commercial Dairy Farming Business and lack of trained Consultants and entrepreneurs in this field, the National Institute for Entrepreneurship and Small Business Development (NIESBUD) has designed special two days Training Programme on “Be A Government Certified Commercial Dairy Farming Consultant”.
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MP Govt invites industries to set up units in Electronics Manufacturing Clusters in state Madhya Pradesh Government has invited the industries for setting up units in the Electronics Manufacturing Clusters in the state. With a special focus on promoting Electronic System Design & Manufacturing (ESDM) sector, the state is setting up Electronics Manufacturing Clusters in Bhopal and Jabalpur measuring completion.
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Transport Ministry sets up committee to frame policy for taxi operators The Ministry of Road Transport and Highways has constituted a three member committee to prepare a policy framework for taxi and other transport operators. The move comes after the Supreme Court’s order dated 15th December 2015 and directions of EPCA dated 29th April 2016 banning diesel taxis in the NCR leading to protest by taxi drivers across the national capital.
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DIPP working to bring down timeframe for issuing First Examination Report for patents The Department of Industrial Policy and Promotions (DIPP) is aiming to reduce the time taken to issue the First Examination Report (FER) from 5-7 years to less than 2 years, Deputy Controller of Patents & Designs A T Patre told KNN.
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FISME stresses on crucial role of MSME Association for success of the National SC/ST Hub FISME, the national federation of MSMEs of India, has recently submitted an elaborate note to the Ministry of MSME on constitution and operation of National SC/ST Hub.
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‘Make’ procedure under new DPP has been simplified The ‘Make’ Procedure in the new Defence Procurement Policy 2016 has been simplified with provisions for earmarking projects not exceeding development cost of Rs.10 crore (Government funded) and Rs.3 crore (industry funded) for MSMEs, Minister of State for Defence Rao Inderjit Singh has said.
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Dumping of bulk drugs hitting domestic industry, says Parliamentary Consultative Committee Dumping of bulk drugs by other countries is causing problems to the domestic industry, said P. Goverdhan Reddy, a Rajya Sabha MP and Member of Consultative Committee attached to the Ministry of Commerce on the subject of ‘Implementation of Trade Facilitation Agreement.
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| STATES |
Industrial production of MSMEs plunged to 25% in drought hit Kutch Kutch is one of the areas in the country facing the high scarcity of water. As a result of this, the Gujarat Ministers’ Sub-Committee for Drought Relief, at its meeting chaired by Chief Minister Anandiben Patel here today, declared 121 villages in seven talukas of Kutch, Jamnagar and Banaskantha districts as drought-hit.
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Microsoft joins hands with TANSTIA to accelerate SMBs with modern Windows 10 devices Microsoft and Tamil Nadu Small and Tiny Industries Association (TANSTIA) have come together to provide a range of modern business devices powered by Windows 10 Pro, to support the growth of Small and Medium Businesses (SMBs) in the state.
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J&K was not making much use of various schemes of MSME Ministry: Kalraj Mishra Union MSME Minister Kalraj Mishra, who was in Srinagar on Sunday, said that Jammu & Kashmir was not making much use of various schemes of the Ministry and asked the state government to come up with more proposals so that more assistance could be given.
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Maharashtra Govt along with SIDBI & LIC floats Rs 200 cr VC fund for MSMEs Maharashtra government and Small Industries Development Bank of India (SIDBI) have floated a venture capital with a fund size of Rs 200 crore to ensure credit availability for the MSMEs in the state.
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| FEATURE |
GIZ India calls for start-ups in Energy Sector to be a part of bootcamp in Germany Giving a platform to the start-ups from India and Germany in the Energy Sector to interact with the corporates, mentors, technology experts, and other key stakeholders on how to develop their products and services, GIZ India is organizing a bootcamp in Berlin, Germany in July, 2016.
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Cochin to host International Bunker Trade meet on Friday The third annual international bunker meet “Destination Cochin” hosted by Cochin Port will be held on Friday. The Cochin Port has been focusing on bunker trade for the last three years and has registered 47% growth in this trade in FY 2015-16.
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India hopes that recent U.S. trade restrictive measures would be removed: Commerce Ministry India hopes that the United States will constructively engage with India to address its concerns regarding recent U.S. measures which impair the ability of both U.S. based Indian companies and Indian professionals to supply services in the U.S, Ministry of Commerce & Industry today said in a release.
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US manufacturers want India to remove trade barriers to boost investment The National Association of Manufacturers (NAM) of United States has urged the Commerce Department of the country to discuss with India the issues pertaining to trade barriers so that the American companies can invest more in the country’s growing market.
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| GLOBAL |
Cleaning up the mighty Ganga To explain it too simplistically, if you shut off all pollution at source, like you shut off a tap, in flowing waters like a river, the river will cleanse itself in say a couple of weeks. Unlike the static waters of a lake which must be treated and quality restored, flowing waters need you to only stop polluting for the fresh charge of water to flush out the pollutants.
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HDFC Bank has come out with a unique way to help the micro women entrepreneurs from rural areas repay the loans. The bank is conducting a capacity building training programmes in villages across the state teach different skills to the women entrepreneurs in order to help them become financially independent.
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