Amitabh Saran, the Chief Executive of Altigreen Propulsion Labs, and his team had a unique problem. They had to remove a film of deposit off their thin laminations. Every possible idea was thought of—scrubbing with a rag, washing, using a rust remover. Engineering head John Bangura did not endors…
Currency Ban Impact | Workers pay ‘cost of convenience’
The heart of India’s businesses lies with Small and Medium Enterprises (SMEs). Demonetization is a great reform for the long run but one that’s had a short-term blow for day-to-day functioning of small companies. One can argue whether these were operating in the right way or the wrong way, but th…
Food delivery start-up Swiggy posts 65 fold increase in losses
Bengaluru: Food delivery start-up Swiggy (Bundl Technologies Pvt. Ltd) posted a near 65-fold increase in losses for the fiscal year ended March 2016, indicating heavy cash burn and poor unit economics in food start-ups. Swiggy’s revenue rose to Rs 23.59 crore for the year ended 31 March from Rs 1…
Currency Ban Impact | Centre mulls over lenient rules on loan classification to alleviate SME stress
Given the stress in industry following the shortage of cash, banks may be allowed to classify loans as standard assets even if interest payments are overdue by more than 90 days. This forbearance by the central bank would be allowed particularly for companies in the Small and Medium Enterprise (S…
Currency Ban Impact | Textile & leather units feel the liquidity heat
The textile and leather sectors, major sources of employment, are facing heat from the Centre’s decision to demonetise the Rs 500 and Rs 1,000 currencies. Companies are not able to pay wages and so, people are staying away from factories. The other challenge, mainly for the unorganised sect…
Ease of Doing Business | Workshops to discuss framework for states’ rankings
The Commerce and Industry Ministry has started working on a new set of reforms for states that will help them improve their rankings in ease of doing business. “Department of Industrial Policy and Promotion (DIPP) in its efforts to improve business climate in states, has started preparing the nex…
Pathology chain Suraksha Diagnostics receives $40 mn from OrbiMed
Marquee healthcare OrbiMed investor is finalising about $40-million investment in Kolkata-based Suraksha Diagnostics, which operates a chain specialising in pathology and radiology services across the national capital region (NCR), Bihar and West Bengal. The investment deal is in the final stages…
Centre likely to curb FDI in Tobacco sector
The Cabinet will soon make a decision on an industry ministry proposal to put more curbs on Foreign Direct Investment (FDI) in the tobacco sector, aimed at further discouraging tobacco consumption to honour the country’s commitment to the World Health Organization (WHO). An early decision by the …
India start-up fest in London in 2017
Start-up entrepreneurs from India and the UK would assemble on the banks of the Thames in London in the spring of 2017 for the first such international fest organised by the government. As part of its ambitious Start-Up India Action Plan, the Prime Minister Narendra Modi-led government plans to h…
Fintech cos can now cash in on GST platform services
After receiving criticism from some financial services and fintech startups for not being able to offer services under the Goods and Services Tax (GST) regime, the GST Network has devised a strategy to rope in such companies as well without compromising the security of the system. GSTN, a not-for…