As cotton prices shoot up to Rs. 5,800 a quintal, textile industry is reeling under severe pressure and facing scarcity of raw material. With a not-so-favourable export market and the increasing cost of operations, the industry has decided to declare a two-day production holiday every week in pro…
Government allows 100% FDI for online grocery startups
In a boost to retailers and grocery startups such as Bigbasket and Grofers, the government on June 20 allowed 100% FDI in food retail, including through e-commerce, provided such items are produced, processed or manufactured in the country. This will allow multi-brand retail giants such as Walmar…
No registration fee for Udyog Aadhar: Govt clarifies
The Government on June 20 clarified that there is no registration fee for filing Udyog Memorandum and it is the only form of registration for MSMEs in India, in view of complaints received regarding fee charged by certain agencies for facilitating the registration “It may be pointed out that fill…
NewsR.in launches Mobile-Friendly news portal
NewsR.in, the news portal covering India and Indian readers abroad, June 20 launches its new mobile-friendly service. Internet browsing via mobile devices such as smartphones and tablets is increasing year-on-year, and, as India’s premier news aggregator, NewsR.in has now optimised access to its…
Foodpanda automates order flow, eyes profits in next three years
Online food ordering platform Foodpanda, which was under fire for laying off over 300 employees earlier this year, has implemented a near complete automation of its order flow to become more operationally efficient with lower staff levels, a top company executive said. “The last six to eigh…
Investors say Angel Tax exemption will not benefit several startups
The government’s much-lauded decision to repeal the controversial ‘angel tax’ will not benefit several startups because of the riders attached in the new regulation, industry leaders said. ‘Angel tax’, or tax on investments in startups, was considered regressive by a…
New startups that meet government norms escape tax
New business entities, which meet the government-prescribed definition of ‘startups’, will no longer have to suffer the burden of ‘angel tax’. This will enable them to obtain investments from unregistered venture capital funds or high net worth individuals, without having …
Egypt seeks India’s help to learn the ropes of SME financing
In an attempt to bring financial sectors of two countries closer to the other Egypt’s Small and Medium Enterprises (SME) in the Egyptian Banking Institute (EBI) organised a visit of their experts to India this May to learn about experience in financing SMEs. The visit to India was in collab…
CII launches SME finance facilitation centre in Uttar Pradesh
CII (Confederation of Indian Industry) has launched the SME finance facilitation centre in Uttar Pradesh. The Micro, Small and Medium Enterprise (SME) sector is of critical importance in reviving growth. While the government has taken several measures to promote MSMEs, access to credit remains a …
Indian Industries Association sets up development centre for MSMEs in Lucknow
Indian Industries Association (IIA) has set up an IIA MSME Development Center (IMDC) at its head-office in Vibhuti Kand, Gomtinagar in Lucknow. Vikram Singh (Ex DGP UP) and a Pro- Chancellor, Noida International University who is a renowned speaker and trainer on man management team building, cri…