The incentives announced for the MSME sector in this year’s Budget, combined with the entire windfall from demonetisation, is expected to result in increased credit uptake and could take the form of a credit bank for start-ups. “Whether it will be in terms of an institutional formation such as a …
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Union Budget 2017 provides big boost to textiles sector; Here’s why
Higher fund allocation for labour skilling and end-to-end logistics solutions, including rail and coastal shipping last-mile connectivity, will help the country’s textile industry to achieve the $350-billion target in next few years as set by the union government, industry experts have said. Thou…
World Bank Group led initiative to help India’s MSMEs get faster access to credit
In India, the micro, small and medium enterprise sector plays a crucial role in the country’s economy. Almost 50 million such enterprises operate in various industries across India, employing over 100 million people. More than half of them are based in rural areas, while over 7 per cent of entrep…
Start-ups, FDI to be exempt from new tax on unlisted firms
Allaying investor fears over levy of long-term capital gains tax on share transfer in unlisted companies, the government on February 3 said the move is only to target ‘khoka’ companies and ‘genuine investments’ in startups and through FDI will be exempt. Revenue Secretary …
Budget 2017: Veterans & SMEs take on hits & misses
Finance Minister Arun Jaitley has come up with major sops in much awaited Budget 2017-18. Stumbling under the after-effects of demonetisation, SMEs especially had their fingers-crossed when the FM began with the announcements. The 2 hours ticked swiftly once the Minister began strongly positionin…
Post- Budget Tax Cut: State Bank plans scheme to revive SMEs
Close on the heels of the Union Budget proposal on a five percentage point cut in corporate tax to 25 per cent for businesses with a turnover of up to Rs 50 crore, State Bank of India (SBI), which accounts for almost half of the banking sector’s SME portfolio, said it is working on a scheme [&hel…
MSME Ministry receives 4.40 lakh applications seeking entrepreneurial assistance
The Union Ministry of Micro, Small and Medium Enterprises (MSMEs) received 4.40 lakh applications from entrepreneurs seeking assistance for setting up a business, Minister of State for MSME Haribhai Parthibhai Chaudhary said here on February 2nd. “I recently took a meeting of small entrepre…
Textile firms appreciate tax cut for MSMEs in Budget
Textile companies believe that tax reduction for micro, small and medium enterprises (MSMEs), that generate the maximum employment in the country, will help smaller retail entities and drive the growth engine. The abolition of FIPB (Foreign Investment Promotion Board) to ease the flow of FDI is a…
Budget has clear focus on Digital India, skilling: Start-ups
Hailing the Budget as progressive, unicorns and startups said the proposals have a clear focus on ‘Digital India’ and skilling. The attention to affordable housing and greater employment in rural areas are the right interventions to build a more equitable society, they said. “Th…
2 Bengaluru incubators among 6 chosen for NITI Aayog funding
Bengaluru: Two incubators from India’s Silicon Valley are among the six chosen by the NITI Aayog’s Atal Innovation Mission for scale-up support funding. The scheme aims to upgrade established incubation centres to world-class standards. The NS Raghavan Centre for Entrepreneurial Learning at the I…