Tag: MSME department

MSME ministry to support local manufacturing of toys, BFSI News, ET BFSI

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Trichy: Aimed at encouraging production of toys locally, the development institute of Micro, Small and Medium Enterprises (MSME-DI) has reached out to the MSMEs associations in Trichy with financial and technical support. Under the design scheme, the interested MSMEs will be guided to master additive manufacturing (production using 3D printers) and reverse-engineering practices to design and produce even complex toys.

As constraints in designing and mass production of components were cited as the disadvantages of MSMEs in manufacturing toys, the Union MSME ministry has formulated the design scheme to offer expert advice and cost-effective solutions. Under the scheme, the National Institute of Technology (NIT) across the country will serve as the implementing agency and will offer technical support for the MSMEs to produce toys on a large-scale. “Subsidy for technical and machinery upgradation for producing toys will be provided by the Union ministry. NIT-Trichy will serve as the implementing agency to support local MSMEs,” S Dharmaselvan, joint director, MSME DI, said.

Cuddalore, Thanjavur, Coimbatore, Dharmapuri and Krishnagiri districts that already have toy manufacturing units can focus on the design scheme, while districts such as Trichy that have a robust MSME presence has opportunities for the existing MSMEs to diversify their presence using technical support from the educational institutes in the region.

“Prospects are high for the Trichy-based MSMEs to manufacture toys made of metal and plastic materials. We are planning a series of sensitisation drives involving the MSME department to encourage the MSMEs to make toys,” N Kanagasabapathy, chairman, Trichy Trade Centre, said. The local production of toys will also reduce the cost of the products that are being imported so far. Toy tricycle has been identified as one of the viable products to design and fabricate in Trichy. The price of locally made toys will be 40%-50% lower than the imported toys, MSMEs said.

The micro and small industries can avail 60% to 70% of the design intervention cost as subsidy. Financial support will be paid in three different stages till successful completion of the design.



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Indian Bank launches ‘MSME Prerana’ programme in Odisha, BFSI News, ET BFSI

Banking & Finance

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State-run Indian Bank has launched ‘MSME Prerana’, an online business- mentoring programme for MSME’s in Odisha. Developed in collaboration with Knowledge Partner, Poornatha & Co, the programme to be delivered in the local language, is aimed at empowering MSME entrepreneurs by improving their managerial and financial skills through web-based training spread over 12 sessions, the bank said in a release on Wednesday.

The initiative was launched by Union Finance Minister Nirmala Sitharaman at the bank’s corporate sector centre in Chennai in October last year.

As an effort to bridge the current skill gap among the entrepreneurs, this programme will be delivered in the local language with a focus on developing the MSMEs’ business, communication, HR and financial skillset that is necessary to conduct business professionally today.

“Our MSME department will extend all possible support to this tailor-made mentoring program and I call upon entrepreneurs to avail of all other financial benefits being extended by Indian Bank to support them in such challenging times,” Satyabrata Sahu, Principal Secretary, MSME Department, Odisha, said on Tuesday.

Odisha figures among the top states in terms of MSME units and such programmes will ensure further up-skilling of entrepreneurs, thereby empowering them to achieve greater success in their businesses, Sahu said.

Indian Bank has an extensive network of 207 branches in Odisha and aims to provide more assistance to MSME entrepreneurs from various industries like textiles, automobiles, food processing, chemical, and others, the release said.

Odisha accounts for nearly 5 per cent of the total MSME credit exposure of Indian Bank, and has witnessed a 39 per cent growth in FY 2020-21.

“We are excited to expand the ambit of the ‘MSME Prerana’ programme to our customers and budding entrepreneurs in Odisha. In addition to being addressed in the native Odia language, the programme is spread out over 12 sessions and can be easily accessed through online meeting-based applications,” said V V Shenoy, Executive Director, Indian Bank.



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‘E-pass on time helped MSMEs in lockdown’, BFSI News, ET BFSI

Personal Finance

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Kolkata: Timely issuance of e-pass helped the MSME sector to continue its operations uninterruptedly during the Covid-19 lockdown period, said Chandranath Sinha, state minister for department of micro, small and medium enterprise (MSME) and textiles.

Speaking at a semi-virtual session organised by the Bengal National Chamber of Commerce & Industry (BNCCI), the minister added that during the first and second wave of the Covid-19 pandemic, the MSME department left no stone unturned to boost the supply of PPE Kits, masks, gloves, sanitisers and oxygen cylinders.

He highlighted a number of strategic initiatives undertaken by the state government to facilitate ease of doing business amid a challenging environment.

In an attempt to protect the health and livelihood of labourers who work day and night to ensure the continuous operations of industrial units, the MSME department has made efforts to provide free vaccination to both permanent and contractual workers and other stakeholders in the sector, said Swaroop Udayakumar, director, Directorate of MSME and textiles.

The process issuing of pollution licence for MSMEs in West Bengal has been made online and the time period for the issuance of this licence has been reduced from 14 days to 72 hours to facilitate ease of doing business.

Moreover, a quasi-judicial forum called MSME Facilitation and Arbitration Council has been formed to allow MSMEs to file complaints if they fail to get payment from a buyer within 45 days, thereby helping them clear a backlog of payments. “In a matter of two hours, we settled almost 8-10 crores of arbitration claims,” Udayakumar added.

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The government and the central bank push to support MSMEs during the pandemic through credit measures like the emergency credit line guarantee scheme (ESLGS) saw lending to them jumping to Rs 9.5 lakh crore in the pandemic-hit FY21 from Rs 6.8 lakh crore in FY20, while the asset quality deteriorated to 12.6 per cent as of March 2021 from 12 per cent in December 2020.



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