Tag: MSME

GAME, BFSI News, ET BFSI

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New Delhi: To overcome the job crisis and tackle the economic challenges facing the country, it needs to exponentially increase the number of job creators — and this would entail more robust participation of the MSME sector which is the hotbed for entrepreneurship in India, asserted Madan Padaki, co-founder, Global Alliance for Mass Entrepreneurship (GAME) today.

To unlock the potential of youth entrepreneurship, India needs to nurture an entrepreneurial mindset, map career pathways based on skills, passion and opportunities, design structured internship models, enable access to financing and build structured mentoring programs, Padaki said.

Coinciding with World Entrepreneurs’ Day, (GAME) and YuWaah!, a UNICEF-initiated multi-stakeholder global platform had hosted the Youth Entrepreneurship (YE) summit. The aim of the meet was to build collaborations and partnerships to fuel youth entrepreneurship as a viable and aspirational career path.

The event also marked the official launch of the joint taskforce’s Youth Entrepreneurship program – ‘Yuvoudhyami’.

As an ecosystem facilitator, GAME plans to expand knowledge and learning through increased collaboration amongst individuals/institutions in the youth entrepreneurship space.

We can create impact at scale only when there is a collaborative, structured and consistent effort, padaki added.

GAME has also partnered with Head Held High (HHH) Foundation to work with rural young women in Karnataka, providing them training in key skill areas, and nurturing opportunities for them to explore entrepreneurial ideas at the village/taluk level.

Entrepreneurship is one of the most important conversations in the current ecosystem, but the real challenge is to create local heroes,” said Mohammad Azhar, Lead – Government Initiatives, Villgro, one of the panellists at the programme.

Lauding the Student Startup and Innovation Policy (SSIP), M Nagarajan, IAS, Director – Higher Education Dept, Govt of Gujarat and ED – iHub, stated that it’s very important to instil entrepreneurial thinking at a young age so that t becomes a career of choice at the age of 15,16,17 for youth to help push their entrepreneurial journey. “Sandbox in colleges and teachers are mentoring and supporting them taking the idea to the market. This policy makes it reach mass scale,” he said.



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Jitendra Singh, BFSI News, ET BFSI

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NEW DELHI: Supported by competitive and cutting-edge technology, the Micro, Small, and Medium Enterprises (MSME) will be the foundation for bigger industries in India, Union Minister Jitendra Singh said on Thursday.

“New business enterprises are heavily dependent on scientific technology and for the industry and also the big and small enterprises to realise their optimum utilisation in contemporary India, not only scientific applications but also scientific temper and scientific attitude will be essential for success,” he said in his keynote address at the 7th India International MSME Expo Summits 2021 here, according to an official statement.

He also asked the scientific community to share successful R&D outcomes with the industries and corporate houses.

Noting that MSME Ministry has set a target to enhance its contribution to GDP up to 50 per cent by 2025 as India becomes a $5 trillion economy, he said: “With around 36.1 million units, MSMEs contribute around 6.11 per cent of the manufacturing GDP and 24.63 per cent of the GDP from service activities. Moreover, it is the second largest employment generating sector after agriculture as it provides employment to around 120 million persons in India.”

With low investment requirements, operational flexibility, and the capacity to develop appropriate indigenous technology, small and medium enterprises have the power to propel India to new heights, he said.

Referring to the huge unexplored business opportunities in bamboo sector, the Minister said that Prime Minister Narendra Modi‘s decision to exempt home-grown bamboo from the purview of the Indian Forest Act has helped in bringing ease of doing business in the sector for the young entrepreneurs.

He said that the increase in import duty on bamboo sticks/agarbatti from 10 per cent to 25 per cent, has given a huge boost to domestic Agarbatti manufacturing as nearly 5-6,000 crore Agarbattis were imported every year from countries like South Korea, Vietnam, and China. “But there has been no import of raw batti since September 2019 and local bamboo produce is being used for this,” he added.

The Minister said many agri start-ups, through suitable use of science and technology, are not only providing lucrative livelihood for themselves but also for their peers. On the call given by Modi for doubling the farmer’s income by 2022, he said that the focus of agricultural and allied sectors, and researchers “should be on productivity rather than production”.



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

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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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Inclusion of traders, retailers as MSMEs to improve ease of doing business, BFSI News, ET BFSI

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By: Gaurav Mohan

The Micro, Small and Medium Enterprises (MSME) sector in India has emerged as a highly vibrant and dynamic sector of the Indian economy over the last five decades.

It not only plays a crucial role in providing large scale employment opportunities at comparatively lower capital cost than large industries but also help in industrialization of rural & backward areas and in reducing regional imbalances, assuring more equitable distribution of national income and wealth.

MSMEs are complementary to large scale industries such as ancillary units and this sector contributes enormously to the socio-economic development of the country.

MSME Act

The Micro; Small and Medium Enterprises Development (MSMED) Act was notified in 2006 by the MSME Ministry to address policy issues affecting MSMEs as well as the coverage and investment ceiling of the sector.

The Minister of MSME and Road Transport had announced the inclusion of Retail and Wholesale traders as Micro, Small and Medium Enterprise (MSMEs). This move by the Government is expected to benefit over 2.5 crore retail and wholesale traders in a positive way..

In 2020, the Government of India had launched Atma Nirbhar Bharat Abhiyan (ABA) and also changed the MSMEs classification by inserting composite criteria of both investment and annual turnover. Also, the distinction between the manufacturing and the services sectors under the MSME definition was removed in year 2020.The following is the current MSMEs classification, where the investment or annual turnover are to be considered for deciding an MSMEs:

 Micro enterprises-where the investment in plant and machinery or equipment does not exceed one crore rupees and turnover does not exceed five crore rupees;

 Small enterprises-where the investment in plant and machinery or equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees; and

 Medium enterprise- where the investment in plant and machinery or equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees

If any enterprise crosses the ceiling limits specified for its present category in either of the two criteria of investment or turnover, it will cease to exist in that category and be placed in the next higher category but no enterprise shall be placed in the lower category unless it goes below the ceiling limits specified for its present category in both the criteria of investment as well as turnover.

Thereby it can be said that wef July 1, 2020 above limits would be equally applicable for every entity in the service sector, so as to establish the eligibility criteria under MSMEs laws.

Inclusion of traders, retailers in MSMEs

Earlier in the year 2017, the Government had removed retail and wholesale traders from the MSMEs category. Thereby the existing definition of MSMEs covers only Manufacturing and Service Sector enterprises. Government of India received many requests and representations to include more services provided by wholesales & retailers under the regime of MSMEs to give support to their businesses, especially during the pandemic crisis.

The Ministry of MSME wide Office Memorandum dated- July 2, 2021 had issued an order to include retail and wholesale trade as MSME. This will enable them to harness the benefit of priority sector lending, and they will now be able to register on the Udyam Registration Portal. To be specific, now from 02.07.2021follwing additional services are being added to this list eligible for MSME:

 Wholesale and retail trade and repairs for services related to motor vehicle and motorcycles

 Wholesale trade except of services related to motor vehicles and motorcycles

 Retail Trade Except of services related to Motor Vehicles and motorcycles

MSME tag benefits

This move to include more services in MSMEs would be of great benefit to wholesalers and retailers, few of which are listed below:

 Benefit from various schemes issued by Government of India in order to help them to access to the funds available and manage the pandemic situation & financials crisis such as:

 Cap of Rs. 500 crores of loan outstanding removed.

 100 % guarantee cover on loans up to Rs. 2 crores.

 ECLGS scheme expansion.

 Benefits of RBI restructuring.

 The Udyam portal is a free, paperless online and instant registration portal for MSME and now retail & wholesale traders can register on it and can become eligible for many more benefits available to MSME Sector like-

 Concessional loan rate by bank.

 Concession in Electricity bills

 Exemption in direct tax & indirect tax laws.

 Various COVID-19 relaxations related to business and taxation.

 To take benefits of Emergency Credit Line Guarantee Scheme (ELCGS), the total budget has now been increased to INR 4.5 lakhs crore by Finance Ministry on June 28, 2021 to provide relief to MSMEs affected by the second wave of COVID-19.

 More than 400 old customs duty exemptions granted this year.

 Nationalised exemptions on import of duty free items as an incentive to exporters of garments, leather & handicraft items. Most of these are manufactured by MSMEs entities.

 Reduced compliance burden and limit increased for tax audits from INR 5 crores to INR 10 crores.

Such benefits would definitely help the registered Wholesale & Retail traders to stand up in the Indian Economy during the COID-19 Pandemic crisis situation & now they will be governed by MSME’s regulations issued by MSME Ministry for MSMEs.

Conclusion

COVID-19 pandemic affected traders will now be able to restore their businesses by obtaining necessary finances from the banks which were earlier denied by the Banks which will boost the Indian Economy in a positive way.

Taking into consideration the situation of COVID-19 in India, MSME Ministry should increase the limit of Annual turnover & Investments so that more service providers can get registered as MSMEs and can get relief with loss in second COVID-19 wave & expected upcoming waves.

About the Author: Gaurav Mohan is CEO at AMRG & Associates.

Disclaimer: The views expressed are solely of the authors and ETCFO.com does not necessarily subscribe to it. ETCFO.com shall not be responsible for any damage caused to any person/organisation directly or indirectly.



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Central Bank of India identifies 350 branches in coastal areas for aqua financing, BFSI News, ET BFSI

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Central Bank of India will expand its agri-loan portfolio through aqua financing and has identified around 350 branches in coastal areas to cater to such loans in the rural areas.

“We are now moving onto the agri related industries like processing. In coastal areas, we have identified around 350 branches where we are bringing only aqua financing from the rural centres,” M V Rao, MD & CEO, Central Bank of India, said in earnings call with analysts post June 2021 quarter results of the bank.

Rao said the bank is segregating how to diversify the agri portfolio.

Central Bank will use its own financing for this kind of diversification on the agri and agri processing industries, horticulture industries and aqua based industry, he said.

On the mandated priority sector loans, the loans to the targeted sector were higher than the stipulated, the bank said.

Regarding total priority sector lending of 40 per cent, the bank was at 43.76 per cent, he said.

Agriculture sector was 19.74 per cent against a target of 18 per cent, while for lending to small and marginal farmers, the bank was at 10.70 per cent against a target of 8 per cent, Rao added.

The state-owned lender will also rebalance its credit book with 70 per cent of the overall lending to the RAM segment (retail, agri and MSME).

“Going forward, we will be rebalancing our credit book with 70/30 that is 70 per cent (of the loan book) will be RAM and 30 per cent will be corporate.

“So our RAM, which was 62.03 per cent in June 2020, now it has gone up to 65.41 per cent. Further reduction in the corporate (loan) happened because of the technical write-off done in the month of March,” he said.

The lender said it also entered into co-lending agreements last month with three NBFCs to expand lending in the housing and MSME sectors.

The bank also sees opportunity in lending to the trader community, which was recently brought under priority sector by the government.

In July, MSME minister Nitin Gadkari had announced to bring retail and wholesale traders under the priority sector lending.

“So with the ministry recently announcing to bring traders under priority sector, we feel that opportunity is there in the trading (segment),” Rao said.



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PSU banks report fourfold jump in MSME slippages in Q1, BFSI News, ET BFSI

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Public sector banks have reported sharp slippages in their micro, small, medium enterprises (MSME) loans during the first quarter when the Covid restrictions kept the economy subdued.

The fresh slippages of all public sector banks jumped more than four times to Rs 53,914 crore in Q1FY22 from Rs 13,188 crore in Q1FY21. SBI, PNB, Union Bank of India, Bank of Baroda and Canara Bank accounted for 75 per cent of the total slippages in the April-June quarter.

State Bank of India‘s fresh slippages rose more than four times to Rs 15,666 crore in the first quarter, of which 40%, or Rs 6,416 crore came from the MSME sector.

Nearly 59 per cent of Indian Bank’s fresh slippage in the first quarter at Rs 4,204 crore came from the MSME sector while for Canara Bank, they were 58 per cent of the total slippage of Rs 4,253 crore during the first quarter.

The Reserve Bank take

During the monetary policy review earlier this month, the Reserve Bank had allayed the fears of lenders about the rising delinquency levels among small business loan borrowers, who are hit hard by the Covid second wave, saying the numbers are not alarming yet. 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.

‘No crisis’

RBI Deputy Governor Mukesh Jain said there is no crisis now on this front, as the stress level among small business borrowers are not very high, even though slippages and loan restructuring are rising of late. The situation is not very bad as many accounts are going in for restructuring under the Covid package version 2 announced in May, which allowed crisis-ridden borrowers to opt for up to two years of the moratorium, he said. “Yes, there is a visible increase in slippages among MSME borrowers, but the quantum of slippages has not reached an alarming level” Jain said.

“We are constantly monitoring all the regulated entities, particularly banks and large NBFCs to check their asset quality. Our stress tests also prove that there is nothing alarming as of now,” he added. A July 28, 2021, report by Sidbi-Cibil said the NPA levels among MSME borrowers have surged to 12.6 per cent in the March 2021 quarter, from 12 per cent in December 2020, while loans to them have jumped to Rs 9.5 lakh crore in FY21 from Rs 6.8 lakh crore in FY20.



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Indian Bank launches MSME mentoring programme in West Bengal, BFSI News, ET BFSI

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Kolkata, Indian Bank on Thursday announced the launch of its flagship Business Mentoring Programme ‘MSME Prerana’ in West Bengal. MSME Prerana is a unique and innovative business mentoring programme in collaboration with Poornatha and Co. to empower MSME entrepreneurs in driving business more efficiently by optimizing value and capacity, Indian bank said in a statement.

The programme will be in the local language of the state which is Bengali.

‘MSME Prerana’ has been launched with an aim to develop managerial and financial capabilities of MSME entrepreneurs besides creating awareness on various initiatives taken by Union and state governments and other regulators.

The bank said it has provided financial support to 20 lakh MSMEs with credit exposure of over Rs 70,170 crore.

Indian Bank, with 598 branches in the state, had an exposure of Rs 8,566 crore to MSMEs as on March 21.

It posted a growth of 27.64 per cent in the MSME portfolio on a year-on-year basis in the state and is confident to continue the momentum in the current fiscal.

The bank has developed 28 MSME Cluster schemes for providing financial support at very competitive rates of interest and terms to various sectors.



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MSME lending: U GRO Capital aims ₹20,000 crore AUM by 2025

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U GRO Capital, a digital first NBFC focused on MSME lending, aims to achieve assets under management (AUM) of ₹20,000 crore by 2025, its Chairman and Managing Director, Shachindra Nath, said.

This NBFC, already listed in the BSE, was added to the National Stock Exchange on Wednesday.

“The second wave of Covid-19 did impact us. However, we will still more than double our AUM this fiscal going by our current rate. Our aspiration is to take about 1 per cent market share of outstanding MSME credits in India by opening around 270 branches in the next few years,” Nath told BusinessLine.

The company had achieved an AUM of ₹1,561 crore as of July end this year, against ₹1,375 crore as of June 30, 2021 and ₹847 crore as of June 30 last year. U GRO Capital currently has 34 branches, and it aims to hit 100 by the end of FY’2021-22.

Cumulative disbursement has crossed ₹3,000 crore and monthly disbursal crossed ₹250 crore in July 2021.

Also see: Public sector banks report sharp slippages in MSME loans in Q1

U GRO Capital was instituted in the year 2017 by Shachindra Nath, with the buyout of Chokhani Securities Limited. This was followed by its recapitalisation and rebranding with a tech enabled business lending model. This company has raised about ₹920 crore of capital from a diversified set of institutional investors like private equity funds and family offices.

Partnership with SBI

Nath added that U GRO Capital will soon go live with its co-lending partnership with State Bank of India. “We are already live with our co-lending partnership with Bank of Baroda. We will soon go live with SBI and may also enter into a co-lending agreement with one more public sector bank this fiscal,” he said.

For the first quarter ended June 30, U GRO Capital recorded a profit after tax of ₹1.75 crore on a total income of ₹51.3 crore. The company had recorded a PAT of ₹1.55 crore on a total income of ₹48.7 crore in the previous quarter (Jan-March 2021). On a year-on-year basis, the company recorded a net profit of ₹3.73 crore on a total income of ₹30.78 crore in same quarter last fiscal.

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Sidbi launches various MSME cluster development focused initiatives, BFSI News, ET BFSI

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NEW DELHI: Small Industries Development Bank of India (SIDBI) on Monday said it has launched various micro, small and medium enterprises (MSMEs) cluster development focussed initiatives.

SIDBI has been supporting MSMEs through its focused cluster development initiatives such as support for technology upgradation/modernisation, skilling/re-skilling/up-skilling and market linkages.

The cluster development strategy of SIDBI has gradually evolved over a period of time and it now caters to over 600 MSME clusters through its offices and supports the entire value chain (Micro Finance, Missing Middle and Small and Medium Enterprises), the financial institution said in a statement.

Some of the unique engagements in clusters include EU Switch Asia in 18 clusters of 9 states, cluster outreach programmes followed by setting up of Project Management Unit (PMU) in 11 states with thrust on clusters and state cooperation, State Rural Livelihood Missions (SRLM), Artisanal Cluster and Engagement in One District One Product (ODOP) districts of Uttar Pradesh, it said.

The principal financial institution engaged in the promotion, financing and development of MSMEs has been regularly bringing publication, policy papers etc on MSME development.

Financial Services Secretary Debasish Panda launched the first information series titled as ‘Diagnostic Mapping of Cluster- Charting the Path ahead through Intervention’. Additional Secretary in Department of Financial Services (DFS) Pankaj Jain and Joint Secretary in DFS Madnesh Kumar Mishra were also present on the occasion.

The book marks the commencement of focussed attention of SIDBI on clustering strategy aimed towards building and supporting sustainable growth of MSMEs. “It compiles the findings that emerged out of diagnostic studies in 30 clusters. It contains recommendations and action plan for financial and non-financial issues, interventions suggested at the policy, cluster and unit level,” it said.

SIDBI is geared up to undertake diagnostics of 100 clusters and plan engagement in 15 clusters. On this occasion, SIDBI Chairman and Managing Director S Ramann said, the financial institution has identified a multi-pronged strategy to impact local, regional, national and global value chain through MSE clusters.

“We are giving a thrust to hard infrastructure support to state governments. DFS and Reserve Bank of India have supported us in setting up the SIDBI Cluster Development Fund,” Ramann said.

The soft infrastructure engagement shall complement the hard infrastructure, he said. “In line with cluster experts we have initiated the mapping exercise of 100 clusters such that the implementation by SIDBI and other institutions can lead to sustainable growth of clusters,” he said.

Since the typology of cluster development generally involves hard and soft infrastructure aspects, to address the soft infrastructure aspects, SIDBI has launched the Business Development Services intervention programme in 5 Clusters (Tourism Cluster – Jammu & Kashmir; Delhi-NCR Innovation Cluster; Jodhpur Wood Furniture Cluster, Sambalpur Textile Cluster, Chennai Leather Cluster).

The holistic aim of the intervention is to strengthen Clusters to evolve as model Clusters and also to increase MSMEs’ access to services thus rising up the value chain.



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HDFC Bank to hire 500 more to expand MSME coverage, BFSI News, ET BFSI

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Country’s largest private sector lender HDFC Bank, which has a focus on the MSME sector, is hiring 500 more relationship managers this fiscal as the bank is expanding its coverage to 575 districts, a senior banker has said. The headcount addition will take the bank’s Micro, Small and Medium Enterprises (MSME) vertical strength to 2,500. As of June end, the HDFC Bank’s employee strength stood around 1.23 lakh.

The bank’s MSME vertical covers 545 districts now with dedicated relationship managers and supervisors, which will be expanded to 575 districts or more by the end of this fiscal.

“As we are expanding our MSME footprint to 575 districts from 545 now, we are hiring over 500 more to the 2,000-strong headcount at the MSME vertical this fiscal year. This should take the overall headcount at the vertical to a little over 2,500,” Sumant Rampal, senior executive vice-president for business banking & healthcare finance, told PTI on Monday.

After reclassification and the resultant tagging of wholesaler and retailer loans under the MSME book, the bank closed the MSME book at Rs 2,01,833 crore in March 2021 quarter, marginally up from Rs 2,01,758 crore in December 2020, when it grew by over 30 per cent.

The government recently asked MSMEs to be re/de-classify themselves based on their turnover and get a Udhyam registration certificate.

The bank’s MSME portfolio is spread across sectors like textiles, fabrication, agri-processing, chemicals, consumer goods, hotels & restaurants, auto components, pharma and paper industry, and also include the entire selling chain ranging from wholesalers, retailers, distributors, stockists and supermarkets, Rampal said.

Rampal said the bank has been increasing its focus on the sector since the past two years, and the same only increased since the pandemic when the government opened a slew of measures to help small businesses tide over the crisis with the emergency credit line guarantee scheme (ECLGS) being the biggest booster helping it disburse 30 per cent more loans by December 2020, to Rs 2,01,758 crore.

Rampal said his team has already identified the districts for expansion. Though the bank has regular branches in these identified districts, MSME lending needs special focus based on their unique needs, he said.

He said of the over 5,500 branches, a little over 1,800 of them have more than 25 per cent of their loans coming in MSME accounts and 4,800 of them service this segment of customers.

Geographically speaking, the bank is present in 630 districts of which 545 districts now have special MSME counters.

Giving a break-up of the hiring, he said, of the total 500 planned additions, half will be for the small & medium sub-vertical, which already is a 975-strong team.

Though the RBI last Friday said there was nothing alarming about rise in MSME bad loans, a SIDBI-CIBIL report in late July said, the NPA levels among MSME borrowers surged to 12.6 per cent in the March 2021 quarter, up from 12 per cent in December 2020, while loans to them have jumped to Rs 9.5 lakh crore in FY21 from Rs 6.8 lakh crore in FY20.



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