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Breaking down Covid’s impact on MSMEs: Demand, supply shocks that are determining issues for small firms

A major proportion of B2C SMEs operates in the informal sector, irrespective of their location. (Representative Image) By MH Bala Subrahmanya SMEs form one of the major pillars of the Indian economy is an established fact due to their immense contribution to employment, national income, and exports. Their contribution in terms of innovations is hardly …

Hospitality body FHRAI pleads PM Narendra Modi, others for fiscal measures to avoid ‘complete crumble’

According to FHRAI, the hotel industry’s total revenue in FY20 was Rs 1.82 lakh crore. (IE Image) Hotels and restaurants body Federation of Hotel & Restaurant Associations of India (FHRAI) in a representation to Prime Minister Narendra Modi has pleaded for special fiscal measures to rescue the hospitality industry from severe Covid impact. In the …

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Pre-packaged insolvency resolution under IBC for MSMEs: Challenges that may arise in implementation

The biggest issue that pre-pack schemes will face initially is that CD may not raise additional capital or debt from investors or banks. By Ashok Kumar Gulla The Pre-Package Insolvency Resolution Process (PPIRP) aims at revival of Micro, Small and Medium Enterprises (MSMEs) through submission of Base Resolution Plan along with the other data by …

Jewellery traders see big setback on Akshaya Tritiya, Eid due to lockdown impact on festive sales

In November 2019, the government had announced mandatory hallmarking of gold jewellery and artefacts from January 15, 2021. This was later extended till June 1, 2021, Jewellery traders across the country are set to suffer additional business losses amid the lockdown impact on festive sales during Akshaya Tritiya and Eid on Friday. According to the …

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Mid-sized engineering, procurement, construction firms to see 15% revenue growth this fiscal: Crisil

While the industrial capital expenditure was deferred and real estate projects had slowed last fiscal year, the commercial construction activity is likely to revive this year. Strong order books and better operational preparedness in the second year of the Covid will swell the top line for over 600 Crisil-rated mid-sized enterprises in the engineering, procurement, …

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BharatPe raises Rs 50-crore debt from Northern Arc

Bama Balakrishnan, COO, Northern Arc, said: “Northern Arc has worked towards extending credit to like-minded organisations such as BharatPe that enable financial access to small businesses and merchants across the country. BharatPe, the financial services company for merchants, on Monday said it has raised Rs 50 crore ($7 million) in debt from Chennai-based Northern Arc …

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Exports: Govt under active consultation for early finalisation of RoDTEP guidelines, rates: Piyush Goyal

The government had already stopped the Rebate of State and Central Taxes and Levies (RoSCTL) from January 1, 2021. The Department of Commerce and Department of Finance are under active consultation for early finalisation of the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme guidelines and remission rates for export items, Commerce Minister …

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Now MSMEs, others can file grievances on this portal for alleged violation of public procurement order

In September 2020, the government had amended the order to enable nodal ministries and departments to notify higher minimum local content requirements for local suppliers. Ease of Doing Business for MSMEs: Now there is a dedicated portal for MSMEs and other companies participating in government procurement to file grievances for alleged violation of Public Procurement …

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