Search Result for : Smes

The Dollar Business Bureau Due to lack of institutional finance support in the aftermath of Punjab National Bank (PNB)-Nirav Modi scam, along with value-added taxes introduced on gold purchases by Dubai, India’s gems and jewellery exports witnessed a decline of 11.13% in the month of February over a year ago. The country exported Rs.23,613.26 crore worth of gems and jewellery in February 2018, as compared to Rs.26569.49 crore in the same month last year, according to a data by the Gems and Jewellery Export Promotion Council (GJEPC). Following the PNB scam of Rs.13,600 crore by billionaire Nirav Modi and his uncle Mehul Choksi, both public and private sector banks have considerably reduced lending to the gems and jewellery sector. The worst hit by this are ...

The Dollar Business Bureau Apparel exporters’ body, Apparel Export Promotion Council (APEC) has welcomed the Government’s move to double the rates of incentives under the Merchandise Exports from India scheme (MEIS) for readymade garments and made-ups. Last week, the Directorate General of Foreign Trade (DGFT) has increased the rates for garments and made-ups to 4% from 2% of value of exports under the MEIS. The revised rates are effective from November 1. Commenting on development, AEPC Chairman Ashok G. Rajani said, “We welcome the increase in the rates of MEIS. The enhancement in the rates will help in the fulfilment of orders for the Christmas festival as it will result in easing the blocked capital. It will help in the mitigation of the ...

The Dollar Business Bureau Due to higher rates of Goods and Services Tax (GST) along with some other issues, the growth of capital good leasing sector, which is growing at 15-20% may get tapered, said the representative body-cum-self regulatory organisation for NBFCs, theFinance Industry Development Council (FIDC). The capital good leasing sector in India is estimated to be worth Rs.5500 crore. “The GST rate of 28% is high for the leasing industry when compared to the earlier 5-15% tax burden. Higher GST rates lead to requirement of higher working capital at any point of time. This results in increasing the cost of leasing an equipment,” Mahesh Thakkar, Director General, FIDC told PTI. He urged the Government to actively consider not putting the capital goods ...

The Dollar Business Bureau Textile industry of Gujarat is demanding imposition of heavy duty on the imports of fabrics from China in order to protect small and medium enterprises (SMEs) of the State. Apex trade body Southern Gujarat Chamber of Commerce and Industry (SGCCI) and Pandesara Weavers' Coooperative Society Ltd has submitted a representation to the Ministry of Commerce and to the Confederation of Indian Industries (CII) demanding an for imposition of import duty on the Chinese fabrics to safeguard the SMEs in Surat. SGCCI has raised apprehensions about the heavily under-invoiced fabrics import from China and said that the import has touched over Rs.5,500 crore in the past one year, but it could be more than Rs.10,000 crore. P M Shah, President, SGCCI said, “The Government of China provides ...

The Dollar Business Bureau  India’s export of ready-made garments registered a positive growth of only 8.06% in the month of May as compared to same month last year. Ready-made garment exports stood at $1605.37 million in May 2017 as compared to $1485.67 million in the same month last year. In terms of rupee, the exports were Rs.10342.55 crore in May this year as against Rs.9940.10 crore in May 2016, registering a growth of 4.05%, Apparel Export Promotion Council (AEPC) said in a release. “The decline in growth is attributed to two reasons. Though the exporters are happy with the new rates announced by the Government under the Goods and Services Tax (GST), they need to ensure compliance with the GST for input credit for the already existing stock on June 30 ...

Aamir H Kaki In order to cope with the cash crunch, exporters from various industries on Monday asked the Commerce and Industries Minister Nirmala Sitharaman to make a 10-fold hike in the weekly cash withdrawal limit of Rs.50,000 to be able to carry out certain business transactions, after the demonetisation of the old 500 and 1000 rupee notes. After her meeting with several export promotion councils, Commerce and Industry Minister Nirmala Sitharaman said, “The work in labour-intensive industries such as handloom and carpet, is dependent mainly on cash. Their demand is to raise the current limit of weekly withdrawal to Rs.3-4 lakh or even Rs.5 lakh.” On the given isssue, Raghunath Singh Rana, Chairman, Sports Goods Promotion Council (SGEPC), told The Dollar Business, ...

Sharath Chowdary With the increase in internet usage, online payment systems and rapid development in the telecom sector, the e-commerce business is flourishing globally. India is also witnessing a positive trend with favourable investment climate, incubators and start-ups. But, unfortunately the Small and medium-sized enterprises (SMEs) in the country are not participating actively in this growth story. “The retail showrooms are following the marketing style of online shopping portals and sending message alerts to the customers about their offers. The brick-and-mortar stores are facing pressure from the e-commerce firms. Slowly, the heat will come to SMEs also. Instead of viewing it as a threat, see it as an opportunity. This e-commerce platform provides a gateway to new avenues,” Telangana ITEC Secretary Jayesh Ranjan said. Jayesh Ranjan ...

Govt is making sincere efforts to promote MSMEs through programmes like SIDBI Make in India Soft Loan Fund for Micro Small and Medium Enterprises (SMILE), says G Sampath Kumar, General Manager, SIDBI Sai Nikesh D | The Dollar Business  P. Uday Kumar, Director (P&M), NSIC, N. K. Chari, Deputy Managing Director (COO), SBI, G Sampath Kumar, General Manager, Small Industries Development Bank of India(SIDBI), during GSW in Hyderabad on Tuesday   In line with government’s focus over small-scale enterprises and promoting start-ups, Global Start-up Workshop (GSW) is being held in Hyderabad between March 21-23, 2016. The event is being organized under the prime aegis of the Ministry of Micro Small and Medium Enterprises (MSMEs) with public sector units like National Small Industries Corporation ...