Latest news on msme

Here are some of the latest news and updates on Micro, Small and Medium Enterprises (MSMEs):

Government Initiatives:

  1. PM SVANidhi Scheme: The government has launched a new scheme to provide financial assistance to street vendors, with a focus on MSMEs. The scheme aims to provide a one-time loan of up to ₹10,000 to street vendors.
  2. MSME Registration: The government has made it mandatory for all MSMEs to register themselves on the Udyog Aadhaar portal to avail benefits and subsidies.
  3. Credit Guarantee Scheme: The government has launched a credit guarantee scheme to provide collateral-free loans to MSMEs.

Economic Updates:

  1. GDP Growth: The Indian economy grew at 4.7% in the second quarter of 2022-23, driven by a rebound in MSMEs.
  2. Inflation: Inflation has been a concern for MSMEs, with the Consumer Price Index (CPI) rising to 7.4% in October 2022.
  3. Fiscal Deficit: The government's fiscal deficit has been rising, which may impact MSMEs' access to credit and funding.

Industry Trends:

  1. Digitalization: MSMEs are increasingly adopting digital technologies to improve efficiency and competitiveness.
  2. Sustainability: There is a growing focus on sustainability among MSMEs, with many adopting eco-friendly practices and products.
  3. Export Growth: India's exports have been growing, driven by MSMEs, with a focus on sectors like textiles, leather, and gems and jewelry.

Challenges:

  1. Access to Finance: MSMEs continue to face challenges in accessing finance, with many relying on informal sources of funding.
  2. Regulatory Compliance: MSMEs often struggle with regulatory compliance, with complex laws and procedures.
  3. Competition: MSMEs face intense competition from larger companies, making it difficult to scale and grow.

Recent Reports:

  1. MSMEs Contribute 29% to India's GDP: A report by the Ministry of MSMEs states that MSMEs contribute 29% to India's GDP.
  2. MSMEs Create 45% of Jobs: A report by the National Commission for Enterprises in the Unorganized Sector (NCEUS) states that MSMEs create 45% of jobs in India.
  3. MSMEs Face 50% Failure Rate: A report by the All India Manufacturers' Organization (AIMO) states that MSMEs face a 50% failure rate due to lack of funding and regulatory hurdles.

These are just a few of the latest news and updates on MSMEs. If you're looking for more information, I can try to provide you with some additional resources.