&w=3840&q=100)
Government keen to increase credit availability to MSMEs, says official
He said that MSMEs provide employment to 27 crore people and that is why the ministry keeps them in mind while making policies
The government wants to increase credit availability to micro, small and medium enterprises (MSMEs) and also improve them by enhancing technology, an official said on Friday.
Addressing CII's Annual General Meeting, Rajneesh, Additional Secretary and Development Commissioner, Ministry of MSME said India is the fourth largest economy today and would be the third-largest soon.
Rajneesh highlighted how MSMEs took a hit during COVID-19 but turned around very fast.
He said that MSMEs provide employment to 27 crore people and that is why the ministry keeps them in mind while making policies.
"We want to increase credit availability to MSMEs. This year Budget provided for providing credit cards to micro enterprises," he said adding MSME NPAs (bad loans) were less than 5 per cent in last five years as per RBI data.
He also highlighted the role of technology to improve MSMEs, suggesting that through use of technology issues between environment concerns and growth aspirations can be resolved.
Sunil Mathur, Managing Director and CEO of Siemens Ltd said, today average productivity level is 75 per cent in India whereas it is over 90 per cent in Europe and use of technology can help bridge this gap (productivity). He pointed that Indian MSMEs are dealing with challenges like access to market and finance.
Shreekant Somany, CMD Somany Ceramics said digitisation helps MSMEs reduce cost and improve operational efficiency and suggested that MSMEs find new ways for rating them properly so that they get required financial facilities.
"We must support MSME innovation hubs for improving quality of products to meet global standards," he said opining that regulatory compliance burden is heavy on MSMEs.
Deepak Jain, Chairman Lumax Group said MSMEs represent the true entrepreneurship spirit of India.
"We need to have very collaborative ecosystem... today ecosystems compete with each other, " he said citing example of China competing with other ecosystems globally. He stressed on the need to support MSMEs saying that supporting MSMEs should be a national competitive strategy.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
34 minutes ago
- Economic Times
Tariff troubles: Voters say Donald Trump's gone too far on trade as approval rating takes a serious hit
Donald Trump's approval rating is declining amid economic turmoil caused by his policies. Increased tariffs, trade wars, and rising prices have led to public frustration, particularly regarding the economy. Polls indicate significant disapproval of Trump's handling of trade, cost of living, and the overall economic situation, with a majority feeling he has gone too far with tariffs. Tired of too many ads? Remove Ads A Rocky Return to Office Economic Challenges Sparks Public Frustration Poll Numbers Show Deepening Disapproval of Donald Trump Tired of too many ads? Remove Ads Tariffs Emerge as Major Pain Point FAQs After months of economic chaos in the United States , triggered by steep tariffs, trade wars, and rising prices, more and more Americans are showing resistance against US president Donald Trump as his approval rating is slipping fast, especially when it comes to the economy, according to a return to office has been rocky, since March, approval for his job performance has steadily dropped, reported Yahoo News. In March, 50% of Americans disapproved of the job he was doing, compared to 44% who approved, as per Yahoo News/YouGov poll. By April, that gap widened to 11 points. Now, in late May, only 41% of Americans approve of how Trump is handling his role, while 54% disapprove, as per Yahoo News. It's one of the lowest ratings he's seen since the end of his first term, as per the READ: Is Tesla's robotaxi a long-term threat to Uber's business model? Wedbush Securities weighs in The economic fallout appears to be a major reason. Over the past few months, Trump has made headlines with tariffs as high as 145%, sparking retaliatory moves from global allies, confusing markets, and stressing small businesses, and for Americans, it's meant rising prices on the things they buy, according to Yahoo frustrations are showing up clearly in the numbers as Trump is now 19 points underwater on the economy overall, just 37% approve of how he's handling it, while 56% disapprove, as per the poll. On trade and tariffs specifically, only 35% approve, while 57% disapprove, a 22-point gap, reported Yahoo News. On the cost of living aspect, just 32% approve of how Trump is managing it, while 59% disapprove, putting him 27 points underwater on what matters most to many households, according to the compare, back in mid-2020, during the height of the COVID-19 crisis, Trump's economic approval averaged 49%, with 45% disapproving, reported Yahoo READ: Donald Trump's next targets for immigration crackdowns revealed—here's the list Americans are feeling the impact of his trade moves as 57% say Trump has 'gone too far' in raising tariffs on imported goods, while 51% say he's gone too far in cutting the federal workforce, 49% feel he's gone too far in arresting and deporting immigrants, as per the report. The poll also found that 45% think he has gone too far in investigating his political opponents, according to the report. While, only 4% of Americans say Trump's approach to raising tariffs has 'not gone far enough,' reported Yahoo sentiment is shifting how people see the economy, in April, 35% of independents rated the economy as 'poor,' as per the poll. Now, that number has jumped to 45% and while, overall, 72% of Americans now say the economy is either 'fair' or 'poor', just 25% call it 'excellent' or 'good', reported Yahoo 41% approve of his performance, while 54% disapprove, his worst numbers since late in his first most of the frustration is focused on rising costs, trade policy, and the general economic outlook, as per the survey.
Time of India
an hour ago
- Time of India
HR experts push for new norms for current needs
Lucknow: The Lucknow chapter of the National HRD Network (NHRDN) organised its annual conclave on the theme 'New HR and its Challenges' here on Saturday. Addressing the gathering, director general of NHRDN, Dhananjay Singh said, "India's youth joining the workforce today will face different challenges when they grow old, as by 2050, half the population of India will be 55 plus years. " A key speaker, Sandeep Girotra discussed how the centre of gravity of the Indian economy was shifting from big metros to tier-2 cities, which created the need for tailored management practices. "It is important to improvise as per the needs of the new generation rather than sticking to the principles," he said. Dr Kavita Pathak emphasised that the definition of success also changes with time, while secretary of NHRD, Manisha Seth said periodic deliberations were necessary for growth. Representatives from leading organisations such as NTPC, Tata Motors, TCS, HCL Tech, DCM Shriram, Accenture, Ashok Leyland, Reliance Jio, Bajaj Energy, Hindalco, SBI and Ultratech Cement also attended the event. The event also saw representation from institutes and organisations such as CII, LMA and IIA, among others. TNN
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
Oil companies cut commercial LPG price by ₹24; new rate effective June 1
Oil companies have reduced the price of 19 kg commercial LPG cylinders by ₹24, with the new rate taking effect from June 1. The revised retail price for a 19 kg commercial LPG cylinder is now ₹1,723.50. Earlier this year, on April 1, the price of commercial cylinders was lowered by ₹41. Oil firms adjust LPG rates regularly based on international crude oil prices and market conditions. There is no change in the cost of domestic LPG cylinders used for household cooking in this revision. Commercial LPG prices have seen a drop, but household cylinder rates remain stable. LPG prices vary from one state to another due to differences in local taxes and transportation costs. Despite being a small cut, the reduction provides some economic relief to businesses across the country. Most LPG use is domestic In India, about 90 per cent of LPG is consumed for cooking in homes, while the remaining 10 per cent is used in commercial, industrial, and automotive sectors. In March, the central government had raised the price of domestic LPG cylinders by ₹50. This move came after global crude oil prices rose following tariffs introduced by US President Donald Trump. Crude oil trends India's pricing policy for domestically produced natural gas links it to crude oil prices. It is set at 10 per cent of the average cost of the Indian crude basket. In May 2025, the average crude price dropped to $64.5 per barrel — the lowest seen in over three years. If crude oil prices remain stable around $65 per barrel, oil marketing companies are expected to see a 45 per cent reduction in their LPG-related losses in the financial year 2026. Over the past decade, the number of domestic LPG users in India has doubled. As of April 1, 2025, there are around 33 crore consumers.
