Government keen to increase credit availability to MSMEs: Official
Live Events
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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
23 minutes ago
- Time of India
Indian tech entrepreneur Nagendra Dhanakeerthi recounts final hurdle before getting O-1A visa: 'Why do you think you are extraordinary?'
Indian tech entrepreneur Nagendra Dhanakeerthi has recently relocated to California on an O-1A visa which is reserved for "extraordinary" people in their fields. His relocation comes amid the Donald Trump administration's stricter rules for foreign nationals and a brewing discontent among the US tech workers over the H-1B visa, the program that allows US companies to hire foreign skills. Tired of too many ads? go ad free now But Nagendra is an O-1A and he recounted his last hurdle before getting the visa to the as being asked why he thinks he is extraordinary. The question is the visa's core requirement that the applicants have to be extraordinary in their field. "I was confident but at the same time you do hear a lot of rejections," Dhanakeerthi said. The Wall Street Journal report that detailed the the journey of the Indian techie from Bengaluru to California focuses on immigration in California and how it is necessary for California's growth. The reply that Nag gave that got him his extraordinary category visa was his ingenuity. "I shared how I've led teams across geographies and how the product I built got acquired by AI Squared,' he said. Dhanakeerthi was described as one of California's newest residents, whom his company paid a lot of money to get there. The Indian entrepreneur shifted to California from Bengaluru with his wife Sindhuja Ravichandran and their two daughters, as he found it difficult to work remotely. He was a co-founder of the AI startup and is now the chief technical officer after his company was acquired by a different venture. The WSJ report said that his company applied for a visa to relocate the CTO to California and the six-month process cost the company about $30,000. Darren Kimura, the CEO of the company AI Squared said he has a second visa applicant in India who is still navigating the O-1A application process. Kimura told WSJ that the second position is for chief customer officer, and it is a little difficult to define.
The Hindu
44 minutes ago
- The Hindu
Will manufacture and export but not sell weight-loss drug in India, Dr. Reddy's tells Delhi HC
Dr. Reddy's Laboratories Ltd. and OneSource Specialty Pharma have given an undertaking before the Delhi High Court that they will neither sell nor market Novo Nordisk's anti-obesity drug Wegovy within India pending the outcome of a patent infringement lawsuit filed by the Danish pharmaceutical giant. The case concerns an alleged violation of Novo Nordisk's patent on its diabetes medication, semaglutide. Dr. Reddy's and OneSource, represented by senior advocates Abhishek Manu Singhvi and Mukul Rohatgi, respectively, informed the court that while Dr. Reddy's has been granted a licence to manufacture the contested drug in December 2024 and began production in April 2025, Dr. Reddy's currently does not hold a licence to sell the drug in India. Dr. Reddy's and OneSource gave an assurance that they will will not sell the drug in India. However, the Indian parma companies said they reserve their right to export the drug in countries where Novo Nordisk has not been granted a patent yet. These submissions were formally taken on record by the court, and the counsel for two pharma companies confirmed that the undertaking would remain binding on the company until the next hearing. Appearing for Novo Nordisk, senior advocate Sandeep Sethi argued that under the Indian Patents Act, 1970, even exporting a product that infringes a patent constitutes an act of infringement. The court, in its May 29 order, said it will consider the submission of the parties on the next date of hearing, on August 19.
The Hindu
44 minutes ago
- The Hindu
India engages U.S. in plans to ‘grey list' Pakistan at FATF session
Foreign Secretary Vikram Misri, who was recently on a three-day visit to the U.S., engaged the American officials regarding the upcoming Financial Action Task Force (FATF) session, where India is expected to argue for grey listing Pakistan. According to the Ministry of External Affairs, Mr. Misri — during his visit from May 27-29 — met a number of officials, including U.S. Deputy Secretary of State Christopher Landau, and both sides focused on 'technology, trade and talent' as the pillars of the India-U.S. relationship. 'With Deputy Secretary of the Treasury Michael Faulkender, the Foreign Secretary discussed ways to deepen economic and financial ties, including collaboration in international financial institutions and coordination in the upcoming Financial Action Task Force (FATF) processes,' the MEA said in a statement about Mr. Misri's visit, carried out as a part of India's outreach to crucial partner countries following Operation Sindoor against terror targets in Pakistan. The next plenary meeting of the Financial Action Task Force (FATF) is expected to take place in June, where India is planning to push for the re-inclusion of Pakistan in its 'grey list' of countries that are subject to increased scrutiny. Also Read | India hopes U.S. will clear visas on merit The Hindu had earlier reported that the Government of India will also oppose further World Bank funding to Pakistan. India has been arguing that the security establishment of Pakistan has a direct link to terror outfits like the Lashkar-e-Taiba and Jaish-e-Mohammed that carry out cross-border terror attacks against Indian citizens, and that the terror link makes a compelling case to put all financial assistance to Pakistan under increased scrutiny. India has already made a round of submissions to the Monitoring Team of the 1267 Sanctions Committee of the UN Security Council earlier in May. India's campaign to squeeze Pakistan on the financial front is expected to intensify in the coming months. Mr. Misri's visit to the United States had additional diplomatic importance as U.S. President Donald Trump has been repeating that he used the trade card to bring the four-day military conflict between India and Pakistan to a pause on 10 May. He reiterated his contribution to the pause in India-Pakistan hostilities on Friday, saying, 'We stopped India and Pakistan from fighting. I believe that could have turned out into a nuclear disaster.' Mr. Misri reviewed the progress of the India-U.S. Bilateral Trade Agreement and cooperation in critical and emerging technologies during his meeting with Under Secretary of Commerce Jeffrey Kessler. The two officials agreed to convene the next meeting of the India-U.S. Strategic Trade Dialogue at the earliest opportunity. In Mr. Misri's meeting with Deputy Secretary of Defence Steve Feinberg and Under Secretary for Policy Elbridge Colby, both sides reiterated their commitment to a 'robust and forward-looking defense partnership'. 'Discussions focused on co-production and co-development initiatives, sustained joint military exercises, logistics and information-sharing frameworks, and enhancing interoperability between the armed forces,' the MEA said.
