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Mumbai, Feb 26 () All new floating rate loans given to medium enterprises will be linked with external benchmarks from April 1, according to the Reserve Bank of India.With respect to micro and small enterprises, floating rate loans are already linked with external benchmarks.In a circular issued on Wednesday, RBI said it has now been decided that all new floating rate loans to the medium enterprises extended by banks from April 1, 2020, "shall be linked to the external benchmarks".The move is aimed at further strengthening monetary policy transmission so that benefits of reduction in key lending rate (repo) can be passed on to medium enterprises also, the apex bank said.Floating rate personal and retail loans have already been linked to external benchmarks. RBI repo rate, treasury bill yields, and other market interest rate published by FBIL (Financial Benchmark India Private Ltd) are among the benchmarks.According to the RBI, subsequent to the introduction of an external benchmark system, the monetary policy transmission has improved in respect of the sectors where new floating rate loans have been linked to external benchmarks.Since February 2019, the RBI has reduced the repo rate or short term lending rate by 135 basis points. NKD CS ANUANU

Link floating rate loans for medium enterprises with external benchmarks: RBI to banks

<ul><li>In January 2021, there were 624 million internet users and 448 million social media users in India and the number is growing with every passing day. </li><li>More than 32.3% of the entire population in the country uses social media. </li><li>To not engage in <keyword id="618493" type="General" weightage="80" keywordseo="digital-marketing" source="Orion">digital marketing</keyword> today is to lose out on potential customers and revenues. </li><li> <keyword id="236532" type="General" weightage="20" keywordseo="arjun-nair" source="Orion">Arjun Nair</keyword>, Co-founder, <keyword id="6559242" type="General" weightage="20" keywordseo="great-learning" source="Orion">Great Learning</keyword> shares a few marketing tips for SMEs. </li></ul>Affordable internet and smartphones thanks to the ‘Jio’ revolution, followed by the pandemic-induced lockdown have led to unprecedented digital adoption in India. The biggest winners have been the social media platforms like Facebook, Twitter, Instagram and LinkedIn which have become our virtual spaces for meeting friends, sharing opinions and developing our worldview. Social media has not only enabled people to stay in touch but has also opened new avenues for marketers to target their potential customers. Considering the amount of time we all spend on social media, tools like Google Adwords, Facebook Ads, LinkedIn Ads and Twitter Ads understand our basic info, usage pattern, likes and dislikes extremely well and offer enormous capabilities to marketers to find and deliver the right messages to their target audiences. While large corporations have been leveraging these tools for years, it is time that SMEs up their game and learn how to market online. What makes digital marketing potent is its ability to target the right customers in cost-effective ways using deep analytics; something that SMEs with smaller markets can immensely benefit from. Digital Marketing provides them with an opportunity to launch personalized campaigns and tweak them at every stage based on the performance and insights, thus, making the effort meaningful and result-oriented. Here are a few digital marketing tips that can help SMEs make the most of their digital presence and accelerate business growth. Chalk out a digital marketing plan A well-defined digital marketing plan works towards fulfilling an organization’s marketing goals, provides a certain degree of protection and ensures efficient use of resources. In order to come up with compelling campaigns, it is imperative to build robust, data-rich digital marketing strategies based on specific marketing data points in reference to the target customer behavior. Personalization and automation can further fuel a campaign to make it impactful and effective to deliver the right messages to the right audience. Make the most of social media platforms <keyword id="6375845" type="General" weightage="20" keywordseo="small-and-medium-enterprises" source="Orion">Small and Medium Enterprises</keyword> have suffered a huge blow since the inception of the pandemic last year. In order to boost recovery with limited resources, many businesses have opted to go for social media marketing. Social media platforms not only help brands to advertise and promote their products but have also proven to be one of the best ways to build a good rapport with the target audience and create an organic community. It is essential to have a fair sense of one’s growth patterns, trends, and insights to post relevant content on social media. One has to keep a track of all ongoing social media activities as well and participate in trends in line with business ethos. Interactive and engaging content goes a long way in catching the user's eye on social media platforms. Implement SEO The foremost step to leverage digital marketing as a tool for any business is in-depth knowledge and integration of SEO or Search Engine Optimization. It deals with encompassing the keywords that will drive the business’ website higher in the search results of leading search engines like Google, Bing and more. SEO enhances the online visibility of your business and accumulates quality traffic for your business. Content is the king Content plays a key role in all forms of marketing, and digital marketing is no different. Hence, businesses must mark their presence on multiple digital platforms through creative and engaging content to interact with their existing customers and to get new customers interested in them. Sincere and continuous efforts must be put into creating content that showcases the values of the business in a creative, convincing and fun way keeping the TG in mind. Irrespective of the format, it is essential that the content businesses put out carries a clear message to their audience. Creativity and design should not overpower the primary goal of the post. Seek regular customer feedback and testimonials Customer feedback is as valuable as the customer itself. It not only helps in improving market position but also builds business ratings. Constructive feedback helps businesses in keeping a tab on their product flaws and work towards providing better quality services. Also, potential clients often look for credibility when it comes to engaging with a small business's offerings. This is where testimonials play a big role as they offer new customers a sense of security and proof of your expertise. In January 2021, there were 624 million internet users and 448 million social media users in India and the number is growing with every passing day. More than 32.3% of the entire population in the country uses social media. To not engage in digital marketing today is to lose out on potential customers and revenues. Using the right digital marketing techniques, tools and strategies, there is great potential for SMEs to grow their businesses to the next orbit. So go out and give it a try!

Great Learning's Co-founder shares top digital marketing tips for small and medium enterprises

Mumbai, Apr 19 () State Bank of India Chairman Rajnish Kumar on Sunday urged small and medium enterprises to act prudently and avoid over-leveraging during the current situation where there is a lot of uncertainty. Speaking at an event organised by FICCI Ladies Organisation (FLO) through video conferencing, Kumar said that if enterprises have some inherent weaknesses then they should not go for short-term borrowings. "In these uncertain situations, all businesses will need more working capital funds, which the banking system should provide, but prudence would also, at the same time, demand that over-leveraging even in these circumstances is avoidable as the money has to be repaid, and there is also an interest cost," Kumar said while speaking on the topic 'Rescuing the MSME sector post-COVID'. He, however, said that if having more working capital at this difficult time can help one bring back their business to normal within the next six months to one year, then they should go for it. Kumar warned that for businesses with fundamental flaws or inherent weakness, short-term borrowing is not advisable at this juncture. "Then it is advisable to go for a deeper restructuring because if people borrow for short term and are unable to repay on time, it will spoil their credit history," he said. He said banks are reassessing the working capital requirements for businesses on a case-to-case basis. Talking about providing liquidity support to non-banking financial companies (NBFCs), Kumar said the Reserve Bank of India (RBI) recently announced various measures such as targeted long-term repo operations (TLTRO 2.0) to help these shadow banking players meet their funding needs. "We are reaching out to them (NBFCs) and requesting them to give their cash budget. Based on that, whatever is their short-term liquidity requirement, we will support them," he said. The RBI had announced to conduct Rs 50,000 crore of TLTRO 2.0 in various tranches. The funds availed under TLTRO 2.0 will have to be invested in investment grade bonds, commercial paper, and non-convertible debentures of NBFCs, with at least 50 per cent of the total amount availed going to small and mid-sized NBFCs and MFIs. Kumar said banks can support NBFCs or MFIs by helping to issue bonds, which can be funded through TLTRO. "If MFIs are not eligible for bonds because they do not have the required investment grade ratings, then we may be comfortable giving loans to them on the basis of their credit history," he said. On the RBI's three-month moratorium for NBFCs, he said, "I think the glamour around the across-the-board moratorium for the financial intermediaries has to be properly understood." "We know that there is an impact on their (NBFCs) collections but there is an impact on their outflows as the disbursement is not as high as it used to be," Kumar said. He said his bank has extended the repayment date for MSMEs who have opted for a one-time settlement (OTS) scheme to June 30, 2020, from March 31, 2020. According to Kumar, the tourism sector has been affected the most and the 90-day loan repayment moratorium and giving 10 per cent working capital limit may not be sufficient for the players in the segment. "For the tourism industry, the only way would be to restructure the loan," he said. HV HRS

Small, medium enterprises should act prudently, avoid over-leveraging: SBI chief

Small and medium-sized enterprises (SMEs) in India are set to benefit from a $30 million global "anti-COVID" programme that <keyword id="3360525" type="PERSON" weightage="20" keywordseo="Alibaba-Cloud">Alibaba Cloud</keyword>, the data intelligence backbone of Chinese e-commerce giant <keyword id="302749" type="COMPANY" weightage="20" keywordseo="Alibaba">Alibaba</keyword> Group, launched on Thursday. The "<keyword id="9102531" type="UNKNOWN" weightage="20" keywordseo="Global-SME-Enablement-Programme">Global SME Enablement Programme</keyword>" will provide cloud technology relief to both new and existing SME customers of the company around the world and equip them with the solutions needed to maintain business continuity amid the COVID-19 pandemic. The company is offering a $300 coupon package for all new SME customers, and a $500 coupon for its paying customers. The new SME customers of the company worldwide can apply for the relief between now and June 22. The portfolio consists of a support package with 12 key products, including Elastic Compute Service (ECS), which powers cloud applications with low latency, and Object Storage Service (OSS), an encrypted service for data storage and backup in the cloud, as well as Alibaba Cloud Academy Courses. Existing customers can also apply for product coupons between now and June 22 to help them expand or upgrade their cloud applications, Alibaba Cloud said. In addition, Alibaba Cloud said it will reach out to SME associations to help meet their members' technology needs as they fight the pandemic. "India has a vision to increase the contribution from its MSME's (micro, small and medium enterprises) to its National GDP to 50 per cent and a large part of that growth will be possible in this day and age through empowering companies with technology," Alex Li, General Manager, Alibaba Cloud South Asia, said in a statement. "The Alibaba Cloud Global SME Enablement Program aims to provide much needed and timely relief to SMEs so they can rapidly respond to the current crisis while speeding up their digital transformation and emerging from the current pandemic stronger and more resilient," Li added. Alibaba Cloud announced the Global SME Enablement Programme during its Digital Cloud Day. The interactive one-day online conference introduced Alibaba Cloud's latest technologies and customer case studies and in particular how Alibaba Cloud is applying cloud computing, data analytic, and artificial intelligence capabilities to help businesses and the wider communities better cope with COVID-19. Alibaba Cloud this week announced to invest additional approximately $28 billion (RMB 200 billion) in the next three years on its cloud infrastructure, focusing on technologies including operating system, servers, chips and network. See also: <a href="https://www.businessinsider.in/tech/enterprise/news/you-cannot-afford-to-change-things-how-alkira-a-multi-cloud-management-startup-just-raised-21-5-million-from-sequoia-and-kleiner-perkins-during-an-economic-crunch-/articleshow/75149453.cms">'You cannot afford to change things.' How Alkira, a multi-cloud management startup, just raised $21.5 million from Sequoia and Kleiner Perkins during an economic crunch.</a> <a href="https://www.businessinsider.in/tech/enterprise/news/7-5-billion-mongodb-explains-how-its-partnership-with-google-cloud-is-paying-off-with-lots-of-new-customers-were-benefiting-from-that-macro-level-push-google-has-in-the-market/articleshow/75055420.cms">$7.5 billion MongoDB explains how its partnership with Google Cloud is paying off with lots of new customers: 'We're benefiting from that macro-level push Google has in the market'</a>

Alibaba Cloud's $30 million programme to benefit small and medium-sized enterprises in India

New Delhi, Nov 14 () RSS-affiliated small industries body Laghu Udyog Bharati (LUB) on Thursday demanded formulation of a separate and new policy for micro and small industries, in which manufacturers with investment up to Rs 50 lakh be defined as micro and those with investment of more than Rs 50 lakh and up to Rs 5 crore as small industries.
The new policy, which LUB demands, is only meant for micro and small manufacturing industries. For service enterprises and medium industries government can define separate policy, its general secretary Govind Lele said.
The service enterprises and medium industries should be excluded from the current Micro, Small and Medium Enterprises Development (MSMED) Act, and the government should come up with a policy that focusses only on micro and small industries, the LUB demanded.
"Formulate separate Micro and Small Industry Policy, and exclude the Enterprises and Medium Sector from the purview of current MSMED Act 2006 and make it as 'Micro and Small Industry Act'," LUB said.
The definition criterion of micro and small industry to be based only on investment in plant and machinery rather than on turnover as planned by the government, Lele said.
As per LUB, industries with investment up to Rs 50 lakh should be identified as micro and more than Rs 50 lacs and up to Rs 5 crore as small industries.
Whereas, as per the current definition, industries with investment: up to Rs 25 lakh as micro, from Rs 25 lakh to Rs 5 core as small and investment above Rs 5 crore and till Rs 10 crore as medium industries. 
The separate Ministry for Micro and Small Industry was found with the basic objective of preserve, promote, protect and give preference to such industries, but it was diluted by including service sector and medium sector under its ambit, Lele said. JTR JTR SOM
SOM

Exclude service enterprises and medium industries from ambit of MSMED act: RSS affiliate

Mumbai, Jul 2 () The RBI has asked banks, financial institutions and NBFCs to reclassify micro, small and medium enterprises on the basis of the new criteria. Last month, the government notified new criteria for classification of micro, small and medium enterprises (MSMEs) on the basis of turnover and investment in plant and machinery. "We advise you to initiate necessary action for reclassification of enterprises as per the new definition w.e.f July 1, 2020 and issue necessary instructions to your branches/controlling offices in this regard, at the earliest," RBI said in a communication to banks, financial institutions and non banking financial companies (NBFCs). After 14 years since the MSME Development Act came into existence in 2006, a revision in MSME definition was announced in the Atmanirbhar Bharat package on May 13. The Reserve Bank further said in case of an upward change in terms of investment in plant and machinery or equipment or turnover or both, and consequent re-classification, an enterprise will maintain its prevailing status till expiry of one year from the close of the year of registration. As per the revised definition, an enterprise is micro where the investment in plant and machinery or equipment does not exceed Rs 1 crore and turnover does not cross Rs 5 crore. An enterprise is now classified as small enterprise, where the investment in plant and machinery or equipment does not exceed Rs 10 crore and turnover is not over Rs 50 crore. For medium enterprise, as per the new classification, the investment in plant and machinery or equipment should not exceed Rs 50 crore and turnover should be below Rs 250 crore. NKD CS ANU ANU

RBI asks banks to reclassify MSMEs as per revised criteria

Haryana is expecting a spike in <keyword id="396143" type="UNKNOWN" weightage="20" keywordseo="Foreign-investments">foreign investments</keyword> from <keyword id="1334" type="COUNTRY" weightage="20" keywordseo="China">China</keyword> after over 100 <keyword id="6375845" type="UNKNOWN" weightage="20" keywordseo="Small-and-medium-enterprises">small and medium enterprises</keyword> here agreed to invest over $1 billion in the state. The assurance was given to Chief Minister <keyword id="2458540" type="UNKNOWN" weightage="20" keywordseo="Manohar-Lal-Khattar">Manohar Lal Khattar</keyword>, who is visiting the country along with a business delegation, to attract foreign <keyword id="6355120" type="ORGANIZATION" weightage="20" keywordseo="investment">investment</keyword> in the state, according to a press release issued by the state government. 

	The chief minister interacted with business leaders and Indian diaspora based here to encourage them to invest in the state and take advantage of the new business friendly administration. 
 

	Over 100 Micro, Small and Medium Enterprises (MSMEs) from as diverse fields as textiles, general engineering, auto components, and IT, have decided to consider shifting their units to the state after meeting the chief minister, the statement said. 
 

	Khattar made a strong pitch for Haryana as an ideal investment destination based on its strategic location, excellent infrastructure and supportive administrative system. 
 

	He praised the entrepreneurs and business leaders for their efforts in carving a niche for themselves and invited them for attending the Happening Haryana Global Investors Summit scheduled for March 7 and 8, in Gurgaon. 
 

	As many as eight MoUs were signed yesterday with top Chinese companies to set up a USD 10 billion industrial park and smart cities in the state. 
 

	The MoUs were signed with top Chinese companies like Wanda Group, China Land Development Company Private Limited, and ZTE Corporation. 
	 
	(Image credit: BCCL)

Over 100 China MSMEs to invest over $1 billion in Haryana

E-commerce giant <keyword id="18635" type="General" weightage="100" keywordseo="amazon" source="Orion">Amazon</keyword> on Wednesday announced it now aims exports worth $20 billion from <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> by 2025, thus doubling its goal. In 2020, Amazon pledged to enable $10 billion in cumulative exports from India by 2025. The company said that cumulative exports by the Indian micro, small and medium enterprises (MSMEs) via its 'Global Selling' programme are currently on track to surpass the $5 billion milestone. The programme took about three years to enable the first billion dollars, and the last two billion dollars have come in just 17 months, Amazon said during the '<keyword id="13813097" type="General" weightage="50" keywordseo="exports-digest" source="Orion">Exports Digest</keyword> 2022' event. "Enhancing the export potential of Indian MSMEs is a key government priority and efforts are being made to support Indian MSMEs for their success in international markets," said <keyword id="1658" type="General" weightage="50" keywordseo="narayan-rane" source="Orion">Narayan Rane</keyword>, Union Minister of <keyword id="916743" type="General" weightage="50" keywordseo="micro-small-and-medium-enterprises" source="Orion">Micro Small and Medium Enterprises</keyword>. The global programme has witnessed good adoption among businesses of all sizes across the country and has grown to more than 1 lakh (100K) exporters since its launch in 2015, showcasing their products to customers worldwide through Amazon's 18 international websites. "We are scaling up our pledge to boost exports from India using e-commerce to $20 billion by 2025. We will continue to work with all key stakeholders to make exports easier for the Indian MSMEs," said Amit Agarwal, <keyword id="5868006" type="General" weightage="50" keywordseo="svp-india" source="Orion">SVP India</keyword> and Emerging Markets, Amazon. More than 1,000 Indian exporters on Amazon Global Selling crossed Rs 1 crore in sales last year. In 2021, several Indian entrepreneurs and businesses emerged as globally successful brands, underlining the popularity of 'Made in India' products in international markets, the company said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/twitter-circle-is-a-feature-that-allows-you-to-share-tweets-with-selected-people/articleshow/91305472.cms">Twitter Circle is a feature that allows you to share tweets with selected people</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/australian-central-bank-hikes-interest-rate-for-for-first-time-in-over-decade/articleshow/91305045.cms">Australian central bank hikes interest rate for for first time in over decade</a>

Amazon promises $20 billion in exports from India by 2025

To provide easy <keyword id="6362287" type="COMPANY" weightage="80" keywordseo="loans">loans</keyword> to purchase houses and start small businesses, <keyword id="6357560" type="CITY" weightage="60" keywordseo="IDBI-Bank">IDBI Bank</keyword> has decided to launch <keyword id="2858743" type="UNKNOWN" weightage="80" keywordseo="e-huts">e-huts</keyword>, which will help people from rural areas to come forward and join mainstream businesses. 
 
"We will be launching e-huts across the country. It's a concept that is widely accepted in the West, but in India, it's yet to pick up," IDBI's Deputy Managing Director M O Rego said Tuesday in a press meet in Goa. 
 
The bank would extend its support to medium and small enterprises in the state for which the lending has increased by 48%. 
 
Rego inaugurated two more branches in the state situated in Candolim and Chinchim. 
 The new branches are in line with the bank's strategy to strengthen its home and Micro, Small and <keyword id="126907" type="COMPANY" weightage="20" keywordseo="Medium-Enterprises">Medium Enterprises</keyword> (MSME) loan portfolio in the state, Rego told PTI. 
 He further said IDBI has recorded impressive growth in the region with 22% growth in <keyword id="2859046" type="UNKNOWN" weightage="80" keywordseo="current-accounts-and-saving-accounts">current accounts and saving accounts</keyword> (CASA) in Goa with the total deposits grew by 16% in the previous financial year. 
 
He said the structured retail assets, which include home loans as the largest component, recorded a jump of 66% in Goa. 
 IDBI Bank is the youngest, new generation public sector universal bank that rides on a cutting edge <keyword id="1850619" type="UNKNOWN" weightage="80" keywordseo="core-banking-platform">Core Banking platform</keyword> with strong service orientation. 
 
(Image: Indiatimes)

IDBI is doing all it can to help people buy houses and build startups

In an effort to give a further boost to partnership, India, and the US signed a landmark Memorandum of Understanding (<keyword id="19914814" type="General" weightage="20" keywordseo="MoU" source="keywords">MoU</keyword>), which will enable the Micro, Small and medium enterprises (<keyword id="19910977" type="General" weightage="100" keywordseo="MSMEs" source="keywords">MSMEs</keyword>) of the two countries to participate in <keyword id="19908188" type="General" weightage="20" keywordseo="global-markets" source="keywords">global markets</keyword> and foster trade. "<keyword id="20233690" type="General" weightage="20" keywordseo="India-US" source="keywords">India-US</keyword> joining hands to promote cooperation in MSMEs," the official spokesperson of the Ministry of External Affairs, Randhir Jaiswal, wrote on X. "Today, India-US signed a landmark MoU that enables MSMEs of the two countries to participate in global markets, drive innovation, foster trade, and support <keyword id="19930409" type="General" weightage="20" keywordseo="women-entrepreneurs" source="keywords">women entrepreneurs</keyword>," he added. S. C. L. Das, Secretary, Ministry of Micro, Small and Medium Enterprises, and Isabel Casillas Guzman, Administrator, <keyword id="21149255" type="General" weightage="20" keywordseo="small-business-administration" source="keywords">Small Business Administration</keyword> (SBA), United States of America, signed the MoU here in New Delhi. The MoU provides a framework for both sides to discuss issues concerning micro, small and medium enterprises (MSMEs) and explore possibilities for cooperation. It envisages the exchange of expertise between the two sides on issues related to improving MSME participation in the global marketplace through mutual visits as well as webinars and workshops on topics including access to trade and export finance, technology and digital trade; green economy, and trade facilitation. The MoU also provides for the joint conduct of programmes for women entrepreneurs to empower them and facilitate trade partnerships between women-owned small businesses in the two countries. Recognising the crucial role that MSMEs play in advancing <keyword id="20421749" type="General" weightage="20" keywordseo="inclusive-growth" source="keywords">inclusive growth</keyword>, expanding exports, and boosting employment, the two sides also agreed to explore the development of a "Business Matching Digital Platform" to boost <keyword id="20035864" type="General" weightage="20" keywordseo="business-opportunities" source="keywords">business opportunities</keyword>.

India-US join hands to promote cooperation in MSMEs

New Delhi, Mar 20 () The government is mulling measures like allowing late repayment of loans by the micro, small and medium enterprises to support the sector amid the coronavirus outbreak, sources said on Friday. "We have discussed various things including fiscal support... some kind of deferment to ease the whole thing. The issues related to GST were also discussed," said an official after meeting Finance Minister Nirmala Sitharaman here. Senior officials from the union MSME ministry met the Finance Minister here and suggested various measures to help the country's micro, small and medium enterprises (MSME) sector tide over the present crisis. The industry is facing major disruptions in the supply chain owing to the coronavirus outbreak amid weakness in consumption demand. KPM RSN ABM

Govt mulls late repayment of loans for MSMEs to tide over coronavirus impact

The India wing of the $75-billion global <keyword id="35621" type="UNKNOWN" weightage="80" keywordseo="e-commerce">e-commerce</keyword> giant, <keyword id="18635" type="CITY" weightage="100" keywordseo="Amazon">Amazon</keyword>, will explore business opportunities in India’s 35-million small and medium enterprises. It is also planning to carry out India-specific innovations. Amazon, which entered the Indian e-commerce space in June last year, faces tough competition from domestic e-tailer <keyword id="6354742" type="COMPANY" weightage="60" keywordseo="Flipkart">Flipkart</keyword>. 
 
In India, Amazon will set up performance centres, upgrade logistics services, and develop mobile platform and new tools and techniques to help small and medium businesses prope growth. 
 Amazon founder <keyword id="191583" type="PERSON" weightage="100" keywordseo="Jeff-Bezos">Jeff Bezos</keyword> said that certain India-specific innovations, like the Easy Ship services, where Amazon picks up the products from a seller and transports them to the desired destination, can be incorporated into its international strategy. Innovations will continue to remain a crucial part of the Amazon’s strategy. 
 
Amazon’s interest in the small and medium enterprises has been echoed by several indigenous e-tailers. While Snapdeal recently claimed that it is about to reach the 100,000-seller mark, Flipkart has been collaborating with industry bodies like FISME and NCDPD to penetrate the SME clusters.

Amazon
To Explore Business Opportunities In Indian SMEs

To give a boost to many micro, small and medium enterprises (MSMEs), <keyword id="520046" type="COMPANY" weightage="20" keywordseo="Snapdeal-com">Snapdeal.com</keyword>, one of the leading online marketplaces in the country, has entered into a partnership with The National Institute for Entrepreneurship and Small Business Development (<keyword id="927764" type="COMPANY" weightage="20" keywordseo="NIESBUD">NIESBUD</keyword>). 
	 
	Under the tie-up, Snapdeal and NIESBUD will collaboratively encourage entrepreneurship as well as evaluate the potential of MSMEs that will enter the online marketplace. The partnership will also allow Snapdeal and the apex body of MSMEs to impart joint training to budding entrepreneurs in e-commerce sector. It will also facilitate MSMEs vendors, who will sell products on Snapdeal to access special concessions and facilities through NIESBUD. 
	 
	Talking about the tie-up, Rohit Bansal, co-founder and COO of Snapdeal said, “We are thrilled to sign an MOU with NIESBUD. With this, we are now further promoting entrepreneurship and digitally enabling small and medium sized businesses in India. Partnering with NIESBUD provides us with a large platform to together create opportunities for Indian entrepreneurs and build successful businesses by selling online.” 
	 
	Sharing a similar sentiment, Arun Kumar Jha, Director General, NIESBUD added, “We are happy to partner with Snapdeal.com. The brand is already pioneering in the field of empowering small and medium sized businesses, and fits in well with our cause. With this tie-up we aim to reach out to a new set of audiences.” 
	 The tie-up will give a much needed surge to the <keyword id="6358354" type="ORGANIZATION" weightage="20" keywordseo="MSME">MSME</keyword> sector as it will enable such companies to grow their business digitally as well. The alliance is aimed at capacity building and is expected to impark the requisite entrepreneurial skills to nearly 500 enterprises every month. 
	 
	The partnership is also expected to attract a higher number MSME vendors to enroll for NIESBUD training programmes as well as offer special packages for NIESBUD trained MSMEs to become potential sellers on the website. 
	 
	“The eCommerce platform will promote virtual clusters – a unique initiative by the Ministry of MSME to make available all the important information regarding various schemes and benefits for MSME under a single umbrella,” stated Bansal. 
	 
	The NIESBUD is an apex body under Ministry of Micro, Small and Medium Enterprises which is involved in training, consultancy, and research to promote entrepreneurial skills among MSMEs.

You Searched For "and medium enterprises" and got 13 results

Link floating rate loans for medium enterprises with external benchmarks: RBI to banks

PTI

Great Learning's Co-founder shares top digital marketing tips for small and medium enterprises

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Small, medium enterprises should act prudently, avoid over-leveraging: SBI chief

PTI

Alibaba Cloud's $30 million programme to benefit small and medium-sized enterprises in India

IANS

Exclude service enterprises and medium industries from ambit of MSMED act: RSS affiliate

PTI

RBI asks banks to reclassify MSMEs as per revised criteria

PTI

Over 100 China MSMEs to invest over $1 billion in Haryana

BI India Bureau

Amazon promises $20 billion in exports from India by 2025

IANS

IDBI is doing all it can to help people buy houses and build startups

BI India Bureau

India-US join hands to promote cooperation in MSMEs

ANI

Govt mulls late repayment of loans for MSMEs to tide over coronavirus impact

PTI

Amazon To Explore Business Opportunities In Indian SMEs

BI India Bureau

MSMEs To Get A Push From Snapdeal

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