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<ul><li>Sitharaman on May 13 said that the definition of MSME will be changed to allow for relatively bigger companies to avail the benefits of cheaper and priority loans. </li><li>And now industry leaders want more ‘inclusions’ in the MSME segment. </li><li>From Spicejet to OYO to Mahindra, industry players are rooting for their partners to get the <keyword id="9246180" type="UNKNOWN" weightage="20" keywordseo="msme-tag">MSME tag</keyword>. </li></ul>“Airlines should not be considered as an ‘elitist’ service. The way in which buses and trains are creating a safe environment, airlines can do too.” said Ajay Singh the owner of the ₹2,400 crore SpiceJet, one of India’s two publicly-listed airlines in a <a href="https://www.indiatoday.in/e-conclave-2020/e-conclave-jumpstart-india-series/story/india-must-learn-art-of-living-with-coronavirus-nitin-gadkari-at-e-conclave-jumpstart-series-1679017-2020-05-17">recent interview</a> with India Today.. Singh desperately wants flights to be operational again and <a href="https://www.businessinsider.in/business/news/oyo-mahindra-holidays-emirates-and-boeing-agree-people-wont-fly-for-a-while/articleshow/75731204.cms">the poor prospects for the aviation </a> industry has made him pine for more government support. Having said that, Finance Minister Nirmala Sitharaman had announced initiatives for the aviation sector like shorter routes to save fuel, setting up a maintenance, repair and overhaul hub in India that will bring costs down for airlines like SpiceJet and IndiGo. But it’s not enough for the anxious Singh starting at the dire outlook for the entire aviation industry. Singh is not alone in wanting the industry he represents to lose the ‘elite’ tag Founder of India’s biggest hotel chain and startup unicorn OYO, Ritesh Agarwal in <a href="https://www.indiatoday.in/e-conclave-2020/e-conclave-jumpstart-india-series/story/india-must-learn-art-of-living-with-coronavirus-nitin-gadkari-at-e-conclave-jumpstart-series-1679017-2020-05-17">a recent discussion on a news channel </a>asked Union Minister Nitin Gadkari to bring in small hotel operators and early stage startups under the micro, small and medium enterprises (MSME) segment. The tourism industry has been severely impacted from the coronavirus pandemic as travel has come to a complete standstill. The travel and tourism sector in India is expected to lose ₹5 lakh crore and see job cuts for over 4 crore people, according to <a href="https://economictimes.indiatimes.com/news/economy/indicators/indias-tourism-sector-may-lose-rs-5-lakh-cr-4-5-cr-jobs-could-be-cut-due-to-covid-19/articleshow/74968781.cms?from=mdr">Confederation of Indian Industry (CII).</a> The industry body also estimates that “branded hotel groups are set to lose as much as ₹1.1 lakh crore, online travel agencies ₹4,312 crore, tour operators (inbound and domestic) ₹25,000 crore, adventure tour operators ₹nearly 19,000 crore and cruise tourism ₹419 crore.” OYO’s business thrives on how well the partner hotels perform— not just in terms of the number of guests but also how much money they can make. Sitharaman had also said that the definition of MSME will be changed to allow for relatively <a href="https://www.businessinsider.in/india/news/fm-nirmala-sitaraman-announces-six-steps-for-msme-sector/articleshow/75717258.cms">bigger establishments</a> to avail the benefits of cheaper, priority-sector loans. Similarly, Pawan Goenka, the Managing Director of Mahindra and Mahindra, one of India’s top five car makers sought to define smaller auto dealers as MSME, a <a href="https://economictimes.indiatimes.com/small-biz/sme-sector/retailers-seek-msme-tag-to-get-some-govt-support/articleshow/75817602.cms">demand earlier made by car dealers</a> who make less than ₹100 crore a year. As industries face the heat from the coronavirus pandemic, they are struggling to find ways to survive. And even though the travel, tourism and auto sector have been hit – Sitharaman’s 5-day, ₹20 lakh crore stimulus package failed to help out these industries. See Also <a href="https://www.businessinsider.in/thelife/food/news/ceo-of-hunderbox-explains-how-going-for-lunch-at-big-indian-companies-is-going-to-change/articleshow/75820159.cms">Turmeric and jeera highlight office lunches in the post-COVID world⁠— spicy details from the caterer to some of India’s biggest corporate cafeterias</a> <a href="https://www.businessinsider.in/stock-market/news/anil-agarwal-net-worth-vedanta-share-price-voluntary-delisting-approved-in-board-meeting/articleshow/75809411.cms">Vedanta shareholders aren't thrilled⁠— stock slides after Board approved delisting at ₹87.5 a piece</a>

Here’s why India's biggest hotel chain operator, a large car maker and airline would like to lose 'elite' tag

<ul><li>Indian <keyword id="3665772" type="PERSON" weightage="20" keywordseo="medtech">medtech</keyword> platform – <keyword id="2797821" type="PERSON" weightage="20" keywordseo="Wellness-Forever">Wellness Forever</keyword> had an annual turnover of ₹8 crore in 2008, when it was founded. </li><li>Gulshan Bakhtiani, director of the company, shares his experience of having grown the company without the <keyword id="6358354" type="UNKNOWN" weightage="20" keywordseo="MSME">MSME</keyword> tag. </li><li>Wellness Forever has over 160 centres, with most of them in Mumbai.</li></ul>An Indian drugs retail chain, and now a medtech platform, Wellness Forever, had an annual turnover of ₹8 crore in 2008, when it was founded. Today, the annual revenue is close to ₹1000 crore ($133.3 million). The co-founder Gulshan Bakhtiani revealed to Business Insider that he made this stupendous journey without the tag or benefits of being a micro, small and medium enterprise (MSME) in India. This may not be an option for most small business owners who may not be from the big cities, or for those who do not have access to the rich or privileged. However, the experience of Bakhtiani has some nuances and useful lessons to understand ground realities and different approaches to the issue of uplifting small businesses. . The size of the problem Bakhtiani chuckled as he remembered a popular advice in his early years. “Don’t grow your business beyond ₹40 lakh, they would say. This is because beyond a certain revenue, MSMEs wealth has to be audited by a CA,” he shared in a chat with Business Insider. Bakhtiani himself is a chartered accountant. <div type="twitter" handle="BiIndia" handlename="Business Insider India🇮🇳" image="http://pbs.twimg.com/profile_images/1232926719016718336/sfffJHNV_normal.jpg" favoritecount="60" retweetcount="7" status="#EmpoweringBusiness | The MSME Exchange: Your problem, their solutions— @BiIndia's @iyer_sriram in conversation wit… https://t.co/sJVeTotL5G" createdat="1593775942000" id="1279015122548125697"></div> There is growing cry for additional support for India’s millions of MSMEs struggling to survive during the COVID-19 pandemic and the subsequent lockdown. On May 13, the Indian government allowed companies up to a revenue of ₹100 crore to be classified as MSME for subsidised loans and preferential treatment for tenders worth up to ₹200 crore. The banker approving the loans is looking at many more things other than these definitions and thresholds The banks prefer bigger businesses with more assets available for collateral. “If you look at the statistics more thans 95% of the businesses in the MSME sector are in the micro space and 98% of them employ less than 10 people. But the bane of the industry continues to be the lack of capital. If your creditworthiness is good, you’ll get those loans. But we need to address the issues – what’s going wrong with the companies that are not being able to maintain the working capital cycle,” said Anupam Prasad of AP Law Chambers. <div type="Article" hostid="261" msid="76809382" title="A banker's checklist for MSMEs who want a loan" mstype="2" mssubtype="0"></div> It’s not just the banker <a href="https://www.businessinsider.in/finance/news/only-5-of-the-governments-msme-emergency-loan-package-is-disbursed-after-a-month/articleshow/76437386.cms">Existing relationships</a> with banks matter but many small businesses, particularly the micro ones, still stay away from banks as they can. “A businessman just wants to make money – he doesn’t understand terms like debt, debt equity ratio or more,” he said. Wellness Forever is backed by the family offices of several high net worth individuals including Adaar Poonawalla. That’s a problem for the banker and rightly so. “ There are two components in the way businesses are run today – an equity portion that a promoter brings in and a debt that the firm brings. There is promoter money and the money from the bank in the business. Today, the problem in the ecosystem is that the lines are blurred. For MSMEs to expand, they should have avenues to raise equity,” said Sunil Daga, Sr EVP and Head, Business Lending solutions at Kotak Mahindra Bank. The solution, according to Bakhtiani, is for banks to conduct financial literacy courses and, possibly, a ‘lender maturity programme’. Aspiration to leave the comfort zone Most small businesses are modelled around the sops. Growing bigger would mean losing some of the benefits and, for many, it’s a question of survival. “MSMEs should internally decide the time for which they want to be in one particular bracket. This time frame will help them plan better,” he said. It’s easier said than done for many; it's definitely a good idea for those who can aspire. In 2008, Wellness Forever started with three stores. Today, it has over 160 centres, though most of them in Mumbai, Bakhtiani’s home. But the company has <a href="https://www.moneycontrol.com/news/business/companies/pharmacy-chain-wellness-forever-eyes-triple-store-count-in-next-three-years-4494541.html">plans</a> to scale up the business to 400-500 stores in the next two years. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/unicorns-like-byjus-first-cry-and-zomato-got-a-big-chunk-of-startup-funding-in-2020/articleshow/76868237.cms">Unicorns⁠ like Byju’s, First Cry, and Zomato bagged one in every three dollars invested in startups this year</a> <a href="https://www.businessinsider.in/business/startups/news/instamojo-ceo-explains-how-the-startup-turned-cash-flow-positive-during-the-lockdown/articleshow/76865741.cms">Instamojo CEO explains how the startup turned cash flow positive during the lockdown</a>

A drug retail chain grew from ₹8 crore a year to ₹1000 crore without the MSME tag⁠— the founder has lessons to share with other small biz

<ul><li>Union Minister Nitin Gadkari announced that the government will buy shares in MSMEs that get listed on Indian stock exchanges.</li><li>"The units which have a good turnover and GST will be listed," he said during the <keyword id="6355512" type="ORGANIZATION" weightage="20" keywordseo="union-cabinet">Union Cabinet</keyword> press briefing.</li><li>The Bombay Stock Exchange (<keyword id="35140" type="CITY" weightage="20" keywordseo="BSE">BSE</keyword>) and the National Stock Exchange (<keyword id="6354646" type="UNKNOWN" weightage="20" keywordseo="nse">NSE</keyword>) already reduced the annual listing fees for MSMEs on May 18.</li></ul>Among the six measures that Nirmala Sitharaman announced in May, one was a ₹50,000 crore equity infusion for MSMEs through Fund of Funds. The Union Cabinet today expanded to say that units, which get themselves listed in the market through this route will have the assurance of the government buying their shares. "The units which export, have a good turnover and GST, will be listed and the government will buy shares in the company which will be a revolving fund and this will benefit the MSMEs entering the stock market," said Union Minister Nitin Gadkari. <div type="Article" hostid="261" msid="75717258" title="Finance Minister Nirmala Sitharaman announces six measures for the MSME sector" mstype="2" mssubtype="0"></div> Gadkari explains how the revolving fund will work The Union Minister highlighted that MSMEs listed on the stock market will no longer have to depend on banks for their funding. The government will be allowed to buy up to 15% of equity in any given MSME stock. “Through this equity investment, the MSME stock will be strengthened,” said Gadkari. <div type="Article" hostid="261" msid="76136376" title="Entities with up to ₹250 crore turnover, excluding exports, to be medium enterprises" mstype="2" mssubtype="0"></div> He described that the government will eventually sell off the shares for a profit and use that money to invest in other MSMEs. “Through this method MSMEs with a good balance sheet, good ratings and good GST record — we will give a push to those units,” said Gadkari illustrating how government investments will also help boost exports. He explained that there are nearly six crore MSMEs in India, which contribute to 48% of the country’s exports and are capable of creating 11 crore jobs. “I am a little optimistic. Since this a revolving fund, it’s possible that it will be worth ₹2 lakh crore within a couple of years,” he quipped. It’s cheaper to get listed On May 18, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) announced that they have reduced the annual listing fee for MSMEs by 25%. Normally they are charged ₹25,000 or 0.01% of the full market cap on the BSE and between ₹10,000 to ₹45,000 by the NSE depending on the market cap. The revised listing fee structure is applicable for existing companies as well as for firms who are waiting to be listed. SEE ALSO: <a href="https://www.businessinsider.in/india/news/entities-with-up-to-250-crore-turnover-excluding-exports-to-be-medium-enterprises/articleshow/76136376.cms">Entities with up to ₹250 crore turnover, excluding exports, to be medium enterprises</a> <a href="https://www.businessinsider.in/business/startups/news/oyo-founder-ritesh-agarwal-announces-esops-worth-130-crore-for-furloughed-employees/articleshow/76134783.cms">OYO founder Ritesh Agarwal announces ESOPs worth ₹130 crore for furloughed employees</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-will-try-again-for-a-made-in-india-tag-to-be-able-to-sell-farm-produce/articleshow/76131890.cms">Flipkart will try again for a ‘Made in India’ tag to be able to sell farm produce</a>

Small businesses with ‘good turnover’ looking to get listed on the stock market will have the Indian government will buying their shares

Union Finance Minister Nirmala <keyword id="19916494" type="General" weightage="20" keywordseo="Sitharaman" source="keywords">Sitharaman</keyword> on Friday urged officers of the Central Board of Indirect Taxes and Customs (<keyword id="19908147" type="General" weightage="20" keywordseo="CBIC" source="keywords">CBIC</keyword>) to proactively address <keyword id="20283921" type="General" weightage="20" keywordseo="doubts" source="keywords">doubts</keyword> and concerns raised by the public and business community regarding taxes before they escalate into grievances. Speaking at the inauguration of the new <keyword id="22890667" type="General" weightage="20" keywordseo="GST-Bhawan" source="keywords">GST Bhawan</keyword> in Udaipur, Rajasthan, Sitharaman emphasized the importance of a preventive approach in handling tax-related issues. She highlighted that government officials should prioritize solving problems at the stage where they are mere doubts, rather than allowing them to develop into full-blown grievances. "Before addressing a grievance, if we spend time through outreach to clear the doubts and suspicions in their minds, those doubts won't escalate into grievances" said Finance Minister Sitharaman. Sitharaman also highlighted the significance of effective information sharing in this process. She suggested that by engaging in sector-wise outreach and addressing any doubts that arise, officials could prevent potential issues from turning into grievances. "I request that before grievances arise, we should definitely carry out outreach sector by sector. If there are any doubts in their minds after this and some changes need to be made accordingly, we can make those changes as well. So, more than anything else, we need to focus on information sharing" added Sithraman. The Finance Minister's remarks emphasized a shift towards a more communicative and responsive approach in tax administration, aiming to foster better relationships between the government and the business community while minimizing conflicts and misunderstandings. Union Minister Sitharaman is on a two-day visit to Udaipur, On Thursday the minister chaired a meeting to review the performance of nine Regional Rural Banks (RRBs) of the states of Gujarat, Maharashtra, Madhya Pradesh, Chhattisgarh and Rajasthan. The minister asked Regional rural banks (RRBs) to ensure easy credit to Micro, Small and Medium Enterprises (MSMEs). She asked the RRBs to become more customer-friendly and leverage their local connections to further improve performance. "All RRBs have devised customised MSME products aligning with cluster activities. However, they need to regularly review their credit portfolio in that segment", she said. She also highlighted that Sponsor Banks and RRBs must recognise the challenges that lie ahead, especially maintaining asset quality, expanding digital services, and ensuring robust corporate governance are the areas that require continued focus. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/webstories/2024-tvs-jupiter-vs-honda-activa-6g-which-110cc-scooter-should-you-buy/slidelist/112730069.cms">2024 TVS Jupiter vs Honda Activa 6G – which 110cc scooter should you buy?</a> <a href="https://www.businessinsider.in/tech/how-to/how-to-add-music-to-instagram-profile/articleshow/112732934.cms">You can now add music to your Instagram profile – here's how</a> <a href="https://www.businessinsider.in/business/auto/news/audi-q8-facelift-launched-in-india-with-a-1-17-crore-price-tag/slidelist/112707701.cms">Audi Q8 facelift launched in India with a ₹1.17 crore price tag</a>

Sitharaman urges tax officials to prevent doubts from escalating into grievances

New Delhi, Apr 13 () The Federation of Automobile Dealers Associations (FADA) has written to Prime Minister Narendra Modi seeking immediate financial support from the government for the ailing sector amid the nationwide lockdown due to coronavirus pandemic. In its letter to the prime minister, FADA sought complete waiver of interest on all category of loans from banks and NBFCs for the lockdown period. The industry body, which represents around 15,000 auto dealers, also sought extension of 4 per cent interest subvention/subsidy for working capital/loan requirements to companies for a period of nine months post the lockdown. FADA sought that the salary of people employed at the dealerships during the lockdown period should be paid through ESIC. It has also asked for grant of MSME extension to auto retail. The subsidies and incentives received under the MSME division will provide much needed relief to dealerships, which provide direct and indirect employment to lakhs of people, FADA said in the letter which was also marked to Finance Minister Nirmala Sitharaman and Transport Minister Nitin Gadkari, among others. The industry body has sought measures like GST cut on automobiles, incentive based scrappage policy and priority sector tag for the sector to boost demand post-lockdown period. FADA said the auto industry has already been reeling under a severe slowdown for the last 15 months, with more than 275 dealerships already shut, resulting in huge job losses. "The current situation can lead to an existential situation for many of our members and their employees. Majority of them are small scale family run businesses with no financial sustenance for such a crisis after already having gone through a tough period in past 15 months," FADA President Ashish Harsharaj Kale said in the letter. Over the years, the auto dealership business model has come under severe strain with increasing costs and low operating margins, thereby reducing the sector's strength to face challenges like the current situation and its after effects, he added. "While we are taking it up with SIAM at a complete change of the business model to build up sustenance for the after effects of COVID-19 and for any future disruptions, the immediate situation is extremely bleak if not supported," Kale said. Many auto dealers will go out of business and livelihood of hundreds of thousands will be lost if the sector doesn't get government support, he added. MSS RVK

COVID-19: FADA writes to PM, seeks immediate financial support

New Delhi, Nov 20 () Union Minister Nitin Gadkari on Wednesday directed NHAI to ensure deployment of best technology for success of FASTag project.
 The directions were issued in course of review of the project by Road Transport, Highways and MSME Minister Gadkari.
 From December 1, toll payments will be made only via FASTag under the National Electronic Toll Collection (NETC) programme, the flagship initiative of the Ministry of Road Transport and Highways. FASTag is a radio-frequency identification tag, affixed on vehicle's windscreen, which enables automatic deduction of toll charges from prepaid account linked to it without stopping for cash transaction. The programme is being implemented pan-India to remove bottlenecks and ensure seamless movement of traffic. However, the Centre has decided to keep one lane as hybrid lane which will accept FASTag as well as other modes of payment.
 "Reviewing the progress of implementing National Electronic Toll Collection (FASTag) mechanism at NH toll plazas across the country from December 1 this year, the minister desired that all efforts may be made on war footing to address any issue arising at the daily trial run initiated by NHAI," the ministry said in a statement.
 Gadkari directed that regular review at the highest level in National Highways Authority of India (NHAI) may be undertaken for ensuring smooth rollout of the scheme.
 He further directed that on-the-spot mechanism for issuing FASTags for vehicles entering dedicated FASTag lane should also be put in place so that road users have a choice of either obtaining the FASTag or paying double penal fee for using FASTag lane.
 "Gadkari emphasized that the project should be implemented in the spirit of minimising waiting period at the toll plazas so that the users benefit in terms of fuel and time saving, while the society benefits in terms of reduced vehicular emission," the statement said.
 NHAI Chairman SS Sandhu assured the minister that all issues are being addressed during the trial run initiated by NHAI, including a provision for issuing on-the-spot FASTags.
 He further stated that dedicated FASTag lanes have been identified, and are being enforced during the trial run. NAM RVK

You Searched For "msme tag" and got 6 results

Here’s why India's biggest hotel chain operator, a large car maker and airline would like to lose 'elite' tag

Sanchita Dash

A drug retail chain grew from ₹8 crore a year to ₹1000 crore without the MSME tag⁠— the founder has lessons to share with other small biz

Sanchita Dash

Small businesses with ‘good turnover’ looking to get listed on the stock market will have the Indian government will buying their shares

Prabhjote Gill

Sitharaman urges tax officials to prevent doubts from escalating into grievances

ANI

COVID-19: FADA writes to PM, seeks immediate financial support

PTI

Gadkari directs NHAI to ensure best technology for success of FASTag project

PTI

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