Friday, May 27 2022 | Time 18:59 Hrs(IST)
Business Economy

MSMEs want banks, FIs to be more discerning towards genuine exporters

New Delhi, Jan 19 (UNI) Promotion of value addition in the country by India’s trade regime, neutrality in both direct and indirect tax structure without discrimination between the nature of firms and greater willingness by banks and financial institutions to discern genuine exporters and demand less of collateral, are some of the recommendations in a knowledge paper released in a conference on Micro, Small & Medium Enterprises organized by the Engineering Export Promotion Council of India on Wednesday.
The paper has highlighted the need for stability in policy measures with less intervention and emphasis on neutrality on behalf of the government, amid the Ministry of MSMEs call for integrating the potential of Indian engineering MSMEs due to manufacturing cost advantage into the global value chain through credit assistance and technology upgradation.
The MSMEs engaged in manufacturing of engineering products constitute about 29 per cent of the 67 lakh MSMEs which have registered since 1 July, 2020 on the Udyam registration portal. The MSMEs contribute around 30 per cent to India's GDP and have 50 per cent share in the country's exports.
“Atma Nirbhar announcements have focused on easing access to registering as MSMEs, easing their access to credit and providing them the much needed protection as far as global tenders are concerned," said BB Swain, Ministry of MSME Secretary, addressing the conference. “MSME units are together capable of constituting a complete supply chain and being globally competitive because of their diverse products ranging from intermediate to final products," Swain said.
Chairman of EEPC India Mahesh Desai endorsed the MSMEs need for technological upgradation to increase India's share in the global value chain, especially at a time when the Make-in-India initiative has set the stage by bringing ample scope for them to work with large global manufacturing firms and get access to their upgraded technology and efficient marketing techniques. Moreover, following the onset of the pandemic, large corporations in the developed world are looking at India as an alternate destination for manufacturing, Desai pointed out.
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AG&P Pratham to invest Rs 400 cr to develop gas distribution infrastructure in AP

27 May 2022 | 6:16 PM

Anantapur, May 27 (UNI) With the aim to harness the potential of the state of Andhra Pradesh through providing a robust pipeline infrastructure and working with the local communities to create direct and indirect employment for the people, AG&P Pratham, a leading City Gas Distribution company is all set to invest Rs 400 crore during the next five years to develop gas distribution infrastructure in Anantapur by setting up LCNG plants.

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Rupee closes  at 77 56  against USD

Rupee closes at 77 56 against USD

27 May 2022 | 6:07 PM

Mumbai, May 27 (UNI) The Rupee on Friday rose marginally by one paisa to close at 77.56
against the USD on selling of US Dollar by bankers and exporters, dealers at the Foreign Exchange said.

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JSW Steel net profit in Q4 dips 20 pc, revenue surges 74 pc

27 May 2022 | 6:00 PM

Mumbai, May 27 (UNI) Billionaire Sajjan Jindal-led JSW Steel on Friday reported 20% decline in consolidated net profit at Rs 3,343 crore in quarter ending March 2022 (Q4FY22) as compared to Rs 4,191 crore in the corresponding period in previous financial year.

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Raminfo reports net profit of Rs 1 74 cr in Q4 FY22

27 May 2022 | 5:17 PM

Hyderabad, May 27 (UNI) India’s leading technology solutions provider Raminfo on Friday reported a net profit of 1.74 crore in the fourth quarter ended March 31, 2022 as against Rs 1.10 crore in the corresponding quarter in the previous financial year.

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Kottayam-Kochi Rubber Market Rates

27 May 2022 | 5:14 PM

Kottayam, May 27 (UNI) Following were the Rubber Market rates announced by the Rubber Board here on Friday per quintal:
RSS FOUR: 17450
RSS FIVE : 17300
RSS FOUR : 17450
RSS FIVE : 17300
RSS One : 17420
RSS Two : 17284
RSS Three: 17160
RSS Four : 17092
RSS Five : 16990
SMR TWENTY : 12890($166.05)
SIXTY PERCENT LATEX : 12180($156.90)

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