The Confederation of Indian Industry (CII) has urged the government to adhere to its fiscal deficit target of 4.9% of GDP for 2024-25 and 4.5% for 2025-26. The industry body warned that pursuing “overly aggressive targets” could harm India’s economic growth trajectory. “India’s rapid growth amid a global economic slowdown has been supported by prudent […]
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The government is reviewing the decriminalisation of minor offenses under the MSMED Act to ease the burden on MSMEs. This initiative is part of broader efforts to improve the business environment for small enterprises struggling with capital and credit issues. Ahead of the Union budget, the MSME ministry has recommended to the law ministry that […]
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Ahmedabad: Gujarat, known for its industrial prowess, faces a stark challenge with the closure of 5,974 micro, small, and medium enterprises (MSMEs) between July 2020 and November 2024. Data from the Union Ministry of Commerce and Industries, presented in Parliament, places Gujarat third in MSME closures after Maharashtra (15,220) and Tamil Nadu (7,894) during the […]
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The government is accelerating India’s transformation into a defence technology hub by actively involving MSMEs, startups, and academia in projects worth Rs 1,264 crore. Minister of State for Defence Sanjay Seth highlighted these initiatives in a Lok Sabha reply, with additional details shared through an official Ministry of Defence (MoD) release. One of the key […]
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The Union Cabinet approved the PAN 2.0 Project on Monday to make PAN the “single source of truth and data consistency”. With PAN already linked to Aadhaar, it is expected to become a strong source of identification and information for authorities. The 10-digit alphanumeric Permanent Account Number (PAN) issued by the Income Tax Department is […]
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Padma Vibhushan Dr. R. A. Mashelkar – Former Director General, Council of Scientific & Industrial Research (CSIR) inaugurating the INDIA MANUFACTURERS & SME SUMMIT on 22nd November 2024 at Pune organised by SME Chamber of India and Maharashtra Industry Development Association (MIDA). Others (L to R) Shri. Prabhakar Salunke – Founder & Chairman, Sumeet Group […]
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Finance Minister Nirmala Sitharaman has raised the lending target for public sector banks to micro, small, and medium enterprises (MSMEs) by nearly 35% for the current financial year, setting a new goal of Rs 5.7 lakh crore. She emphasized that no small business should be denied access to funding and called on public sector banks […]
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The European Union is moving to phase out golden visa programs, but Hungary is bucking the trend by reinstating its own version, potentially boosting its travel and investment sectors. Golden visas have provided affluent individuals an alternative route to live and work abroad, bypassing the more complex and time-intensive processes typically required for residency. These […]
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Bank of Baroda (BoB) plans to open 600 new branches over the next two to three years as part of its goal to double its business (deposits and advances) to ₹48 lakh crore within five years. This expansion aligns with BoB’s strategy to emphasize loans to the retail, agriculture, and MSME (RAM) sectors, further strengthening […]
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“Shri M. Nagaraju, Secretary of Department of Financial Services, Leads Review Meeting with Public Sector Banks”On November 5, 2024, Shri M. Nagaraju, Secretary of the Department of Financial Services (DFS), chaired a review meeting with the Managing Directors and CEOs of Public Sector Banks (PSBs) to assess their performance across critical areas, including financial stability, […]
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