MSME News

Odisha to Introduce MSME Census to Revive the Collapsing Sector

The Odisha Government, with a view to boost the MSME sector, plans to conduct an MSME census. This, it believes, will help it frame policies aimed at boosting the same. MSME sector is the worst affected during the pandemic. The effort aims to identify the challenges MSMES faced at the time. Some of them include:

  1. Registration
  2. Availing credit guarantee
  3. Raw materials
  4. Tax-related problems
  5. Legal formalities
  6. Marketing of the final products

There is also three-year planning at the district level with the district collectors and others involved in the matter. This will help bring 25000 MSMEs under the Prime Minister’s Employment Generation Program, the Government hopes.

According to Satyabrata Sahu, the principal secretary of the MSME Department, the entrepreneurs here sustained the economy even during the pandemic. The Government also plans to change women ShGs to micro-entrepreneurs that focus on the field of packaging. With this in mind, the Government plans to rope in innovators in the sector. 0000The State also plans to utilize the central schemes in the field to the maximum.

The State leads in the Eastern region by sanctioning a maximum number of projects. It is also the second in the country in this regard.

Updated Date: 01-07-2021

World Bank approves funding of 500 million USD for 5.5 lakh firms under India’s MSME programme

Nearly a year after the 750 million USD provided as a part of the MSME Emergency Response Programme for the resurrection of the Covid-19 hit MSME sector of India. The World Bank has agreed to provide another funding of USD 500 million so as to help the companies that come under the MSME sector revamp and start accelerating towards projected goals while making giant strides in terms of progress and development thereby contributing in improving the economic condition of India as a part of the bigger picture. 

The 500 million dollar loan is aimed to support 5.5 lakh firms in India that have struggled due to the pandemic and the loan has a maturity 18.5 years including a grace of 5.5 years. The World Bank also decided to set up an MSME Council for good coordination and to ensure proper utilisation of the funds. The Council would come up with investment plans for the companies that fall under the MSME sector and provide them with growth plans as well as ideas to get their services more value in the market by increasing their scale of exposure and providing them working capital.

Updated Date: 14-06-2021