Vocal for local Prime Minister Narendra Modi gave a call to fellow Indians to be “Vocal for Local” in May. This includes not only to buy and use local products but to also take pride in promoting them. Challenges 1) Imports from China Serious challenge to Atmanirbhar mission is country’s $65 billion worth of imports …
Context: Dalit entrepreneurship holds promise for the much-needed social transformation. Many attempts have been made to transform the highly-stratified Indian society into an inclusive one. However, the expected social transformation in our Indian society remains unfulfilled, especially with regard to Dalits. Their situation has improved, but social exclusion still persists. In this context, promoting Dalit …
Need to promote Dalit entrepreneurship – UPSC GS3 Read More »
Utility: Direct question can be asked. Content can be used in answers on Economy, Manufacturing, Unemployment, Covid. MSME Finance Issue: Micro, small and medium (MSME) enterprises are the backbone of a healthy and balanced economy. They supply components, intermediate goods and services at competitive prices to big companies. However, they receive delayed payments for their goods and services. …
What is issue with MSMEs Despite MSME contributing 20% of the GDP and employing about 110 million workers, we have failed to make bold policy-moves to make it more productive and competitive. MSMEs are not becoming ‘larger’ and more dynamic, with 99% of the estimated 60 million being micro-enterprises with limited aspirations. At the core …
Context: Covid-19 impact on small businesses. Fact: There are over 60 million MSMEs, 12 million kiranas and about 13 million HoReCa (hotel, restaurant and catering) businesses. All these account for nearly one-third of India’s Gross Domestic Product (GDP). Worsening Condition of MSMEs: Loss of business: As per Confederation of All India Traders’ estimates, retail trade lost …
China + 1 Strategy: The “China, plus one” strategy is about still using the resources allocated in China, but adding lower wages to the mix. Due to rising labour cost in India, manufacturing firms are diverting some of the resources to low cost economies while still using their facilities in China as shifting entire production …
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The Cabinet Committee on Economic Affairs (CCEA) has approved the capital infusion of Rs. 2000 crore for strengthening of Export Credit Guarantee Corporation (ECGC) to enhance insurance coverage to micro, small medium enterprises (MSMEs) exports. Benefits: The infusion of capital will enhance insurance coverage to MSME exports and strengthen India’s exports to emerging and challenging …
Parliament has passed Insolvency and Bankruptcy Code (Amendment) Bill, 2018 to bring relief to the home buyers and MSMEs. The Bill replaces ordinance promulgated in this regard and amends the Insolvency and Bankruptcy Code, 2016. Background Insolvency and Bankruptcy Code (IBC), 2016 provides time-bound process to resolution of insolvency among companies and individuals. Insolvency …
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Context: The Union Cabinet has approved amendment to Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 for classifying MSMEs from current investment in plant and machinery criteria to annual turnover criteria. The purpose of amendment to Section 7 of MSMED Act, 2006 is to encourage ease of doing business, make MSME classification norms growth …
Loans disbursed under the Pradhan Mantri Mudra Yojana (PMMY) have crossed its target of Rs 1.8 lakh crore in the financial year 2016-17. Out of the 4 crore borrowers, over 70% of the borrowers were women. Around 20% of the borrowers belonged to Scheduled Caste category, 5% belonged to Scheduled Tribe category and 35% belonged …