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Facebook’s $4.3 million grant to support small businesses in India

Amidst the COVID-19 crisis, Facebook has been focusing on providing business tools for the survival of small businesses. According to the data released by OECD and the World Bank, in India, more than one-third of the small and medium-sized businesses on Facebook are facing cash-flow problems.  Facebook has a wide reach in India, almost every …

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GOI Launches 15 Challenges for Startups and MSMEs to Solve for a Grant of INR 50 Lakhs Each

In collaboration with the Indian Space Research Organisation (ISRO) & four other ministries, the government of India launched ARISE – Atal New India Challenges programme in order to support the small businesses and MSMEs. The step is in alignment with the vision of making India Aatmanirbhar and less dependent on the imports and products of …

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Under the Credit Guarantee Scheme, Loans to MSMEs are Diminishing

The government’s rescue scheme for Micro, Small and Medium Enterprises (MSME) amidst the COVID-19 crisis is not performing up to the expectations. Small businesses contribute around 25% to the Indian GDP, therefore working on their health is the government’s top priority. To cope with the aftermath effects of the pan-India lockdown on the MSMEs, the …

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MSMEs to shift towards digital payments for economic recovery

The COVID-19 pandemic brought along financial challenges for many economies and institutions. A major force behind driving the Indian economy, Micro, Small & Medium Enterprises (MSMEs) also faced a setback. During the lockdown, with working from home and minimized contact, the need for digital payments grew in India.  Digital payments were once an option for …

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Startups may have to contribute towards India’s Sustainability Goals

Businesses are to be made responsible entities. To make them more serious about their contribution to society, the ministry of corporate affairs (MCA) has presented a new system called Business Responsibility and Sustainability Report (BRSR). A move for corporates to report all non-financial disclosures under the same single source.  It is an improvised version of …

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Emergency Credit Line Guarantee Scheme(ECLGS) to cover individual entrepreneurs

The government has decided to extend the ECLGS scheme to include individual entrepreneurs. This is a move to cover the lag in the economic growth caused due to Pan-India lockdown and the COVID pandemic. Individual entrepreneurs head more than 6.3 crore Micro, Small and Medium Enterprises (MSMEs), and larger companies across India.  Under this scheme, …

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Filing ITR As A Freelancer? Know The Rules That Apply In India

A rising number of people are becoming interested in freelancing as technology advances. However, there is still considerable ambiguity regarding the taxation of freelancers and their profits. Freelance income is classed as ‘earnings and gains from firm or profession’ for tax purposes. While this may come as a surprise to some, it is because money …

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Insolvency resolution: Cheaper, faster and easier process on cards for MSMEs

Insolvency and Bankruptcy Board of India (IBBI) has proposed a new framework for micro, small and medium enterprise (MSME) insolvency resolution process, reducing the time limit to less than 180 days.  The plan aims to focus on making the procedure more cost-effective, quicker and easier allowing the debtors to continue running the business while allowing …

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