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Small business owners decided to shut their shops, malls, bars, and restaurants after the Government of different nations said the number of Coronavirus cases had spiked and lockdown is the only option to prevent virus spread.  In addition to the unprecedented health crisis, the Covid-19 pandemic has disrupted every aspect of social and economic activity …

Pandemic: SMBs Adopts Digital Tools, Revival Push Read More »

It is important to follow government guidelines, and failing to do so can lead to penalties, and unnecessary loss of time, and money. With the introduction of the new e-invoicing law by the government, all eligible taxpayers for this are required to generate e-invoices that are pre-validated through the government portal and provided with a …

Eligibility for e-invoices Read More »

In part B of her speech, while presenting the Union Budget for the fiscal year 2021-22, Finance Minister Ms. Nirmala Sitharaman says that the digital budget focuses on the contraction in the economy due to the pandemic. Hence, it is designed to support the economy for sustainable growth. In the 75th year of independence, the …

#BUDGET2021: IMPACT ON INDIVIDUAL TAX-PAYERS Read More »

According to the Hurun Global Unicorn List 2020, India currently has 21 Unicorn startups that are collectively valued at USD 73.2 billion. By 2022, the number of unicorns in India might surpass 50.  The USA has 233 unicorn startups, while China has 217 unicorns at present. They collectively account for 78% of the world’s unicorns. …

India’s Unicorn startups may exceed 50 by 2022 Read More »

The Micro, Small and Medium Enterprises (MSMEs) have witnessed upto 2.5 times increase in the total procurements and transitions in October of Rs 5,000 crore compared to Rs 2,300 crore in May. The payments to MSMEs see a similar proportionate increase to approximately 80% in October from around 76% in May. In the last six …

Increase in Procurements and Payments to MSMEs Read More »

Minister of Micro, Small and Medium Enterprises (MSMEs), Nitin Gadkari referred to the sector as the ‘backbone of Indian Economy”. In these crucial times of COVID-19 pandemic and post pan India lockdown, the government is heavily relying on the MSME sector to climb out of the economic swamp. The government has taken several initiatives and …

MSMEs revival rests on Banks and Government, seeking for an action. Read More »

Launched on July 1, 2020, amidst the COVID-19 pandemic, Union MSME ministry’s new portal for MSME registration witnesses over 11 lakh registrations till now.  Seeking help from its field establishments to help entrepreneurs register entities on the portal and execute the process for registration, including: National Small Industries Corporation,  Khadi and Village Industries Commission,  MSME-Development …

Govt’s Udyam portal witnesses over 11 lakh registrations Read More »

In the event of not achieving the targeted loan sanction amount of Rs. 3 lakh crore, the government is likely to extend the deadline of 31st October for the Emergency Credit Line Guarantee Scheme (ECLGS) for MSMEs.  In place from May 23, as of now the ECLGS is open for the period till October 31 …

Higher Chances Of ECLGS Deadline Extension For MSMEs Read More »

A unique initiative, MSME Prerana is an online business mentoring programme for small business owners. A programme by the Indian Bank, a public sector bank, was launched by the Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman, at the bank’s headquarters in Chennai.  An integrated initiative with Poornatha & Co, MSME Prerana aims to …

‘MSME Prerana’ – Indian Bank’s mentoring programme for MSMEs. Read More »

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 …

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

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 …

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

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 …

Under the Credit Guarantee Scheme, Loans to MSMEs are Diminishing Read More »

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 …

MSMEs to shift towards digital payments for economic recovery Read More »

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 …

Startups may have to contribute towards India’s Sustainability Goals Read More »

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, …

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

Medium, Small and Micro Enterprises (MSMEs) are the strength of the Indian economy. The sector alone contributes to 30% of the GDP and 40% of the total exports. In alignment to the Make in India vision, the government had taken several steps to support MSMEs. Starting with allocating USD Dollars 1 billion to the MSME …

MSMEs: Digitise and modernise to thrive Read More »

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 …

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

The new process of registration of Micro, Small and Medium enterprises has come into the effect by the name of Udyam Registration.   The MSME ministry also said that an MSME in India will now be called as Udyam as the term is more closer to the meaning of an enterprise.  To do this registration, filing …

New Process of MSME Registration Begins Read More »

Startup funding in India dropped by 29% in the first half of 2020. In 2019 the first half, the total funding raised by Indian startups was $5.9Bn as compared to $4.2 Bn in the first half of 2020.  This drop is largely due to the impact of the coronavirus pandemic, according to the data by …

Startup news: Startup Funding down by 29% in First half of 2020 Read More »

It’s a known fact that a COVID19 has had a great impact on MSMEs. Most MSMEs are struggling hard to survive and many have shut down. As per this report by the ET, about 35% of the MSMEs in India have shut their shops. To everyone’s relief, the World Bank on Wednesday said that it …

MSME News: World Bank Approves $750Mn for MSMEs Read More »

Funds will be used for expanding reach of the platform and adding Freelancer friendly financial services.  Bengaluru based startup, Refrens.com, has raised funding from a group of angel investors including Vijay Shekhar Sharma (founder of Paytm) and Anupam Mittal ( Founder of Shaadi.com). Launched in July 2019, Refrens.com offers a free invoicing, payments and expense …

Refrens.com Raises Investment From Paytm founder Vijay Shekhar Sharma, FirstCheque and Others For Its Freelancer Focused Business Platform Read More »

Study conducted from data of 1000s of freelancers. Delayed and Partial payments are becoming the norm.  We studied the impact of COVID-19 on the freelance community. The study was conducted on the thousands of invoices managed on the Refrens.com platform. The key trends discovered in the study are related to payment delays for the freelancers.  …

Freelancer Payment Woes Due To COVID-19 Read More »