The third annual Swavlamban event, organized by the Naval Innovation and Indigenisation Organisation, kicked off with an exhibition for innovators, startups, and MSMEs on Monday, at Bharat Mandapam here.
Thes enterprises make up more than 60 million of them, contributing to over 30 per cent of the nation’s GDP and employ more than 110 million people.
While trying to understand how MSMEs can grow fast and create jobs – India’s foremost economic challenge we came across a remarkable example. Mr Jain, owner of an apparel firm from Mumbai turned a modest Rs 15 crore operation into a Rs 250-crore powerhouse in less than eight years.
In a significant step to give a boost to the startups, India and Australia collectively have invited applications from start-ups and MSMEs of both the countries.
This MoU will help MSMEs and emerging companies in the defence sector to scale-up their business operations, explore new markets and fund their R&D activities, it said.
The relief provided under this scheme is in continuation of the efforts of the government in promoting and sustaining the MSME sector.
The Indigenous 5G Test Bed was dedicated to the nation by Prime Minister Narendra Modi on 17 May 2022.
Giving significant relief to MSMEs, Union Minister for Finance Nirmala Sitharaman proposed to continue the financial sector reforms and innovative use of technology.
Growing gold/MSME loan business, launching proprietary credit cards, and increasing bancassurance tie-ups are some of the focus areas of DBS Bank India Ltd, said a senior official.
The Centre has notified that all registered micro small and medium enterprises (MSMEs) would be allowed to avail of all non-tax benefits for three years instead of one year, even after upward graduation in their category and consequent reclassification.
