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MSME

Now MSMEs Can Get NOCs From Single Window & Electric Connection Upto 20 KW in 3 Days of Filing the Application in Yogi Aditynath’s Uttar Pradesh Govt

Lucknow, September 22: Yogi Adityanath’s government has introduced measures to provide relief to small business owners in the state, who will no longer be required to run from department to department to acquire a No Objection Certificate to start their venture.

Under the state’s new MSME (Establishment and Operations) Act of 2020, MSMEs will get NOCs from a single window, and electricity connection of up to 20 KW within three days of filing the application. Till now, MSMEs would need to get 80 types of NOCs from 29 departments.

The new law was notified on Sunday, and it seeks to ease the process of opening up businesses in the state. According to the state government, there are a total of 90 lakh MSME units, registered and unregistered, in UP. Under the new law, the small business owners will just be required to approach the district-level nodal agency (DLNA), which will be established under the Act and have several state officials including the district magistrate (DM).

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Business motivation Strategy

Visa, IFundWomen Announce Grant Programme to Empower Women Entrepreneurs in India

Mumbai, September 21: With an aim to empower women entrepreneurs in India, Visa along with its global partner IFundWomen on Monday rolled out a grant programme to boost the morale of women entrepreneurs across the country. According to a report by IANS, the digital payments technology leader will seek applications from women entrepreneurs across all sectors till October 20, 2020. IfundWomen is the go-to marketplace for women-owned businesses. The applicants need to submit details about their business and online presence, along with a short video about their business to www.ifundwomen.com/visa-india. Three winners will be selected and receive grants of Rs 7 lakh each and training from leaders within the Visa and IFundWomen network.

Women-owned businesses constitute around 14 percent of the total entrepreneur base in India. To spread the word, Visa said it has partnered with FLO (the ladies’ wing of FICCI) and Instamojo as digitisation partner for the programme in the country. T R Ramachandran, Group Country Manager, India and South Asia, Visa, said, “We want to see this number increase but our interactions with women entrepreneurs show that access to capital to fund, run and grow their businesses remains a challenge”.

The Visa and IFundWomen grant programme in India, the first outside of the US, “aims to boost female entrepreneurship and empower budding businesswomen through our network, guidance, financial support and resources to help achieve their dreams”, he added.

Visa’s partnership with IFundWomen is specifically designed to help women entrepreneurs secure the funding they need through a series of grants. This year in June, Visa had committed to supporting 50 million small businesses globally to power recovery and enable them digitally. In August 2020, through the first India edition of Visa Everywhere Initiative, it awarded three fintech startups with monetary awards and technological support to take their solutions to market, the company said.

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Business motivation

Trending Business Industries That Are Both Viable And Profitable

Have you ever thought about what life would look like after 2020? Imagine it to be a plethora of opportunities that you, as an entrepreneur can encash. If we talk about the changes, a lot of differences have been observed and we can expect more of them as consumer behavior has been changed drastically and so has the market. Also, when you think of beginning another business, you ought to consider the potential ventures your organization may have the best chance to contend in. Based on these changes and many other factors, you can decide which trending business idea is the one for you. We bring to you a list of 4 such industries that are the most promising for startups in 2020-2021.

Health Is Wealth–Indeed

It should not come as a surprise to anyone as we declare health and wellness to be the industry that is at its all-time high. Due to the ongoing pandemic, everybody across the globe has become wary of their health and well being more than ever. This is the reason why this industry in particular is booming and could be one of the best opportunities for you to set your business in. To make your mark in this industry we would suggest you all to think differently and dig deep into biotechnology, elderly caregiving, personal training, etc.

Green Is What? Good

People are very conscious these days of not using anything that may harm the environment. This is an extremely welcoming change and could prove to be an equally wonderful opportunity for entrepreneurs to set their foot in. You can offer your consumer base products that are high in quality, are environment friendly, and support the sustainable lifestyle that today’s consumer is shifting towards. If you are one of those who do not believe theories, we will bring you the facts that will certainly change your mind. Do you know that Sustainable product sales are estimated to reach $142.4 – $151.1 billion by 2021? That’s huge. Act smart and grab this opportunity as it is not only promising for you, but for the environment as well.

Technology Is Here To Stay

Technology has made it clear to the world that without it being efficiently used to grow further, the progress is out of the question. All the popularity the technology has gained in recent years has only proved that it can be a game-changer to help a business grow by leaps and bounds. Giants like Apple, Samsung,  and Google have their entire business set on science and technology. The technology industry across the globe is estimated to grow to $5.2 trillion in 2020 at an amazing rate of 3.7%. Also, it is noteworthy that 44% of the businesses across the globe are planning to increase their budget to spend on technology. 

Take Control And Get On The WHEELS!

In today’s day and age, people heavily rely on transportation, to be more specific, public, and private transportation. This statement backs our statement that the transportation businesses are experiencing a surge and would be the perfect industry for you to be in if this is your niche.  We all have witnessed the sharp rise in the number of cabs that continuously do rounds on the roads in many of the big cities as it has trend out to be a profitable business for many. You can think of initiating a startup based on app-based taxi service, rental car business, truck transportation services, and many more such ideas. 

A plethora of great business opportunities is waiting for you out there, if only you have the eye to identify. Take inspiration and motivate yourself to be a great leader who is very observational when it comes to the changing market trends, a shift in consumer behavior, and the newest trends doing rounds in the field of science and technology. Always remember to not resist the change for it is the only thing that will keep you relevant and in business.

 

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Business motivation

Women Who Mean Business: 4 Powerful Quotes From 4 Brilliant Women Entrepreneurs

Women are not only capable of running the world, they have enough potential to rule it too! Women these days have been smashing patriarchy by showcasing their immense talent and amazing productivity across the world. Women are more productive than men, according to new research, which officially disregards the thinking and mindset that women just belong in the kitchen.

We are presenting to you some brilliant motivational quotes from some of these inspiring women which are nothing less than the pearls of wisdom to inspire the entrepreneur in you to break the barriers, push the boundaries, and shatter that glass ceiling.

Sheryl Sandberg, Facebook CEO, Author

“Knowing that things could be worse should not stop us from trying to make them better.”

Do yourself a favor and stop stressing out. It is not at all healthy to be thinking about how bad things could get when things are already going rough. It will rob you of your capability to think straight and make things better. Always have a positive outlook and never hesitate in giving yourself that much needed second chance.

Estee Lauder, Co-Founder of Estee Lauder Companies

“I have never worked a day in my life without selling. If I believe in something, I sell it and I sell it hard.”

If you don’t believe in your capabilities, how do you expect the world to see right through you? The same goes for the products/services your company sells. How can you expect the prospect to believe in your product, when you, yourself, feel disconnected from them. Save yourself the agony and create something that you would love to purchase without having any second thoughts. Estee Lauder believed the same and became one of the richest and self-made female entrepreneurs in the USA.

Anne Sweeney, Co-Chair of Disney Media Networks

“Define success on your own terms, achieve it by your own rules, and build a life you’re proud to live.”

One size doesn’t fit all! The same goes for the dream. Everybody has dreams which are tailor-made just for them. Everybody has different goals, different ways to achieve that goal and possibly different outcomes. A person who drives a motorbike can not be compared to the person who has access only to a bicycle. Don’t let others’ success or failure influence your journey to achieve your goals and become successful. Set your own path, take the road less traveled, and conquer this world on your own terms.

Kiran Mazumdar Shaw, Founder, Biocon

Being a woman does not have to be a handicap or a disadvantage. Being a woman has actually helped me gain confidence.” 

Listen to what our very own Kiran Mazumdar Shaw has to say! Telling constructive feedback apart from the destructive is an art in itself. Kiran Mazumdar Shaw suggests all the women entrepreneurs/wantrepreneur to turn a deaf ear towards those whose only job is to bring you down by telling you how different you are just because you’re a woman. Take it from the professional, work on your strengths. Work on your strengths and use them to your advantage.

No matter the gender, if you have the power to dream it, you have the power to fulfil it as well. Don’t let the stereotypes come in the way of your success or demoralize you in any way. These inspiring women followed the same and now are ruling the entrepreneurial world. 

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Startup Strategy

The Future of Retail in the COVID-19 Era

The fast-changing landscape is making the retail industry turn from an unorganized to an organized sector. This sector remains one of the greatest industries across the globe. Big moves are marked, in the industry with the introduction of technology, and the retail industry has shown rapid adoption of it very well.

Due to COVID-19, the whole country was under lockdown, which has affected not only the lives of humans but has also hugely affected industries, and they have to cope up with a lot.

Finally, unlock happened after the lockdown of months, and now the retailers have started to evaluate the losses due to the pandemic. Now, the retail industry is hoping to bounce back to the pre-COVID-19 state.

Therefore, consumer behavior is tough to predict currently. Here are the things to be expected post-COVID-19.

Social Distancing the New Normal

After many governments have started allowing stores to open with the rules and set of guidelines for preventing COVID-19, masks are one of the important rules to follow. For running, business owners need to follow these rules by limiting the number of the customer at the store. This will lead to fewer sales, but high-end retailers can achieve it can be achieved by adopting an appointment system.

That’s a true majority of retailers will be facing trouble in maintaining social distancing, and it will affect their business.

Controlling the fear of infection

If you want up your sales, take this serious health emergency seriously, as these health emergencies as serious you can. As we know, people have taken extra careful measures and cautions to avoid the infection. Now owners who are strictly following the rule of wearing masks, avoiding handshakes, sanitization of hands, and doing cashless transactions are attracting more and more customers.

Stores offering these are likely to achieve more sales as the customer will notice business owners care about their health too.

The approach of the omnichannel

There was a time when buying clothes or shoes online seemed like an odd thing to do. Fast forward to today’s time, it’s one of the common and popular ways to shop. The omnichannel approach has raised since the lockdown is imposed as pandemic made this boomed in the eCommerce industry.

This is one of the biggest opportunities that came from retailers to encash the chance and this is a big chance for today as well as gain for future ground.

Due to the pandemic, our life’s work has been thrown us out of order, and we have been forced to accept new normal. The benefit of this hard time approached innovation has taken place.  With the aid of technology, things may get easier to face this difficult time After 4 months of incurring losses of ₹90,000 crores this lockdown, the organized retail sector works every day on new strategies to cope with the game.

 

 

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Startup

Indian Startups Can Now List Overseas Before Going Public in Country

New Delhi, September 21: In a big relief to Indian startups, the government has finally allowed Indian companies to list abroad before getting themselves listed in India. According to a Moneycontrol report, this was part of a series of amendments under the Companies Act, 2013, including moves to decriminalise various offences and improve the ease of doing business in India.

This move will now enable dozens of loss-making domestic startups to opt for an initial public offering (IPO). The amended law will “permit the direct overseas listing of Indian corporates securities in permissible foreign jurisdictions through an enabling provision.”

Most Indian startups want to list in US, the country which has the maximum investors. In India, the investors and entrepreneurs have ben asking for this amendment for the past few years, because under the current law, loss-making companies are not allowed to list in India.

The coronavirus pandemic has affected the market everywhere, from job losses to companies being shut, the economy of most nations is in the doldrums. Despite COVID-19, global stock markets, including US have held up. Technology stocks have also performed better than many sectors.

The amendment of the law surely comes as a positive sign to the startups who have been waiting to go public. There are reports, that Zomato, Policybazaar, Delhivery have expressed their desire to go public in the next 12-18 months.

 

 

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E-Commerce Legal MSME

KVIC’s Legal Action Forces Flipkart, Amazon, Snapdeal to Remove 160 Fake Khadi Products Online

New Delhi, September 20: The Khadi and Village Industries Commission’s (KVIC) on Sunday informed that its firmness had forced e-commerce portals like Amazon, Flipkart, Snapdeal and others to remove over 160 web links selling products in the brand name of ‘Khadi’. The new development comes days after KVIC served legal notices to over 1000 firms using the brand name ‘Khadi India’ to sell their products.

Issuing a statement, KVIC said, “These e-commerce portals were selling products like Khadi masks, herbals soaps, shampoos, cosmetics, herbal mehandi, jackets, kurta and many such products through different sellers using the brand name ‘Khadi’. This created a false impression among online buyers that these commodities were genuine ‘Khadi’ products. KVIC also stated that a majority of the products that have been removed were being sold by one Ayush E-Traders. This firm has confirmed to KVIC that it has removed 140 links for various products that were being sold as ‘Vagad’s Khadi Products’.”

Adding more, KVIC stated that there has been a steep rise in violation of Khadi trademark as the popularity of Khadi grew manifold in recent years. It added that a number of online sellers began selling random products in the name of Khadi. For the ease of online customers to buy genuine Khadi products, KVIC has launched it’s e-portal selling a range of 300 products online at www.kviconline.gov.in/khadimask.

KVIC recent action has resulted in shutting down a number of stores across the country that were selling fake Khadi products. KVIC Chairman Vinai Kumar Saxena said, “Legal notices have been issued to various firms essentially to safeguard the interest of Khadi artisans. This trademark violation has a direct bearing on the livelihood of our artisans who are making genuine handcrafted products.”

Earlier in August, KVIC had issued legal notices to two firms Khadi Essentials and Khadi Global for unauthorizedly selling cosmetics and other products in the name of Khadi. The KVIC had also sought damages to the tune of Rs 500 crore from Fabindia which is pending before the Bombay High Court.

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Technology

Facebook Unveils Business Suite, an App for Managing Business Accounts Across Facebook, Instagram and Messenger to Help SMBs Grow

San Francisco, September 18: In a bid to help small and medium businesses (SMBs), social networking giant Facebook has launched Facebook Business Suite, an app for managing business accounts across Facebook, Instagram and Messenger. This newly rolled out Suite is a new interface which aims to help businesses save time and stay up to date by managing their Pages or profiles across its family of apps. The suite allows them to post to Facebook and Instagram at the same time, and manage and receive messages, notifications and alerts in one place.

Facebook said it has announced a Business Suite for small businesses first, adding that it is a long-term investment to make this the main interface for businesses of all sizes who use Facebook, Messenger, Instagram and WhatsApp. The firm added saying that the new facility  is available for small businesses globally starting today, i.e. September 17, and will expand to larger businesses next year.

Sheryl Sandberg, Chief Operating Officer, Facebook, in a blog post on Thursday said people can also easily see what’s working and learn what’s resonating with customers with Facebook and Instagram insights. “The last few months have been tough for small businesses everywhere, and while there are reasons to be optimistic there is still much uncertainty ahead. But whatever happens, Facebook will continue to do all we can to help them adapt, survive and thrive online,” Sandberg said.

Facebook had recently conducted a study on the impact of COVID-19 on consumers’ purchasing patterns and their use of digital tools to search for and interact with businesses The study revealed that half of those surveyed said they had spent more money online overall since the outbreak, and 40 percent have increased their use of social media and online messaging for product and business recommendations.

The survey also found encouraging support for local businesses. In the survey, of those who said they had started shopping at new businesses, nearly three-quarters said that at least one was a small business. Nearly 31 percent also said they will increase their spending with small local businesses once the pandemic is over.

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Startup

Coronavirus Disruptions to Hamper MSME Recovery Prospects, Challenging Operating Environment to Remain For the Rest of 2020, Predicts Moodys

Mumbai, September 18: Credit rating agency Moody’s Investors Service on Thursday said that coronavirus disruption will hamper the recovery prospects of India’s micro, small and medium enterprises (MSMEs). According to an Economic Times report,

Moody’s stated that economic and property market disruptions due to coronavirus will lead to higher delinquences by MSMEs. This will hit the companies’ asset-backed securities (ABS) over the remainder of the year and hurt their chances of recovery.

The credit rating agency expects India’s economy to contract 11.5% percent in the fiscal year ending March 2021. The coronavirus induced lockdown has severely impacted the economy of several countries including India. There have been job losses, businesses have been shut and many SME businesses have also stalled. Moodys informed that demand for SME’s goods and services has fallen along with job and income declines.

The report further states that the government of India’s stimulus measures like guarantees on loans to MSMEs will partially help to alleviate liquidity pressures in the sector but it not help the sector to avert a downturn.

The rating agency further elaborated that they expect the challenging operating environment for SMEs to continue for the rest of 2020, which will also be increasing the risk of loan delinquencies.

Categories
MSME

Narendra Modi Birthday 2020: Khadi and Village Industries Commission Creates 1500 Employment in 10 Cities on ‘Sewa Diwas’ to Celebrate PM’s Special Day

New Delhi, September 18: The Khadi and Village Industries Commission (KVIC) on Thursday extended the benefits of various employment generation schemes to nearly 1500 persons in 10 Indian cities to celebrate ‘Sewa Diwas’. The benefits were extended to mark the birthday of Prime Minister Narendra Modi.

The KVIC organised 14 programs to expand the ambit of its welfare projects to create local employment. The KVIC also distributed 6 innovative cycle-mounted tea/coffee selling units under project DigniTEA in New Delhi. The cycle-mounted tea/coffee selling units were distributed to unemployed local youths with an aim to enable the tea-sellers to earn a respectable livelihood.

Apart from this, Union Minister of State for MSME Pratap Chandra Sarangi inaugurated an SFURTI cluster of 500 artisans for making hand-knotted carpets in Prayagraj in Uttar Pradesh. Among other programmes, KVIC Chairman Vinai Kumar Saxena launched six different programs in Varanasi that include the first Footwear Training cum Production Center in Varanasi for leather artisans (Mochi) in collaboration with Central Footwear Training Institute (CFTI).

He also distributed electric potter wheels to 300 Kumhar families under Kumhar Sashaktikaran Yojana and 200 bee boxes to 20 farmers families under Honey Mission. The KVIC chairman also distributed 6 hand-operated Agarbatti making machines at Sewapuri Block in Varanasi under the Khadi Agarbatti Aatmanirbhar Mission.

KVIC chairman said sustainable development though local employment generation has been the key focus of KVIC which is aligned with the Prime Minister’s commitment of ‘Job to Every Hand’ (Har Hath Me Kaam). “It is the inspiration and appeal of the Hon’ble Prime Minister that has taken Khadi to a new height. We are hopeful that he will continue to lead Khadi as its biggest brand ambassador,” Saxena said.