Categories
Finance

MSMEs in Maharashtra: State Government Mulling Relief Package For Lockdown-Hit Sector, Says Industries Minister Subhash Desai

MSME (Photo Credits:
Emergency Credit Facility Under ECLG for small businesses hiked from Rs 25 crore to Rs 50 crore by NCGTC. | Representational Image.

In what is believed to be a move to revive the Micro Small and Medium Enterprises (MSME) sector in Maharashtra, the state government is planning to provide some relief to the sector which has been severely impacted due to coronavirus lockdown. Maharashtra industries minister Subhash Desai was quoted in a TOI report saying that the MSME sector has asked for relief which includes interest subvention, relief in electricity duty and support for wages to be dispensed during the lockdown.

Desai said that the state government will consider providing a relief package to MSME sector after this issue comes up in the cabinet. The state has 20 lakh units registered as MSMEs, of which, six lakh are in the manufacturing sector, while the others are in service sector.

Indian Merchants Chamber president Rajiv Podar said that the biggest challenge for MSMEs is a fund crunch and a large chunk is blocked by PSUs. “In addition, 65% of MSMEs are below the investable grade and are therefore, not able to access the Centre’s relief package,” he said. Podar said the RBI’s interest rate transmission has not trickled to MSMEs adding that the government will need to stimulate demand in the economy.

Meanwhile, Anant Singhania, director of J K Organisation and CEO of J K Enterprises was quoted in the report saying that the Centre’s Atmanirbhar package catered more to MSMEs, who were already borrowers, to able to borrow more. He said the rest got excluded from the package and are in need of help. “The industrial sector on the whole, “faces a funding challenge since cash flow has come to a grinding halt,” said Singhania, adding that the industry is functioning at a sub-optimal level, facing a lack of demand and lack of workers.

Further, Singhania said that the governments had to give some assurance to the large number of migrants who left the cities so that they would return. “There also needs to be some monetary infusion in the market from the government and public sentiment needs to change on the ground,” he said.

Categories
Motivational Strategy

5 Steps for Newcomer to Build and Grow a Personal Brand Amid COVID-19

Steps to build and grow a personal brand. | File Image
Steps to build and grow a personal brand. | File Image

For a budding professional, the most difficult job is to build and grow a personal brand. This will not only boost his morale but also help his/her in securing a job in the corporate field. However, with pressures mounting with time and firms taking extra precautions in hiring candidates amid COVID-19 pandemic, here are five steps for a budding professional to build and grow a personal brand.

Create a Target Audience:

The first and the foremost step for building a personal brand is to create and make aware the target audience aware of the brand. For this, a well-written CV plays a vital role which should include a career summary, academic information, work experience, languages known, certifications, positions of responsibilities, and achievements.

Following this, post the CV in the right platform like Linkedin where recruiters can notice their prospective candidate. Apart from creating a profile, ask peers and ex-fellow employees to endorse your skills. Also, share relevant articles and write those which are relevant to your domain.

Online Classes:

Many of the budding professionals fail to grow their brand as they stick to traditional training. With the situation like COVID-19 pandemic in place and recruiters looking for extra talented people, budding professionals should focus on taking up online classes which makes them ready for the future. Courses like artificial intelligence, digital marketing, graphic designing, content writing, marketing analytics, among others.

Content Writing:

Apart from creating a CV and joining online classes to upgrade skills, a budding professional should write content in the field, in which s/he specialises. Content writing helps in building a professional brand. However, a clear knowledge of one’s vision, target audience and goals should be clear for writing content.

Participate in Case Study Competitions:

It is said that participating in case studies helps in building analytical and critical thinking. With this, a person develops the art of paying attention to details. Also, one learns to read between the line and begins strategic thinking. In the beginning, the idea might look scary, but with time this will help a budding professional into an ideal match for the recruiter.

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This is the last step which will help a budding profession to build and grow a personal brand. There is no harm in gaining current affairs related issues. This will help the budding professional in facing the HRs, future colleague and even friends to strike conversations on mutual interest. Even subscribing to OTT platforms like Discovery Plus or History Channel will enhance the chances of being recruited by a firm.

Among all other things, a budding professional should always look for options to enhance his/her skills. This will make him/her more confident and market-ready.

Categories
Startup

RBI Says ‘Promoting Startup And Ensuring Their Survival is Critical in Generating More Employment’

Startup
Startup (Photo Credits: Pixabay)

Mumbai, August 25: Reserve Bank of India (RBI) on Tuesday said that the promotion of young firms and startups and ensuring their survival is critical for generating more employment generation and higher productivity-led economic growth in India. RBI’s annual report for 2019-20 mentioned that it will be essential to reorient resources and policy focus in this direction.

RBI in its report mentioned that Indian IT firms are already leading globally in terms of developing applications using artificial intelligence (AI), machine learning (ML), robotics, and blockchain technology. This niche advantage needs to be leveraged to strengthen India’s position as an innovation hub, coupled with India’s ‘Start-up India’ campaign which recognises the potential of young entrepreneurs of the country.

Commenting on the economic growth revival of the country following the impact of coronavirus, RBI said that the government’s consumption will continue to support current economic demand while private consumption is expected to lead the recovery.

 

 

 

Categories
Finance MSME Startup

Ministry of MSME Issues Circular Stating RBI’s Criteria for Classification of Enterprises Under MSMED Act, 2006, Here Are the Details

Ministry of MSME
Ministry of MSME (Photo Credit: PIB)

New Delhi, August 24: The Ministry of Micro, Small and Medium and Medium Enterprises on Monday issued the Reserve Bank of India’s notification for clarifications of small and medium and medium enterprises in the country. The re-classification of MSMEs have been done by the Union government under the Micro Small and Medium Enterprises Development Act, 2006 and is effective from July 1, 2020.

Under the Gazette notification, released by the RBI and reissued by Ministry of MSMEs, several criteria have been mentioned which contains the definition of Micro, Small and Medium Enterprises as per Section 7 (I) of the MSMED Act, 2006.

Definition of MSMEs under MSMED Act:

Micro Enterprise: A firm where the investment in plant and machinery or equipment does not exceed Rs 1 crore. Also, turnover does not exceed Rs 5 crore.

Small Enterprise: A firm where the investment in plant and machinery or equipment does not exceed Rs 10 crore. Also, turnover does not exceed Rs 50 crore.

Medium Enterprise: A firm where the investment in plant and machinery or equipment does not exceed Rs 50 crore. Also, turnover does not exceed Rs 250 crore.

Apart from this, the RBI notification mentioned composite criterion of investment and turnover for the classification of MSMEs. It says that if an enterprise crosses the ceiling limits specified for its present category in either of the two criteria of investment or turnover, it will cease to exist in that category.

The notification said that all the enterprises — whose Goods and Services Tax Identification Number (GSTIN) are listed against the
same Permanent Account Number (PAN) — will be collectively treated as one enterprise. Adding more, it said that the turnover and investment figures for all of those entities will be seen together and only the aggregate values will be considered for classification of MSMEs.

Calculation of Turnover:

For the calculation of investment in plant and machinery or equipment in an enterprise, RBI said that it will link Income Tax Return (ITR) of the previous years filed under the Income Tax Act, 1961. For new enterprises — whose ITR details are not available — the investment will be based on self-declaration of the promoter of the enterprise.

However, those relaxations will end after the March 31 of the financial year in which it files its first ITR. Also, purchase — invoice — the value of a plant and machinery or equipment will be taken into account excluding GST — on self-disclosure basis — if the enterprise is a new one without any ITR.

Among other details, RBI said that it will exclude exports of goods or services or both while calculating the turnover of any enterprise for MSMEs for classification. Adding more, RBI circular stated that information related with turnover and exports turnover for an enterprise will be linked to the Income Tax Act or the Central Goods and Services Act (CGST Act) and the GSTIN. For an enterprise, who don’t have PAN, their turnover will be considered on a self-declaration basis for a period up to March 31, 2021. Following this, PAN and GSTIN will be mandatory.

Categories
Finance Legal Startup

RBI Extends Deadline For Udyog Aadhaar Memorandum of MSME Registrations Till March 31, 2021

Reserve Bank of India
Reserve Bank of India. (Photo Credit: Facebook)

New Delhi, August 24: The Reserve Bank of India on Monday extended the validity of Entrepreneurs Memorandum (EM) Part II and Udyog Aadhaar Memorandum (UAMs) from June 30, 2020, to March 31, 2021. The RBI circular even stated that all the enterprises are required to register online and obtain ‘Udyam Registration Certificate’ to be classified as MSME as per new definition.

Issuing the circular, RBI said, “The existing Entrepreneurs Memorandum (EM) Part II and Udyog Aadhaar Memorandum (UAMs) of the MSMEs obtained till June 30, 2020, shall remain valid till March 31, 2021. Further, all enterprises registered till June 30, 2020, shall file new registration in the Udyam Registration Portal well before March 31, 2021.”

Adding more, the circular noted, “‘Udyam Registration Certificate’ issued on self-declaration basis for enterprises exempted from filing GSTR and/or ITR returns will be valid for the time being, up to March 31, 2021.”

Following this, the Ministry of MSME said that the registration for Udyog Aadhaar Memorandum website is up and the registrations are underway. The Ministry said that the need for a document for classification purpose has been dispensed for a paperless approach.

Here’s what MSME tweeted:

Apart from this, the Ministry of MSMEs said in its circular that classification and re-classification of MSMEs is the statutory responsibility of the government. These classifications are done as per the provisions of the MSMED Act, 2006. With this, all lenders will have to obtain ‘Udyam Registration Certificate’ from the entrepreneurs.

Categories
Technology

Aadhaar Authentication to Help Businesses Get GST Registration Within 3 Days

Aadhaar For All (Photo Credits: Facebook)

In what is believed to be a major boost for businesses in India, the businesses that provide Aadhaar number while applying for registration under the Goods and Services Tax (GST) will get the approval in three working days. Last week, the Central Board of Indirect Taxes and Customs (CBIC) had notified Aadhaar authentication for GST registration with effect from August 21, 2020. The notification also provides that in case businesses do not provide Aadhaar number, then GST registration would be granted only after physical verification of the place of business.

Sources believe that the Aadhaar authentication is expected to facilitate genuine and honest taxpayers while at the same time keeping fake and fraudulent entities away from GST.

Two important things to know:

  1. For a person opting for Aadhaar authentication for new GST registration would get it within just three working days, if no notice is issued and would not need to wait for physical verification.
  2. While applicants not opting for Aadhaar authentication for GST registration would be granted it only after physical verification of the place of business or documentary verification which may take up to 21 working days or more if notice is issued, sources said.

According to a report by PTI, sources of the Finance Ministry said the GST Council in its 39th meeting held on March 14, 2020, had approved operationalisation of Aadhaar authentication for new taxpayers. However, its implementation was postponed due to the lockdown on account of COVID-19 pandemic.

Sources further said that keeping the COVID-19 pandemic in view, it has been provided that the officer may, if the circumstances warrant, opt for asking for additional documents in lieu of the pre-registration for physical verification of the premises.

Categories
Startup

Small Business Ideas: 5 Easy And Profitable Startup Ideas

बिज़नेस
बिज़नेस

Several entrepreneurs face tough luck when it comes to getting funding, and the issue of arranging funds is existing for a decade now. Many quit their dream of building, creating, and innovating in the face of this struggle without realizing that easy business ideas are right in front of them.

If you dream of clocking out of 9 to 5 jobs and want to be your boss, then you must consider a variety of small business ideas. With the blessing of technology and high-speed internet, the nature of work has changed and consumers have also become tech-savvy. In such a scenario, we bring you a few easy business ideas to help you start up as an entrepreneur.

Blogging
Today, blogging is one of the most lucrative fields to step into, in this current digital age. You can start blogging as a professional business with minimal start-up cost or zero cost. The only investment needed in this is for a domain name and hosting space in the initial phase, at least. If you believe that you have the skill and have some expertise, then you should opt for this field. Blogging gives you an unlimited number of options – you can be a fashion blogger, technology, and lifestyle blogger.
There are many platforms available to help you showcase and enhance your skill, to reach the target audience, and in return, you earn enough money, along with popularity.

Content Writing
Content writing is one of the best business ideas for earning online and staying at home. Huge companies like Infosys, TCS, to mid-level media startups to bloggers and websites, now believe that content is king. Over the past few years, content creation has been in huge demand.
While the investment needed here is pretty small, the earning is significant. The investment required here is your time, skill, laptop, and good speed internet.

Be a Coach
Being a coach has always been in trend. Earlier, it was all about education, but now it allows other things like dance, yoga, etc. As time changes, so do the style of coaching. You can coach your students by staying home itself and you don’t need to spend extra money on leasing space. You just need space in your house, laptop, and high-speed internet.
In terms of being a coach, you need to make sure to be great in your skills. This will help you in creating trust and advertising, which brings new potential customers.

Adviser
If you are good at something and have experience with it, don’t let it go waste and start being a counselor. Consultancy services are gaining popularity at a fast pace and is now a big open opportunity to earn some money.
Start using your experience and help others who can utilize your guidance and excel in their careers.

Be A Youtuber
One of the popular hotspots these days is YouTube, which helps your creativity and your talent reach the world. YouTube lets you create your channel and upload videos free of cost. Many popular YouTubers are getting paid by YouTube itself.
For making money through a YouTube channel, your next step should be monetization of your channel. This feature will allow YouTube to display ads in or on video. If you put good content, YouTube will acknowledge you to apply for revenue sharing for your video. So don’t wait, if you have a talent, show it to the world.

The above five ideas are proof that giving up is not an option, especially when starting up is so easy. Each of the above businesses needs a fair amount of research and your skills. So, make sure you do your homework before starting a new business.

 

Categories
Startup

5 Reasons Why Startups Fail; Here Are the Mistakes Which Need to be Avoided

Startup (Representational Image Only, Photo Credits: NeedPix.com)

Mumbai, August 24: Startups fail due to various reasons and one of the main reason is when they fail to offer the product which the market wants. In short, when they fail to meet the expectation of the consumers. It is very difficult for a startup to stand out until and unless their product offering is different from the others.

Below are a couple of main reasons why startups fail:

Failure to understand consumer demand: Several startups have failed over the years because their product couldn’t meet the expectation of the consumer. Therefore, it is very important to do proper market research before launching your product in the market.

Advertising Blitzkrieg Startups need to spend every penny wisely. However, most startups fall into the trap of spending a bomb on advertising. From getting on board celebrities to endorse their products to full-page ads and TV spots, brands end up burning cash in their quest to get the attention of the consumers. However, what they manage to get is momentary attention in the consumer’s mind space.

Insufficient Funds & Inability to raise capital: A lot of startups wind up due to insufficient funds after a few years of their launch in the market. Their inability to raise capital further adds to their worries with no option left, but to shut down their company, which by this time already have several employees on board.

Poor Leadership:

Startups often fail due to the wrong vision of the leader. A good leader, on the other hand, has the power to bind his team together and motivate, inspire and be with each other in times of crisis.

No Planning for crisis period: 

Several startups have shut because there has been no planning by the leaders on what action to take in case of emergency. Talking about today’s scenario in the middle of the coronavirus outbreak, not only in India but across the world, startups have been forced to shut because the coronavirus induced lockdown. Most of them had not planned for such a crisis scenario, and hence they failed.

A successful startup involves a team of hardworking people, good leadership and focus to help tide through any situation.

 

Categories
Business motivation Startup

PM Narendra Modi Urges Indian Startups to Focus on Innovation in Toy Sector, Suggests Them to Find Ways to Boost Manufacturing And Global Footprints of Indian Toys

Toys
Toys (Representational Image) (Photo Credits: Piqsels)

New Delhi, August 24: Prime Minister Narendra Modi urged Indian startups to produce indigenous toys that not only have cultural connect but also helps in building life-skills and psychomotor skills among children at an early age. In PM Modi’s latest Aatma Nirbhar push, he urged the startups to not only innovate in this sector but also find ways to boost manufacturing and global imprint of Indian toys.

In a Twitter thread, PM Modi said, “I urge start-ups and youngsters to focus on innovations in the toys sector.” He further suggested educational institutions to organise hackathons for students to “innovate in toy technology and design, including online games, to reflect Indian ethos and values.”

PM Modi highlighted that the Indian toy market has huge potential and can bring a transformative change in the industry by promoting ‘Vocal for Local’ under the Aatma Nirbhar Bharat campaign.

He further suggested using tourism as a tool to promote India’s culture especially in regions that are known for handcrafted toys. PM Modi further stressed on the fast-growing digital gaming arena, Prime Minister said India should tap the huge potential in this area and lead the international digital gaming sector by developing games that are inspired by Indian culture and folk tales.

Categories
Business motivation Startup

Online Business From Home: 5 Steps For Starting Up Virtually

Eager to start an online business, for alternative income, or want to switch the career graph. Then you are on the right path because of thanks to the technology available, which makes it easy accessibility and start a business or blogging when especially during this time. Starting an online business can help you make extra money on the side or you can replace your current income with this.
So, don’t waste time anymore work on the things or ideas on your mind. As it said, great plans and concepts need passions, hard work, and, the right steps to follow.
Here we come up with amazing simple steps you want to have in mind before starting Online Business-

  • Choose Business Idea
    It seems easy, not important enough, but you will be shocked to know a lot of entrepreneurs overlook this point and jump to branding or web development before having a solid idea. Plus, once you concluded you should start a business online and hold ideas in mind you need to validate it.
    The idea can be validated once you have researched and spoken to your potential customers, asking questions your group about the needs. One benefit of online business is you get additional methods for testing the markets through review reading and surveys.
  • Initiate Business Plan
    Time to work on your business planning as you have done primary phases of planning while you were working on a business idea. Your planning will involve pursuing funds, forecasting financials. You can conduct market analysis through SWOT analysis it’s essential to establish the mindset of the customer and identify your competition. The process will help you to figure out pricing models and possible benefits you can have when you enter the market.
  • Enlist Domain Name
    If you intend to aim a niche market, then you’re first step should be to register a domain name for your venture, which helps you to reach it easily. The domain name will be a unique address on the internet and will be like a patent or trademark for you. Their tons of domain registering companies which can help you to register domains. One thing you should keep in mind while registering is to keep the name very easy to say, speak, and, most importantly, easy to remember.
  • Setting Up Website
    Having the business plan in your mind the next step should be making a website that is up and running. But you need to keep in mind some process as setting up a landing page. You need to work on hosting, platform, and, a design that speaks about your business.
    As, your website will be a representation of your idea and will exhibit your product, services, and mission. When you create a website, try to focus on what can make you stand out, don’t forget to work on the quality of images, and content, you put on it
  • Get it legal
    For making yourself authentic and trustworthy you should opt for legalizing yourself. So, don’t forget to read online business regulations and register your company which can be done online. These legal steps will help you to keep you on the right path and will not let you fall in trouble in customer privacy or information.

So, these are five simple steps you need to look if you want to start a new business online, giving yourself and your career new dimensions. Now you can make your dream into reality, it’s time to get out there and create an online money-making business.