Tag: Lockdown

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MSME

MSMEs Show Signs of Recovery, All Eyes Now on Diwali 2020 to Bailout the Stressed Sector

Startup Growth
Startup Growth (Photo Credits: Pixabay)

Mumbai, November 3: The coronavirus pandemic has been extremely difficult on every business, and India’s MSME sector is one of the worst-hit. The sector which has about 70 million enterprises and employs around 110 million people is battered due to the lockdown.

From factories being shut down, and freeze in the production, it is the small companies who are facing the heat of the pandemic. All eyes are now on Diwali 2020, from which they expect the sales to recover and help them to bounce back.

With the ease in the lockdown restrictions and with the economy opening up, business is taking place. According to a Financial Express report, retailers in majority sectors are yet to recover back to the year-ago level, and businesses in consumer durables and electronics seem to be scaling back relatively faster.

Some of these sectors like- sports goods, furniture, jewellery, footwear, food and grocery have still not managed to hit October 2019 level growth, according to the survey done by the Retailers Association of India.

While all hopes are pinned on the Diwali season, but according to reports, the demand continues to be low as people are sceptical of going to shops and making their purchases. On the other hand, customers are extremely careful in terms of spending as well.

 

 

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Startup

Women Entrepreneurs in COVID-19: From Starting New Business, Closing Funding Deals to Innovating, Here Are the Women Who Saw Opportunity in Adversity

Women entrepreneurs
Women entrepreneurs (Photo Credits: Pikist)

New Delhi, October 22: The coronavirus pandemic has caused a devastating effect on the economy. From job losses to factories being shut, people across the world were impacted by COVID-19. However, in spite of this, there is also a positive side where few women entrepreneurs took the challenging market condition as an opportunity and flourished amid the pandemic.

We bring to you a list of few entrepreneurs who dared to dream in spite of the negativity and gloom. Here are stories of some women entrepreneurs sailing amid the coronavirus pandemic.

Boju’s Kitchen:

Amid the pandemic, we saw how several women started delivering food and helping others when most restaurants and other food delivery options were not available. One of them was 23-year-old Chitrangadha Gupta who along with her mother and grandmother, started a sought after momos making and delivery service under the name Boju’s kitchen. She started the venture with just an initial investment of Rs 2,000. From around 6-7 orders per day, her business now caters to over 30 orders and delivers across Delhi.

NOTO:

Mumbai based startup launched NOTO, an ice cream brand that specialises in making healthy, low-calorie, low sugar, and high-protein ice cream in May 2019. Entrepreneurs Ashni Seth raised an undisclosed amount of funding as part of a Pre-Seed round led by WEH Ventures, with participation from Lead Angels, in July 2020.

Enklose: 

Rakhi Khera founded Abiti Bella Enterprises in 2014 and has been generating good revenue. However, amid the pandemic, her business incurred major losses and was not able to earn a single penny. It was then that Khera came up with the idea of Enklose, a coverall that can be used by domestic maids, beauty salon workers, and hotel employees. It is a cost-effective, reusable, and washable overall.

Ni-Varak:

Ni-Varak is a contactless mobile-based thermometer. The need for wide-screening of body temperatures during the pandemic fueled its invention. Using the Internet of Things (IoT) technology, it enables a contactless way of measuring temperatures, along with geo-location and time. It is the brainchild of Chinnayya Math and Vaishali Chinnayya.

These women are an inspiration for others who want to start something of their own but are sceptical. Their determination, innovative idea and zeal to become successful have helped them see success amid the pandemic.

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Process & Business Expansion Sales Startup

Steps Taken by Modi Government to Give Relief to MSMEs, to Accelerate the Wheel of Economy That Slowed Down Due to Lockdown

Business in India | Representational Image Only (Photo Credits: Pexels)

The government has said that the recent steps that it has taken are aimed at giving relief to MSMEs which will in turn accelerate the wheel of economy in India. Union Minister for Micro, Small and Medium Enterprises Nitin Gadkari, during a webinar said that the changing the definition of MSMEs, Scheme of Fund of Funds, Champions portal, extended credits to MSMEs will certainly accelerate the wheels of economy which had slowed down due to lockdown in the wake of the coronavirus pandemic.

During his address, Gadkari informed that loans of about Rs 1,20,000 crore have been disbursed to MSMEs out of Rs 3 lakh crore announced in the relief package. Discussing about the problem of delayed payments, he said that instructions have been given to all Ministries, Departments and PSUs to clear pending bills of MSMEs within 45 days. He also urged all Chief Ministers to issue directions for clearing MSME dues by their State/UT Ministries/Deptts and PSUs on priority. The Minister added that we are closely monitoring the complaints lodged at SAMADHAN Portal also.

Gadkari said this while addressing a Virtual MSME Conclave organized by FICCI Karnataka State Council. The Minister further appealed to all the stakeholders to do away with all kinds of fear and negativity and assured that government is doing everything possible to make the country a super economic power. The Minister informed the participants of the webinar that we are working on the idea of a Land Bank and Social Micro Finance Institution which will be very helpful for entrepreneurs and persons who want to run small shops and businesses.

While discussing Atmanirbhar Bharat Abhiyan as envisaged by Prime Minister Narendra Modi, Gadkari said that handloom, handicrafts, khadi industries and agro-based industries should be encouraged especially in 115 aspirational districts in India. He said planning will be taken up for special policies for agricultural, rural and tribal sector because they have huge potential of creating employment.