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Mint
12 hours ago
- Business
- Mint
Centre to launch online MSME dispute resolution portal on 27 June
NEW DELHI : The government is set to launch an online dispute resolution (ODR platform for small businesses to improve their ease of doing business on 27 June, according to two officials directly aware of the development. 'The MSME ODR portal has been tested, and dispute resolution using the portal has also begun during the testing phase," said one of the officials on the condition of anonymity. The portal, a part of the government's World Bank-supported Raising and Accelerating MSME Performance (RAMP) scheme, is aimed at resolving delayed payment disputes by facilitating communication between debtors and micro and small enterprises (MSEs), said the second official. Also Read: Bank loan sanctions to MSMEs for job creation down nearly a third in FY25 Mint first reported on 12 March that the government was going to digitize to dispute resolution for small businesses. So far, micro and small enterprises facilitation councils (MSEFCs) have resolved disputes, especially those related to delayed payments. As of the date, 161 councils have disposed of over 52,000 cases involving transactions worth ₹9,241 crore, out of nearly 100,000 such complaints by MSEs. Data on the micro, small, and medium enterprises (MSME) ministry's delayed payment monitoring system, Samadhaan portal, showed that more than 20 MSEFCs had not resolved a single case since their launch in 2017. The data also showed a wide variance in MSEFCs' actions. While 27 MSEFCs saw not even a single case, a few councils, such as MSEFC Mumbai, MSEFC Pune, and MSEFC Gandhinagar, resolved a considerable number of cases. MSEFC Mumbai resolved 4,625 matters involving about ₹750 crore out of the 7,756 cases it received. MSEFC Pune saw 6,956 complaints and resolved 5,271 of them, involving ₹223 crore. MSEFC Gandhinagar received 6,297 grievances and resolved 5,777 cases involving ₹809 crore, showed the data. 'As of the date, approximately 42% of the applications filed by MSEs are either yet to be viewed by MSEFCs or are at the consideration stage," said Krunal Modi, founding member and chief of staff, ODR platform Presolv360. 'One of the local MSEs recently shared with us that their first meeting was called by the concerned council after four months of filing the case. Additionally, our interactions with various MSEFCs have revealed that there is not only a manpower constraint but also a lack of physical infrastructure," he added. Also Read: MSMEs call for relaxations in the new FEMA regulations for exports and imports Under the procedure laid down in the MSME Development Act, 2006, micro and small businesses can approach these councils to seek payments from buyers that have been delayed longer than 45 days. Private mediators Interestingly, the new portal will allow private ODR service providers to be empanelled, putting into motion a key provision in the Act allowing MSEFCs to delegate cases to private institutions. As per the powers given to an MSEFC under Section 18 of the Act, an MSEFC can either conduct arbitration and conciliation proceedings in cases filed or provide assistance to any institution that provides alternative dispute resolution services. Alternative dispute resolution refers to any dispute resolution that takes place beyond courts. It includes procedures such as arbitration, mediation, and conciliation, where parties can resolve their issues speedily. Independent or private institutions providing ODR services shall only provide services through the new portal, as stated in the 2 April guidelines for appointment of such firms. The guidelines said these institutions should maintain a panel of arbitrators, mediators, and conciliators to resolve disputes on the portal. MSEFCs are created and operated by state or Union territory governments, as per the MSME Development Act. These states will have to enter into agreements with private ODR service providers after seeking information related to their operations. State governments will gather information related to the private ODR firms' incorporation, as well as about fees charged, the number of disputes resolved through arbitration, mediation, or conciliation, the guidelines said. More needs to be done However, the model followed by MSEFCs may not follow a key principle of arbitration—party autonomy, according to experts. 'The ADR procedure laid down in the Act has an element of conflict of interest, where the MSEFC can itself refer the matter for arbitration without mutual consent of the parties. Also, there is no bar for the conciliator or mediator sitting as an arbitrator," said P. Madhava Rao, registrar at Hyderabad's Amika Arbitration and Mediation Council, which provides ODR services. Also Read: MSME makeover: New definitions unlock bigger benefits, faster resolutions 'The main obstacle in the MSEFC ecosystem is the delay in resolving grievances and the presence of conflicts of interest," Rao added. States will also have to ensure that the dispute resolution personnel from private ODR firms abide by the MSME Development Act and the Arbitration & Conciliation Act, 1996. The Arbitration & Conciliation Act is currently undergoing reform, with the Union ministry of law and justice pushing for more institutional arbitration, Mint reported on 18 October 2024.
Time of India
20-05-2025
- Business
- Time of India
India's orthopaedic and cardiac implant sector to touch $4.5-5 bn by FY28: Report
New Delhi: India's orthopaedic and cardiac implant sector is expected to reach USD 4.5-5 billion by 2027-28, mainly driven by strong domestic demand and gradually growing exports, a report said on Monday. Currently, the orthopaedic and cardiac implant sector, including exports, stood at USD 2.4-2.7 billion in FY24, according to a report by CareEdge Ratings . The growth in the sector is led by increasing per capita income, greater healthcare awareness, ageing population, expanding healthcare infrastructure, and broadening insurance coverage, it stated. The report said that domestic manufacturers have grown at a faster pace than the dominant foreign MNCs in recent years, aided by their price competitiveness and a gradual build-up of an efficacy and safety track record. The segment is dominated by the presence of foreign multinational companies, which largely import the implants and sell them in India as the implant business requires strong technological capabilities, a proven track record of safety and efficacy, a broad marketing and distribution network, and a robust post-sales support system. However, India is gradually reducing its dependence on imports as sales of homegrown implant manufacturers have grown at a compound annual growth rate (CAGR) of 28 per cent (including a CAGR of 37 per cent for exports) during the four years ended FY24, outpacing the sales CAGR of 12 per cent for foreign multinational corporations (MNCs) during the same period. The sales volume growth of domestic entities was even higher, driven by their competitive pricing and increased participation in government-sponsored insurance schemes. Over the past few years, Indian manufacturers have not only challenged foreign MNCs in the domestic market but are also gradually venturing into the export market, added the report. The bright prospects for domestic implant manufacturing have also attracted interest from large pharmaceutical companies, with Zydus Lifesciences Limited and Alkem Laboratories Limited having already announced investments in the manufacturing and distribution of implants, it added. "India's medical implant sector is on a robust growth trajectory, driven by strong domestic demand and growing exports. India's implant sector, including exports, is expected to reach USD 4.5 to USD 5 billion by FY28, registering an impressive CAGR of around 15-16 per cent. Additionally, with supportive government policies and a growing healthcare infrastructure, the implant market is advancing towards 'Atmanirbharta'," CareEdge Ratings Director Krunal Modi said. However, there is a need to watch out on the ongoing trade and tariff uncertainty, imposition of price caps, regulatory scrutiny, and patent litigations for the medical implant sector, the report added.
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Business Standard
19-05-2025
- Business
- Business Standard
India's ortho implant sector may hit $5 billion by FY28 on strong demand
India's orthopaedic and cardiac implant sector is expected to reach USD 4.5-5 billion by 2027-28, mainly driven by strong domestic demand and gradually growing exports, a report said on Monday. Currently, the orthopaedic and cardiac implant sector, including exports, stood at USD 2.4-2.7 billion in FY24, according to a report by CareEdge Ratings. The growth in the sector is led by increasing per capita income, greater healthcare awareness, ageing population, expanding healthcare infrastructure, and broadening insurance coverage, it stated. The report said that domestic manufacturers have grown at a faster pace than the dominant foreign MNCs in recent years, aided by their price competitiveness and a gradual build-up of an efficacy and safety track record. The segment is dominated by the presence of foreign multinational companies, which largely import the implants and sell them in India as the implant business requires strong technological capabilities, a proven track record of safety and efficacy, a broad marketing and distribution network, and a robust post-sales support system. However, India is gradually reducing its dependence on imports as sales of homegrown implant manufacturers have grown at a compound annual growth rate (CAGR) of 28 per cent (including a CAGR of 37 per cent for exports) during the four years ended FY24, outpacing the sales CAGR of 12 per cent for foreign multinational corporations (MNCs) during the same period. The sales volume growth of domestic entities was even higher, driven by their competitive pricing and increased participation in government-sponsored insurance schemes. Over the past few years, Indian manufacturers have not only challenged foreign MNCs in the domestic market but are also gradually venturing into the export market, added the report. The bright prospects for domestic implant manufacturing have also attracted interest from large pharmaceutical companies, with Zydus Lifesciences Limited and Alkem Laboratories Limited having already announced investments in the manufacturing and distribution of implants, it added. "India's medical implant sector is on a robust growth trajectory, driven by strong domestic demand and growing exports. India's implant sector, including exports, is expected to reach USD 4.5 to USD 5 billion by FY28, registering an impressive CAGR of around 15-16 per cent. Additionally, with supportive government policies and a growing healthcare infrastructure, the implant market is advancing towards 'Atmanirbharta'," CareEdge Ratings Director Krunal Modi said. However, there is a need to watch out on the ongoing trade and tariff uncertainty, imposition of price caps, regulatory scrutiny, and patent litigations for the medical implant sector, the report added.
Hans India
19-05-2025
- Business
- Hans India
India's orthopaedic, cardiac implant industry to reach $5 billion by FY28
New Delhi: India's orthopaedic and cardiac implant sector, including exports, is expected to reach $4.5 to $5 billion by FY28, driven by strong domestic demand and gradually growing export presence, according to a report released on Monday. The sector (including exports) stood at $2.4 to $2.7 billion in FY24, according to CareEdge Ratings. The Indian implant manufacturers are making rapid strides in the domestic market and are gradually expanding their presence in the export market. The report cited that with only 7.5 per cent customs duty on the import of most coronary and orthopaedic implant products, any potential trade deal with the US resulting in tariff reduction is not likely to materially change the market dynamics for domestic manufacturers. However, material changes in non-tariff barriers, such as the relaxation of price caps, can significantly alter the competitive landscape for domestic manufacturers compared to MNCs, it added. Sales of homegrown implant manufacturers have grown at a compound annual growth rate (CAGR) of 28 per cent (including a CAGR of 37 per cent for exports) during the four years ended FY24, outpacing the sales CAGR of 12 per cent for foreign multinational corporations (MNCs) during the same period. The sales volume growth of domestic entities was even higher, driven by their competitive pricing and increased participation in government-sponsored insurance schemes. 'India's medical implant sector is on a robust growth trajectory, driven by strong domestic demand and growing exports,' said Krunal Modi, Director at CareEdge Ratings. India's export growth rate for implants has significantly outpaced the implant imports during the last 5-6 years. Increasing per capita income and affordability, rising healthcare awareness, an ageing population, expansion in healthcare infrastructure, and increasing insurance penetration are expected to drive the domestic demand for implants in the long term, said the report. Price caps adversely affected the foreign MNCs' high-margin products, forcing them to discontinue some of their premium products from the Indian market. However, it significantly improved affordability, especially for implants manufactured by domestic companies, thereby enabling them to expand their market share. Schemes like Ayushman Bharat further improved the affordability and expanded the market, according to the report.
Fashion Network
08-05-2025
- Business
- Fashion Network
India could doubke market share of UK's RMG imports following FTA: CareEdge Ratings
India is poised to double its share of the UK's ready-made garments imports from 6% in the 2024 calendar year to 12% in the near to medium term, according to CareEdge Ratings. The development could generate an incremental annual export opportunity of around $1.1 billion to $1.2 billion for Indian exporters. The UK is among the top five global RMG importers, with projected imports of approximately $20 billion in 2024, CareEdge Ratings announced in a press release. While countries such as Bangladesh, Turkey, Cambodia, Vietnam, and Italy already enjoy duty-free access to the UK, India has been operating under a 12% tariff disadvantage. The recently signed India-UK free trade agreement is expected to eliminate this gap and enhance India's competitiveness. 'With a clear 12% duty advantage over China and prevailing socio-political uncertainties in Bangladesh, which together account for nearly 45% of market share in UK's RMG imports, India is expected to double its share,' said CareEdge Ratings' director Krunal Modi in a press release. Despite the previous tariffs, India has gradually gained ground in the UK market over the past four years, while China's share has declined due to rising labour costs and the 'China Plus One' strategy adopted by many global brands. India's RMG exports rose by 10% to $16 billion in the 2025 financial year and CareEdge estimates further growth potential of 10% to 15%, driven by enhanced market access and available capacity. 'India's major dependency on cotton-based textiles… may restrict the overall opportunities from the India-UK FTA to an extent,' said CareEdge Ratings' assistant director Akshay Morbiya.
