Latest news with #MSMEs
Entrepreneur
8 hours ago
- Business
- Entrepreneur
Tata Steel Expands Digital Platform to Empower MSMEs
You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Tata Steel has rolled out a broader version of its e-commerce platform, DigECA, opening access to Micro, Small, and Medium Enterprises (MSMEs), the company announced in a press release. Previously limited to channel partners, DigECA is now aimed at emerging corporate accounts (ECAs), a category under which Tata Steel classifies MSMEs. The platform is designed to streamline how these businesses purchase flat steel products, including Tata Astrum, Tata Steelium, and Galvano. The launch marks a significant step in Tata Steel's digital strategy, building on the foundation laid by its earlier B2C portal, Aashiyana. DigECA offers MSMEs direct transactional capabilities and real-time visibility into product availability, order status, and delivery, removing the dependence on traditional distribution chains. According to the company, the intent is to offer a more efficient and transparent supply experience, tailored to the evolving needs of smaller businesses. Since its pilot in the fourth quarter of FY25, DigECA has onboarded over 2,000 ECA customers and registered notable progress in gross merchandise value. Tata Steel attributes this early growth to the platform's focus on reducing friction in the procurement process, from inquiry through to post-supply support. Prabhat Kumar, vice president, marketing & sales (Flat Products) at Tata Steel, said the expansion of DigECA is part of a larger shift toward customer-centric digital solutions. "At Tata Steel, we are committed to enhancing customer satisfaction through digital innovation," he said in a statement. "With the launch of DigECA for our ECA customers, we are simplifying the steel buying experience and strengthening their direct engagement with Tata Steel. The platform is designed to enable a more connected and efficient relationship between customers and our distribution network, helping us better align our offerings with evolving market needs." While DigECA's focus remains on flat steel products, its long-term aim appears to be more ambitious, deepening the company's presence across India's MSME ecosystem and modernizing how industrial buyers interact with major steel producers.
Mint
11 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.
Zawya
12 hours ago
- Business
- Zawya
Jordan: Germany provides €35mln grant to boost entrepreneurship, job creation
AMMAN — The Ministry of Planning and International Cooperation signed three grant agreements on Tuesday with the German Development Bank (KfW), totaling 35 million euros. The funding, provided under the project titled 'Employment through Local Entrepreneurship,' will support the growth of micro, small, and medium-sized enterprises (MSMEs) across the Kingdom, with a particular focus on promoting women's economic participation, according to a ministry statement. The agreements were signed during a ceremony attended by Bertram von Moltke, the German Ambassador to Amman, and Matthias Schmidt-Rosen, Director of the KfW Office in Jordan, who signed on behalf of the German bank. 'Germany is highly committed to supporting private sector development in Jordan as a key driver for job creation,' said Schmidt-Rosen. 'Through today's agreement, we are providing financing to MSMEs to facilitate their growth, generate formal and sustainable employment, and empower women economically.' Minister of Planning and International Cooperation Zeina Toukan thanked the German government for its continued support and highlighted the significance of the partnership, according to the statement. 'This support marks another milestone in the strong and ongoing cooperation between our two countries,' Toukan said, adding, 'It will contribute to empowering MSMEs, particularly those led by women, promoting entrepreneurship, and improving access to finance in line with Jordan's Economic Modernisation Vision.' © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
The Hindu
a day ago
- Business
- The Hindu
CII lays road map to enhance Karnataka's competitiveness in global market
The Confederation of Indian Industry (CII), Karnataka, on Thursday unveiled its new road map to enhance the State's competitiveness on the global stage. As part of the road map, which is named 'Accelerating Karnataka's Competitiveness: Globalisation, Inclusivity, Sustainability, Trust', the CII would focus on AI-led transformation, sunrise sectors, and capacity building for MSMEs. Other priorities will include simplifying GST and taxation, easing regulatory compliance to strengthen 'Ease of Doing Business', and improving infrastructure and connectivity for balanced industrial development, the trade body said in a press conference. According to the office-bearers, the CII's 2025–26 agenda placed a strong focus on empowering MSMEs through digitisation, ESG adoption, and cluster-based support. Key priorities include emerging sectors like semiconductors, aerospace, and electric mobility, along with energy transition and alternative fuels and Industry 4.0 skills. To drive impact across sectors, the CII plans to strengthen collaborations with the academia, startups, the government and global partners to catalyse investment, foster deep-tech capabilities, and fast-track industrial transformation. Rabindra Srikantan, chairman of CII, 'As we move towards Viksit Bharat, the State has an opportunity to shape India's industrial future through innovation, technology leadership, and sustainability.'' The trade body's focus was to create a resilient and agile ecosystem that empowered industries to lead in strategic areas like semiconductors, design-led manufacturing, AI-powered production, and clean energy. A key pillar of this journey was the expansion of Global Capability Centres (GCCs), which were rapidly evolving from support hubs to strategic innovation engines across sectors, he added. Guruprasad Mudlapur, vice-chairman of CII, said, 'We are committed to accelerating inclusive and future-ready growth by strengthening competitiveness, ease of doing business, and building trust to enable MSMEs across the State.' He said the CII's new roadmap was aligned to Viksit Bharat, and focused on infrastructure, policy simplification, and technology adoption to drive industrial resilience across the State.
Economic Times
a day ago
- Business
- Economic Times
How M1xchange is revolutionising MSME financing in India
Live Events M1xchange has emerged as a galvanising force in financing for Indian MSMEs, fundamentally transforming how micro, small, and medium enterprises access working capital through its innovative Trade Receivables Discounting System (TReDS) platform. As an RBI-approved digital marketplace, M1xchange has successfully bridged the critical financing gap besets India's MSME impact of M1xchange is reflected in its growth trajectory and scale of operations. The platform has facilitated bill discounting worth over Rs 170,000 crore, demonstrating its role in unlocking liquidity for thousands of small businesses across the country. It has onboarded an impressive ecosystem comprising over 65 banks and non-banking financial companies (NBFCs), and 50,000-plus MSMEs, creating a comprehensive network spanning multiple geographies and industries. Over 2,500 corporates, including IndianOil, NTPC, Hindustan Aeronautics Ltd, Mother Dairy, Bharat Petroleum, and TVS, are registered on the of M1xchange's foremost contributions has been addressing the chronic problem of delayed payments,which significantly affect MSME cashflows. By providing a digital marketplace where MSMEs can sell their trade receivables to financial institutions at competitive rates, the platform has enabled businesses to convert outstanding invoices into immediate working capital. This transformation is particularly crucial for MSMEs that struggle with cashflow constraints while waiting for corporate buyers to settle user-friendly digital infrastructure of M1xchange has also democratised MSMEs' access to formal financing. The transaction process begins when MSME suppliers raise invoices, and extends through the entire discounting cycle, eliminating bureaucratic hurdles and reducing processing times. MSMEs can now access collateral-free invoice financing within 24 hours, a remarkable improvement from conventional lending timelines.M1xchange's competitive advantage lies in its ability to offer MSMEs favourable discount rates ranging between 7-10%, which are substantially lower than the 12-20% interest rates they'd have to pay through traditional financing channels. This cost reduction directly translates into improved profitability and business sustainability for small performance metrics underscore M1xchange's growing influence. In FY24 alone, it facilitated invoice discounting worth Rs 43,000 crore, a significant jump from Rs 23,100 crore in FY23. This exponential growth reflects increasing adoption among MSMEs, corporates, and financial institutions, signalling a fundamental shift in how India's small business sector is approaching working capital platform's success extends beyond mere transaction volumes. By creating a transparent, efficient, and secure marketplace for trade receivables, M1xchange has also enhanced the creditworthiness perception of MSMEs among financial institutions. This improved access to formal credit channels has enabled MSMEs to scale, invest in technology, and be more competitive in domestic and international the magnitude of positive change it has introduced has earned M1xchange a slew of laurels, such as the MSME Enabler Award for Banking & Financing at the ET MSME Awards 2024 — India's most influential MSME awards initiative. Others include 'Fintech Leader of the Year' at the Bharat Fintech Summit 2025 and 'Best Fintech For Serving MSMEs' at the FICCI MSME Ecosystem 2022 awards.M1xchange is more than a financing platform: it embodies the digital transformation of India's MSME sector. By leveraging technology to solve traditional financing challenges, it has created a sustainable ecosystem that supports entrepreneurship, promotes financial inclusion, and contributes significantly to India's economic more winner vignettes of the ET MSME Awards , keep an eye on this space.
