MSMEs Current Affairs

First International SME Convention 2018 to be held in New Delhi

The first International SME (Small, Medium Enterprises) convention will be held in New Delhi from 22ndto 24th April, 2018. It has been organised by Ministry of Micro, Small & Medium Enterprises. It aims to provide platform to allow Entrepreneur to Entrepreneur (E2E) exchange of ideas, free and fair business discussions, mutual sizing of opportunities and ways to address them.

Key Facts

The four day International SME convention will see participation of 150 participants from 31 countries and 400 entrepreneurs from India. It has specific focus on inclusion of MSMEs in Make in India program and empowering women entrepreneurs.

The Ministry of MSME has engaged with over 35 International Trade Development organisations to attract and invite able and willing entrepreneurs and encourage people to people (P2P) contact with select Indian Entrepreneurs from key sectors of the International counterparts.

Background

India is home to more than 60 million MSMEs, majority of which are in low-tech areas and serve local domestic markets. The MSMEs sector constitute single largest employer after Agriculture sector in India. Highly developed economies have banked on their SMEs for both GDP Growth as well as higher employment resulting in higher per capita incomes. In India, small percentage of SMEs have ability to derive access to International Markets, with vast majority of enterprises working as ancillaries.

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Government sets up Subhash Chandra Garg Committee to regulate fintech sector

The Union Government has set up 8 member steering committee look into the development and regulation of the financial technology (fintech) sector in India. It will be headed by Economic Affairs Secretary Subhash Garg. The move follows an announcement by Finance Minister Arun Jaitley in the Budget.

Members: Electronics and Information Technology Secretary, Financial Services Secretary, MSME Secretary, Chairperson of Central Board of Excise and Customs, Deputy Governor of Reserve Bank of India, Chief Executive Officer of Unique Identification Authority of India (UIDAI) and Joint Secretary Department of Economic Affairs.

Terms of References

Committee’s objective is to consider various issues relating to development of fintech sector in India. It will look into issues to make fintech-related regulations more flexible and generate enhanced entrepreneurship in area where India has distinctive comparative strengths vis-à-vis other emerging economies.

It will find ways of using fintech in critical sectors of economy, including financing of micro, small and medium enterprises (MSMEs), delivery of e-services to vulnerable sections of society, management of land records and other government services. It will also focus on how fintech can be leveraged to enhance financial inclusion of Micro, Small and Medium Enterprises (MSMEs).

It will examine means of using data available with Goods and Services Tax Network (GSTN) and information utilities such as credit information companies to make applications for financing of MSMEs. It will also work with entities such as UIDAI to create and use unique enterprise identification number.

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