MSME

February 7, 2025 11:55 AM

Rural development ministry allocated with Rs 1.88 lakh crore in Budget 2025

The Union Budget 2025-26 brings a significant package for rural India, allocating Rs. 1,88,754.53 crore to drive comprehensive development across 6.65 lakh villages, supporting 2.68 lakh Gram Panchayats and Rural Local Bodies as per a press release issued by the Ministry of Rural Development. This budget emphasises boosting employment, women empowerment, education, and infrastructure in rural areas, reflecting the government's vision for a stronger, self-reliant rural economy. Key initiatives i...

February 7, 2025 10:05 AM

Public Sector Banks record 31.3% profit growth in first three quarters of FY 2024-25, achieving Rs. 1.29 lakh crore net profit

Public Sector Banks (PSBs) have reported strong financial performance in the first three quarters (December) of the current financial year 2024-25, with a significant 31.3% year-on-year growth in net profit, reaching a record high of Rs. 1,29,426 crore. This impressive profit surge is supported by an aggregate operating profit of Rs. 2,20,243 crore for the same period as per a press release from the Ministry of Finance on Thursday. Key financial indicators show that PSBs have not only improved ...

December 12, 2024 10:20 PM

Over 2.2 crore women-owned MSMEs registered in last 4 years

Over the past four years, India has witnessed a remarkable surge in women-led enterprises, with more than 2.2 crore women-owned Micro, Small, and Medium Enterprises (MSMEs) registering under government initiatives. This growth stems from the revised MSME definition introduced on July 1, 2020. By November 30, 2024, a total of 2,20,73,675 women-owned MSMEs had been registered on the Udyam Registration Portal (URP) and Udyam Assist Platform (UAP). In regions like Rajasthan’s Tonk and Sawai Madho...

November 29, 2024 9:09 PM

Manufacturing and services to dominate workforce and GDP by 2047: report

The ASSOCHAM-Egrow report has projected that India’s economic transformation by 2047 will be driven by the manufacturing and services sectors, which are expected to employ 67% of the workforce and contribute 75% of the country’s GDP. This shift underscores India's continued transition toward a service- and manufacturing-led economy, moving away from its traditional reliance on agriculture. According to the report, India’s nominal GDP is forecasted to surge from $3.5 trillion in 2023 to $2...

November 10, 2024 1:41 PM

Scheduled commercial banks, NBFCs to provide additional MSME credit of Rs 1.54 lakh cr: FM

The government has set a target for all scheduled commercial banks and Non-Banking Financial Companies (NBFCs) to provide additional MSME credit of Rs 1.54 lakh crore in the current financial year (FY25). Finance Minister Nirmala Sitharaman outlined the target for total credit growth of Rs 5.75 lakh crore, Rs 6.21 lakh crore, and Rs 7 lakh crore to MSMEs in the financial years 2024-25, 2025-26, and 2026-27, respectively. At the ‘National MSME Cluster Outreach’ program in Bengaluru, organiz...