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Why small and medium enterprises matter in India

India has more than 48 lakh registered micro, small, and medium enterprises

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As Indian economy is all set for the next take off, the number of micro, small, and medium enterprises (MSMEs) is increasing at a rapid pace. The numbers tell why the MSMEs matter in a country like India where the employment opportunities are intrinsically linked with medium entrepreneurial ventures.

According to Giriraj Singh, the Minister of State for MSMEs, the number of micro, small and medium enterprises registered on Udyog Aadhaar Memorandum (UAM) Portal has crossed 48 lakh. The government has released the data from from September, 2015 to 12th July, 2018. Bihar comes first with 7,70,871 registered MSMEs followed by BJP’s Yogi Adityanath-ruled Uttar Pradesh, with a tally of 5,96,036 MSMEs.

The registered MSMEs will get a lot of benefits from various government schemes including credit guarantee scheme and credit linked capital subsidies scheme.

Number of registered MSMEs in different states

Bihar: 7,70,871

Uttar Pradesh: 5,96,036

Delhi: 5,88,483

Maharashtra: 5,70,101

Gujarat: 4,86,080

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SBI waives off outstanding loans of 23 CRPF soldiers

SBI has taken steps to immediately release Rs 30 lakh to the Pulwama martyrs’ kin

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Image: SBI Facebook page

State Bank of India (SBI) has announced a noble initiative for the families of the CRPF soldiers who martyred in a dastardly terrorist attack in Pulwama, Jammu & Kashmir on February 14, 2019.

India’s largest lender will waive off all the outstanding loans of 23 soldiers who availed loans from the bank with immediate effect, said SBI in a statement.

As all the CRPF soldiers were customers of the Bank under Defence Salary Package, the Bank provides insurance of Rs 30 lakh to each of the defence personnel. According to the officials, the Bank is taking necessary steps to accelerate the release of insurance money to the next of kin of the martyred soldiers.

“It is extremely upsetting and disturbing to witness the loss of lives of the soldiers who always stand for the safety of our motherland. In this moment of grief, our sincere thoughts are with the families of our brave hearts,” said Rajnish Kumar, Chairman, SBI.

 

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Modi thinks India could become the second largest economy by 2030

Currently India is the fastest growing major economy in the world

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Indian Prime Minister Narendra Modi. Image/PIB

Indian Prime Minister Narendra Modi thinks India will become the second largest economy by 2030, surpassing the US. He was upbeat about India’s spectacular growth while inaugurating the hydrocarbon conference at India Expo Centre, Greater Noida, in Uttar Pradesh on Monday.

Currently, India is the fastest growing major economy in the world. The Prime Minister is of the opinion that it could become the second largest economy by 2030 and the third largest energy consuming country in the world.

As India’s growth is happening at a tremendous pace, the demand for energy is also increasing, at an annual growth rate of 5 per cent, and that makes India an attractive market for multinational energy companies. According to some estimates India’s energy requirement is expected to more than double by 2040.

As per the report of Standard Chartered, these are expected to be the 10 largest economies in the world by 2030.

  1. China
  1. India
  1. US
  1. Indonesia
  1. Turkey
  1. Brazil
  1. Egypt
  1. Russia
  1. Japan
  1. Germany

 

 

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Why Tata is India’s most valuable brand

According to Brand Finance, Tata is the only Indian brand among the Top 100 brands in the world

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N.Chandrasekaran, Chairman, Tata Sons. Image: www.tcs.com

Good news! Indian business conglomerate Tata group has entered into the list of Top-100 brands in the world.

According to the Brand Finance Global 500 2019 report, the value of Tata brand rose by 37% percent from last year, and it has reached $19.5 billion.

Tata was at rank 104 in the previous year, and climbed to rank 86 in the new report. According to a statement issued by the company, Tata is the only Indian brand in the premiere league of 100 companies.

Tata companies which include Tata Consultancy Services, Tata Motors and Tata Steel have improved their performances and it reflected in the brand ranking, as per the statement of Brand Finance.

“TATA has always been synonymous with trust and leadership and these brand attributes are even more important to all our stakeholders today. This recognition of the strength of our brand will encourage us to drive our businesses in a socially responsible manner globally while continuing to strive for excellence through innovation and entrepreneurship,” N Chandrasekaran, chairman, Tata Sons, said in a press statement.

The chief executive officer of Brand Finance, David Haigh, made it clear that Tata Group’s brand value is primarily the reflection of the outstanding performance by Tata Consultancy Services (TCS), the IT behemoth of India which has an impressive brand rating of AAA.

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