Category: Finance

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Finance Process & Business Expansion Startup

Atal Innovation Mission Ties Up With India-Sweden Healthcare Innovation Centre to Boost Vibrant Start-Up Ecosystem

AIM-Business Sweden tie-up to boost start-up ecosystem.
AIM-Business Sweden tie-up to boost start-up ecosystem.

New Delhi, August 21: India on Thursday signed virtual Statement of Intent (SoI) with Sweden under the Atal Innovation Mission (AIM) to promote the disruptive potential of Indian entrepreneurs. The SoI was signed between AIM, NITI Aayog and Business Sweden on behalf of India-Sweden Healthcare Innovation Centre (ISHIC) to boost the vibrant start-up ecosystem across the country.

With this collaboration, the Indian government is looking forward to receiving support by the means of conducting programs, awareness campaigns, various activities and events. The motive behind the collaboration is to promote the overall innovation grid of both the countries through the initiatives being run by AIM such as Atal Research & Innovation for Small Enterprises (ARISE), Atal Incubation Centre (AIC), Atal Community Innovation Centers (ACIC), Atal Tinkering Lab (ATL) and Atal New India Challenge (ANIC).

Informing about the collaboration, NITI Aayog’s Mission Director AIM — R Ramanan — said, “We are very proud that India-Sweden Healthcare Innovation Centre is partnering with us in our endeavours to nourish the existing innovation and entrepreneurship ecosystem in India while also enabling innovation collaborations with counterparts in Sweden. Such synergies will enable a vibrant growth of world-class Indian startups addressing both Indian and global opportunities leveraging global partnerships and networks of Swedish companies.”

Sharing his opinion on the AIM-Business Sweden tie-up, Swedish Trade Commissioner to India, Anders Wickberg said, “We are very happy to partner with AIM who has been playing a significant role in promoting Indian start-up ecosystem. The collaboration with AIM will further strengthen the India-Sweden healthcare innovation centre eco-system to enable seamless experience and faster scale-up to startups onboarded with the India-Sweden Healthcare innovation centre.”

It is to be known that ISHIC agreed to support all the goals of AIM and hep in enabling synergies towards creating a sustainable ecosystem of entrepreneurship and innovation between India and Sweden. This includes building a seamless experience for the start-ups. Also, ISHIC has assured to further strengthen and support the innovators in finding solutions to the healthcare sector. Earlier, a similar tie-up was done by ISHIC between AIIMS Delhi, AIIMS Jodhpur and Business Sweden.

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Finance

MSME Credit Guarantee Scheme: Banks Disburse More Than Rs 1 Lakh Crore Under ECLGS as Part of Atmanirbhar Bharat Package

रुपया
Money

The banks have disbursed more than Rs 1 lakh crore under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector, the finance ministry said. The loans have been disbursed fall under Atmanirbhar Bharat Package. The latest numbers on ECLGS, as released by the finance ministry has disbursements by all 12 public sector banks (PSBs), 24 private sector banks and 31 non-banking financial companies (NBFCs). The total amount sanctioned under the scheme by banks now stands at Rs 1,50,759.45 crore, of which Rs 1,02,245.77 crore has already been disbursed as of August 18. “Under the 100 per cent ECLGS backed by a Government of India guarantee, banks from public and private sectors have sanctioned loans worth over ₹1.5 lakh crore as of August 18, 2020, of which more than ₹1 lakh crore has already been disbursed,” the Finance Ministry said in a statement.

The disbursement will largely help the MSME sector that has been impacted by the economic slowdown due to COVID-19. The ECLGS was announced by the Government as a part of Atmanirbhar Bharat Package, to mitigate the distress caused by lockdown due to coronavirus lockdown by providing credit to different sectors, especially MSMEs.

Meanwhile, the sanctioned amount too have surged past Rs 1.50 lakh crore at the end of August 18 under the 100 per cent ECLGS for micro, small and medium enterprises. The scheme is the biggest fiscal component of the Rs 20-lakh crore Atmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman in May.

Key Highlights:

1. Business units of Maharashtra have got the highest cumulative sanction of Rs 7,756 crore from banks, while disbursement stood at Rs 6,007 crore at the end of August 18.
2. Tamil Nadu is the second state which has received a sanction of Rs 7,740 crore, and disbursement of Rs 5,693 crore.
3. The scheme will be applicable to all loans sanctioned under GECL facility during the period from the date of announcement of the scheme to October 31 or till the amount of Rs 3 lakh crore is sanctioned under GECL, whichever is earlier.
4. The top lenders under the scheme are State Bank of India (SBI), Canara Bank, Punjab National Bank (PNB), Bank of India, Union Bank of India and HDFC Bank.
5. The scheme will be applicable to all loans sanctioned under GECL facility during the period from the date of announcement of the scheme to October 31 or till the amount of Rs 3 lakh crore is sanctioned under GECL, whichever is earlier.

The Finance Ministry said that under the ECLGS, Public Sector Banks (PSBs) have sanctioned loans of Rs 76,044.44 crore, out of which Rs 56,483.41 crore has already been disbursed whereas Private Sector Banks have sanctioned loans of Rs 74,715.02 crore out of which Rs 45,762.36 crore has already been disbursed. On May 20, the Cabinet approved additional funding of up to Rs 3 lakh crore at a concessional rate of 9.25 per cent through ECLGS for MSME sector.

All MSME borrower accounts with an outstanding credit of up to Rs 50 crore as on February 29, which were less than or equal to 60 days past due as on that date, i.e., regular, SMA-0 and SMA-1 accounts, and with an annual turnover of up to Rs 250 crore, are eligible for GECL funding under the scheme.

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Finance Strategy

GST Council Likely to Meet on August 27 to Discuss Compensation Payout to States

जीएसटी
जीएसटी

New Delhi, August 19: The Goods and Services Tax (GST) Council is likely to meet on August 27 to discuss the compensation pay-out to states. The council will also discuss the opinion of the Attorney General on the legality of market borrowing to meet revenue shortfall. This will be the 41st meeting of the GST Council and will be held via video conference. Sources reveal that the meeting would be a single agenda meeting on states’ compensation.

A full-fledged meeting of the Council would be held on September 19, the agenda for which is to be decided, a report by news agency PTI said. The Attorney General, the chief legal officer of the government, is of the opinion that the Centre has no statutory obligation to make up for any shortfall in GST revenues of states from its coffers, sources revealed.

They had earlier indicated that following the AG’s opinion, states may now have to look at market borrowings to meet the revenue shortfall and the GST Council will take a final call. In March, the Centre had sought views from Attorney General KK Venugopal on the legality of market borrowing by the GST Council to make up for any shortfall in compensation fund – a corpus created from levy of additional tax on luxury and sin goods to compensate states for revenue shortfall arising from their taxes being subsumed into GST.

Reports inform that the Attorney General had also opined that the Council would have to decide on meeting the shortfall in the GST compensation fund by providing the sufficient amount to be credited to the fund. As per sources, the options before the Council for meeting the shortfall could be to rationalize GST rates, cover more items under the compensation cess or increase the compensation cess, or recommend higher borrowing by states to be repaid by the future collection into the compensation fund.

Under the GST law, states were guaranteed to be compensated bi-monthly for any loss of revenue in the first five years of the GST implementation from July 1, 2017. The shortfall is calculated assuming a 14 per cent annual growth in GST collections by states over the base year of 2015-16. Under the GST structure, taxes are levied under 5, 12, 18 and 28 per cent slabs. On top of the highest tax slab, a cess is levied on luxury, sin and demerit goods and the proceeds from the same are used to compensate states for any revenue loss.

The GST Council has to decide how to meet the shortfall in such circumstances and not the central government, sources added.  Any borrowing of the central government is upon the security of the Consolidated Fund of India. Similarly, borrowing by a state government is upon the security of the consolidated fund of the state.

In either case, it would lead to increased general government debt burden and also a higher fiscal deficit. The payment of GST compensation to states became an issue after revenues from the imposition of cess started dwindling since August 2019 and the Centre had to dive into the excess cess amount collected during 2017-18 and 2018-19.

In 2019-20, the Centre had released over Rs 1.65 lakh crore as GST compensation. However, the amount of cess collected during the year 2019-20 was Rs 95,444 crore. The compensation payout amount was Rs 69,275 crore in 2018-19 and Rs 41,146 crore in 2017-18.

 

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Finance Startup Strategy

Narendra Modi Govt Operationlises Rs 20,000 Crore Stressed Fund to Benefit Around 2 Lakh MSMEs, Issues Guidelines for CGSSD Under Atmanirbhar Bharat Package

MSMEs in India | Representational Image Only (Photo Credits: Pexels)

New Delhi, August 19: Prime Minister Narendra Modi-led Union Government on Wednesday operationalised Rs 20,000 crore stressed fund aiming to benefit around 2 lakh MSMEs. Apart from this, the Union government has also issued guidelines for Credit Guarantee Scheme for Subordinate Debt (CGSSD) which was announced under the Atmanirbhar Bharat package.

According to the plan of the government, the subordinate debt that will be provided by the banks would be fully guaranteed through the Credit Guarantee Trust for Medium and Small Entrepreneurs (CGTMSE) and be counted as quasi-equity. In the subordinate debt, support of Rs 4,000 crore would be given by the government to CGTMSE. Through the CGSSD, a guarantee coverage will be provided for MSME restructuring. Under the scheme, 90 per cent guarantee will be covered by the trust, while 10 per cent will be covered by the concerned promoter.

Here’s the MSME tweet:

Who are eligible for CGSSD?

1) MSMEs whose accounts have been standard as on March 31, 2018, with regular operations — standard or NPA — through FY 2019.

2) Stressed MSME units which were SMA-2 and NPA as of April 30, 2020.

Requirements for availing sub-debt under CGSSD:

1) After fulfilling the eligibility criteria, all the promoters of the MSME units will be given credit equal to 15 per cent of stake in the company or Rs 75 lakh.

2) A separate loan account needs to be opened. All the promoters will have to infuse sub-debt or loan amount as promoter contribution.

3) As per RBI norms, all MSME loans would be linked to an external benchmark.

4) The maximum tenor for repayment will be 10 years, with a 7-year moratorium on principal payment.

5) Following the completion of the moratorium, principal amount to be repaid within 3 years. However, no additional charge will be levied in case of pre-payment of the loan.

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Finance Sales Strategy

TReDs Platform Joining Fee Waived For MSMEs till September 20

TReDs Platform
TReDs Platform Joining Fee Waived For MSMEs till September 20 (Photo Credits: Ministry of MSME)

Mumbai, August 18: Narendra Modi government has invited MSMEs to join the Trade Receivables Discounting System (TReDS) platform with zero fees. The free access to the TReDS platform will be there till September 20.

TReDS is an online factoring platform connects buyers, suppliers and financiers. This platform will enable MSME suppliers to get quick access to low-cost finance.

Joining Fee on TReDs Platform Waived till September 20:

Congrats MSMEs !
The fee for joining TReDS platform has been waived. You can get funds against your approved invoices quickly. Register yourself and make your #msmetochampions. @FinMinIndia @sidbiofficial pic.twitter.com/4KdUEyGAaz

— Ministry of MSME (@minmsme) August 17, 2020

What is a TReDS platform?

TReDS is an online mechanism for facilitating the financing of trade receivables of MSMEs through multiple financiers. It also enables discounting of invoices of exchange of MSME sellers against large corporate.

How will MSMEs benefit on TReDS Platform?

Quicker Payment: MSME sellers will receive funds against the approved invoices within 48 hours
Multiple Financiers: MSMEs are not restricted to a single bank. With the help of TReDS platform, they will have the option to choose the lowest bids among the multiple financiers.
Without Recourse Borrowing: There will not be any obligation on the seller to repay the financier. The buyer’s account will be dedicated automatically through a pre-approved NACH mandate.
Lower cost of Funds: Sellers will be able to access financing at competitive terms as it is based on the credit rating of the buyer. The transparent bidding process will help to discover the most suitable price.

 

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Finance

Gold Price Today: Price of Yellow Metal Slips to 52,207 Per 10 Gram, Silver Up Marginally at Rs 67,403 Per kg

Gold jewellery (Photo Credits: Wallpaperflare)

Mumbai, August 17: Gold rates in India slipped on Monday on the back of a drop in the global rates. Last week, gold slumped over 4 percent in the country. On MCX, October gold futures slipped to Rs 52,207 per 10 gram. Silver futures, however, moved 0.35 percent higher to Rs 67,403 per kg.

Customers will be able to buy a 10-gram 24-carat gold at Rs 52,500 in Mumbai. On the other hand, in Kolkata, customers will have to dish out Rs 54,460 for a 10-gram 24-carat gold. The price of a 10-gram 24-carat gold in the national capital is Rs 55,100. In Chennai, the rate for a 10-gram 24-carat gold is 55,320, according to Good Returns report.

Talking about the spot gold prices in India, it was at Rs 52,240, IT witnessed a growth of 0.02 percent, despite global gold prices($1,941.5) saw a drop of 0.29 percent.

The dollar to the rupee conversion rate on Monday improved to Rs 74.8 as compared to the previous close of Rs 74.9. The price of the gold depends on various external factors, one of which is the fall of the dollar against rupee which might lead to an increase in gold prices in the domestic market. The volatility in the gold market has also increased, resulting in damp sentiments among investors. The gold investors are eagerly waiting for the US Federal Reserve’s recent policy meeting for finer prints of its latest economic policy stance.

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Finance Process & Business Expansion Startup Strategy

5 Ideas to Rebuild Small Businesses Amid COVID-19 Pandemic

Few tips that can help small entrepreneurs to rebuild their business post COVID-19 pandemic
Few tips that can help small entrepreneurs to rebuild their business post COVID-19 pandemic. | Representative image

Mumbai, August 14: With the coronavirus lockdown still persistent in the country, small businesses are the most hit. While some have pulled down their shutters completely, others are looking for strategies to rebuild and reshape their businesses. Here are a few tips that can help small entrepreneurs to rebuild their businesses:

1) Financial Damage Assessment:

Every entrepreneur needs to analyse and calculate how bad their business has been affected in the COVID-19 lockdown. The first step that one entrepreneur shall take is to update the financial statements which include profit and loss or cash flow statements. Comparison with previous year’s numbers to see the loss is certainly a good idea to begin again.

2) Reshape Business Plan:

Ideas that might have worked pre-COVID-19 era, may not work after the lockdown. So it is very important to remodel the business strategy and do some fine-tuning. Paying close attention to competitors’ plan is another idea that would certainly help in reshaping the lost business.

3) Focus on Generation of Working Capital:

When an entrepreneur takes an initiative to rebuild the business, especially after COVID-19 pandemic, focussing on the generation of working capital becomes the priority. Without this essentiality, all plans to reshape a business model will turn into a failure. Look out for options for a sustainable and suitable financial lender/s who can show some faith in you (entrepreneur). But, for that, mutual understanding and trust are required, which an entrepreneur will have to build with the lender/s.

4) Revamp Budget Account:

Calculative risks during times like COVID-19 always help in revamping budget requirements for entrepreneurs who want to rebuild their businesses. All business ideas have pros and cons, however, a clear idea of what is needed for budgeting and what can be cut from the expenditure would certainly help in achieving the goal — monetary waste. Salary cut to self and only essential hiring are some of the good ideas that have been prescribed by experts.

5) Contingency Plan for the Next Crisis:

This is perhaps the last, but the most effective way to give life to business while rebuilding it. Learn from the previous mistakes and start working on the contingency plan for the next crisis. Saving the profits by cutting down useless expenditures and adapting self to the new way of business are some ways which will keep an entrepreneur in the market for a longer period. Moreover, thinking out-of-the-box to prepare for a worst-case scenario will be fruitful.

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Finance Process & Business Expansion Startup Strategy

Emergency Credit Facility Under ECLGS for Small Businesses Hiked From Rs 25 Crore to Rs 50 Crore, NCGTC Modifies Operational Guidelines

MSME (Photo Credits:
Emergency Credit Facility Under ECLG for small businesses hiked from Rs 25 crore to Rs 50 crore by NCGTC. | Representational Image.

New Delhi, August 12: The National Credit Guarantee Trustee Company Ltd (NCGTC) on Wednesday issued a circular regarding the modification of operational guidelines for Emergency Credit Line Guarantee Scheme (ECLGS). The common trustee company informed that the new operational guidelines will now cover individuals and more enterprises amid the COVID-19 pandemic.

Informing about the minutes of the modification of operational guidelines for ECLGS, the NCGTC stated that the upper ceiling of loans — outstanding as on February 2, 2020 — has been increased under the scheme from Rs 25 crore to Rs 50 crore. Apart from this, there has been a hike in the upper ceiling of annual turnover from Rs 100 crore to Rs 250 crore. This has been done in line with the increased ceiling of loans outstanding and revised definition of MSME issued by Union Ministry of MSME.

Among other details, the NCGTC circular stated that there has been an increase in the maximum amount of NCGTC to Member Lending Institutions (MLIs) under the ECLGS. The amount limit has been raised from Rs 5 crore — at present 20 per cent of Rs 25 crore — to Rs 10 crore, which is 20 per cent of Rs 50 crore. However, it has been made clear that those individual loans given for business purposes should fulfil the eligibility criteria prescribed under the scheme.

NCGTC Circular Regarding the Modification of Operational Guidelines for ECLGS:

Earlier on May 23, 2020, the NCGTC was set up by the Ministry of Finance’s Department of Financial Services as a common trustee company to manage and operate various credit guarantee trust funds. It was incorporated under the Indian Companies Act, 1956 on March 28, 2014, with a paid-up capital of Rs 10 crore.

Under the NCGTC, five trust funds currently operate:

1) Credit Guarantee Fund for Skill Development (CGFSD
2) Credit Guarantee Fund for Education loans (CGFEL)
3) Credit Guarantee Fund for Factoring (CGFF)
4) Credit Guarantee Fund for Micro Units (CGFMU)
5) Credit Guarantee Fund for Standup India (CGFSI)

The NCGTC was launched ECLGS on May 23, 2020, for all the financial institutions of India. Among the four key points, which differs it from other schemes include — 100 per cent credit guarantee, zero guarantee fee for banks and customers, pre-approved loans and minimum bank’s risk weight allocation. However, the scheme will continue till October 31, 2020, or till the time Rs 3 lakh crore of the loan amount is sanctioned. The NCGTC has also made it clear that borrowers must be GST registered wherever it is necessary.

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Finance Process & Business Expansion Startup Strategy

Innovative Ideas for Entrepreneurs to Keep Restaurant Startups Rolling Amid COVID-19 Pandemic

Apart from unique challenges, the COVID-19 brought fresh opportunities for India in the hospitality and allied sectors. Here are few ideas which entrepreneurs in restaurant startups can try to keep their businesses rolling.
Innovative Ideas for Businesses

Mumbai, August 11: With almost five months out of business due to the coronavirus lockdown, one of the worst-hit sectors in India is the food and restaurant businesses. While many startups opted for innovative ideas, others failed to survive the lockdown. India’s lockdown against COVID-19 is considered to be among the toughest, however, relief measures given by the central government did keep the hope alive.

Apart from unique challenges, the COVID-19 pandemic brought fresh opportunities for India in the hospitality and allied sectors. Many startups succumbed, but few thrive as they looked for a window to keep their businesses running. Use of social networking and personal relations still make those few reaping profits in adverse market conditions.

Here Are Some Ideas Which Helped Small Restaurant Businesses Survive:

1) Use of Social Media:

During the lockdown, the biggest challenge for a restaurant business is to connect with their customers. Social media became a boon for all those startups who remained in contact with their valued customers. Be it Facebook, Whatsapp, Twitter, Gmail or Instagram, these social media apps helped the small entrepreneurs to keep their businesses running.

Apart from providing the latest information regarding the renovations in restaurants to take away services, people came to know it from social media only — if their favourite dining places are open or closed. Also, updating the precautionary measures taken by the firm to keep its customers safe, did make a lot of difference.

2) Adaptations and Collaborations:

Adaptation to norms and guidelines issued by the administration did play a great part for startups. For example, Chaayos — which started in 2012 — joined hands with another influencer marketing platform called Pulpkey. Apart from serving the ‘signature “Meri Wali Chai“, they also decided to create awareness among people. For this, they hired renowned content creators and influencers and started sharing quality content straight to the customers’ mobiles via social media. Hence, Chaayos is still serving the ‘chai drinking nation’ with the same zeal and love.

3) Takeaway and Door-Step Delivery With COVID-19 Protection:

Foodies anywhere are foodies. Be it rain, dawn, dusk or midnight, foodies will order food online. However, the COVID-19 stopped the wheels of food-delivery guys for some time. Business took a hit and many wrapped up their shops.

With the Unlock guidelines issued, the wheels started to roll and food-delivery was again back on track. This time, the food delivery system was a little different. First, the delivery guys maintained a 6-feet distance and secondly hygiene maintenance was observed very strictly. The result was small entrepreneurs in the hotel business managed to survive. Special mentions to food warriors of Swiggy, Uber Eats and Zomato.

4) Marginal Charge for Hygiene:

This is something that customers in India don’t like. Since lockdown is in place and sit-in dining is almost restricted in most places, charging extra for take-away to door-step deliveries — by asking customers to pay for hygiene practices — may take not be a welcome move.

However, making valuable customers understand the importance of hygiene practices and costs associated with it, the gesture might help. These days customers are well aware of the dangers of COVID-19 and are willing to pay extra to cleanliness and hygiene. So looking at the broader prospect, the idea of charging a marginal fee for cleanliness may help entrepreneurs to keep their business functioning.

5) Financial Management and Revenue Generation:

Among all the other factors, the utmost requirement is to keep the startup moving forward with proper financial management skills. Due to the COVID-19 revenues of almost all food-allied entrepreneurs declined, some even bailed-out too. But few are still sustaining and may sustain for long as they have ample revenues for it.

For those, whose revenues are crippling and businesses are on the verge of shutting down, one of the easiest ways is to reach out to banks — which provides loans under MSME schemes at nominal interest rates and easy instalments. Reaching out for funds to family members and friends is another good idea.

6) Patience and Perseverance:

Difficulties and challenges are part of startups. COVID-19 may have seized the business ideas and expansion, but what’s important is entrepreneurs shall not lose hope and patience. They should keep inventing innovating ideas and persevere to reach their goals. Things may take a little time, but with calculative risks and patience, the flower of success will bloom.

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Finance

Investment Strategies During a Downturn in The Economy

Investment strategies to follow during a crisis

Many investors now fear that another recession is afoot, although most causes of recessions cannot be predicted in advance.

Before anything bad happens, it is a good idea to plan ahead and decide on your investment strategy in crisis. A recession does not mean that all investments should be put on hold; it just means that you have to do smart investment during a recession.

What is an ideal strategy?

There are contexts where the situations that are unfolding are similar to those you have faced in the past. In such cases, you have a fairly good idea about the outcomes that will ensue. In such situations, doing what you have always done, and expecting a different result might not be the best strategy. These situations are ideal opportunities for innovative action. However, when the context is something you have never faced before and your past knowledge is not helping you unravel the situation, it is no time to try anything new. Just fall back on your tried and tested strategies of the past.

We are in the midst of a problem that has not yet fully unravelled itself. We are not in a position to gauge the full impact of the coronavirus pandemic on the world economy. In these uncertain times, the best strategy is to stand where you have been standing in the past and to continue with the investment strategy you had before the pandemic broke out. This is not the time for taking new action.

Here are some quick tips to keep in mind:

1. Low-risk investment:

  • Do not take any kind of risk with your investment; it is not the right time to do the experiment.
  • Avoid investing in companies that are highly leveraged or speculative.
  • Find out companies that have a good cash flow and low debt for safe investment options.

2. Focus on recession-resistant and non-cyclical industries

  • Finding a non-cyclical industry offering goods and services is a good investment strategy in crisis.
  • Make an investment strategy in crisis for recession-resistant industries like grocery, cosmetics, medical industry, etc.

3. Diversification

  • It is a good idea to diversify your business in these tough times.
  • It is always good to have different sources of revenue so that you can save your existing business.
  • You can start an online service like a paid webinar, online coaching, and can make viral videos. You can also try your hand in food retail or can partner with some health-care company.

4. Dividend stocks

  • Dividend stocks can create passive income.
  • You can essentially receive a portion of the company’s earnings by investing in dividend stocks.
  • Always look for a company that has a low debt-equity ratio.

5. Investment in consumer staples in the equity market

  • If you are looking for a safe investment strategy in crisis, the equity market can be a good option.
  • It is a good idea to focus on consumer staples or any essential items that people need and buy regardless of their financial situation.

For many people, the financial crisis is scary, but if you have a smart investment plan then it actually is a good opportunity to make money. So be prepared and make money in any crisis.