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Business Startup Ideas MSME Startup Strategy Technology

1.14 Lakh Startups Create Over 12 Lakh Jobs in India

1.14 Lakh Startups Create Over 12 Lakh Jobs in India: Finance Ministry

India’s startup ecosystem is witnessing unprecedented growth. According to the Finance Ministry, over 1.14 lakh startups have generated more than 12 lakh (1.2 million) jobs in the country. This massive contribution to job creation in India highlights the importance of startups in fueling economic growth, innovation, and employment opportunities.

These startups are not only creating jobs but are also pioneering new green technologies and solutions to global challenges, such as climate change and carbon emissions. A growing trend among these startups is their focus on helping carbon dioxide (CO2) find a new life through carbon capture and carbon utilization technologies. This sustainable innovation is helping reduce the carbon footprint and transform CO2 into useful products like plastics, fuels, and other materials, making significant strides in India’s journey towards eco-friendly growth.

E-commerce Giants Like Udaan Play a Vital Role

Among the many players in the e-commerce industry in India, Udaan has become a prime example of how digital transformation is driving both business growth and job creation. Udaan connects small businesses to large markets, enabling them to scale and reach new customers, and significantly contributing to small business growth. Through its platform, Udaan streamlines the supply chain and opens up access to larger business networks, which in turn creates new employment opportunities in sectors such as logistics, technology, and customer service.

By fostering the growth of e-commerce startups, platforms like Udaan are shaping the future of the Indian digital economy, offering a glimpse into the future of online marketplaces and the vast potential they hold for job creation and business expansion.

A Vision for the Future: Sustainable Growth and Innovation

India’s startup revolution is not just about business growth; it’s also about creating a more inclusive, sustainable future. Startups are embracing green technologies, like carbon capture and utilization (CCU), which are helping the country take major strides in addressing environmental concerns. These technologies offer promising solutions to reduce carbon emissions and contribute to a cleaner environment, making India a leader in the global race toward sustainable development.

The growth of startups also aligns with the vision of a digital economy that promotes inclusive growth by creating job opportunities for people from all sectors. Eco-friendly innovations in India’s startups are not only focusing on business profits but are also significantly contributing to addressing global warming and building a greener future for the country.

Conclusion: Startups Driving India’s Economic Transformation

India’s startups, whether in the fields of e-commerce, sustainability, or technology, are creating new opportunities, advancing job creation, and contributing to economic growth. By embracing green innovations, these startups are making strides toward reducing India’s carbon footprint while building a future that prioritizes both environmental sustainability and economic prosperity.

The combination of carbon utilization technologies and the rapid growth of e-commerce platforms like Udaan is helping India move toward a more inclusive and sustainable future. This is just the beginning of India’s startup ecosystem revolution, where job creation, technological advancement, and environmental sustainability go hand in hand to shape a prosperous and eco-friendly future.

“Startups in India,” “Job Creation,” “Green Technologies,” “Sustainable Innovation,” “Carbon Capture,” “E-commerce Growth,” “Small Business Growth,” and “Eco-friendly Growth”.

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MSME

MSME Sector to Grow and Contribute to Job Creation With the Help of Structural Reforms Taken by Modi Govt, Says Finance Ministry Report

New Delhi, October 6: The Finance Ministry on Monday said that the major structural reforms launched by the Modi government in agriculture markets, labour laws provide unparalleled opportunity for the MSME sector to grow and prosper. These reforms will in turn contribute to job creation in the primary and secondary sectors. A report by the Finance Ministry stated that the historic labour reforms will benefit MSMEs to increase employment, enhance labour productivity and thereby wages in MSMEs.

According to a report by PTI, the Finance Ministry said that important structural reforms that have been taken by the government to ease the risks posed by COVID-19 pandemic will strengthen India’s economic fundamentals and ensure long-term sustained growth. “The enabling policy environment and initiatives taken by all stakeholders to seize the available opportunities will actualise the growth potential of the Indian economy,” the monthly economic report prepared by the Economic Affairs Department of the Finance Ministry said.

The report further said that the sustained spread of the virus poses a downside risk to short-term and medium-term growth rate, adding that the government has strategically undertaken various important structural reforms, encompassing various sectors, to combat these risks. Meanwhile, the implementation of ‘Atmanirbhar Bharat’ package and unlocking of the economy have ensured that economic recovery in India has gained momentum.

The PTI report adds that as on September 25, India’s foreign exchange reserves stood at USD 542.02 billion, equivalent to more than 13 months of imports. India”s probable growth path is visible in this assessment.

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Finance MSME

Indian Banks Have Sanctioned Rs 1.63 Lakh Crore Loans to MSMEs Under ECLGS, Says Finance Ministry

New Delhi, September 13: The Union Finance Ministry on Sunday said that Indian banks have sanctioned loans worth over Rs 1.63 lakh crore to MSMEs and other eligible businesses so far. These loans have been sanctioned under the Emergency Credit Line Guarantee Scheme (ECLGS) for over 42 lakh borrowers and till now over Rs 1.18 lakh crore has been disbursed, the Ministry added.

Informing about the sanctioned status, the Union Finance Ministry took said in a statement, “As on 10.09.2020, as reported by Public Sector Banks and top 23 private sector banks, additional credit amounting to Rs 1,63,226.49 crore has been sanctioned to 42,01,576 borrowers. Amount of Rs 1,18,138.64 crore has been disbursed to 25,01,999 borrowers as on 10.09.2020.”

Laying down the progress of the schemes announced under the Aatmanirbhar Bharat economic package in May, the Union Ministry said that around 37 proposals involving an amount of Rs 10,590 crore have been approved under the Rs 30,000 crore Special Liquidity Scheme for NBFCs, housing finance companies and micro-finance institutions till September 11. Adding more, it said, six more applications seeking financing of Rs 783.5 crore are under process.

On the Rs 30,000 crore Additional Emergency Working Capital Funding for farmers through NABARD, the ministry said that as on August 28, 2020, Rs 25,000 crore has been disbursed. The balance amount of Rs 5,000 crore under the Special Liquidity Facility (SLF) has been allocated to NABARD by the RBI for smaller NBFCs and NBFC-MFIs. Also, ANABARD is finalising operational guidelines to roll it out soon.

Apart from this, the Centre said that NABARD has also launched Structured Finance and Partial Guarantee scheme in collaboration with two agencies and banks to help unrated NBFCs and MFIs to get credit from lenders. The mechanism will enhance eligibility of credit by 5-6 times to those small MFIs who do not have any rating.

Among other details, the ministry said that refunds of over Rs 1.01 lakh crore have been issued to more than 27.55 lakh taxpayers between April 1, 2020, and September 8, 2020. Also, income tax refunds of Rs 30,768 crore have been issued in 25,83,507 cases and corporate tax refunds of Rs 70,540 crore have been issued in 1,71,155 cases. The ministry said that all corporate tax refunds up to Rs 50 crore have been issued in all cases.

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Technology

Aadhaar Authentication to Help Businesses Get GST Registration Within 3 Days

In what is believed to be a major boost for businesses in India, the businesses that provide Aadhaar number while applying for registration under the Goods and Services Tax (GST) will get the approval in three working days. Last week, the Central Board of Indirect Taxes and Customs (CBIC) had notified Aadhaar authentication for GST registration with effect from August 21, 2020. The notification also provides that in case businesses do not provide Aadhaar number, then GST registration would be granted only after physical verification of the place of business.

Sources believe that the Aadhaar authentication is expected to facilitate genuine and honest taxpayers while at the same time keeping fake and fraudulent entities away from GST.

Two important things to know:

  1. For a person opting for Aadhaar authentication for new GST registration would get it within just three working days, if no notice is issued and would not need to wait for physical verification.
  2. While applicants not opting for Aadhaar authentication for GST registration would be granted it only after physical verification of the place of business or documentary verification which may take up to 21 working days or more if notice is issued, sources said.

According to a report by PTI, sources of the Finance Ministry said the GST Council in its 39th meeting held on March 14, 2020, had approved operationalisation of Aadhaar authentication for new taxpayers. However, its implementation was postponed due to the lockdown on account of COVID-19 pandemic.

Sources further said that keeping the COVID-19 pandemic in view, it has been provided that the officer may, if the circumstances warrant, opt for asking for additional documents in lieu of the pre-registration for physical verification of the premises.