Quick update: Nearly 2.5 lakh sick MSME units in the country

Updated: Dec 20 2013, 07:53am hrs
The number of sick micro, small and medium enterprises in the country rose substantially after the revision in the definition of sickness by the Reserve Bank in November 2012, Parliament was informed. The number of sick MSMEs in March 2013 stood at 2,48,890, minister of state for MSMEs KH Muniyappa told the Lok Sabha recently. The figure went up sharply from 88,635 in March 2012 on account of revision of definition of sickness by the RBI, he said.

Khadi weavers not to be included under MGNREGA

Khadi weavers and spinners across the country will not be included under the Mahatma Gandhi National Rural Employment Guarantee Act, Lok Sabha was informed recently. Minister of state for MSMEs KH Muniyappa said the ministry of rural development didnt find inclusion of khadi under MGNREGA feasible as the focus of the Act was on unskilled work. Industry bodies have been demanding that Khadi Kutir Udyog workers should be given wages at par with the MNREGA labourers.

Bassein Catholic Bank and Crisil sign MoU for MSME rating

The Bassein Catholic Bank Ltd has entered into an MoU with Crisil on December 10. Under the terms of the MoU, CRISIL will help the Banks potential and existing MSME customers to obtain credit ratings. The Bassein Catholic Bank has a presence in five districts of Maharashtra, and runs a network of 37 branches and 29 ATMs.

Kreata Global Digital Media acquires Flamingos Media

In the first-ever acquisition of a start-up incubated at the Kochi Startup Village, Kreata Global Digital Media Services has acquired social media marketing firm Flamingos Media Private Ltd for an undisclosed amount. Kreata Global, an online and social media marketing company with presence in India and the Middle East, offers a wide array of services, including digital strategy, social media marketing, online advertising, e-commerce and search engine optimisation.

WB govt clears its Integrated Skill Development Policy

The West Bengal government has cleared the Integrated Skill Development Policy restructuring the existing department of technical education and training, which would now be named the department of technical education, training and skill development, panchayat minister Subrata Mukherjee said.

National Board for MSMEs discusses public procurement policy

The National Board for Micro, Small and Medium Enterprises (NBMSME), which met recently under minister KH Muniyappa, met recently with a special focus on the public procurement policy. The minister appealed to all the members to mobilise MSME associations, and through them the MSME units, to actively participate in the procurement process related to central public sector undertakings and state PSUs, an official statement said.

Chamber offers young Saudis support to set up SMEs in S Arabia

Young Saudi businessmen and engineers have been offered support by an Indo-Arab business forum to set up small and medium enterprises in Saudi Arabia. The Indo-Arab Chamber of Commerce and Industries will provide them with training and technology, while urging more Saudi businessmen and businesswomen to invest in India. An executive said the chamber is ready to invite young Saudi men and women to India to provide them with training in areas where they want to open enterprises.