To make India self-reliant, the development of the MSME (micro, small and medium enterprises) sector—which forms the backbone of the Indian economy, contributing 30 percent to the country’s GDP—is crucial.
The government is rolling out various schemes and measures to give the sector a boost.
Amid the COVID-19 outbreak, when MSMEs were on the verge of financial ruin, Finance Minister Nirmala Sitharaman announced a slew of initiatives in May 2020 under the Rs 20 lakh crore Aatmanirbhar Bharat stimulus package. Three policies that stood out were the Rs 3 lakh crore collateral-free loan scheme, the Rs 20,000 crore subordinate debt for MSMEs, and the Rs 50,000 crore equity infusion through the Funds of Funds (FoF).
Last month, Prime Minister Narendra Modi said that Indian MSMEs' efforts are driving India towards an ‘Aatmanirbhar Bharat’.
MSMEs need handholding through government schemes and initiatives to stay relevant and competitive in the ever-evolving market. The government has recently added some more schemes and measures for MSMEs which SMBStory has detailed below.
Read the full story here.
(L-R) Sanjay Kumar Garg, Natwar Dhuwalia, and Bharat Bhushan Kapoor, Co-founders, Arvav AWG
In 2020, Sanjay Kumar Garg, along with Natwar Dhuwalia and Bharat Bhushan Kapoor, launched Aryav AWG under the company Aryav Ecofriendly Resources Pvt Ltd. However, this was not Sanjay’s first brush with entrepreneurship.
The Delhi-based company also generates water from air.
He adds, “These AWGs provide a decentralised local source of potable water without any connection to pipes or catch basins. All they require is electricity or an alternate source of power to extract, condense, purify, and dispense crystal clear fresh drinking water.”
The startup’s AWG extracts water vapour from the air by the condensation method—cooling the air below its dew point and pressurising it. Unlike a dehumidifier, an AWG is designed to render the water potable.
This filtered air is pushed over a coil by controlled speed fans to produce water, later directed to a holding tank with a purification and filtration system. Aryav AWG has designed its machines to meet drinking water requirements between 100 to 10,000 litres per day, catering to domestic and industrial use. The company has its in-house manufacturing unit in Delhi.
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At present, Aryav’s clients include SIDBI Kolkata and Hyderabad-based Wellstark Energy Pvt Ltd, among others. Besides, it works as an original equipment manufacturer (OEM) for other AWG manufacturers in India.
Read the full story here.
It is observed that MSMEs fail to undertake timely compliances with the regulations associated with their industry due to a lack of awareness and knowledge. These unexpected non-compliances can result in unwarranted penalties/prosecutions against the company, which takes up valuable time and resources.
Another major concern for MSMEs is the lack of awareness about protecting their intellectual property rights (IPR). Obtaining immediate certification for the trade name, trademark copyright or patent registrations has become a necessity for a business of any nature. MSMEs give very little importance to IPR registrations until they become victims of IPR infringements or are faced with legal and injunctive claims regarding the use of trade name, trademark, copyright or patent.
Lastly, the absence of systematic technical support and timely legal help has led to unnecessary delays and an increase in expenditure for MSMEs.
This week, SMBStory, listed a few legal support options available for MSMEs.
Read the full story here.