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Budget 2024 | Govt to set up ecommerce export hubs for MSMEs: FM Nirmala Sitharaman
Economic Times
·
1y ago
Medial
The Indian government plans to establish ecommerce export hubs in order to support micro, small, and medium enterprises (MSMEs) and traditional artisans to enter international markets. These hubs will be established as public-private partnerships. The move aims to improve efficiency in operations and enhance market accessibility, including exports, for direct-to-consumer (D2C) businesses, small vendors, and aggregators. Additionally, the budget includes measures such as reducing the turnover threshold for mandatory onboarding on TReDs platform, opening new branches to serve MSMEs, and implementing a credit guarantee scheme for MSMEs. The government's efforts to promote ecommerce exports were also highlighted in the recent Economic Survey.
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Related News
Beyond Borders: Budget 2024 Looks To Uplift MSME Exports, Financing
Inc42
·
1y ago
Medial
Finance Minister Nirmala Sitharaman revealed plans for the creation of ecommerce export hubs through a public-private partnership. This initiative aims to assist micro, small, and medium-sized enterprises (MSMEs) in expanding their businesses abroad by addressing challenges related to foreign regulations and compliance standards. Although the establishment of these hubs presents new opportunities, MSMEs still face obstacles when it comes to accessing capital.
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Budget 2024: Key takeaways for startup ecosystem
Economic Times
·
1y ago
Medial
In the budget speech, Finance Minister Nirmala Sitharaman announced several initiatives to support the growth of startups and small businesses. The angel tax, tax rates for ecommerce players, and long-term capital gains were addressed. Key announcements for startups include the abolition of angel tax on all asset classes, the establishment of a Rs 1,000 crore venture capital fund for the space economy, and the creation of ecommerce export hubs. Additionally, measures such as the development of digital public infrastructure tools, credit guarantee schemes, and simplified rules for foreign investments were introduced. The fiscal deficit for the year is estimated at 4.9% of GDP.
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Union Budget 2024-25: Edtech Sector Gets Boost As Govt Earmarks INR 1.48 Lakh Cr For Education, Skilling
Inc42
·
1y ago
Medial
The government has allotted INR 1.48 lakh Cr for education, employment, and skilling initiatives in the Union Budget 2024-25. Finance minister Nirmala Sitharaman announced the Prime Minister's package of five schemes to support employment and skill development for 4.1 Cr youth over the next five years. The government aims to focus on employment, skilling MSMEs, and supporting the middle class in its efforts to boost the economy.
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Govt to expand EV ecosystem to support charging infra: FM Sitharaman
Economic Times
·
1y ago
Medial
In the budget for 2024, Finance Minister Nirmala Sitharaman announced plans to expand the electric vehicle ecosystem in India. The government aims to support the manufacturing and charging infrastructure for electric vehicles, with a focus on encouraging the use of e-buses in public transport networks. The blending of compressed biogas into compressed natural gas and the use of piped natural gas will also be made mandatory. Additionally, a biomanufacturing and bio foundry scheme will be launched to promote environmentally-friendly alternatives for production.
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Budget 2024: FM Sitharaman announces development of population-scale digital public infra in agri, credit, ecommerce
Economic Times
·
1y ago
Medial
Finance Minister Nirmala Sitharaman has announced the government's plan to develop digital public infrastructure (DPI) tools in various sectors such as credit, ecommerce, health, law and justice, logistics, MSME service delivery, and urban governance. Additionally, DPI will be developed in agriculture in collaboration with state governments across 400 districts. These initiatives aim to enhance digital services and support for sectors like agriculture and MSMEs.
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Budget 2024: TDS Rate For Ecommerce Operators Cut To 0.1% From 1%
Inc42
·
1y ago
Medial
Finance minister Nirmala Sitharaman has announced in her Budget 2024-25 speech a reduction in tax deducted at source (TDS) for ecommerce operators from 1% to 0.1%. Furthermore, she proposed to decriminalize the delay in payment of TDS until the due date of filing statements.
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FM announces ₹2-cr loan scheme for first-time women, SC & ST entrepreneurs
Inshorts
·
6m ago
Medial
Presenting Budget 2025-26, Finance Minister Nirmala Sitharaman said the government will launch a new scheme for five lakh women, SC & ST first-time entrepreneurs. Under the scheme, the government will provide term loans of up to ₹2 crore to them during the next five years. Sitharaman said the scheme would provide them with financial resources to pursue their business ideas.
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Fintech firms enabling secure, inclusive financial services for merchants, MSMEs: FM
YourStory
·
2m ago
Medial
Finance Minister Nirmala Sitharaman praised fintech innovations for enhancing secure and inclusive financial services during her visit to Pine Labs. She highlighted their role in expanding India’s Digital Public Infrastructure, benefiting merchants and MSMEs. Sitharaman witnessed demonstrations of fintech solutions related to prepaid instruments and the Account Aggregator framework, emphasizing their transformative impact. A recent study showed 90% of MSMEs accept online payments, but only 18% utilize digital lending, indicating growth potential.
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Conspiracy To End India’s Entrepreneurship Culture: FM
Inc42
·
1y ago
Medial
Finance Minister Nirmala Sitharaman addressed the FY25 Budget discussion in Lok Sabha, stating that entrepreneurship was being portrayed negatively as part of a conspiracy. Sitharaman did not name any specific entities but mentioned forces working to highlight India's instability strategically, politically, and economically. She expressed concern over rumors being spread about India's inability to provide security to foreign investments, emphasizing the need to address this situation.
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Two logistics firms selected to set up ecommerce export hubs on pilot basis around Delhi
Economic Times
·
8m ago
Medial
Logistics aggregator Shiprocket and air cargo handling company Cargo Service Centre (CSC) have been selected by the government to set up ecommerce export hubs in Delhi on a pilot basis starting in February 2022. The hubs will facilitate expedited customs and security clearance, quality certification, and an easy re-import policy. The government plans to set up more such hubs based on the outcomes of the pilot program. Ecommerce exports have the potential to reach over USD 100 billion by 2030 in India, compared to China's USD 250 billion annually.
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