Rising KashmirRising KashmirRising Kashmir
  • Home
  • Top Stories
  • News
    • Kashmir
    • City
    • Jammu
    • Politics
  • Health
  • Anchor
  • Features
  • Interview
  • Video
Search

Archives

  • May 2025
  • April 2025
  • March 2025
  • February 2025
  • January 2025
  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022

Categories

  • Anchor
  • Breaking
  • Business
  • City
  • Developing Story
  • Editorial
  • Education
  • Features
  • Health
  • Interview
  • Jammu
  • Jammu and Kashmir News
  • Kashmir
  • Kashmir Tourism
  • Kath Bath
  • National
  • Opinion
  • Politics
  • Sports
  • Technology
  • Top Stories
  • Trending
  • Uncategorized
  • Video
  • Viewpoint
  • World
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Reading: Nurturing the Nano
Share
Notification Show More
Font ResizerAa
Rising KashmirRising Kashmir
Font ResizerAa
  • Home
  • Top Stories
  • News
  • Health
  • Anchor
  • Features
  • Interview
  • Video
Search
  • Home
  • Top Stories
  • News
    • Kashmir
    • City
    • Jammu
    • Politics
  • Health
  • Anchor
  • Features
  • Interview
  • Video
Follow US
© 2024. All Rights Reserved.
Rising Kashmir > Blog > Opinion > Nurturing the Nano
Opinion

Nurturing the Nano

By combining resources, support and awareness, Nano businesses and relatively bigger MSMEs thrive together, contributing to a vibrant local economy

DR. ISHITA G. TRIPATHY | NITISHA MANN
Last updated: November 21, 2024 12:31 am
DR. ISHITA G. TRIPATHY | NITISHA MANN
Published: November 21, 2024
Share
5 Min Read
SHARE

Nano-businesses and Informal Micro Enterprises (IMEs) are a distinct segment within Micro, Small and Medium Enterprises (MSMEs), with hyper local functionality. Due to their distinctive characteristics, it is vital to keep carve-outs and special provisions for them so that they become commercially viable while retaining their essence. The Government of India has been committed towards this end. As a first step, Udyam Assist Platform (UAP) was launched by the Ministry of Micro, Small and Medium Enterprises in January 2023 to facilitate registration of IMEs, who are exempted from filing returns under provisions of the CGST Act. Since the launch of UAP, more than 2.2 crore enterprises have registered, with an employment of more than 2.6 crore. UAP provides an interface to Designated Agencies, which can be Scheduled Commercial Banks, Micro Finance Institutions, NBFCs, etc. to register consent-based data of their IME customers in bulk. IMEs beneficiaries of Government programmes like PM SVANidhi are also on boarded onto UAP.

 

Continuing with the avowed objective of promoting entrepreneurship, PM Vishwakarma Scheme, launched in September 2023, aims to provide end-to-end support to artisans and crafts people of 18 trades who work with their hands and tools. The Scheme components include recognition through PM Vishwakarma Certificate and ID Card, Skill Up-gradation, Toolkit Incentive, Collateral-free Loans at 5% rate of interest, along with interest subvention of upto 8%, Incentive for Digital Transactions and Marketing Support. Essentially, it encompasses all forms of support with the aim to meet the aspirations of Vishwakarmas, who have entrepreneurial skills necessary to establish self-sustaining businesses. Effectively, the Government has paved the way for identifying entities that have the capacity, but were missing the wherewithal to grow and evolve into MSME Champions.

 

A challenge for nano entrepreneurs, who are new to credit or have no credit or business history, is access to finance. No credit history deters banks from lending. To create an enabling ecosystem, measures have been taken to address both demand and supply side challenges. A step in this direction is the notification of the Ministry of MSME and that of RBI that UAP certificates shall be treated at par with Udyam Registration Certificate for the purpose of availing of Priority Sector Lending benefits. Through initiatives like the Payments Infrastructure Development Fund (PIDF) Scheme notified by RBI for beneficiaries of schemes such as PM SVANidhi, PM Vishwakarma, etc., the number of acceptance devices have increased multi-fold in the country, developing the payment acceptance infrastructure in Tier-3 to Tier-6 centres, lowering the cost of transactions and increasing acceptability of small businesses.

 

 

PIDF provisions encourage Digital Payment Aggregators to provide subsidized digital payment devices and QR Codes to nano enterprises. In addition to subsidising deployment of physical or digital devices, other contemporary devices, viz., sound box devices, Near Field Communication, and Aadhaar-enabled biometric scanner devices for acceptance through BHIM Aadhaar Pay are also subsidized. Such supplementary digitization and digital trails will make them more discernible; supporting alternative credit assessment models based on data collected and increase credit disbursement for them.

 

Special dispensation for IMEs under Credit Guarantee Scheme, was announced in February 2024, with liberal terms, including enhanced guarantee coverage of 85% of loan amounts of upto Rs. 20 lakh and lower annual guarantee fees of 0.37% for loans upto Rs. 10 lakh and 0.45% for loans between Rs. 10 lakh and Rs. 20 lakh. These initiatives will address the issue of risk of formal lending institutions which makes them wary of lending to Nano enterprises and IMEs.

 

By combining resources, support and awareness, Nano businesses and relatively bigger MSMEs thrive together, contributing to a vibrant local economy. The ultimate goal is to strengthen the economic base comprising grass root level entities so that the larger superstructure of the economy continues to shine.

 

(Dr. Ishita G. Tripathy is Additional Development Commissioner, Ministry of MSME, Government of India and Nitisha Mann is Deputy Director, Ministry of MSME, Government of India. Courtesy: PIB)

The Crucial Role of Education in Shaping Societies
A Hairy Saga!
Happy Doctors Day
GeM: Making Public Procurement Sparkle
 Operation Sindoor: A Decisive Victory in Modern Warfare

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Whatsapp Whatsapp Copy Link Print
Previous Article The Box That Changed Everything: Television’s Revolutionary Journey
Next Article Breathing in Danger: How Pollution Impacts Pulmonary Health
Leave a Comment Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

1MFollowersLike
262kFollowersFollow
InstagramFollow
234kSubscribersSubscribe
Google NewsFollow

Latest News

Hyderpora underpass turns into cab stand, sparks safety concerns
City
May 26, 2025
Bear-Proof Corral unveiled to tackle human-wildlife conflict in Drass
Kashmir
May 26, 2025
SACPPE holds session to safeguard children from unexploded shells in Uri
Kashmir
May 26, 2025
‘Prem Visheshagya’ brings laughter to Natrangs’ Sunday theatre
Jammu
May 26, 2025

Recent Posts

  • Hyderpora underpass turns into cab stand, sparks safety concerns
  • Bear-Proof Corral unveiled to tackle human-wildlife conflict in Drass
  • SACPPE holds session to safeguard children from unexploded shells in Uri
  • ‘Prem Visheshagya’ brings laughter to Natrangs’ Sunday theatre
  • Admin spreads awareness on drug abuse in Sgr

Recent Comments

  1. SavePlus on AI and Behavioural Analytics in Gaming: Making the World of Gaming Better
  2. Parul on Govt acknowledges faulty streetlights on Narbal-Tangmarg road
  3. dr gora on Women Veterinarians and the Goal of Viksit Bharat
  4. jalwa game login on National Education Policy 2020: Transforming India’s Educational System
  5. Virender Bhat on Pahalgam Attack: A War on Humanity, Peace, and Kashmiriyat

Contact Us

Flat No 7,Press Enclave, Srinagar, 190001
0194 2477887
9971795706
[email protected]
[email protected]

Quick Link

  • E-Paper
  • About Us
  • Contact Us

Top Categories

Stay Connected

1.06MLike
262.5kFollow
InstagramFollow
234.3kSubscribe
WhatsAppFollow
Rising KashmirRising Kashmir
Follow US
© 2025. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?