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 8 Action Areas in MSME Policy

The Ministry of MSME has released a draft of the National Policy for Micro, Small and Medium Enterprises (MSMEs) in India, which is expected to bring competitiveness, technical advancement, infrastructural development and specialized finance aid.

Watch #LawWiser premium video on “8 action areas in MSME policy” featuring Prabhjot Singh highlighting the key metrics behind these 8 action areas by the government.

 Some of the key action areas include:

  • State Government’s Responsibility: Every state must draft SOPs (Standard Operating Procedures) for the registration of MSME.
  •  Legislation for MSME in India: An organised set of legislation is suggested in the draft which is aimed at reducing conflicts arising out of delayed payments.
  • Financial Assistance for MSME: One of the primary objectives of Financial Assistance for MSME includes expanding funds for marketing purposes as it boosts the presence of MSME across the cities.
  • Upgradation in Technology: To build an autonomous structure for MSMEs, certain skill and research-based centers with experts must be established with a tailored set of guidelines, manuals and checklists.
  •  Ease of doing business: The proposal suggested connecting clusters and other key MSME centres with the country’s transportation infrastructure.
  •  Exit Code
  • The draft proposes connecting small and medium enterprises with a Fast-Track Corporate Insolvency Resolution Process. 

To know about all this and much more tune in to watch the full feature now.

#msmeindia #msmes #startupindia #skilldevelopment #infrastructuredevelopment #financialassistance #policyanalysis #regulatorychange #Insolvency #researchdevelopment #cirp #resolution #law

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What is Factoring and the benefits of Factoring Regulation (Amendment)  Bill 2021

Factoring is a transaction in which one entity, known as the factor, has its receivables paid by another business, the transferor. 

Tune into #LawWiserPremium on “What is Factoring and the benefits of Factoring Regulation (Amendment) Act 2021″ where Prabhjot Singh enlightens us about Factoring amendment laws and its benefits.

The Factoring Regulation Act aims to serve as a uniform legal framework to govern transactions in factoring and regulate factoring activities.

The parliament has enacted the Factoring Regulation (Amendment) Bill with an aim to establish an efficient working capital cycle for MSMEs. The law was introduced in September 2021 and passed on July 29, 2021.

The main objective of this measure is to make the factoring services of over 5000 NBFCs available to the underserved. The Factoring Regulation Act will do more than simply assisting the firms in emerging from a pandemic-induced disaster. As we enter the next decade, improved finance availability will aid Indian enterprises in achieving sustainable economic development.

To know more about Factoring and the Factoring Regulation Act watch the full feature now.

#msmeindia #msmes #startup #factoring #factor #regulations #nbfc #nbfcs #banking #assets #capital #receivables #liquidity #monetization#premium #companiesact2013 #compliance #compliancesolutions

#lending #assets #amendment

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 Haryana Government Notifies Law Enforcing 75% Reservation

The Haryana State Employment of Local Candidates Act, 2020 (the “Act”) and the Haryana State Employment of Local Candidates Rules, 2021 (the “Rules”), imposed a 75 percent reservation requirement in employment for local candidates (i.e., candidates domiciled in the State of Haryana) earning INR 30,000 or less, were formally notified on January 15, 2022.

While several firms in Haryana have completed the Act’s registration procedure, the Act’s passage has been fraught with controversy and criticism from local trade unions and industry organizations.

Watch #LawWiseePremium video on “Haryana Government Notifies Law Enforcing 75% Reservation” with Prabhjot Singh. 

Watch him, share key provisions and recent developments of this act. As per the provisions, the employees receiving salaries less than 30,000 must register themselves on the “Haryana Udhyam Registration Portal” within 3 months of commencement of this act. It is stated that 75% of local candidates domiciled in Haryana must be recruited by employers where the employee is receiving a salary of less than 30,000. Also, an employee can only avail of the benefits if he has registered himself on the portal.

Several industry groups and other connected organizations have filed petitions in the Punjab and Haryana High Court contesting the Act’s constitutional legitimacy (“High Court”). 

The Supreme Court has rejected the High Court’s interim stay order, restoring the Act’s prohibition on the 75 percent reservation requirement. The Apex Court has also stated that the Haryana government will not take coercive action against employers who do not comply with the act’s obligations. 

#supremecourt #interim #highcourt #appeal #notification #reservation #legalknowledge #Legalvideo #video #legalnews #haryana #governmentofindia #employment #tradeunions

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Understanding the Need for National Logistics Policy

The Indian logistics sector employs more than 22 million people, and upgrading the sector will result in a 10% reduction in indirect logistics costs, resulting in a 5 to 8% increase in exports. The proposed National Logistics Policy (NLP) aims to streamline and develop India’s logistics industry, promote a smooth flow of products across the country, and make it easier for firms in the sector to conduct business.

Watch #LawWiserPremium video on “Understanding the Need for National Logistics Policy” by Prabhjot Singh.

Watch Prabhjot share about challenges faced by the policy and ways to overcome them. As per  a report by the Ministry of Commerce and Industry, the policy, would essentially enable “closer coordination with the logistics division.”

The fundamental importance of the logistics industry, was demonstrated powerfully during the statewide lockdown imposed last March due to the COVID-19 outbreak. The Indian logistics market is projected to be worth $215 billion, with a CAGR of 10.5 per cent. Organized players, on the other hand, own just 10-15% of the whole market. However, it faces challenges like goods are taking longer to reach their desired location due to infrastructure issues and a lack of streamlined processes.

The experts in this sector are of the view that additional facets of NLP, such as standardization, informalisation, digitalization, and being more competitive in the worldwide market, in addition to reducing waste and expense. The strategy is expected to improve integration of local and international supply chains.

#logisticsnews #supplychain #policy #infrastructure #commerce #supplychainmanagement #exports #imports #standardization #digitization #governmentofindia #ministryofcommerce # #logisticsnews 

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MSME Amendment Rules, 2022

The Ministry of Micro, Small and Medium Enterprises has notified the Micro, Small and Medium Enterprises (Amendment) Rules, 2022 to further amend the Micro, Small and Medium Enterprises Fund Rules, 2016.

Watch #LawWiser Premium on “MSME Amendment Rules, 2022” featuring Prabhjot Singh sharing useful insights on amended rules.

He shared that Rule 6 of these rules specifies “Approval and release of money from the fund”. The benchmarks based on which sums may be released under sub-section (3) of section 14 of the Act are as under-

  1. The beneficiary of the fund shall be a micro or small or medium enterprise and shall file the memorandum under sub-section (1) of section 8 of the Act, which provides for filing of the memorandum by a Micro, Small or Medium Enterprise.
  2. The fund shall be mandatorily utilized for the project. 
  3. The fund shall be disbursed as per the guidelines notified. 
  4. Beneficiaries of this fund cannot claim benefits from any other scheme or program of Central Government or any State Government or Union Territory Administration for that project or scheme.

To know about all this and much more tune in to watch the full feature now.

#msme #msmeindia #amendment #beneficiary #compliance #startup #administration #union #territory #centralgovernment #stategovernment #udyamregistration #regulatorycompliance #legalupdates

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Startup & Incubators | Fireside Chat | LawWiser | Universal Legal

There’s a lot of buzz about getting into an accelerator/ incubator program in the startup ecosystem.

It is critical for the startups to get all the help especially at the beginning. We got you covered in #LawWiser‘s latest Fireside Chat on Startups & Incubators

with Rashi Kapoor Mehta, Partner, Universal Legal and Vikrant Potnis, Founder, Fundenable.

Watch Rashi and Vikrant discuss some key questions that as a startup founder you always had like:

– The right approach to determine in selecting an incubator

– The potential risks that start-up founders need to keep in mind

– The exit rights between Startup and Incubator

– The stage at which the incubator prefers to exit

– Where does an incubator sit in terms of hierarchy on the cap table?

Tune in to the Full feature now for this super interesting conversation!

Follow, like and share LawWiser for more such interesting content!

#Startups #Incubators #business #entrepreneur #entrepreneurship #investments #starupbusiness #disruption

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Registrations and Compliances for healthcare MSME

It won’t be wrong to refer to this sector as the backbone of the country, one which the government has worked towards strengthening. Especially with the advent of the Atma Nirbhar Bharat Abhiyan or the Self-Reliant India Scheme of 2020 by the Government of India, there are a whole host of benefits that accrue to MSMEs once registered.  

Watch LawWiser’s video on Registrations and compliances for healthcare MSME with Sanjana Aravamudhan, Associate Consultant, Dua Consulting. She talks about the registrations and compliances that MSMEs need in order to compete in the market and avail of several benefits made available to them through various government schemes

She shares some of the advantages of MSME registrations like Banking loans with low-interest rates, tax benefits, one-time settlement fees, credit guarantee schemes, concessions and much more. 

Sanjana not only shares insights but also guides on the procedure for obtaining universal registrations that are available to the MSMEs. 

Further, she shares about the universal compliances that MSMEs must consider adhering to with a special focus on the healthcare-specific registrations and compliances.

Even though the pandemic has resulted in slowing economic growth in multiple sectors, there was a significant uptick in MSMEs engaged in primary activities like the manufacture of medical equipment and medicines due to increased demand. With the right registrations, you can avail of the significant benefits as discussed in Sanjana’s earlier video on MSMEs in a post covid world. 

Given India’s shift to being vocal for locals, MSMEs now possess a unique opportunity to engage with a whole host of stakeholders on a priority basis. This shift will provide immense financial gains to compliant MSMEs and we will explain those requirements to you in our upcoming videos. 

Watch the full video to know all about the Registrations and compliances for healthcare MSME on LawWiser.

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Engagement in a post Covid healthcare space by MSMEs

The share of MSMEs in GDP has not only remained high but has increased over the years.  But MSMEs are not only contributing to the GDP kitty, they have become big partners of India’s export growth, with a 48% share in 2018-19.

Post-covid many policies have been introduced to ensure consistent growth of MSMEs. Few policies have been introduced for MSMEs, particularly in the healthcare sector. 

Watch LawWiser video on Healthcare MSMEs in the Covid & Post Covid era with Sanjana Aravamudhan, Associate Consultant, Dua Consulting. In this video, Sanjana talk’s about the post-Covid scenario and how the MSMEs are currently placed in terms of managing what looks like a burgeoning healthcare market, but does it entirely or partially only favour MSMEs.

She also takes us through the SAFE scheme. SIDBI had launched SIDBI Assistance to Facilitate Emergency response against coronavirus (SAFE) scheme to provide financial support to all MSMEs engaged in manufacturing any product or providing any services which are related to fighting coronavirus (such as hand sanitisers, masks, bodysuits, ventilators, testing labs, etc).

She also shares about the two other key financing initiatives introduced by SIDBI to counter the adverse impact of the pandemic. They are SHWAS (SIDBI assistance to the healthcare sector) and AROG (SIDBI Assistance to MSMEs for recovery & organic growth during the COVID-19 pandemic).

She further takes us through the eligibility of the schemes, and the application process and highlights the other benefits in the pipeline for the MSMEs in the healthcare sector.

Stay tuned for more insightful content related to MSMEs. 

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5 Global best Practices Every GC Must Consider

Today as businesses expand, GCs are part of business development and strategies as well.

Do you wonder what are the best practices that a General Counsel must follow to bring quality and seamless workflow to any organisation?

Watch #LawWiser’s latest video on “5 Global Best Practices every GC must consider” with Surabhi Agarwal, Founder and Fractional General Counsel at The Global General Counsel. Surabhi has vast experience with senior global leaders in law and has herself served on the global leadership team of a Fortune 500 company.

Watch Surabhi share the top 5 global best practices that a GC must consider for leading efficient and effective processes. #Tuneinto the full video now to know about these global best practices!

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Under The Wings | Shalinee Kulshreshtha | GCAI & LawWiser

Watch now our second interaction as part of the initiative- #UnderTheWings in collaboration with GCAI, featuring Shalinee Kulshreshtha, General Counsel, South Asia, Dentsu International India, nominated by Shukla Wassan, Founder Member, GCAI and Independent Director, GE (General Electric) Power India Ltd.

She will help us understand –

💡 The challenges that people from diverse backgrounds face in an organisation.

💡 Thoughts, inhibitions and concerns experienced in the initial stages of one’s career.

💡 How mentorship helps in growing both personally and professionally.

💡 Role of mentorship in the legal industry.

Tune in to learn more!

#mentor #inhousecounsel #law #legal #lawcareer #motivation #success #coach #lifecoaching #leadership #inspire #goals #believe #legalprofession #careerdevelopment

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