GJ Town India

  Indispensable role of e-commerce in shaping GJ future   In a groundbreaking initiative, the Gem and Jewelry Export Promotion Council's (GJEPC) MSME department, in collaboration with eBay and DHL, orchestrated a triumphant seminar at the vibrant Zaveri Bazaar, Mumbai. The event marked a significant milestone as it unfolded the vast e-commerce prospects within the gems and jewelry (GJ) sector, illuminating its pivotal role in the industry's trajectory. The Regional Director of Rajasthan, GJEPC, Nitin Khandelwal, spearheaded the seminar by providing a comprehensive overview of e-commerce and its indispensable role in shaping the future of the gem and jewelry trade. eBay, a global e-commerce giant, took the stage to deliver a thorough presentation, underscoring its role as a pivotal platform connecting businesses with a staggering presence in over 190 countries.  The presentation highlighted eBay's commitment to facilitating businesses through dedicated account manageme...

Exports target of US$100 billion by 2020 Ministry of Micro, Small and Medium Enterprises (MSME) has recently established an Export Promotion Cell (EPC) with an aim to create a sustainable ecosystem for entire MSME development. The benefits likely to accrue to the MSMEs are: i.               Evaluate readiness of MSMEs to export their products and services ii.              Recognize areas where improvements are required in order to be able to export effectively and efficiently iii.             Integration of MSME into global value chain. This was stated by Minister of State (Independent Charge) for Micro, Small and Medium Enterprises, Giriraj Singh in theLok Sabha.   The MSME Minister further said that the current status of exports from the MSME sector as per the information received f...

India Trade promotion bodies in 15 countries To promote exports of SMEs from India Union Minister of Commerce &Industry and Civil Aviation, Suresh Prabhu, said that the Ministry is examining the proposal to set up trade promotion bodies in 15 countries to promote exports of SMEs from India. Suresh Prabhu was speaking at the inaugural session of the 15th Global SME Business Summit in New Delhi.   The Minister informed the participants of the Summit about the commitment of the Ministry of Commerce and Industry towards the growth of the SMEs that are the pivot of the overall economic growth of the country. The Minister spoke about the changing of trade regimes globally and establishment of new trade routes based on availability of labour and skill. Suresh Prabhu said that Global Value Chains (GVCs) are specifically significant for SMEs as they provide them the opportunity to contribute to exports without bearing the setup costs. The concept of trade has bee...

PM launches historic Support and Outreach Initiative for MSME sector Portal to enable easy access to credit for MSMEs Ordinance for simplifying procedures For minor offences under Companies Act The Prime Minister, Shri Narendra Modi, today launched a historic support and outreach programme for the Micro, Small and Medium Enterprises (MSME) sector. As part of this programme, the Prime Minister unveiled12 key initiatives which will help the growth, expansion and facilitation of MSMEs across the country. The Prime Minister said that the 12 decisions that he is announcing today, will mark a new chapter for the MSME sector. Noting that MSMEs are one of the principal employment generators in India, the Prime Minister recalled the glorious Indian traditions of small scale industry, including Ludhiana’s hosiery, and Varanasi’s sarees. The Prime Minister said that the success of economic reforms are being launched by the Union Government, can be gauged from the ri...

Suresh Prabhu reviews progress of Sectoral Export Promotion Strategy Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, recently reviewed the sectoral export promotion plans prepared by Ministries and Departments of the Government of India. The Commerce Ministry is focusing on nine sectors- gems and jewellery, leather, textile and apparel, engineering, electronics, chemicals and petrochemicals, pharma, agri and allied and marine products - to boost exports. This was the third inter-ministerial meeting on Sectoral Export Promotion Strategy. The meeting was attended by Commerce Secretary, DG Foreign Trade (DGFT),Secretaries of Textiles and Chemicals and Petrochemicals, other senior officers from Ministries and Departments of Electronics, MSME, Agriculture, Animal Husbandry and Defence Production. The Commerce Minister appreciated the inter-ministerial teamwork leading to formulation of the current sectoral export strategy. He urged the minist...

Transformative initiative in MSME credit space The loans are undertaken without human intervention Finance Minister launches web Portal www.psbloansin59minutes.com The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley launched here today a transformative initiative in MSME credit space. The web portal  www.psbloansin59minutes.com   will enable in principle approval for MSME loans up to Rs. 1 crore within 59 minutes from SIDBI and 5 Public Sector Banks (PSBs). It is a strategic initiative of SIBDI led PSB consortium incubated under the aegis of Department of Financial Services (DFS), Ministry of Finance. The Portal sets a new benchmark in loan processing and reduces the turnaround time from 20-25 days to 59 minutes. Subsequent to this in principle approval, the loan will be disbursed in 7-8 working days. A first in MSME banking credit space, www.psbloansin59minutes.com  is one of its kind platforms in MSME segment which integ...

BRICS agreed Partnership on Fourth Industrial Revolution SA government said, BRICS Communications and ICT Ministers have agreed to help promote the cooperation of Small, Micro, Medium Enterprises (SMMEs) from BRICS member countries. “Key to unleashing their potential is for governments to support and invest in the innovation and development of ICT SMMEs and the broader ICT industry,” said a communiqué issued at the end of the BRICS meeting for Communications and ICT Ministers.   The Ministers have urged SMMEs to continue to innovate and find solutions that will advance universal telecommunications access. The member states identified SMMEs as potential engines for growth and job creation. The meeting, held this week in Durban, agreed to share studies, expertise and information on the roll-out of 5G within BRICS member countries. This includes encouraging intra-BRICS investment on 5G and other new emerging technologies. The ministers further agreed to continue to coo...