Micro, Small and Medium Enterprise (MSME) sector is a key player in generating employment and contributing to the India’s GDP and industrial output. There are 6.34 Crore enterprises in various industries, employing close to 11.1 Crore people.1 In all, the MSME sector accounts for 29 percent of India’s GDP and 40 percent of exports.
This research re euml xamine of what has been done by other researcher with the object of research on what is different aimed at peaceful and steady to analyze the good vibes this partial as well as simultaneous the amount of its credits micro small and medium enterprises (SMES) and prepare the funds to a third party against operating profit in public credit bank Cirebon district.
The results of the testing of hypotheses first discovered that variable credit small and medium enterprises 0.5456 or by 54,56 % show is influence against operating profit. The results of the testing of hypotheses to two variable third party funds of savings of 0.52134 or by 52,13 % show is influence against operating profit. The results of the testing of hypotheses to three variable third party funds in deposits of 0.5612 or by 56,12 % show is influence against operating profit.
All of the results of the analysis showed in constant of 0.5905 or 59.05%. This credit public bank Cirebon district contribute to the development and growth the small and medium enterprises (SMES) that is in Cirebon district and the rest is the other factors that to affect in out of what researchers do.
Trend of Zero Balance Accounts under PMJDY - Part - 4Resurgent India
Of the 20 crore accounts opened under the scheme, about 53 lakh have been offered the overdraft facility. But the overdraft was sanctioned for only around 27.5 lakh accounts, of which only around 12.3 lakh accounts availed this facility amounting to a disbursement of Rs.166 crore.
MSME Financing - Financing options available to MSMEs-II - Part -10Resurgent India
SME exchange
GOI and regulators have initiated several measures to address the low level of MSME financing through the capital markets. In March 2012, post issuance of SEBI guidelines, both BSE and NSE have set up institutional trading platforms in the SME segment to allow MSMEs to list and raise equity capital through venture funds, private equity and wealthy individuals, without initial public offerings.
Big Announcements for MSME- U.K.Sinha Committee ReportCA PRADEEP GOYAL
While making on announcements for measures to boost Indian Economy yesterday, Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman said we are going to implement recommendations on Micro, Small & medium Enterprises by U.K.Sinha Committee in their report dated 25th June 2019 submitted to RBI.
Attached is my presentation on highlights of above said recommendations and if implemented strictly, nothing can stop India’s MSME sector flourishing like anything.
Have a look please.
This research re euml xamine of what has been done by other researcher with the object of research on what is different aimed at peaceful and steady to analyze the good vibes this partial as well as simultaneous the amount of its credits micro small and medium enterprises (SMES) and prepare the funds to a third party against operating profit in public credit bank Cirebon district.
The results of the testing of hypotheses first discovered that variable credit small and medium enterprises 0.5456 or by 54,56 % show is influence against operating profit. The results of the testing of hypotheses to two variable third party funds of savings of 0.52134 or by 52,13 % show is influence against operating profit. The results of the testing of hypotheses to three variable third party funds in deposits of 0.5612 or by 56,12 % show is influence against operating profit.
All of the results of the analysis showed in constant of 0.5905 or 59.05%. This credit public bank Cirebon district contribute to the development and growth the small and medium enterprises (SMES) that is in Cirebon district and the rest is the other factors that to affect in out of what researchers do.
Trend of Zero Balance Accounts under PMJDY - Part - 4Resurgent India
Of the 20 crore accounts opened under the scheme, about 53 lakh have been offered the overdraft facility. But the overdraft was sanctioned for only around 27.5 lakh accounts, of which only around 12.3 lakh accounts availed this facility amounting to a disbursement of Rs.166 crore.
MSME Financing - Financing options available to MSMEs-II - Part -10Resurgent India
SME exchange
GOI and regulators have initiated several measures to address the low level of MSME financing through the capital markets. In March 2012, post issuance of SEBI guidelines, both BSE and NSE have set up institutional trading platforms in the SME segment to allow MSMEs to list and raise equity capital through venture funds, private equity and wealthy individuals, without initial public offerings.
Big Announcements for MSME- U.K.Sinha Committee ReportCA PRADEEP GOYAL
While making on announcements for measures to boost Indian Economy yesterday, Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman said we are going to implement recommendations on Micro, Small & medium Enterprises by U.K.Sinha Committee in their report dated 25th June 2019 submitted to RBI.
Attached is my presentation on highlights of above said recommendations and if implemented strictly, nothing can stop India’s MSME sector flourishing like anything.
Have a look please.
Webinar on bank initiatives towards msme sectorResurgent India
MSME has historically played a pivotal role in building our economy. This crisis has not spared anyone and MSMEs have been crushed under its weight. Drying cash flows, labor migration are some of the many problems that they are facing as we speak.
White paper payment banks - changing landscape of retail bankingRSM India
The RBI has recently decided to grant in-principle approval to 11 applicants for setting up ‘Payment Banks.’ This move is to enhance financial inclusion by providing access to small saving accounts and payments, migrant labour work force, small businesses in unorganized sectors, etc. The payment banks are expected to use high technology platform to provide services at low cost, thereby redefining the retail banking landscape.
We are pleased to attach our White Paper: ‘Payment Banks – Changing Landscape of Retail Banking’ and trust you will find the same useful.
Treds- a facilitating step towards financial Inclusion. M1xchange
Trade Receivables Discounting System (TReDS) is an initiative of Reserve Bank of India (RBI) to facilitate MSME receivable payments from Corporates.
https://www.m1xchange.com/
Reduce Operational Cost by Trade Receivables Discounting SystemsM1xchange
The bill discounting process starts when the MSME Supplier raises the invoice and the Buyer validates the same. This permits the financiers which are the Banks or the Factoring Companies to bid against the verified invoice. Once the supplier accepts the bid, the payment is processed in T+1 day, where T is the day of transaction. This process gives flexibility to the Suppliers to choose the best financier on financing cost.
Mynd Offers you Trade Receivable Discounting System for small scale players to avail funds at cheaper rate through banking and factoring companies.
Financial inclusions a pavement towards the future growthTapasya123
India’s economic growth rates higher than most developed countries in recent years, a
majority of the country’s population still residue unbanked. Financial Inclusion is a relatively
new socio-economic concept in India that aspire to change this dynamic by providing
financial services at affordable costs to the underprivileged, who might not otherwise be
aware of or able to afford these services. Global trends have revealed that in order to achieve
inclusive development and growth, the expansion of financial services to all sections of society
is of utmost importance. As a whole, financial inclusion in the rural as well as financially
backward pockets of cities is a win-win opportunity for everybody involving – the
banks/NBFC’s intermediaries, and the left-out urban population. Banks will handle core
infrastructure and services while intermediaries known as Business Correspondents (BC’s)
will be the executors and act as the face of these banking & financial institutions in dealing
with end-users. Therefore, it is assumed that financial inclusion can initiate the next
revolution of growth and prosperity. In the 21st century, India has been pulling all the right
levers to advance financial inclusion and economic citizenship by channelling its own
transactions to lubricate the system. India’s journey towards economic ascension relies on
how the 65% unbanked population of India (conservative 2012 estimate by World Bank) is
enabled with financial infrastructure.
Financial Inclusion and Micro and Small Enterprises GrowthDr. Amarjeet Singh
The persons or firms linked with the either way of
financial transaction are known as participants of financial
inclusion financially included otherwise financially
excluded. The normal way of flow of money is routed
through banking system, post office, insurance and FBFC
channels. The MSE is financially included with operation of
saving account, current account or loan account with banks;
financial transaction with other government financial
agencies as well as some private sector NBFC. Recent
initiatives of Government of India and Indian Banking
system have accelerated the performance of financial
inclusion through various schemes such as MNREGS,
Jandhan, Atal Pension Yojna, MUDRA and so forth. The
MUDRA scheme, credit scheme for MSE, credit scheme for
KVIC & Coir firm, Kishan credit card, General Credit
Card are exclusive financial inclusion scheme for MSE
credit. Out of total size of MSEs, less than forty percent
units are getting benefits from schedule commercial banks;
as on 2017-18 only Rs. 1337 billion credit facilities given by
the lending institutions. The paper examines the current
status and potential prospect of financial inclusion at given
numbers of units and employment.
Subordinate debt worth Rs. 20,000 crores introduced for stressed MSMEs. Those companies which are stressed or even an NPA are eligible for this facility. 2 lakh MSMEs are likely to benefit from this.
Score card template for MSME lending with objective to create automatic underwriting engine using flow based lending framework. Data points can e taken from various sources like GST portal, Account statement, UPI, India stack, Bharat bill payment, Digilocker to create robust underwriting engine.
Working Together Works – Cluster Case StudiesTheBambooLink
This book is a compilation of 19 case studies of cluster initiatives. It provides an insight into diverse cluster development approaches that can be undertaken with as much variety of objectives and outcomes. The idea is to capture the diversity of clusters, approaches,implementation agencies and objectives to help the reader draw one’s own lessons and conclusions. The case studies include a wide range of products among micro enterprises such as handlooms items, brass & bell metal, traditional footwear, crochet & lace work, coir products, hand tools etc.
State Cluster Development Policy Road MapTheBambooLink
To develop a roadmap to promote Cluster development initiatives in the state of Madhya Pradesh with a view to support and foster development of Micro, Small & Medium Enterprises (MSME) sector. There is a broad consensus that many countries in the world as well as many states in India have benefitted through cluster development approach. However, in case of Madhya Pradesh, success story of cluster initiatives is minimal. Atal Bihari Vajpayee Institute of Good Governance and Policy Analysis (AIGGPA) commissioned the study to examine the status of Cluster development initiatives in the state and to develop policy road map for cluster initiatives in association with Foundation of MSME Cluster (FMC), New Delhi.
More Related Content
Similar to Policy Paper on Promoting Own Account Enterprises (OAEs) : Foundation for MSME Clusters (FMC)
Webinar on bank initiatives towards msme sectorResurgent India
MSME has historically played a pivotal role in building our economy. This crisis has not spared anyone and MSMEs have been crushed under its weight. Drying cash flows, labor migration are some of the many problems that they are facing as we speak.
White paper payment banks - changing landscape of retail bankingRSM India
The RBI has recently decided to grant in-principle approval to 11 applicants for setting up ‘Payment Banks.’ This move is to enhance financial inclusion by providing access to small saving accounts and payments, migrant labour work force, small businesses in unorganized sectors, etc. The payment banks are expected to use high technology platform to provide services at low cost, thereby redefining the retail banking landscape.
We are pleased to attach our White Paper: ‘Payment Banks – Changing Landscape of Retail Banking’ and trust you will find the same useful.
Treds- a facilitating step towards financial Inclusion. M1xchange
Trade Receivables Discounting System (TReDS) is an initiative of Reserve Bank of India (RBI) to facilitate MSME receivable payments from Corporates.
https://www.m1xchange.com/
Reduce Operational Cost by Trade Receivables Discounting SystemsM1xchange
The bill discounting process starts when the MSME Supplier raises the invoice and the Buyer validates the same. This permits the financiers which are the Banks or the Factoring Companies to bid against the verified invoice. Once the supplier accepts the bid, the payment is processed in T+1 day, where T is the day of transaction. This process gives flexibility to the Suppliers to choose the best financier on financing cost.
Mynd Offers you Trade Receivable Discounting System for small scale players to avail funds at cheaper rate through banking and factoring companies.
Financial inclusions a pavement towards the future growthTapasya123
India’s economic growth rates higher than most developed countries in recent years, a
majority of the country’s population still residue unbanked. Financial Inclusion is a relatively
new socio-economic concept in India that aspire to change this dynamic by providing
financial services at affordable costs to the underprivileged, who might not otherwise be
aware of or able to afford these services. Global trends have revealed that in order to achieve
inclusive development and growth, the expansion of financial services to all sections of society
is of utmost importance. As a whole, financial inclusion in the rural as well as financially
backward pockets of cities is a win-win opportunity for everybody involving – the
banks/NBFC’s intermediaries, and the left-out urban population. Banks will handle core
infrastructure and services while intermediaries known as Business Correspondents (BC’s)
will be the executors and act as the face of these banking & financial institutions in dealing
with end-users. Therefore, it is assumed that financial inclusion can initiate the next
revolution of growth and prosperity. In the 21st century, India has been pulling all the right
levers to advance financial inclusion and economic citizenship by channelling its own
transactions to lubricate the system. India’s journey towards economic ascension relies on
how the 65% unbanked population of India (conservative 2012 estimate by World Bank) is
enabled with financial infrastructure.
Financial Inclusion and Micro and Small Enterprises GrowthDr. Amarjeet Singh
The persons or firms linked with the either way of
financial transaction are known as participants of financial
inclusion financially included otherwise financially
excluded. The normal way of flow of money is routed
through banking system, post office, insurance and FBFC
channels. The MSE is financially included with operation of
saving account, current account or loan account with banks;
financial transaction with other government financial
agencies as well as some private sector NBFC. Recent
initiatives of Government of India and Indian Banking
system have accelerated the performance of financial
inclusion through various schemes such as MNREGS,
Jandhan, Atal Pension Yojna, MUDRA and so forth. The
MUDRA scheme, credit scheme for MSE, credit scheme for
KVIC & Coir firm, Kishan credit card, General Credit
Card are exclusive financial inclusion scheme for MSE
credit. Out of total size of MSEs, less than forty percent
units are getting benefits from schedule commercial banks;
as on 2017-18 only Rs. 1337 billion credit facilities given by
the lending institutions. The paper examines the current
status and potential prospect of financial inclusion at given
numbers of units and employment.
Subordinate debt worth Rs. 20,000 crores introduced for stressed MSMEs. Those companies which are stressed or even an NPA are eligible for this facility. 2 lakh MSMEs are likely to benefit from this.
Score card template for MSME lending with objective to create automatic underwriting engine using flow based lending framework. Data points can e taken from various sources like GST portal, Account statement, UPI, India stack, Bharat bill payment, Digilocker to create robust underwriting engine.
Similar to Policy Paper on Promoting Own Account Enterprises (OAEs) : Foundation for MSME Clusters (FMC) (20)
Working Together Works – Cluster Case StudiesTheBambooLink
This book is a compilation of 19 case studies of cluster initiatives. It provides an insight into diverse cluster development approaches that can be undertaken with as much variety of objectives and outcomes. The idea is to capture the diversity of clusters, approaches,implementation agencies and objectives to help the reader draw one’s own lessons and conclusions. The case studies include a wide range of products among micro enterprises such as handlooms items, brass & bell metal, traditional footwear, crochet & lace work, coir products, hand tools etc.
State Cluster Development Policy Road MapTheBambooLink
To develop a roadmap to promote Cluster development initiatives in the state of Madhya Pradesh with a view to support and foster development of Micro, Small & Medium Enterprises (MSME) sector. There is a broad consensus that many countries in the world as well as many states in India have benefitted through cluster development approach. However, in case of Madhya Pradesh, success story of cluster initiatives is minimal. Atal Bihari Vajpayee Institute of Good Governance and Policy Analysis (AIGGPA) commissioned the study to examine the status of Cluster development initiatives in the state and to develop policy road map for cluster initiatives in association with Foundation of MSME Cluster (FMC), New Delhi.
Getting to Know Clusters: Frequently Asked QuestionsTheBambooLink
This document contains 69 simple questions in 18 short sections allowing the reader to sift through the type of questions of his/her interest as per the sections in the table of contents. The basic definition of cluster, its typology and spread has been captured. Issues of whether clusters should be newly created and aspects of how cluster policy is different from conventional enterprise development are also dealt with. Some of the terms like social capital, cluster mapping, cluster diagnosis, trust building, cluster action plan, networks and service providers which are commonly used in cluster development have been defined in the document.
Policy and Status Paper on Cluster Development in India.pdfTheBambooLink
This report takes stock of the developments that have taken place in the arena of cluster development and suggest inputs to a policy framework for promotion of cluster based MSME development in India. The document draws heavily from a wealth of secondary literature and benefited immensely from the documents shared by several practitioners as well as insights obtained from a number of unpublished sources. Report was funded by Swiss Agency for Development and Cooperation.
Pro Poor Cluster Development Methodology.pdfTheBambooLink
This document sponsored by EDII focuses on methodology of cluster development programme in poverty intensive clusters mostly consists of rural and urban informal clusters where primary stakeholders are mostly in poverty. How to identify the poor stakeholders, understand their problems, needs and prepare an appropriate action plan has been explained in the document along with the methodology of implementation of the programme to address poverty.
This report brings out demand side view points on how to create a suitable enterprise led approach for poverty alleviation and also suggest changes in the policy of schematic support. This report is based on a field study undertaken by FMC in 12 poverty intensive locations in India of which 6 have no micro enterprises clusters and another 6 micro enterprise based. This study was funded by UNDP.
Responsible Banking special focus on Micro, Medium Enterprise.pdfTheBambooLink
This book provides a snapshot of the role and significance of the financial institutions (FIs) in fostering Business Responsibility (BR), particularly in the context of MSMEs in India, and is in line with the National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business released by the Ministry of Corporate Affairs. Responsible banking lays stress on the environmental and social consequences of projects and financial products, rather than just the economic and financial impact. The study was conducted with the objective of understanding the extent and ways in which the international and national FIs foster BR among enterprises through responsible lending and also map international and national BR instruments related to FIs for sustainable lending.
Analysis of Factors for Employment in MSME Clusters - FMCTheBambooLink
This report is an outcome of a study commissioned by Institute of Applied Manpower Research (IAMR) of Planning Commission, Government of India to FMC. The report captured the phenomenon of “jobless growth” and draw policy suggestions, based on the field study of 46 MSME clusters in India. The study outlined major factors that have led to jobless growth and these factors were further analysed with respect to the sectors the clusters fell in.
Promoting Innovation in Clusters - Foundation for MSME Clusters (FMC).pdfTheBambooLink
This is a policy guidebook aspires to provide roadmap for cluster practitioners, development organizations, donor institutions and government agencies working towards promoting innovations in MSME clusters. It offers a practical approach and flexible framework for implementing an innovation promotion project in clusters, thus paving way for new frontiers of knowledge to develop innovative clusters.
Mapping Energy, Environment and Social Issues among MSME Clusters - FMCTheBambooLink
This report has indentified clusters from 11 sub-sectors in India which are economically significant, energy intensive and environment sensitive through a systematic methodology. A way forward has been suggested for tackling various energy, environment and social issues in the clusters. This study is funded by IICA.
Promoting Responsible Business by BMOs Issue III - FMCTheBambooLink
The existence of Indian MSMEs is deep rooted in clusters. It is estimated that 70 per cent of the manufacturing enterprises exist in clusters. Clusters of MSMEs are present all over the country. Evolution of these clusters has helped to reap the benefits of mutual co-existence. The member entities support each other in growing together and faster. However, the growth has not been as high as compared to their potential.
Fostering Business Responsibility in MSME Clusters Volume 3 TheBambooLink
Fostering Business Responsibility in MSME Clusters’ is in three volumes. Volume I is for Policy Makers, Volume II for Implementing Agencies (IAs) and Volume III for Cluster Development Agents (CDAs). These volumes are a guide to the varied roles and responsibilities all three stakeholders in encouraging Business Responsibility among Micro, Small and Medium Enterprises (MSMEs) through a cluster development approach have been explained in these volumes by using various case studies and illustrations. The document was made under the IICA-GIZ programme.
Fostering Business Responsibility in MSME Clusters Volume 2 - FMCTheBambooLink
Fostering Business Responsibility in MSME Clusters’ is in three volumes. Volume I is for Policy Makers, Volume II for Implementing Agencies (IAs) and Volume III for Cluster Development Agents (CDAs). These volumes are a guide to the varied roles and responsibilities all three stakeholders in encouraging Business Responsibility among Micro, Small and Medium Enterprises (MSMEs) through a cluster development approach have been explained in these volumes by using various case studies and illustrations. The document was made under the IICA-GIZ programme.
Cluster Twinning - Understanding the Dynamics and Methodological Issues - FMCTheBambooLink
The paper focused on “Cluster Twinning” was implemented that aimed at optimal process for the linking two clusters across different countries at different levels of development, i.e. a developed or mature and a developing or emerging cluster that were nevertheless producing similar products.
Study on Brand Building in Clusters to Improve Competitiveness of MSMEs - FMCTheBambooLink
The study has captured ten successful international examples of cluster based branding and the learning that has relevance for Indian clusters and could be extended to other developing countries as well. Branding potential has also been analyzed in eleven national clusters. Possible role of policy and clsuter stakeholders for cluster based brand promotion is suggested based on the leaning from the international cases. This book is an outcome of a study commissioned by SIDBI to FMC on cluster based branding.
Fostering Business Responsibility in MSME Clusters Volume 1 - FMCTheBambooLink
Fostering Business Responsibility in MSME Clusters’ is in three volumes. Volume I is for Policy Makers, Volume II for Implementing Agencies (IAs) and Volume III for Cluster Development Agents (CDAs). These volumes are a guide to the varied roles and responsibilities all three stakeholders in encouraging Business Responsibility among Micro, Small and Medium Enterprises (MSMEs) through a cluster development approach have been explained in these volumes by using various case studies and illustrations. The document was made under the IICA-GIZ programme.
Changing Paradigms of Cluster Development - FMC.pdfTheBambooLink
An overview of the practice of competitiveness through cluster development approach. We begin by looking at some of the roots of the practice and how it has evolved to become a significant force in the way many organizations and many countries now pursue economic development. We then provide an overview of the practice of competitiveness, looking specifically at how cluster-based initiatives have been developed in the context of multilateral and regional organizations.
Promoting Responsible Business by BMOs - FMCTheBambooLink
The Foundation for MSME Clusters being the premier organisation devoted to the cause of MSMEs and clusters, deemed it appropriate and timely to identify such BMOs that have made noteworthy contributions in the growth and development of MSMEs and therefore launched the “Awards for Responsible BMOs” programme and invited BMOs across the country to apply.
Training Manual 51 FAQs for easy access loans through schemes of Govt. of Ind...TheBambooLink
The booklet has been prepared as a part of the Project “Scaling up Sustainable Development of MSME Clusters in India”, being jointly implemented by Foundation for MSME Clusters (FMC), The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), Global Reporting Initiative (GRI), Indian Institute of Corporate Affairs (IICA), United Nations Industrial Development Organization (UNIDO) and Small Industries Development Bank of India (SIDBI) and partly funded by the EU Switch Asia Project.
Promoting Responsible Business by BMOs Issue IV - FMCTheBambooLink
Issues related to responsible growth have also emerged as an area of critical importance and has got national importance with the announcement of Zero Effect Zero Defect (ZED) growth path and equally impor- tantly with the resolve of the global community in the form of Sustainable Development Goals (SDGs) and in particular SDG 8 (promoting decent work) and SDG 12 (promoting responsible consumption and production).
Presentation by Jared Jageler, David Adler, Noelia Duchovny, and Evan Herrnstadt, analysts in CBO’s Microeconomic Studies and Health Analysis Divisions, at the Association of Environmental and Resource Economists Summer Conference.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
Monitoring Health for the SDGs - Global Health Statistics 2024 - WHOChristina Parmionova
The 2024 World Health Statistics edition reviews more than 50 health-related indicators from the Sustainable Development Goals and WHO’s Thirteenth General Programme of Work. It also highlights the findings from the Global health estimates 2021, notably the impact of the COVID-19 pandemic on life expectancy and healthy life expectancy.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
This session provides a comprehensive overview of the latest updates to the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly known as the Uniform Guidance) outlined in the 2 CFR 200.
With a focus on the 2024 revisions issued by the Office of Management and Budget (OMB), participants will gain insight into the key changes affecting federal grant recipients. The session will delve into critical regulatory updates, providing attendees with the knowledge and tools necessary to navigate and comply with the evolving landscape of federal grant management.
Learning Objectives:
- Understand the rationale behind the 2024 updates to the Uniform Guidance outlined in 2 CFR 200, and their implications for federal grant recipients.
- Identify the key changes and revisions introduced by the Office of Management and Budget (OMB) in the 2024 edition of 2 CFR 200.
- Gain proficiency in applying the updated regulations to ensure compliance with federal grant requirements and avoid potential audit findings.
- Develop strategies for effectively implementing the new guidelines within the grant management processes of their respective organizations, fostering efficiency and accountability in federal grant administration.
ZGB - The Role of Generative AI in Government transformation.pdfSaeed Al Dhaheri
This keynote was presented during the the 7th edition of the UAE Hackathon 2024. It highlights the role of AI and Generative AI in addressing government transformation to achieve zero government bureaucracy
Understanding the Challenges of Street ChildrenSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
Policy Paper on Promoting Own Account Enterprises (OAEs) : Foundation for MSME Clusters (FMC)
1. Policy Paper on
Promoting Own Account
Enterprises (OAEs)
Initiated by
Foundation for MSME Clusters (FMC)
Under the aegis of
‘Promote Bamboo MSME Clusters for Sustainable
Development’ A Development Project funded by
the European Union (EU) With co-funding from
SIDBI, CEMCA and FMC
2. Table of Contents
I. Backdrop ..................................................................................................................................3
II. NAMAN Bharat - Neo Atamnirbhar Scheme for Micro and New Enterprises in Bharat................5
III. Other Recommendations.........................................................................................................8
IV. Annexure I............................................................................................................................ 11
V. Annexure II............................................................................................................................ 12
3. Policy Paper on Promoting Own Account Enterprises (OAEs)
I. Backdrop
Micro, Small and Medium Enterprise (MSME) sector is a key player in generating employment and
contributing to the India’s GDP and industrial output. There are 6.34 Crore enterprises in various
industries, employing close to 11.1 Crore people.1 In all, the MSME sector accounts for 29 percent of
India's GDP and 40 percent of exports.
MSMEs’ contribution to India economy
Source: Annual Report 2019-20, Ministry of MSME
Profile of MSMEs:
In terms of location, 51% in rural areas and 49% in urban areas
In terms of sector, 36% are in trading, 33% in services, and 31% in manufacturing
In terms of size, 99.47% are micro, 0.52% are small and 0.01% are medium
In terms of ownership, 84% are owned account enterprises (OAE) and 16% are establishments
(one or more hired workers). The average number of employees per OAE was 1.3 and for
establishment was 4.2
In terms of their form, 96% are proprietorship based (76.4%-male, 19.6%-female), 2% partnerships,
and 1.8% SHGs and rest 0.2% are others (like trust etc.)
In terms of status of registration, 69% are unregistered, and 31% are registered2. Non registration
attracts multiple sources of exploitation such as paying bribe to local administration, police and
politicians etc.
In terms of financing, 78.2% are self-financed, 9.7% from formal sources (government, FIs, SHG)
and remaining 12.1% from informal sources3.
Thus, the definition of MSMEs covers a huge population of 63.05 million enterprises in one category
(micro including OAEs). OAEs do not bank and are mostly dependent on NBFCs and MFIs for
loaning purposes.
Also, OAEs only has access to term loan type arrangement with NBFCs. This is also a time
consuming and costly procedure of follow up.
1
This is as per the National Sample Survey (NSS) 73rd round for conducted between Jul’16 to Jun’15 and
published in June 2017 unincorporated non-agriculture MSMEs in the country
2
Registered under various industry specific agencies or authorities like State Directorate of Industries, KVIC, DC-
Handicraft/ handlooms, various commodity Boards, DGFT, Pollution Control Board, EPF Organization, Sale Tax
etc.
3
As per the 6th
Economic Census
4. OAE are characterized by lack of financial documents, lack of basic education, lack of collateral
and are perceived by lenders as high risk-high cost type of accounts.
To enhance the flow of credit to Micro, Small and Medium enterprises (MSMEs), in April 2015, the
Government of India launched the Pradhan Mantri Mudra Yojana (PMMY) scheme for giving non-farm
income-generating loans up to Rs10 lakh by existing government and private sector banks, and other
financial institutions. PMMY offers unsecured loans for MSMEs requiring credit for investments in
existing businesses, as well as for new start-ups. By March 2020, over 24.48 crore loans had been
given, worth Rs 12.30 lakh crorei.
However, as these micro enterprises evolve and grow it needs to meet its continuous working capital
requirements depending on the business cashflow patterns. Hence a onetime credit transfer is deemed
as inadequate for enterprise growth, though it can provide a very short-term liquidity support. A
continuous line of credit will be more suitable to match cashflow requirements of micro enterprises.
PMMY loans needs to be more business oriented product. If the loan is repaid, the unit will not have
working capital. These loans should have been offered as cash credit overdraft limits. That would also
have reduced the interest burden on the borrowers. The average loan size of only Rs 27,143 till March
2019 under Shishu. Of this Rs 27,000 loan, the micro- entrepreneur will normally invest a large part, at
least Rs 20,000 in working capital and remaining Investment in fixed assets, if any.
Now, with a PMMY loan, this micro enterprise has to make a periodic (monthly or quarterly) payment
of a principal instalment and interest. For a loan of Rs 27,000 repayable monthly over 36 months, that
could be as much as Rs 1000 per month. Vast majority of PMMY loans go into trading activities, wherein
the gross income is estimated to be at Rs 16,200 in the year. The net income from the microenterprise
is less than Rs 1400 per month, which means the monthly instalment is nearly 75 per cent of the
incremental income, leaving behind less than Rs 400 per month, to meet household needs. If in some
months due to contingencies such as illness in the family, the micro-entrepreneur draws out more
money, she will end up skipping an instalment.
As happens, there is an adverse event like illness in the family, or a theft in the shop, or a client does
not repay goods/services rendered on credit, there is no cushion to maintain the instalment repayment
and this leads to the loan becoming a non-performing asset. Thus, micro-analysis shows why PMMY
loans can give temporary relief to a business enterprise for the first one or two years in its current form.
1. Reduce the moral hazard of providing upfront cash disbursements - Cash disbursements as
well as cash-outs must be discouraged and the entire ecosystem can be brought under the digital
banking and digital payments fold to improve transparency and data visibility on the transactions
undertaken by the borrowers. Credit must be utilized to support only business activities to increase
the income and hence borrowers must be encouraged to use the facility to directly and digitally
make business payments through an underlying line of credit account. Incentives in the form of
interest waivers and higher limit amount can be employed to reward the disciplined borrowers who
make repayments on time.
2. Digitising for efficiency– In order to improve the efficiency, the entire process of credit delivery
for OAEs, needs to move away from physical paper-based origination to a complete digital model.
The disbursements and repayments should be digitally emphasized. Also, apart from payments,
complete on-boarding till disbursement need to be digitised to discourage any biases and
misrepresentations. Underwriting decision must be arrived on the basis of digital KYC, SMS
5. analysis, Bank statement Analysis, mobile bill payments, water bill payments, GST analysis and
bureau analysis for the applicants.
3. Improve transparency and data visibility - Increase transparency and create new dynamic data
for the end use of funds and counterparties which can be used for policy formulation as well as
continuous improvement of scheme – A separate supplier data aggregator platform can be created
for micro enterprises wherein the entrepreneurs availing credit can be brought under one digital
ecosystem and trade between buyer and supplier can be facilitated as well as monitored. This will
help to monitor the transaction as well as bring NPA under control.
II. NAMAN Bharat - Neo Atamnirbhar Scheme for Micro and New Enterprises
in Bharat
NAMAN Bharat (Neo Atamnirbhar Scheme for Micro and New Enterprises) is proposed as a
comprehensive app based digital product through which member lending institutions can offer a digital
line of credit to existing and new micro enterprises. Borrowers will be able to do digital repayment
through the app. The lending can be done by MFIs/NBFCs. NAMAN Bharat can remediate the current
set of issues and also improve the performance of MUDRA 1.0 for all the stakeholders. Some of the
salient features of this proposed new scheme is described below:
1. What is NAMAN and how will it work?
NAMAN Bharat is (a Scheme Proposed by us) to support member lending institutions to extend an App
based line of credit to existing and new micro enterprises in a completely digital manner. Beneficiaries
will be onboarded through NAMAN App and basis their application and credit assessment a suitable
credit limit will be sanctioned. To start with this will be given to app savvy borrowers and the same will
be popularised along with training given by the proposed Apex organization for OAEs for providing
Entrepreneurship / skill development support, as detailed below in the section of “Other
Recommendations”.
Approved borrowers can digitally avail the credit limit and make real time digital payments directly into
the bank account of intended suppliers and workers through IMPS, UPI or any other digital payment
mode. This new way of providing credit to MSMEs will be controlled through instruction-based
disbursement feature directly in the account of intended beneficiary (supplier, workers etc.) to meet the
working capital requirements.
It is desirable that instead of pushing Public Sector Banks to lend to micro enterprises and being
perceived as Government Money by the borrowers, it is delivered through private sector
(MFIs/NBFCs/Pvt Sector Banks etc), as public sector lending is many a times considered as not
repayable. However, PSBs may be encouraged to offer this scheme without having a target-oriented
approach and providing loans in an objective manner with complete prudence.
i) NIJI-DIGI vyapar (non collateral Credit Limit)
(Niji meaning own, represents the targeted user segment - OAEs and Digi represents the digital nature
of the product and the process)
6. A revolving line of credit to which cash or credit can be withdrawn and re-deposited as needed, with
maximum limit sanctioned per MSME as per the four tiers as follows
Shishu - Rs. 10,000 to 50,000
Kishore - Rs. 25,000 to 1,00,000
Tarun - Rs. 1,00,000 to 2,00,000
Yuva - Rs. 2,00,000 to 5,00,000
This has to be from a Micro Finance Institutions (MFIs) / Non Banking Financial Companies (NBFCs) /
Pvt sector Bank , direct or Banking Correspondents ( BC).
The credit assessment variables and data requirements across these tiers may vary as per the defined
credit policies of the Member Lending Institutions (MLIs).
ii) NIJI-DIGI pariyojna (non collateral Term Loan)
A long duration term loan per MSME, repayable in 24/36/48 Equated Monthly Instalments (EMIs), with
a moratorium of principal for three/six/twelve months. During the moratorium period interest would be
payable monthly on the full amount drawn. Can be from a private Bank direct, Banking Correspondents
( BC) or an Non Banking Financial Companies - Micro Finance Institutions (NFBC-MFI). Co-lending
with Non Banking Financial Companies (NBFC) / Self HelpGroup Federation (SHG federations) may
also be explored, to bring in more resources from private sector.
Shishu - Rs. 50,000 to 1,25,000
Kishore - Rs.1,25,000 to 5,00,000
Tarun - Rs. 5,00,000 to 10,00,000
Yuva - Rs. 10,00,000 to 25,00,000
iii) NIJI- DIGI Nishchint ( Insurance - means risks have been covered)
There is a third component which is not financing but insurance for Shishu and Kishore borrowers only.
NIJI- DIGI will come with a separate but co-offered comprehensive insurance policy called NIJI- DIGI
Nishchint. This will be from an Insurance Co under the IRDA Micro Insurance guidelines. Nishchint
will cover:
o Lives of the MSME owner (for Shishu and Kishore borrowers) and her/his spouse, with a cover of
Rs 100,000 to Rs 500,000 per person. This will be a term life insurance renewable annually. The
premium cost could be loaded in credit limit and term loan component.
o Health cover for MSME owner and his/her household (for Shishu and Kishore per person in the
household per annum on a family floater basis. The premium cost could be loaded in credit limit
and term loan component.
o Assets of the MSME and his/her owner household (for Shishu and Kishore borrowers) worth from
Rs 10,000 to Rs 300,000, covered against multiple perils such as fire, flood, earthquake, theft,
riots, etc. The premium cost could be loaded in credit limit and term loan component.
2. Process
Customer Education and Buy-In – will be done digitally using videos and podcasts/jingles by Banks,
MFIs, NGOs, SHGs linked to government development agencies like the SRLM. MUDRA may consider
developing a Mobile based APP to provide information to prospective and existing borrowers on various
7. govt schemes, process for availing the same, advantages of digital use, credit uses and other financial
literacy related aspects.
On-boarding – digital KYC, linking with existing bank account or opening a new bank a/c. onboarded
through NAMAN App/
Underwriting/Appraisal– where the financing amounts will be determined involving a structured
telephone conversation and data filling by a bank/MFI/BC agent. Services of research organisation
using Artificial intelligence and various data bases such as Credit Vidya could be used. Government
may support such institutions in building their capacities by way of grant / soft loan or both.
Disbursement/Drawdown of the term loan and the line of credit component - Approved borrowers can
digitally avail the credit limit and make real time digital payments directly into the bank account of
intended suppliers and workers through IMPS, UPI or any other digital payment mode. This new way
of providing credit to MSMEs will be controlled through instruction-based disbursement feature directly
in the account of intended beneficiary (supplier, workers etc.)
Repayment of term loan EMI and the line of credit to the extent of cash inflows – online
Enrolment for insurance – determining coverage, collecting premium, online enrolment
Claim settlement in case of any adverse events happen – digital (may involve site visit)
Monitoring of the MSME account for usage, repayment, rare delinquency/default, on-line. In most
cases, monitoring will lead to additional financing and insurance business.
3. Proposed Beneficiaries
All registered and unregistered MSMEs including micro and small manufacturers, retailers, wholesalers,
service providers as well as buyers and suppliers of MSMEs, because the intended purpose is to
support the complete value chain involved in a particular transaction.
4. How technology will further improve the efficiency and credit quality
NAMAN will be a app based credit platform which will fetch data from various data sources including
credit bureaus, mobile devices, electricity and water bill payments, KYC data, banking channels, GST,
etc. depending on the data availability for a particular borrower and help to assess the credit worthiness
of the borrower as well as determine the credit limit eligibility amount without any paper or human
intervention.
Once a borrower is awarded a credit limit, through the NAMAN platform, lenders will be able to control
the usage of funds by permitting only certain type of eligible payments and also offer incentives including
providing interest discounts to maintain repayment discipline.
5. Potential Savings due to reduction in admin costs and credit costs –
Lenders will be able to reduce substantial cost of credit and its administration by controlling the gross
NPA as well as reducing the manual and paper-based interventions.
8. To begin with a pilot could be tried, tested and rolled out and the based on the feedback from the pilot,
it could be rolled out on the national level.
6. Benefits to various stakeholders:
i) Micro and new Enterprises
Promote entrepreneurship and contribute towards economic development of MSMEs.
Availability of credit will help the micro business to become self- sustainable, generate more
employment and contribute in the growth of the India economy. It will also strengthen Make
in India initiative and improve the competitiveness of Indian MSME segment.
ii) Government
Further the goal of Financial Inclusion for micro and unregistered enterprises. This segment
was hit the hardest during the Covid induced lockdowns and providing support to this large
and vulnerable population will improve their confidence and also help boost the real growth in
economy. Along with providing new avenues of employment this will also reduce the cash
transactions and improve overall direct and indirect tax collections, thereby reducing the
borrowing burden on the government.
iii) Lenders
Improve the effectiveness of credit interventions undertaken by lenders and also make the
scheme self-sustainable by controlling the NPAs. It will restore the market confidence for the
large public sector banks and improve their overall financial health.
III. Other Recommendations
i. National Micro Equity Fund
To encourage and promote prospective micro entrepreneurs, generate employment, first
generation entrepreneurs setting up start up OAEs, must be provided with micro equity
support. This could be on the lines of National Equity Fund (NEF) which was earlier being
provided to MSEs by SIDBI under the NEF set up by GOI. Under NEF MSEs were provided
equity support on the basis of Debt Equity Ratio of 3:1. This means that for a project cost
of Rs.10 lakh, loan was Rs.7.5 lakh and Equity was Rs.2.5 lakhs. Difference between equity
required for the project less amount of equity being brough in by the promoter, was provided
as Equity.
It is now proposed that an interest free soft loan (with some nominal service charge) to the
extent of 1/3rd of loan requirement of MSEs may be provided. On complete repayment of
term loan, the same may be converted into equity/preference shares, to be held by
MUDRA/SIDBI on behalf of GOI. This would be a much better way than providing capital
subsidies, as conversion would depend on full repayment of term loan. This would reduce
NPAs also. This will promote profit sharing also as a nominal dividend (say 6-8%) could be
stipulated.
ii. Many individuals may wish to invest in micro-Equity financing as it is based on the
principle that the financier must share the risk if he wants to share the profits. Unlike in a
debt instrument, there is no promise of a fixed return. The product can be offered by entities
9. registered with SEBI as Alternative Investment Funds, AIF Category I, with some changes
in the extant provisions, using some of the instruments suggested in the Social Stock
Exchangeii
, announced by the FM in 2019. A technical committee can examine this.
iii. Data Bank
The OAEs are characterized, inter-alia, by lack of credit history, lack of data on their
creditworthiness or performance. It is proposed that a National Data Bank for OAEs may
be set up, where a standardized page could be maintained to keep a record of their growth
and credit behavior etc. along with a unique ID for each OAE. This could be on the lines of
E-Shram portal for migrant labors. This data should be available to prospective lenders.
The proposed data bank may also contain details on their mobile/electricity/water bill
payments etc. The data may also help in policy making for the Govt.
iv. Access to Knowledge
Technology based non-financial support are being provided to OAE entrepreneurs through
udyamimitra, standupmitra and also digitalsmemitra. We propose that a mobile app may
be developed by SIDBI / MUDRA. This app may contain information on various government
support, financial literacy, advisory services, how to avail loan/equity, how to set up
enterprise, calculating interest on loan, costing etc.
v. Apex organization for OAEs for providing Entrepreneurship / skill development
support
Presently, number of organizations are providing entrepreneurship/ skill development
support to prospective / existing entrepreneurs. These include EDIs, RSETIs, NISIET,
NISBUD, etc. These are working under different ministries/ banks. With a view to organize
their activities in a coordinated manner, all such organizations may be brough under one
umbrella at MUDRA/SIDBI/NABARD.
Besides credit, promotional and developmental (P&D) support is the crying need of the
unorganized sector.
There is need for a national level institution or MUDRA may be upgraded to meet all the
requirements of OAEs in unorganized sector in a comprehensive manner including credit,
to provide developmental support and above all to advocate policy formulation for the
unorganized sector. Hence, there is a felt need for an exclusive and national level DFI
which would ensure not only adequate finance by way of supplementing inadequate efforts
of the existing financial institutions but also provide financial and other assistance for
developmental services to the unorganized sector including hand holding/escort services
to the new enterprise for at least one year.
The main objective of the apex body will be to bring about increased employment and
higher incomes for people engaged in the unorganized sector by promoting and catalyzing
the growth of the sector. The objective will be social as compared to profit.
MUDRA as apex institution for OAEs shall provide:
10. Credit assistance - (i) Refinance to banks and other financial intermediaries (ii) Micro
finance support through NGOs / SHGs / MFIs as well as formal banking system (iii) Seed
capital and such other start-up capital for the new entrepreneurs in the unorganized sector.
Development support - (i) Creation of unorganized sector enterprises through
entrepreneurship development, vocational training and capacity building & hand holding (ii)
Strengthening of unorganized sector enterprises through cluster development program,
marketing support, support for raw material procurement and technology upgradation (iii)
Information dissemination (iv) Policy advocacy.
Vertical upgradation of existing successful OAEs –
They need to be given exposure on leaping NEXT through short capsule MDPs or exposure
trips to corporates with good practices.
Mentoring has always lacked and there is a need to have that easily accessible.
Capacity building of Fintechs – The apex organization should build capacities of fintech
companies engaged in providingsupportto OAEs, by way of grant / soft loan. This will
enhance / ease access to them by any OAEs.
vi. Ankur Udyam Yojna
A model scheme named as “Ankur Udyam Yojna” has been formulated to provide support
setting up of start-up OAEs, trained by entrepreneurship / skill development institutes with
guarantee support from NCGTC. The draft scheme is attached at Annexure II.
*****
11. IV. Annexure I
Policy Group for Promoting Own Account Enterprises (OAEs)
1. Prof. Santosh Mehrotra, Chairman, Policy Group for Promoting OAEs
2. Mr Ajay Shankar, Chairman, Foundation for MSME Clusters (Invitee)
3. Mr Vijay Mahajan, Secretary and CEO, Rajiv Gandhi Foundation
4. Mr Manoj Sharma, CEO, Microsave
5. Dr Tamal Sarkar, Executive Director, Foundation for MSME Clusters (Invitee)
6. Mr Surendra Srivastava, Former GM, SIDBI and CFO, MUDRA
7. Vaibhav Anand, Managing Director, Credochain
8. Mr Vikram Joshi, CERO, Rangotri
12. V. Annexure II
Assistance for Start up OAEs (Ankur Udhyam)
Scheme
Ankur Udhyam
Brief details of the product This scheme involves providing need based composite assistance (term loan/working capital)
by Banks / NBFCs / MFIs to first generation entreprenurs, under NCGTC guarantee cover.
Eligible borrowers
Micro Enterprises, eligible under PMMY, being set up by entrepreneurs who are setting up
their first enterprise.
Purpose of assistance Need based composite loan to micro enterprises for acquiring capital assets and their working
capital / marketing related requirements.
Terms of assistance
Amount of assistance Need based, up to Rs. 5 lakh.
Promoters Contribution At least 10 % (No DER norm shall be applicable)
Interest rate As per RBI norms
Upfront fee NIL or as per RBI norms
Guarantee fee & Annual Service
Fee of CGTMSE
As per NCGTC norms applicable from time to time. Presently, 1% p.a. for first 3 years on the
guaranteed amount.
(To be borne by MUDRA / built in interest rate)
Tenor of assistance Need based, with a maximum cap of 5 years (including moratorium of maximum six months,
if needed. Higher period could be considered on case-to-case basis, if justification exists.)
Security No collateral security to be sought.
Other security will be as per lending banks norms. These may include :
a. First charge on all assets created out of the loan extended to the borrower and the assets
which are directly associated with the business / project for which credit has been
extended. (as per extant NCGTC guidelines)
b. Personal guarantees of promoters
c. NCGTC cover
Repayment Monthly (Both Principal and Interest) or as per lending banks norms.
Operational aspects of scheme
Sanction process a) The promoter has to approach any facilitation agency (RSETI/RUDSETI/EDII/Other EDP
institution).
b) Facilitation agency will arrange for entrepreneurship / skill development trainings as required
by the applicant.
c) After the training (or if the training is not needed by the applicant), project report has to be
prepared and submitted to the bank. Facilitation agency should facilitate bank linkage of the
applicant.
d) Loan applications may be submitted to banks online (at proposed Naman app or
“udyamimitra.in” or “standupmitra.in” portals under MUDRA scheme) or at the branch of
concerned bank.
e) These loans shall be eligible for coverage under Refinance from MUDRA.
f) These would also be eligible for coverage under guarantee cover of NCGTC.
Role of facilitation agencies /
handholding / escort
services
identification and motivation of potential entrepreneurs in the rural areas.
identifying potential investment opportunities for these entrepreneurs.
facilitating skill upgradation.
assistance in project report preparation and securing finance from banks and other lending
institutions.
helping the entrepreneurs in selection, sourcing, installation and commercial operation of
machinery.
arranging market support wherever necessary ; and
guiding entrepreneurs till their units commence commercial production at least for one year
from date of commencing production / start.
Documentation &
disbursement process
a. Simplified standardized documentation.
b. LOI to contain all the terms and conditions governing the assistance. Borrowers acceptance
of LOI conditions on a stamped paper to serve as loan agreement.
13. c. Before disbursement, the borrower to be advised to open a bank account with any of the
nationalized banks with cheque book facility.
Monitoring process a. As per norms of lending institution.
b. Though annual audited statements like, Profit & Loss A/c or Balance sheet need not be
insisted upon, simple income and expenditure statements have to be maintained to assess
scale and profitability of operations.
c. The borrower shall be encouraged to carry out maximum transactions through a
bank/digitally. A copy of bank statement has to be collected from the borrower every quarter.
Accounting & System
requirements
A new simplified software to capture the minimum details of the Promoters, Project, Interest rate,
Repayment schedule, Guarantee fee & Service fee payment to CGTMSE etc. shall be designed
to take care of the Accounting and System requirements.
Delegation of Power a. Cases to be sanctioned at Branch level of banks/ NBFCs.
b. To facilitate smooth operations and keeping in view the small amount of individual loans, the
In charge of concerned Branch shall have powers to execute documents and approve
disbursement.
MIS Performance under the scheme with details of break up such as Socio- religious category of
Borrowers (SC/ST/OBC/Muslim/ other minorities/ women, etc.) to be maintained.
ii
https://www.sebi.gov.in/reports-and-statistics/reports/jun-2020/report-of-the-working-group-on-social-stock-
exchange_46751.html