The Government is developing an MSME ideas’ portal so businesses can submit them and find a way to start, execute, or implement these ideas.
India is slowly getting back to business, but due to the slamming impact of the lockdown, many small businesses are adversely affected, and people have quit/lost their jobs.
To combat the sudden unemployment spike, and promote new business through ‘information sharing’, the MSME Ministry launched an idea portal for MSMEs. On this ideas portal, MSMEs can share ideas, innovative research and receive public reviews before launching them.
Features of the MSME Ideas Portal
- The MSME Ideas portal will facilitate venture capital investors to connect with businesses. MSMEs must ideally have a patent in place when pitching a business idea.
- The MSME ideas portal, launched by Minister Nitin Gadkari, will act as a one-stop-shop for details about all MSME schemes offered by the central government and the other state governments.
- The new portal aims to cater to new businesses based in rural and semi-urban regions.
- Registered users can rate different business ideas. VCs can connect with users who have an idea, innovative approach or research. This initiative has come into effect, keeping in mind the farming sector.
“ We are sure the ideas portal will improve business ranking for upcoming MSMEs and will help bring about a transformational significance for MSMEs.” – Nitin Gadkari
GeM – another government portal MSMEs can use
The Government is currently on the lookout for medical and inventory supplies for their offices, and you can be their supplier!
Now, you can sell on the Government e-marketplace (GeM) as a supplier because the government is looking for businesses to manage their supplies.
Due to the lockdown, several businesses have put their supplies on hold. If your business can prove useful to the government, start selling on the GeM platform. It’s like a Government job for your business!
The post lockdown MSME action plan
Coming out of the lockdown, keep in mind that the current business environment is fragile. These updates by the Government might help:
Credit for MSMEs:
The Government is set to issue its second economic relief package for SMEs. The current economic relief package pays daily wage workers and provides ‘turn around capital’ for businesses.
The Government has provided over 1.7 Lakh crore worth of relief to businesses and compelled banks to issue loans to affected business. It has also sought to increase MSME ‘Fund of Funds’ by 10X to increase the public listing of funds, over banks.
MSME Ministry has eased job application for entrepreneurs:
The MSME Minister Nitin Gadkari announced on Friday that the District Task Force Committee will be eliminated from any future hiring process for entrepreneurs. The move is aimed to simplify the processing of applications for jobs with the Government.
What Instamojo recommends:
- Pay your daily wage workers, keep employee morale high and take care of your mental health.
- Before opening up your business, send your customers an email. If you were not already doing it during the lockdown, do it now. Show your customers you care.
- Try and maintain positive cash flow. It’s a great time to start planning how you want to start investing the saved money. No one saw the virus taking over our daily operations, but it could happen again. Have money stored away for unprecedented expenses while also looking for new ways to invest the money in.
It’s also the perfect time to actively participate in social media promotions for your business. If you’re looking for tips, join our latest webinar where we talk to business coach Shreya Sharan Pawar about how to create hype about your business on Facebook LIVE.
Keep your business alive, thriving and active in tough times, with the right tools. Some are free – like the Instamojo online store. If you need to sell your products and cannot open the shutters yet, go online!