THE FSSAI HAS MANDATED THAT NO FSSAI LICENCES BE RENEWED OFFLINE
The Food Safety and Standards Authority of India (FSSAI) issued a directive mandating the non-issuance of FSSAI license renewals offline. By continuing to renew licenses and registrations offline, various issues would arise, such as the fact that no record of such offline renewed FSSAI licenses and registrations can be preserved online in FoSCoS. As a result, FBOs will be unable to file their Annual Returns through FoSCoS, which will become mandatory in FY 2020-21.
As a result, it has been decided that state licensing and registration authorities would stop renewing offline issued licenses with immediate effect and will direct FBOs to apply for new licenses/registrations online via FoSCoS, based on eligibility criteria.
THE FINANCE MINISTER HAS LAUNCHED THE ‘UBHARTE SITAARE’ SCHEME, WHICH IS AIMED AT EXPORT-ORIENTED MSMEs
Nirmala Sitharaman, the Finance Minister, introduced the “Ubharte Sitaare” scheme to assist micro, small, and medium enterprises (MSMEs) that have the potential to be future champions with high export potential. The initiative was announced in the FY21 budget, but implementation was postponed due to the epidemic. “This has previously been tried in several wealthy countries, such as Germany. They’ve recognized champion sectors and attempted to assist and support them “she stated In a state like Uttar Pradesh, an initiative designed specifically for MSMEs to discover and support champions has been implemented.
A recognized company is supported under the scheme, even if it is currently underperforming or unable to realize its hidden growth potential. The initiative identifies such issues and offers assistance through a combination of structured equity, loans, and technical assistance.
India has established a program to improve India’s competitiveness in several areas by providing financial and technical assistance. The program’s goals are to find and foster enterprises with unique technology, products, or processes and help them expand their export company. It also intends to help companies with export potential that are unable to ramp up their operations in time. Eligible businesses can get financial and advisory help in the form of equity / equity-like instruments, term loans, and technological or capacity upgrades. Companies will be chosen based on their one-of-a-kind value proposition in technology, goods, or processes that meet global needs.