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NEW DELHI: Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, chaired the fifth Pre-Budget Consultation in New Delhi on Friday.The session focused on gathering vital inputs from representatives of the Micro, Small, and Medium Enterprises (MSME) sector for the forthcoming General Budget 2024-25.Sandeep Jain, representing the Federation of Indian Small and Medium Enterprises (FISME), emphasized the necessity for comprehensive digitization of the funding process.Jain said, "In terms of funding, we have emphasized that there should be complete digitization. The discretionary powers that bankers currently have should be eliminated. Regarding GST, representatives from certain sectors such as ceramics, TV, textiles, etc., have discussed their concerns with the Finance Minister."He added, "She assured them that she will consider their issues and get back to them. The MSME sector is mostly directly connected to citizens, so there is a demand to strengthen the MSMEs. Just as housing loans are provided at lower rates, MSME loans should also be offered at reduced rates."Murali Krishna Vasireddy, President of the Federation of Andhra Pradesh Small and Medium Industries Associations (FAPSIA), underscored the challenges faced by MSMEs in Andhra Pradesh, particularly those still reeling from the impacts of the COVID-19 pandemic.He called for simplified taxation and a reduced compliance burden, as well as tax exemptions for MSMEs supplying goods and services for significant government projects like the Polavaram dam.Vasireddy also requested tax exemptions for unique, geo-identified products such as Dharmavaram sarees, Kondapalli toys, and Atreyapuram Putharekulu sweets, to support local artisans and promote regional economic development.Ghanshyam Ojha, President of Laghu Udyog Bharti, along with General Secretary Om Prakash Gupta, presented a detailed agenda for strengthening Micro and Small Enterprises (MSEs).They emphasized the need for prioritizing MSEs in manufacturing sectors to transform India into an export hub and achieve the vision of 'Atmanirbhar Bharat' (self-reliant India).Their proposals included the establishment of a robust system for accurately identifying the number of MSEs, addressing working capital issues, and creating a dedicated grievance redressal mechanism for MSEs.Ojha and Gupta also suggested several policy changes, such as easing land conversion laws for MSMEs and providing consistent and subsidized electricity rates nationwide.They advocated for enhanced support for MSME exports and tax deductions for the internationalization of MSMEs, highlighting the need to overcome competition from other countries and improve the marketing capabilities of Indian MSME exporters in international markets.Addressing liquidity crunches, they suggested cluster-based financing strategies and urged for timely fund releases from government bodies.They also called for simplified Udyam Aadhaar registration, a dedicated grievance redressal mechanism, and uniformity in labor law thresholds to ease compliance. Measures to streamline land conversion, provide subsidized electricity, and incentivize exports were also emphasized, aiming to enhance MSE competitiveness and foster sustainable growth.Attended by Union Minister of State for Finance, Pankaj Chaudhary, Finance Secretary and Secretary of Expenditure, Secretaries from the Departments of Economic Affairs, Industrial Policy and Promotion, and MSME, along with the Chief Economic Adviser, the meeting underscored the government's commitment to addressing the challenges faced by MSMEs.

New Delhi, Hong Kong-based Olympus Capital Asia on Friday divested a 9% stake in Hospital chain Aster DM Healthcare for Rs 1,530 crore through open market transactions. Investment firm Olympus Capital Asia, through its arm Olympus Capital Asia Investments, offloaded shares of Dubai-based Aster DM Healthcare on BSE. According to the bulk deal data available with BSE, Olympus Capital Asia Investments sold 4.50 crore shares or a 9 per cent stake in Aster DM Healthcare in two tranches. The shares were disposed of within the price range of Rs 340-340.13 apiece, taking the transaction value to Rs 1,530.08 crore. After the latest transaction, the shareholding of Olympus Capital Asia in Aster DM Healthcare has declined to 1.1 per cent from 10.1 per cent. Meanwhile, Franklin Templeton Mutual Fund, the Singapore government and Morgan Stanley Asia Singapore picked up a total of 1.24 crore shares of Aster DM Healthcare. The shares were purchased at an average price of Rs 340, taking the combined size of the transaction to Rs 423.31 crore. Details of the other buyers of Aster DM Healthcare shares could not be ascertained. On Friday, shares of Aster DM Healthcare rose 2.78 per cent to end at Rs 366.25 apiece on the BSE. In March this year, Private equity firm Olympus Capital Asia on Wednesday divested a 9.8 per cent stake in Aster DM Healthcare for Rs 1,978 crore.

Delhi Chief Minister Arvind Kejriwal will stay in jail despite him getting bail from the trial court yesterday in the money-laundering case. The Enforcement Directorate (ED) moved the Delhi High Court today, challenging the trial court's order of granting him bail. The Delhi High Court today put on hold Kejriwal's bail until it hears the matter linked to the now-scrapped excise policy over which the AAP convenor has been arrested.The bail will not come in operation till the pronouncement of an order by the Delhi Court which might take a few days.Kejriwal has been in jail since March 21 and was earlier granted bail for a short period to campaign for his party during the Lok Sabha elections held last month.Also Read: Kejriwal to stay in Tihar over weekend as HC pauses bail orderKejriwal's bail in the trial courtKejriwal was given bail by the Rouse Avenue Court on Thursday in the case. Vacation judge Nyay Bindu granted bail to the Delhi CM upon furnishing a bail bond of Rs 1 lakh. After the order was pronounced around 7:56 pm, the ED requested the court to defer signing of the bail bond by 48 hours so that the order may be challenged before the appellate court. However, the court rejected the plea and asked for production of the bail bond before the duty judge on Friday. On Friday, the ED challenged the trial court order for an urgent hearing before a bench of Justices Sudhir Kumar Jain and Ravinder Dudeja.Kejriwal's counsel Vikram Chaudhri had told the court that the case against him was based entirely on the statements of people who were not only tainted but had also been arrested and subsequently promised bail for supporting ED’s case. He had also argued that there was no corroborative evidence that Rs 100 crore was paid to AAP functionaries by the so-called ‘South Group’ and that there was no “camera recording or money as such which has been exchanged”.Additional Solicitor General (ASG) SV Raju, who was appearing for the ED, told the court that the agency was not conducting an investigation in the air but possessed concrete evidence. He said photos of currency notes produced in court were part of the money given as kickbacks and related to Kejriwal's stay at a seven-star hotel in Goa. “Instructions were received from one Vinod Chauhan to make payments to Chanpreet Singh and others. The pictures have been found on the phone of Chauhan. Chanpreet was speaking regularly to him on phone… Chauhan has good relations with Arvind Kejriwal,” claimed Raju.Chauhan, accused in the case, has been alleged to be handling the proceeds of crimes connected with hawala operators and managing postings in Delhi Jal Board through Kejriwal. ED has said he was the one responsible for the transfer of Rs 25.5 crore from Delhi to Goa. Chanpreet Singh, according to ED, was AAP’s fund manager for the Goa elections. He has been accused of collecting the proceeds of crime from Chauhan and being responsible for generation/acquisition/use of the alleged proceeds of crime, an amount of Rs 45 crore.The trial court said in the bail order that the ED has failed to give any direct evidence against Kejriwal in respect of the proceeds ofcrime.Here's how the events unfolded in liquor policy since its introduction: Timeline 111171915 111171921 The ED's arguments in the high courtThe ED challenged today in the Delhi High Court the order granting bail to Kejriwal by the Rouse Avenue court. ASG Raju, who was appearing for the ED, claimed that he was not heard properly by the trial court judge and was asked to be brief."Kindly have a look at the trial court order.," he said in the court as reported by LiveLaw. "The court does not hear us, does not look at the documents given by us and says it is voluminous. Court says bulky documents have been filed. There can't be any more perverse order than this."Raju further claimed that the matter was decided by the trial court without going through documents filed by both sides and he was not given an opportunity to be heard. Raju said that Kejriwal's arrest was earlier challenged in the high court after the remanding court said the arrest was correct and the single judge said there was nothing wrong with the arrest. "We pointed out that the SC didn't say that the findings of the High Court ought not to be considered. Those were binding findings not stayed by the SC," Raju said, as per LiveLaw. He said the SC didn't stay the High Court order. In the face of the Delhi High Court order, the trial court could not have decided in Kejriwal's favour, he argued.Raju said that the trial court considered the arrest mala fide on some facts but the mala fide was demolished by the High Court judgment.