India Small Business News Round-up – 2009/01/29

Here is this week’s news round-up for home business, micro business, sole-traders, freelancers, self-employed and any one who is interested in small business news from India:

  • Japan Enacts Extra Budget: Japan passed a contentious extra budget aimed at boosting the nation’s recession-hit economy. The budget contains expanded credit for small businesses and a cash payout to taxpayers totaling $22.3 billion.
  • Bookkeeping For Small Business: There are so many new software programs for small businesses that many new business owners are starting to think that small business and ecommerce businesses do not really need to be concerned with record keeping. This is a myth. Just because your spouse and best friend don’t consider your business real, the auditors and revenue agency will hold you to the same rules and regulations that apply to multi-million dollar corporations.
  • MSMEs unaware of sops: Jan. 26: While the government and the Reserve Bank of India continue to extend credit to infuse liquidity into the medium, small and micro enterprises (MSMEs), the Small Industries and Development Bank of India (SIDBI) has asserted that lack of awareness about the available benefits and not credit crunch, continues to be the prime hurdle for this sector.
  • WinWeb Launches Australian Version of OnlineOffice.: Today we release the Australian version for OnlineOffice’5. Anyone signing up to OnlineOffice choosing ‘Australia’ as their home country will automatically be assigned to the Australian version of our accounting module, invoicing, quotation and online shop modules.
  • Banks wary of SMEs: Jan. 25: Despite RBI cutting lending rates, banks are still risk averse to lending especially to the small and medium sector (SMEs). If anything they have become cautious.
  • PC sets up $2m fund: Mr P. Chidambaram has launched a $2 (about Rs 10 crore) million growth fund to promote grassroots entrepreneurship in India.
  • Recession hits silicon valley as layoffs pile up: The recession turned up late on Silicon Valley’s doorstep but is likely to stay awhile, as technology companies slash thousands of jobs and rein in costs to make up for shrinking earnings and tight-fisted customers.

As always this list is not exhaustive, but I hope it will give you a little overview. — ST.

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