Government intensifies regulations for pharma MSMEs, and other top stories
This week, Health Minister Mansukh Mandaviya announced that Schedule M will be made mandatory for pharma MSMEs. Here are the highlights of the announcement and other featured stories this week.
In a meeting with representatives of pharmaceutical companies from the MSME sector, Health and Family Welfare Minister Mansukh Mandaviya announced that Schedule M will be made mandatory for pharma MSMEs and its implementation will be done in a phased manner.
Schedule M mandates adherence to Good Manufacturing Practices outlined in the Drugs and Cosmetics Act 1940,
He emphasised the importance of self-regulation in drug manufacturing to maintain high-quality standards. He also urged pharma companies to adopt Good Manufacturing Processes to enhance the quality and value of their products.
The Union Minister highlighted that India's global standing in the pharmaceutical sector is built upon the quality of its products, emphasising the need for self-regulation.
This move is expected to strengthen quality assurance and reduce the compliance burden for these units.
Goa govt signs MoU with Credit Guarantee Fund Trust for MSMEs
The Goa government has signed a memorandum of understanding (MoU) with the Credit Guarantee Fund Trust for Micro and Small Enterprises to administer the credit guarantee scheme, also known as Mukhyamantri Saral Udyog Sahayya Yojana, within the state.
Announcing this development in a tweet, Chief Minister Pramod Sawant emphasised that the state government has successfully fulfilled two more budgetary promises, focusing on strengthening the micro, small, and medium enterprises (MSME) sector and promoting digitised governance for the people of Goa.
During the budget announcement for FY23-24, the state government introduced the Goa Credit Guarantee Scheme, allocating Rs 10 crore to increase the credit guarantee coverage under the Credit Guarantee Fund Trust for Micro and Small Enterprises up to 95%.
At present, micro enterprises can avail themselves of a guarantee cover of up to 85% for loans up to Rs 5 lakh, while loans between Rs 5 lakh and Rs 5 crore have a cover of up to 75%.
Other top picks of the week
Lavie Luxe
Mumbai-based lifestyle retailer Bagzone Lifestyle has expanded its horizons and entered the premium market with the launch of its sub-brand, Lavie Luxe. While has built its reputation in the affordable segment with the Lavie brand, the company is now aiming to cater to a hitherto unexplored customer base.
Lavie Luxe is designed to appeal to people who desire high-quality handbags without having to spend a fortune on international brands. It is priced competitively between Rs 3,000 to Rs 7,000.
Since its launch in 2010, Lavie has been a popular choice among women across India, for its wide variety of bags at an affordable price range (below Rs 4,000). However, customer feedback revealed that women didn’t mind paying a little extra for more premium products from a brand they trusted, says Founder and CEO, Ayush Tainwala.
In order to explore this segment, Tainwala did a capsule launch of Lavie Luxe in April this year with 3,000 products, made at its manufacturing unit in Nashik, Maharashtra. To his astonishment, they were sold out in just two months. Now the brand is all set to release another range soon, with prices going up to Rs 12,000.
Edited by Swetha Kannan
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