Business briefs

Automating the process will result in faster service delivery by reducing the need for manual calculations and paperwork, it added.

Easemyai on Wednesday announced that it raised Rs 1.8 crore in a seed funding round led by Inflection Point Ventures (IPV).

The company aims to empower businesses to customize their solutions, as per an official statement. * * * * Over 8.5 lakh MSEs get biz of Rs 1.87 lakh cr on GeM portal * Public procurement portal GeM has registered more than 8.5 lakh Micro and Small Enterprises (MSEs) on its portal who have been able to get business of over Rs 1.87 lakh crore, the commerce ministry said on Wednesday.

GeM CEO PK Singh said that more than 1.45 lakh women MSEs have fulfilled 7.32 lakh orders worth Rs 15,922 crore.

A function was held to commemorate the success of “SWAYATT”, an initiative to promote Start-ups, Women and Youth Advantage Through eTransactions on Government eMarketplace (GeM) here.

The initiative to promote “Start-ups, Women and Youth Advantage Through eTransactions” (SWAYATT) on GeM was first launched in February 2019.

***** DGFT amends rules * The Directorate General of Foreign Trade (DGFT) on Wednesday said it has notified amended rules for implementing all decisions of the policy relaxation committee regarding the levy of composition fee. The directorate is extending the benefit of reduced composition fee for cases where it has allowed an extension in export obligation period and/or regularization of exports already made. ''The rationalization of composition fee calculations aids in automation and accelerated delivery of services by attempting to make the procedure simpler and more understandable,'' it said. This will assist in streamlining the compliance process with minimal human intervention, reducing the risk of discrepancies and confusions. ''Automating the process will result in faster service delivery by reducing the need for manual calculations and paperwork,'' it added.