Weekly MSME News Updates

Sitharaman says that India has been asked to demonstrate how Indians have embraced the expanding use of digital technology. The rapid and thorough uptake of India’s financial inclusion and digitalisation initiatives among the underprivileged has impressed David Malpass. He promised to highlight this to other finance ministers as a means for governments to aid their underprivileged citizens.

By 2026, the Indian semiconductor component market is anticipated to generate $300 billion in total revenues. Afreen Akhter said, “The US will support India’s efforts to increase its capacity for producing semiconductors.” To increase domestic production, the government launched a ₹76,000 crore performance-linked incentive (PLI) scheme in the semiconductor industry last year.

The US has stopped exporting some semiconductor chips to China. Israel and the UAE’s business ties are getting closer. The global economy and cross-border trade are changing due to digital technology’s rapid development and acceptance. According to data from the German research organisation, the Kiel Institute for the World Economy, supply chain disruptions are decreasing.

The policy calls for a three-pronged incentive system that includes advantages for both EV makers and consumers who buy them. The policy aims to create jobs and draw in investments totalling more than 30,000 crores. 100% exemption from road tax and registration fees are among the alluring subsidies offered to customers.

Rajnath Singh said that we are rapidly advancing toward being global design, development, and production leaders. The exhibition will have attendees from 75 countries, including 33 defence ministers. DefExpo will quicken India’s transformation from being the biggest defence importer to a net exporter.

ONGC has already invested Rs 61.31 crores in promoting innovation in the energy sector. Rajesh Kumar Srivastava says that the ONGC Startup Fund is in the process of obtaining the most recent valuations of the invested startups from an IBBI-registered valuer. ONGC will offer a full range of startup support services, including seed capital, mentoring, market connections, and follow-ups.

ISMA expects exports to be around 9 million tonnes this season due to an estimated rise in production. During the 2022–23 season, the ISMA expects Karnataka to produce 7 million tonnes of sugar, 12.3 million tonnes in Maharashtra, and 12.3 million tonnes in Uttar Pradesh. Sugarcane crushing has begun in the southern region and is expected to start soon in the other regions.

By 2029, the market for dyes and pigments is expected to increase from $40.71 billion to $56.91 billion. A healthy increase in spending on residential buildings is anticipated to drive demand for architectural paints and coatings. The market for dyes and pigments will expand due to the expanding textile industry.

September saw the second month of growth for new car sales in Europe. According to ACEA data, automakers in the EU, EFTA, and the UK delivered 1.05 million vehicles last month, a 7.9 percent increase over the previous year. It is anticipated that the economic output of France, Italy, and Spain will grow.

2022’s higher oil prices have contributed to the nation’s public debt being reduced to 56.5% of GDP. Angola emerged from a prolonged recession in 2021 after nearly five years of low petroleum prices. In an effort to reduce Angola’s excessive reliance on oil, the authorities have been seeking to divert investment toward industries like manufacturing and agriculture.

Karin Costa Vazquez said, “India-LAC trade nearly doubled to $42.5 billion in 2021.” Over 160 Indian companies have investments totalling more than $30 billion. In 2023, India will serve as the G20 group’s chair for the first time. During the webinar, professionals from the public, corporate, and social sectors can discuss strategies to improve India-LAC relations.

President Halimah and Mr. Chinh reaffirmed their nations’ “like-mindedness” in advancing digital and environmentally friendly capabilities and decided to pursue closer collaboration in these areas. Additionally, MOUs were signed between the ITE and the Directorate of Vocational Education and Training Vietnam, as well as the Ministry of Public Security and the MCI. 

International attention has been aroused by Western Australia’s ability to produce green hydrogen. Six businesses would receive land in Oakajee from the WA government. Ms. MacTiernan said that the 6,000-hectare Oakajaee location has the capacity to provide renewable hydrogen exports of the finest quality.

Industry Insights

eGrowth Events

eGrowth and WASME (World Association for Small and Medium Enterprises) bring to you UBUNTU – Global Business Opportunities . This is a series of discussions for international trade promotion.

The Topic – International Trade Opportunities in Africa

Distinguished Panelists –
Prof. (Dr.) K.C. Jankee – Ambassador of Govt. of Mauritius in Russia

Mr. Dev Chamroo – Sr. Consultant at CITC Mauritius Ltd.

Mr. Jayson Ramasamy – First Secretary, Mauritius High Commission

Mr. Yogesh Amoroo – Lead Professional, Industry Sector Department, EBD

We had 25 + attendees which included Importers, Exporters, Traders,  Manufacturers, International Logistics and Service Providers

Keep looking for the next edition.

eGrowth Promotions

eGrowth Updates

Why eGrowth

eGrowth is a cost effective channel for you to expand your reach to manufacturers, importers, exporters, MSME service providers and MSME solution providers. We can design some  creative and pocket friendly MSME outreach solutions for you.

eGrowth team works hard to ensure that you receive the very best news and information related to MSMEs every week. Unfortunately, mistakes can happen in spite of our best efforts. We ask for your patience and understanding when it does as we continue to strive for excellence.