Weekly MSME News Updates

Indian startups continue to rise with $208 million in total investment this week. CRED is set to invest $10 m in a new P2P service, LiquiLoans. Startups in Manipur have Rs. 30 Cr funding set to empower them. Meanwhile, Mensa Brands acquired MYFITNESS and upGrad acquired Centum Learning.

There’s been a significant growth of interest by the Global Trading Community for the domestic currency. By acknowledging the trend, RBI and the government have amended the import and export facilitation in the Indian currency. The policy comes into effect immediately, and it could use the special rupee Vostro accounts for the trade. 

G7, the group of seven major economies, have agreed to establish more robust trade policies to ensure Beijing (China) can’t exploit its economic might anymore. The seven nations have collectively decided to take appropriate measures, with China becoming more rigid in trade. This could align with and boost India’s trade interests worldwide.

Rajeev Chandrasekhar (MoS for Electronic and IT) visited India’s first Lithium cell manufacturing facility in Andra Pradesh. At 270 Mwh, it can produce 20,000 cells of 10Ah Capacity daily.  Further, he shared that the Ministers of the states in India are forging partnerships to support startups and entrepreneurs in electronics manufacturing and exports to achieve the vision.

In the SCO Summit, PM Modi shares insights on the Indian Government’s plans to keep providing a people-centric growth approach. He further elaborated on plans like Building a better supply chain with SCO, growing Millet for food security for the people and promoting India as the Pharmacy Of The World with traditional medicines through WHO. 

The new MSME Policy in Rajasthan is going to help 9,000 MSMEs acquire ZED Certification (Zero Effect, Zero Defect) to increase productivity while conserving energy and resources. It also introduces the first Handicraft Policy to empower the Craftsmen and Artisans in various fields (Textile, Ceramics, Clay, etc.). The policy will revive traditional art and handicraft trades, which is integral as Rajasthan has the 9th highest population of MSMEs. 

Swachhata Startup Challenge focuses on the entrepreneurial side of the waste management sector in India. MoHUA is set to host a day-long event where 30 startups and Urban Local Bodies will unite to share experience, knowledge, and solutions. The event emphasises the importance of providing new-age solutions and aligning with the Swachh Bharat Mission – Urban. 

Gujarat and Haryana CM come together to attend a natural farming session organised by the Gujarat Governor. Government officials acknowledge natural farming as the need of the hour. While Gujarat CM studied the model, Haryana CM highlighted Haryana Government’s continuous endeavours, with up to Rs.25,000 assistance to those who adopt zero-budget natural farming. 

The North American company, Waste Management, is set to acquire a controlling interest in Avangard Innovative (US Branch). It will set up a new recycling plant to further boost the output, which is a part of Waste Management’s plan to invest $800 million by 2025 to empower the recycling sector. 

Germany is working on a T4T project called ‘Distributed Manufacturing For Novel And Trustworthy Electronics.’ The project encompasses world-leading manufacturers like X-Fab, Bosch, Audi, and Osram. The secure supply of chiplets and electronic components is pivotal for German’s strategic growth as it will reduce the risk of IP theft, malware, and other tactics that could harm the market. 

The Global Africa Business Initiative is a two-day event where African leaders in various industries can change the narrative by taking control of the global stage. Around 100 world leaders will attend this event to boost the continent’s economic and social development. The event will also shed light on trade and investment opportunities. 

EBANX, a fintech startup in Brazil is ready to introduce the digital economy and payment methods to the continent (Africa). A decade-old EBANX is a prominent service provider in 15 Latin American countries and regulated many official payments for Spotify, Uber, and other services in these regions. The step to add Africa will further assist in EBANX’s rapid growth in Latam. 

EAS Ministers came together for the 10th Summit on 17th Sept 2022, highlighting various post-pandemic challenges. The summit shared plans for building better trade routes, enhancing supply chains, and tackling concerns about inflation. Meanwhile, according to global reports, India has done well, with the highest GDP growth in 2021 among EAS economies. It is set to maintain the top position in the coming years (2022 and 2023).

The trilateral exchange discussed synergising the relationship between the three countries to ensure a prosperous, lawful, and peaceful Indo-Pacific Region. Previously, India, Japan and Australia initiated an objective to build a resilient supply chain, and France could become part of it. Maritime security, marine life, environmental awareness, humanitarian assistance, disaster relief, and logistic support were also on the agenda for the dialogue. 

Industry Insights

Semiconductors are indispensable for the technological growth of any organisation or country. They are the fourth most traded product in the world (after Crude Oil, Refined Oils, and Cars). Global Supply Chains are becoming diverse for Semiconductors, but Semiconductors struggle to find STEM workers with the growing need. Meanwhile, Greater Phoenix is establishing a firm position to emerge as a global semiconductor leader in the future. 

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