Weekly MSME News Updates

The UK Sinha Committee report estimated the overall credit gap in the MSME sector to be between Rs 20-25 lakh crore. According to V. Anantha Nageswaran, India is a potential lending market of Rs. 3 trillion for MSMEs. By 2030, it is anticipated that India’s fintech ecosystem will roughly grow to $1 trillion.

Alibaba Cloud has announced an $1 billion investment for an upgrade to the global partner ecosystem. To introduce innovations, Alibaba Cloud collaborated with JP Games, MetaverseXR, and UMG Group. ACK One and ESSD Auto PL were also introduced. Three Service Delivery Centers have been established, each in Kuala Lumpur, Dubai, and Hong Kong.

This year, India’s export performance in the GCC has been outstanding. FIEO has planned a number of activities to promote India’s exports in the GCC markets, said FIEO President A. Sakthivel. Following the trade pact’s implementation on May 1 between India and UAE, there are a lot of business opportunities available for the Indian market in the UAE. 

According to analysts, India could play a significant role in the semiconductor industry. The two-pronged goal of New Delhi is to both attract international business and capitalise on sectors where India has a benefit. While India doesn’t have leading-edge manufacturing companies, its plan is to attract foreign giants. 

According to Rajeev Chandrasekhar, India can produce and export electronic goods worth $300 billion by 2025-2026. The lithium-ion factory is expected to start manufacturing products and opening its doors by next month. Electronic manufacturing clusters will have a significant impact on Indian Techade in design innovation and electronics manufacturing. 

The AWS Startup Ramp which was launched in July 2021 aims to help companies succeed by serving as a bridge between them and the government. Other than India, there are now eight more countries in Asia-Pacific and Japan that have joined the program. Recity and Eka Care are some examples of startups that have joined the AWS Startup Ramp Programme.

The government is all set to begin the oilseed mission to raise its production domestically and cut down on import dependency, said NITI Aayog Member, agriculture, Ramesh Chand. The programme is expected to give subsidies on seed prices and the government will intervene to support prices when needed. Oilseeds like coconut, mustard, peanut, sunflower, and safflower will all be covered in the proposed mission and the focus will remain on ensuring good quality seeds, improving the yield of oilseeds and the area under oilseed cultivation. 

This year the state matching funds leveraged more than $16 million in federal funds. 22 countries from Brunswick to Yadkin received awards and the variety of projects funded was quite diverse in nature. Moreover, the number of first-time applicants getting the awards was the highest since the programme began.

Energy and gas bills have been a significant issue for restaurants, hotels and pubs in the nation. While addressing the grievance, the Finance Minister of Ireland, Paschal Donohoe announced the Temporary Business Energy Support Scheme to assist the energy costs over the coming months. However, the tourism and hospitality sector is not happy with the few measures taken in Budget 2023. 

Last week, preferential trading began when the $77,000 worth of Kenya-made Exide batteries arrived in Ghana. The Ministry of Industrialization and Trade declared, “Associated Battery Manufacturing EA Ltd. is the first Kenyan company to commence trading under AfCFTA.” Tea, Exide batteries, confectionery, leather bags, textiles, and fresh produce are among the goods identified for trade.

Many Latin American businesses have turned to Spain, while Spanish businesses have invested in the US. According to Manuel Albares, Spain ranks as the twenty-third-largest supplier to the US and the twentieth-largest buyer. According to João Costeira, the Inflation Reduction Act’s tax benefits are preferable to levying new taxes on the energy industry.

While equities in the Asia-Pacific region were generally up on Tuesday afternoon, China’s markets spiked. As the sterling’s decline exposed the market’s vulnerability to policy uncertainty, the selling of bonds and stocks persisted, according to ANZ Research analysts. Central banks and governments have neglected the significance of keeping a strong currency, said Steve Forbes, chair of Forbes Media.

Farmers will be required to tag their sheep and goats with electronic identification tags from January 2025. The agriculture ministers have also agreed to the deadline i.e., January 1, 2025. In the case of a livestock illness outbreak, electronic tags could aid authorities in locating sheep and goats. Graziers who disobey the EID regulation won’t be able to sell their livestock to abattoirs, said Dugald Saunders.

Industry Insights

In this report, the major emphasis is given to the near-term forecast for 2022-2023, identifying the need for businesses to comprehend the upcoming occurrences in the business world in the short-term and long-term. Challenges to be addressed – supply chain problems, shortages in natural gas, metals and grains among many others. On the other hand, inflation is on the rise becoming a significant challenge for the world. 

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