HIGHLIGHTS OF THE WEEK

Pushan Sharma said that the prices of steel and crude oil are predicted to decline by 3-5 and 13–15%, respectively. This will enable the MSME sector’s EBITDA margin to reach 5.7–5.9% this fiscal year. Revenue-wise, the MSME sector has already surpassed pre-pandemic levels in FY22, with growth fueled by an increase in value.

Weekly MSME News Updates

According to Sanjay Budhia, the new FTP will enable exporters to reduce transaction costs for outbound cargo by lowering the export performance threshold. He claimed that the strategy places a heavy emphasis on transaction cost reduction, which will boost MSMEs and also lead to the internationalisation of the Indian currency.

In order to encourage international cooperation, Sergey Katyrin emphasised the significance of the Chamber’s Institute of Representatives. According to him, changes in the international economic environment have greatly aided the rise of Russian and Indian entrepreneurs’ shared interest in the development of cooperation. 

A study claimed that India has recently gained recognition for being the top vaccine manufacturer in the world. According to a McKinsey analysis, a significant number of domestic producers of branded generics and lower price points have given the Indian pharmaceutical business a special potential. 

In three years, 110 GW of solar photovoltaic (PV) module capacity is expected to be operational, making India the second-largest PV manufacturing nation and becoming self-sufficient. According to the research, India’s total nameplate capacity for module manufacture increased from 18 GW in March 2022 to 38 GW in March 2023.

GCPL said that it will anchor the fund and lend its experience and knowledge to help founders create strong, long-lasting businesses. According to Omar Momin, the goal is to help early-stage innovators focus on developing a strong offline as well as online presence by leveraging knowledge of the consumer market and lessons learned over the years. 

According to a study, 28% of farmers have embraced natural farming methods on their own, without any formal training, through peer-to-peer learning. Rakesh Kanwar said that efforts should be focused on consolidating existing farmers, expanding their land for natural farming, holding refresher workshops, providing capacity-building training, and organising exposure trips.

Global News

The US’s Inflation Reduction Act requires that 50% of the value of a battery’s component parts must be manufactured or assembled in North America to be eligible for a $3,750 credit. Government assistance will include a 20% reduction in insurance and financing rates and extra loans and tax credits for the battery and material production facilities of Korean businesses. 

Emmanuel Macron hopes to dissuade China from aiding Russia’s offensive in Ukraine and to strengthen ties with a significant trading partner. The objectives of the French leader include defending French interests in the Asia-Pacific region as well as maintaining and rebalancing China’s commercial relations with Europe. 

A worldwide summit to advance trade and investment will take place at the start of the next month in Beijing in addition to these activities. Both federations will take part in the third economic and trade show in Hunan, China, and FEDCOC will attend the Arab-German Business Forum at the start of June in Berlin.

Following 200 years of diplomatic relations, Massa and his guests underlined the successes in bilateral ties. Additionally, they emphasised the desire to continue working at the highest level across all levels of government to improve cooperation in the fields of science, technology, education, and culture and to intensify economic exchange and attract more investments. 

Al Zeyoudi claimed that the bilateral trade deal between two countries would help the private sector gain access to both markets and advance economic and trade cooperation in unprecedented ways. Additionally, it will open up new investment opportunities, increasing the number of trade transactions.

The National Reconstruction Fund, a new programme, was approved in May with a promise to increase manufacturing investment and technological adoption. According to Ed Husic, the programme would offer loans, investments, and guarantees to initiatives in the areas of renewable and low-emission technologies, agriculture, medical research, transportation, and defence.

Industry Insights

Most manufacturers anticipate that their top priority in 2023 will still be addressing the tight labour market, worker churn, and evolving talent models. Both businesses that rushed their digitalization during the pandemic and those with a higher level of digital maturity had stronger resilience. Manufacturers will probably continue their path towards smart factory transformations as these measures fuel future competitiveness. 

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