HIGHLIGHTS OF THE WEEK

Prime Minister Modi introduced India’s G20 logo, theme, and website. The G-20 Summit, the prime platform for global economic cooperation, will commence on December 1, 2022. The plan will be created in collaboration with countries in the Global South.

Weekly MSME News Updates

Over three months after the RBI developed a system to settle foreign commerce in Rupees, UCO Bank and Yes Bank are the only banks to launch special Vostro accounts to help the transaction. Other Indian banks are concerned that any financial dealings with Russia will result in US penalties.

Equinix, Inc., the world’s leading digital infrastructure provider, inaugurated its fifteenth international business exchange data centre, TY15, in Tokyo, Japan, with an initial investment of $115. TY15 will improve connectivity for global cloud and network service providers and businesses, allowing them to expand and support Japan’s burgeoning digital economy.

Madhya Pradesh Industrial Development Corporation (MPIDC) received the highest scores amongst all competitors for the state’s manufacturing zone for power and renewable energy equipment. It is a big win as MP has achieved tremendous success regarding renewable capacity addition inside the state and has a robust pipeline for growth prospects.

Chief minister, M. K. Stalin, unveiled the Aerospace and Defense Industrial Policy 2022. He also introduced Tamil Nadu Smart and Advance Manufacturing (TANSAM) and Tamil Nadu Advanced Manufacturing Center of Excellence (TAMCOE). He stated that the state is working on expanding manufacturing and the service sector together.

In an interview with YourStory Media, 1MG’s Co-Founder and CTO, Mr. Gaurav Agarwal, indicated that their objective for this year is to expand 80-85% each year, and they are on pace. The Tata Group’s online pharmacy Tata 1MG is boosting its attention on high-margin growth industries like diagnostics and company tie-ups to achieve advancement.

Chief Guest Fauja Singh Farari complimented the CII Agro Tech Fair India 2022 for bringing farmers and industries together on a single platform. He stated that value addition and value creation are the most essential parts of farmers and industrialists working together to develop, expand, and thrive.

North America is gradually transitioning to real-time cross-border payments and payment modernisation. It is establishing a unified global payments network, which will make money transfers more seamless.

As per the survey of 500 European business leaders conducted by the International Air Transport Association (IATA), discovering technical remedies to fly efficiently should be the goal for aerospace decarbonization. Most business leaders agree that air travel has a significant role in their company’s performance.

South Africa’s 4th largest mobile network operator cell C has collaborated with Huawei, the world’s foremost information and communications technology solution supplier. The move comes after the start of the Business Support Systems (BSS) Transformation program, as well as collaboration on digital service and pleasant customer experience management.

Over 190 countries across the globe have participated to discuss the strategies to combat climate change including Latin America and the Caribbean. They have proposed to reduce greenhouse gases in the group of countries like Chile, Columbia, Peru, Costa Rica, Honduras, Paraguay, Panama, etc. 

The Singapore International Commercial Court (SICC) has reformed its regulations to acknowledge cross-border reorganising and insolvency cases, effective from October 1, 2022. The goal is to improve corporate insolvency, restructuring, and dissolution litigation that are global and commercial in existence, and restructuring achievements that would attract both debtors and creditors.

According to a new Localsearch analysis, small and mid-sized businesses are struggling to recruit qualified employees due to a skills shortage. They have emphasised the importance of increased support for SMEs. According to the survey, Australia is experiencing a severe labour shortage, with over 4,80,000 job opportunities across the country.

Industry Insights

As per the global smart industry readiness index initiative, manufacturers embrace digitalisation with increasing zeal; this research provides data-driven insights to put them on the path to change. In today’s fast-paced, data-driven environment, the SIRI program can assist manufacturers in hastening their digital conversion journeys.

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