HIGHLIGHTS OF THE WEEK

Deepak Kothari said that ensuring that the input credit is completely covered would go a long way toward ensuring that revenue leakages are avoided and advantages can subsequently be passed on to the end consumer. Fintechs have also asked for a reduction in the GST levied on services related to financial inclusion provided by business correspondents.

Weekly MSME News Updates

The working group’s initial priorities will be trade facilitation, digitization of customs processes, concerns with sustainable finance, and the development of cutting-edge clean technology. The nations also decided to monitor the visa issues and have more frequent discussions about trade-related issues, including food and agriculture, in 2033.

There will be two committees established: a screening committee for a preliminary examination of “identified items” and an evaluation committee for a thorough investigation. The Unique Quantity Code must be used by the importer to declare the value of the identified products. The additional obligations are also applicable to the importer of the indicated items.

Discussions will probably be held with nations that don’t have large semiconductor manufacturing capacities and now buy their chips from China and Taiwan. The goal is to persuade those countries’ sectors to either buy or prefer semiconductor chips made in India. The centre seeks to find buyers for semiconductor chips made in India.

According to a report, producers and businesses should be encouraged to provide training programmes and certifications to participants in the informal sector who are responsible for fixing, recycling, and reselling electronic goods. It also advised reward programmes to encourage customers to give their recycled e-waste to authorised sellers.

B2C e-commerce startups fastest to achieve unicorn status, says PwC India report

E-commerce B2C companies, on average, take 3.8 years to become unicorns, whereas startups in the logistics and autotech industries take 6.3 years. In CY 2022, 21 startups joined the unicorn club. Fintech is now home to roughly 16 active unicorns, with the SaaS sector having about 20 active unicorns.

Inputs, sustainability, productivity and diversification, policy, preservation, processing and exports, and farmers’ income and welfare are the seven pillars that the Agriculture Transformation Index is likely to measure. An official stated that the index aims to reflect the new agricultural policy paradigm, which is centred on sustainable crop diversification.

Global News

The White House said that nations would host a semiconductor forum in early 2023 to encourage investment in the strategic high-tech sector. For this to happen, the semiconductor supply chain mapping would need to be coordinated in order to identify demands and investment possibilities in the production of chips that are used in everything.

The official said that during the free trade negotiations, India is likely to bring up the issue of the EU’s high tariffs and steel import quota. The EU uses a system of tariffs and quotas to protect its steel producers. The top exporters of steel to the EU, aside from India, are China, Russia, South Korea, Turkey, and Ukraine.

Despite the fact that the total amount invested only increased by $100,000 from the year before, the number of deals increased by 20% to 964 in 2022. The largest investments in African start-ups over the past few years have come from global funds like Sequoia Capital, Tiger Global, and the now-defunct crypto company FTX.

Economic links between China and Latin America have remained solid. The total value of their trade in 2022 was $448.3 billion. Brazil, Mexico, Chile, Peru, Colombia, and Argentina have been China’s top trading partners in Latin America over the past five years. Commodities including iron ore, copper, petroleum, soybeans, fruits, and meat make up the majority of China’s imports from Latin America.

In order to increase the security of our digital platforms, the insurance industry had to focus more on cyber protection, with digitalization at the forefront. The push toward deep technology and the investigation of artificial intelligence to improve goods and experiences are major developments for Asian insurance.

Balaji said that the ECTA has the potential to double the two nations’ bilateral trade to USD 50 billion over the following five years. Over 70% of India’s tariff lines would be open to Australia with preferential access. Following the deal, industries like textiles, apparel, gems and jewellery, leather and non-leather footwear, etc. may earn a larger market share in Australia.

Industry Insights

Consumer insights have evolved from being a supplemental input for product and marketing tactical demands to a central component of the strategic agenda for consumer product companies. In the survey, more than 54% of the businesses used consumer insights to support the creation and implementation of marketing campaigns, and 86% had moderate-to-high success rates.

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