HIGHLIGHTS OF THE WEEK

The government has raised the FDI cap for B2B e-commerce to 100%, making the market more accessible to foreign investment. We may see an increase in government and startup initiatives to create the necessary enabling infrastructure in 2023. The warehousing zones are expected to lower India’s logistics expenditures, which now account for 14%–16% of GDP.

Weekly MSME News Updates

There are scheduled talks with the UK, the EU, and Canada. Goyal said that India currently negotiates with confidence and operates from a position of power. Officials from the Indian Commerce Ministry and its international colleagues will hold meetings in January. In the following 5-7 years, Goyal estimates that the Indian IT businesses’ bills to Australia will increase to USD 1 billion.

According to Crisil, revenue growth for the agrochemical sector is predicted to be 15–17% in FY23 and 10–12% in FY24. Poonam Upadhyay predicts that exports will increase by 12–14% in the upcoming fiscal year. With over 50% of the total revenue of the agrochemical sector coming from exports, they will continue to be one of the main drivers of industry growth.

Blue-collar workers make up the majority of the labour in a manufacturing company. Employers can use an intuitive LMS to individually up- and re-skill their staff with HR digital solutions, guaranteeing that all employees have the updated skill sets. Smart HR software products with AI capabilities aid organisations in streamlining procedures, keeping better track of shifts, and reducing absenteeism.

In FY24, Indian startup owners intend to increase their spending on marketing and information technology (IT) by 16% to 30%. Startups may decide to take cost-cutting measures in 2023, such as spending less on software and marketing. Regarding the possibility of reducing new hiring in FY24, 29% of the founders voiced approval for the idea.

In FY24, Indian startup owners intend to increase their spending on marketing and information technology (IT) by 16% to 30%. Startups may decide to take cost-cutting measures in 2023, such as spending less on software and marketing. Regarding the possibility of reducing new hiring in FY24, 29% of the founders voiced approval for the idea.

620.62 lakh hectares of Rabi crops have been sown by Indian farmers. All crops have seen an increase in cropland, with wheat seeing the largest rise. The increase in wheat area is 9.65 lakh hectares out of the 25.99 lakh hectare increase in all rabi crops. Although rabi crop sowing is still ongoing, 312.26 acres of wheat have been planted as of December 23, 2022.

Global News

By 2023, it is predicted that the proportion of adults who own and use cryptocurrencies will double. As of November 2022, Bitcoin and Ethereum were among the cryptocurrencies that users preferred the most. The interest in owning and investing in cryptocurrencies is greatest among Americans between the ages of 25 and 34.

Donna Joines said that SMEs are playing a significant part in the economic recovery since business travel reservations have exceeded pre-pandemic levels. The TMC said that during 2022, its UK clients preferred domestic and European destinations. It was also eagerly awaiting the return of Chinese airlines once the important tourism destination’s borders reopened to visitors from abroad in 2023.

Christoph Kannegiesser said that the majority of businesses intend to expand in the upcoming year. In many countries, fields of green hydrogen and liquefied gas will provide fresh energy. 56% of the businesses had a favourable opinion of their operations in Africa in 2022, and another 7% gave them a “very good” rating.

Businesses are increasingly using third-party data centre colocation service providers to handle their data operations. Technologies like AI, IoT, 5G, and others are putting more pressure on businesses to digitise their operations. In Latin America, major cloud service providers, including Microsoft, Google, and Amazon Web Services, have built out their infrastructure and accessibility.

Asia’s metaverse market is expanding, which offers opportunities for early-stage enterprises and investors. By making large investments in the metaverse, Southeast Asian businesses are starting to develop plans to fully realise the Web3 landscape’s enormous potential. The South Korean government has spent $177.1 million in the metaverse under its Digital New Deal Initiative. 

In the years 2022–2026, the retail apparel market is expected to rise by 3.78% per year (CAGR). According to industry experts, in only three years, India may more than treble its apparel exports to Australia. Even the Indian government believes that India’s textile and apparel exports will top US$ 1,100 million in the following three years.

Industry Insights

The digital transformation has made its presence in every sector. This report from Deloitte Insights is the significant evidence of how an industrial sector requires a digital transformation. Industries have seen missed opportunities due to lack of digital knowledge. Industry 4.0 can not drive profits, it helps increasing profits by doing good to the people and environment. Know how to execute industry 4.0 revolution in your business. 

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