HIGHLIGHTS OF THE WEEK

Narayan Rane said that the scheme aims to give MSMEs in India a road map for becoming globally competitive. The program’s goal is to make MSMEs more profitable by introducing LEAN manufacturing tools like 5S, Kaizen, KANBAN, and others. These tools will help MSMEs decrease waste, boost productivity, improve quality, work safely, and grow their markets.

Weekly MSME News Updates

The upcoming foreign trade policy of India will work to assist MSMEs in developing their financial capacity, create specific export zones for e-commerce, and create new mechanisms to support services. A vision and strategy document for exporting products and services may be released by the government. 

The five-year roadmap of the new FTP will help India enhance its trade to $2 trillion by 2023, said Sunil Barthwal. The new policy’s primary objectives are anticipated to be trade promotion through FTAs, import diversification and substitution, marketing via Indian missions, encouraging each industry through its own ministries, and involving states in export promotion.

Rajeev Chandrasekhar said that an increase in the capacity to manufacture electronics will contribute to the creation of over 10 lakh new jobs. The momentum of economic growth would be increased if the federal government and state governments cooperated toward common objectives, he added. 

Achieving energy independence will have a substantial positive impact on the economy, the environment, and the use of energy by looking at India’s three most energy-intensive industries: power, transportation, and industry. This includes consumer savings of $2.5 trillion through 2047, lowering the import cost of fossil fuels by 90%, or $240 billion annually, by 2047.

There is a solid pool of angel investors and venture capitalists supporting Indian startups as they try to develop better solutions with emerging technologies, said Prashant Tandon. In order for India to create, test, scale, and export these products, he suggested progressive and supportive regulations with a clearly stated policy framework. 

The minister stressed the need for new technology introduction, R&D, and industry assistance to increase farmer income and strengthen the agriculture economy. To draw young people into this industry, he emphasized making Indian agriculture profitable. He argued that all inputs, including seeds and fertilizer, should be cheap for farmers to use.

Global News

The MoU aims to create a cooperative method for the diversification and resilience of the semiconductor supply chain in light of the US CHIPS and Science Act and ISM. If successful, India might join the global semiconductor supply chain, particularly in manufacturing. India’s first commercial fab’s demonstration is currently its most important job. 

Reviewing the EU’s strategy for obtaining key metals and minerals, including steel, copper, lithium, and cobalt, is essential to the energy transition. The European Commission introduced the CRMA with aspirational goals to increase domestic capacity, from mining to recycling. This includes a goal of obtaining “at least 10%” of the essential raw materials used annually by the EU on European land. 

Intensified regional integration is essential for Africa to succeed on global marketplaces. In Doha, suggestions for ways to promote assistance for SMEs were made. The $10 billion adjustment fund for the free trade zone will have its headquarters in Kigali, according to a recent deal between the AfCFTA secretary and Rwanda.

Habeck said that the recent political changes in both nations have made way for closer strategic collaboration. By working with South American governments on sustainability, the two German ministers aim to balance fostering trade ties with defending EU environmental and climate standards.

The Dubai International Chamber has launched an initiative called New Horizons to encourage the expansion of Dubai companies into new, specific markets internationally. According to Lootah, Central Asia is a significant market for them, and Uzbekistan is one of their most important strategic allies there. 

Dr. Josh Watts stated that Australia has the advantage due to its abundant mineral resources, which include the lithium and cobalt required to produce batteries. But he argued that Australia needed to seize this chance by manufacturing more of the components domestically. According to Jake Whitehead, Australia could also revive domestic vehicle production.

Industry Insights

Leaders are concentrated on actions that produce the best workplace environment to retain talent. Offering individualized and inclusive benefits, such as career journeys and well-being experiences, can boost employee retention and work satisfaction. The technology sector will keep leading the way in digitalization innovations and redefining the work experience. 

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