HIGHLIGHTS OF THE WEEK

According to the BB Swain report, the employment potential of small businesses can help the nation bridge the rural-urban gap. The micro-segment includes over 90% of India’s 6.3 crore MSMEs. The MSME report 2021–22 highlights that because microbusinesses are small, employees have a full understanding of how the company is run and can work close to their homes.

Weekly MSME News Updates

Piyush Goyal said that MSMEs are expected to create jobs and take advantage of the duty’s elimination since they make up the majority of our exports. According to the FTA with Australia, all Indian tariff lines are duty-free for exports from labor-intensive industries, where small businesses are widely represented.

India and China are among the largest trading partners for Gulf Arab oils. Al Zeyoudi stated that non-oil goods are the subject of their discussions with the Indians. The objective of the UAE’s trade agreement with India is to double bilateral non-oil trade to $100 billion over the following five years.

The government plans to significantly increase manufacturing with the 2023–24 budget while focusing on boosting private investment and exports. Lokendra Singh Ranawat said that the Indian manufacturing industry plans to promote R&D and offer incentives to local manufacturers. Additionally, manufacturers should receive rewards for developing innovative technology.

DESH will combine efforts from the central and state governments to offer industrial parks for all types of manufacturing a comprehensive and one-stop clearance process. DESH introduces innovative ideas, including the creation of enterprise centres, enabling the government to support the unique infrastructure needed for specialised companies and releasing land usage in these enclaves, increasing economic activity.

A separate taxation system for start-ups that can include PE players, VCs, etc. is urgently needed, said Ridhima Kansal. It may soon be possible to encourage entrepreneurship by using government programmes to fund startups with strong growth potential. The government may also have entrepreneurial education on its agenda, with the aim of increasing employability through the transfer of labor-market-valued skill sets. 

A rise of 8–10% in the spread between the pricing of raw cashew nut and kernel will help operating margins climb by 200 bps to an all-time high of 7% this fiscal. Cashew kernel prices are estimated to increase by about 5% on-year to Rs 615–625 per kg. RCN prices are expected to remain constant at around Rs 95–100 per kg.

Global News

China hopes that the U.S. side will consider how the policies affect both sides. The Treasury stated that they discussed recent macroeconomic and financial events during the candid, in-depth, and constructive discussion. In the near future, Yellen expects to visit China and extend a warm welcome to her counterparts to the U.S.

The treaty between Spain and France requires both nations to support the adoption of measures to protect European businesses against unfair practises and economic pressure. The parties also committed to cooperating in order to strengthen Europe’s defence of its interests and boundaries, emphasising that this would go hand in hand with NATO membership.

The bank is more optimistic than the IMF, which forecasts 3.7% growth for the continent this year. Qin Gang, China’s new foreign minister, travelled to Africa to strengthen connections with some of the biggest economies there, including Ethiopia and Egypt. Jeffrey Sachs is confident that over the next few decades, Africa will continuously see growth of 7% or more.

Trade, financial market integration, and energy infrastructure connections would all benefit from better coordination among the countries of Latin America. For the continued development of the medical and aerospace industries, Costa Rica sees both bilateral and multilateral trade agreements as essential. Reforms have focused on enhancing opportunities for SMEs, like enabling financing for business owners.

The formalisation of economies, the organisation of the workforce, and the entry of young people into the labour force will increase growth trends. Products created in ASEAN are considered to be more cost-effective than those made in China. Programs to draw foreigners have also been devised by ASEAN nations, such as the Malaysian visa programme for digital nomads.

It’s a new hydrogen-diesel hybrid engine referred to as “baby number two” that could assist in decarbonizing some of Australia’s largest industries. The hydrogen direct injection technology, which can be used with any conventional engine, is mounted in current diesel engines. According to Prof. Kook, their technology is distinctive in the way it blends hydrogen and diesel before introducing it to the engine cylinder for combustion.

Industry Insights

The SIRI programme can assist manufacturers in hastening the process of their digital transformation in today’s quick-paced, data-driven environment. All manufacturing industries are undergoing a digital transition, though the rate of change varies by geography and sector. The best businesses of today are launching comprehensive projects across the three SIRI building blocks of industry transformation: Process, Technology, and Organization.

In 2016, Prime Minister Narendra Modi announced January 16 to be “National Startup Day” in honour of the vibrant startup scene in India. The Government of India’s program, known as  “Startup India”aims to encourage the startup spirit and create an effective, diverse platform for innovation and creativity in India.

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