HIGHLIGHTS OF THE WEEK

On Friday night, the needle-free vaccine will be made available at private clinics and added to the Co-WIN platform. Official sources said that it will be a booster dose included in the COVID vaccination programme for persons over the age of 18. This vaccine has been designed specifically to permit intranasal delivery via nasal drops.

Weekly MSME News Updates

Recently, the nation signed three similar contracts with Australia, the UAE, and Mauritius. India is also actively pursuing FTAs with a number of its trading partners, including the UK, EU, and Canada. Anupriya Patel said that trade discussions are a dynamic process that help India’s exports gain better market access.

A combined DEH and ODOP plan being developed by the commerce and industry minister will likely be unveiled in Budget FY24. The increase in exports is being planned in view of the fact that November’s rise in the nation’s outbound shipments, which totaled $31.99 billion, was flat. The country’s 733 districts could be included in a pilot programme that begins with 50 districts.

Being the leader of FICCI at this time is interesting. According to Subhrakant Panda, India is in breakout mode in terms of recovering its position. The World Bank increased its growth forecasts for the current year from 6.5% to 6.9%. The value of goods exported has increased steadily and has crossed $400 billion.

IDC said that the first half of 2022 saw the Indian PCS market generate $2.8 billion in sales, comprising IaaS, PaaS solutions, and SaaS. With a CAGR of 23.1% from 2021–2026, the Indian public cloud service market will reach $13 billion in value by 2026. Reports said that cloud service providers are growing in India by establishing new data centres/cloud regions.

The major aim was to promote the growth of around 25,000 startups over five years. Ashwath Narayan said that the policy aimed to solidify Karnataka’s status as the “champion state” for startups. A 100 crore rupee VC fund has been established by the policy to encourage emerging deep tech firms in EVs, AI, and other disruptive technologies.

During the current rabi season, wheat acreage increased by 3% to 286.5 lakh hectares. Manoj Ahuja said that better weather and a larger area planted with crops are predicted to result in increased production in the years 2022–2033. This year, farmers planted more land for a wheat harvest.

Global News

After two straight declines in the January-March and April-June periods, the economy’s output of goods and services and GDP both increased. Strong exports and healthy consumer spending were the main drivers of the third-quarter growth. The Commerce Department estimated growth to have been 2.9% annually from July-September.

In December, the composite business morale index from the National Statistics Institute (ISTAT) increased to 107.8. The index rose to its highest point since August. This month, consumer confidence increased to 102.5 from 98.1 in November, well surpassing the Reuters poll’s prediction of 98.5.

According to a study by the European Investment Bank, using Africa’s solar energy to manufacture 50 million tonnes of green hydrogen annually by 2035 can help ensure the world’s energy supply and create jobs. A study emphasises the advantages of using solar energy to produce green hydrogen in four hubs in Africa: Mauritania, Morocco, southern Africa, and Egypt.

Since signing a new debt assistance agreement in March of last year, the nation has now received US$23.5 billion. The 30-month initiative is expected to cost a total of US$44 billion. The IMF declared that it was pleased with the economic policies implemented by the government since last July.

As more than 100 businesses, including Alibaba and Baidu, avoided being delisted from U.S. stock exchanges, investors may once again have faith in Chinese tech stocks. The American accounting watchdog said last week that it had full access to the financial statement audits of these Chinese enterprises.

The possibility of a waste-to-energy facility will be discussed by the council next year. To reach the 2030 goal, the facility would be part of an initiative to double the city’s rate of recycling and waste recovery. However, there are some financial and environmental restrictions on waste-to-energy technologies.

Industry Insights

Even with ongoing supply chain stress and a labour constraint, which should eventually lessen, the baseline outlook for 2022 calls for rather strong growth in consumer products. Leading CP companies will focus on increasing transparency, growing digital engagement, and investing in the future of work as their three main strategies for fostering trust this year. 

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