HIGHLIGHTS OF THE WEEK

The TReDS platform has helped registered MSMEs obtain recourse-free funding within 24 hours against invoices sent to registered customers. The growth of invoice discounting on the TReDS bill discounting platform was significant. The TReDS ecosystem has been strengthened by RBI, and all participants are encouraged to assist small businesses.

Weekly MSME News Updates

A central bank official stated that the world can trade in two ways: by trading in one currency or in other currencies. RBI introduced rupee payments for international trade, particularly with Russia, which was removed from the global payments network. It allowed Indian banks to establish vostro accounts to make it easier to settle transactions in rupees.

According to the statement, both parties evaluated the status of their bilateral ties in all fields, including political, economic, trade, and investments, among others. In-depth talks were held on the topic of enhancing bilateral ties and the direction in which bilateral collaboration should develop and move forward. 

Alkesh Kumar Sharma said that India would be among the top 6-7 partners with semiconductor production. Meity has assumed the lead in technology development, be it in the electronic or automotive sectors or in artificial intelligence. Local smart metre development will increase metering efficiency, lower energy consumption, and help power distribution firms.

Lithium-ion batteries will largely satisfy India’s need for the 903 GWh of energy storage needed to decarbonize its transportation and energy industries by 2030. As India’s demand is anticipated to rise considerably, the CEEW study estimates the material and financial requirements and provides a blueprint for the domestic strategy.

The budget has reportedly included special measures aimed at encouraging young people’s self-reliance and promoting startup culture. To support incubators, a deal worth Rs 100 crore has been arranged for seed funds. The Uttar Pradesh IT and Startup Policy has a suggested budget of Rs 60 crore, while the proposed budget for the Agriculture Accelerator Fund is Rs 20 crore.

India has joined a global initiative started by the US and the UAE to boost funding and support for the development of climate-smart agriculture and food systems. On the margins of the I2U2, Dammu Ravi signed a letter expressing India’s desire to join the AIM4C. AIM4C has effectively increased the global investments to more than USD8 billion. 

Global News

The two Ohio factories demonstrate a renewed willingness on the part of the Joe Biden administration to provide subsidies and other incentives to key sectors like semiconductors and electric vehicles. In Ohio’s congressional delegation, eight of the 12 Republicans voted in favour of government subsidies for the semiconductor industry.

The companies were searching for locations near ports, but discussions with local officials were still pending. In its preliminary plans for the offshore wind industry, the government has set high goals. Because of Vietnam’s robust industrial base and proximity to developed offshore wind marketplaces in East Asia, the country made a compelling case for manufacturers to establish themselves there.

Participants who were highly interested in fostering relationships with and learning about new business prospects in Africa attended the seminar in record numbers. The gathering included experts from the industrial, agricultural, and private sectors from 105 major Egyptian exporters and manufacturers with active domestic and regional investment markets.

The International Energy Agency predicts a 40-fold increase in lithium consumption by 2040. The “lithium triangle” of Chile, Bolivia, and Argentina in Latin America is of particular interest to battery manufacturers. The US Geological Survey estimates that these three nations alone hold 52m, or 53%, of the 98 million tonnes of lithium deposits found worldwide.

Dubai is luring Indian MSMEs because of its business-friendly working environment, low cost of customer acquisition rate, and access to a substantial customer base. Dubai’s stability, government efficiency, and dependability make it the ideal gateway to the MENA, which is one of the main reasons Indian MSMEs are seeking to use Dubai to broaden their global reach.

A switch to electric vehicle technology is one of the factors fueling the local auto industry’s industrial renaissance. Small-scale manufacturing environments have shaped reemerging skills at companies like Walkinshaw Engineering in Clayton, Victoria, and Premcar. The large Dodge RAM trucks’ transformation to right-hand drive served as evidence of Walkinshaw’s technical prowess.

Industry Insights

Consumers seek frictionless experiences in a world of disruptions

Over the next six months, 96% of surveyed customers plan to engage in cost-saving behaviours. 43% of consumers said they intend to increase their online purchasing. According to the study, businesses must do more than simply adapt to the changing attitudes, behaviours, and aspirations of their customers. The numerous friction points between them and their consumers must be identified, isolated, and mitigated.

Celebrating Womanhood 2023

During season 5 we are hosting in-person events at multiple locations.

• New Delhi – 11th March, 11:00 am (IST)
• Dubai – 11th March, 11:00 am (AET)
• Kolkata – 11th March, 11:00 am (IST)
• Mumbai – TBD
• Pune – TBD
• Goa – TBD
• Other locations – TBD

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