HIGHLIGHTS OF THE WEEK

On the occasion, the Prime Minister stated that India looks forward to a presidency of healing, harmony, and hope. Making the G20 truly a “People’s G20” and bringing it closer to the general public would be a key component of India’s G20 Presidency. A variety of “Jan Bhagidari” activities involving both citizen engagement and public participation are planned throughout the year.

Weekly MSME News Updates

The strategy paper noted that India is a crucial partner in Canada’s pursuit of its objectives due to its growing strategic, economic, and demographic importance. Through increased trade and investment, as well as collaboration on building resilient supply chains, Canada will strengthen its economic relations with India.

Sunak spoke of promoting the “freedom and openness” of British values throughout the world. He stated that the opportunity in the Indo-Pacific is compelling. Over half of global growth will occur in the Indo-Pacific region by 2050, compared to barely a quarter in Europe and North America combined.

One-third of India’s GDP is generated by the Micro, Small and Medium Enterprises (MSME) sector. Bhanu Pratap Singh Verma said that their goal is to fully realise the potential of the MSME sector in order to double its contribution to the Indian economy. The Ministry is moving closer to its goal by resolving bottlenecks. 

ICRA stated that the wholesale volumes for the passenger vehicle industry are expected to reach an all-time high of 3.7–3.8 million units in FY23. The total capex outlay for the OEMs is expected to stay high at ₹650 billion over FY2023–FY2025, said Rohan Kanwar Gupta. An outlay towards capacity expansion of more than $250 billion has been announced by several OEMs.

In India’s FY2022, the total amount invested in agrifoodtech startups was $4.6 billion, an increase of 119% from FY2021. Deal volume rose to 234. Downstream startups also raised $3.8 billion. With funding of $1.9 billion and $1.4 billion, respectively, the restaurant marketplace and eGrocery stood out as the most funded downstream sectors.

The Ministry of Commerce and Industry estimates that in 2021–2022, exports will total $17.2 million. The Middle East, the UK, Europe, Bhutan, Bangladesh, and Bhutan have been the main export markets. Importers have been taking advantage of field trips organised by APEDA to learn firsthand about qualitative cultivation practices. 

Global News

To hold a third round of energy dialogues in the upcoming days in Mexico City, the Mexican Economy Ministry has invited Tai’s team. Buenrostro suggested creating working groups that would meet in December and early January to go over different aspects of the energy consultations.

The Global Gateway symbolises a change in the EU’s foreign policy from aid for development to investments in significant infrastructure projects, the energy sector, and the manufacturing sector. Von der Leyen made reference to the comparison in comments meant to set apart the EU system from its rivals. 

President Mohamud emphasised his government’s initiatives to improve the investment environment and draw in foreign direct investment. Adam Abdelmoula said that the investment conference was in accordance with what the UN wanted to do in Somalia in order to fulfil Sustainable Development Goals Agenda 2030.

Due to this agreement, double income taxation in both nations will be eliminated. The bilateral agreement’s main benefits include giving businesses tax certainty and predictability while promoting long-term investments. It will ensure that Brazilian and UK businesses operating in the other country face fewer economic and administrative difficulties.

S&P’s forecast is based on the assumption that India’s nominal GDP growth will average 6.3% annually through 2030. Morgan Stanley stated that Indian GDP is expected to more than double from present levels by 2031. The continuation of India’s financial and trade liberalisation, labour market reform, and investments in the country’s infrastructure and human resources are all crucial to S&P’s projection.

An authority to aid Australia’s transition from fossil fuels to renewable energy is being proposed by a Greens’ bill. The first public submissions on the bill have been made available, and the feedback has been largely positive. However, the Australian Manufacturing Workers Union wants to be more involved to protect workers.

Industry Insights

While carriers are implementing GRI for the IPBC market, intra-Asian market rates have become a little bit more stable. Real GDP growth in Mainland China increased to 3.9% y/y in Q3 from just 0.4% in Q2, driven primarily by the industrial sector’s gains. Reliability on the Transpacific Eastbound route has increased and is now at 35.7% to the West Coast and 26.9% to the East Coast.

eGrowth Events

eGrowth Promotions

eGrowth is connected with multiple financial institutions who can help you with your funding requirements. These could be for working capital, acquisition, market expansion or any other investment.

We can help you access capital.

News from eGrowth

Why eGrowth

Do reach out for sponsorship opportunities and some creative and pocket friendly MSME outreach solutions.

And remember to subscribe to our newsletter so that it reaches your email inbox every week.

eGrowth is a cost effective channel for you to expand your reach to manufacturers, importers, exporters, MSME service providers and MSME solution providers. We can design some  creative and pocket friendly MSME outreach solutions for you.