Weekly news Snippet - Edition 16

I. MSME:?

Tamil Nadu Chief Minister, M.K. Stalin on 19th July wrote to Prime Minister, Narendra Modi drawing his attention to the ‘steep’ surge in cotton prices and also requested him to withdraw the import duty among others in order to provide relief to MSMEs, according to a PTI report.1

Karnataka Industries Minister, M.B. Patil, on 16th July, said that the state government of Karnataka plans to create an integrated platform to enable the MSMEs of the state to get access to all the fintech platforms, to unlock Karnataka’s manufacturing potential.2

Industry body FICCI’s latest quarterly (Q1 FY24) survey on manufacturing on 17th July, drawing responses from over 400 manufacturing units across nine major sectors proposed the need for easy and affordable credit access for Micro, Small and Medium Enterprises.3

II. Banking:

DBS Bank Ltd., Singapore’s largest bank, on 17th July, expanded its presence in India by inaugurating its new IFSC Banking Unit (IBU) in the Gujarat International Finance Tec-City (GIFT City), Gandhinagar. This new unit will focus on corporate banking services, including External Commercial Borrowings (ECB) and trade finance products.4

Uday Kotak, Asia's richest banker, will likely take a non-executive role soon at Kotak Mahindra Bank. “Going forward, I see my role as a non-executive board governance member and a strategic shareholder with a long-term perspective of nurturing a world-class institution," Uday Kotak told shareholders of the Kotak Mahindra Bank.5

III. Finance

World Bank Chief, Ajay Banga on 19th July, said that the domestic consumption is cushioning the Indian economy against a global on-going slowdown. Ajay Banga is here to attend the meetings of the G20 being held under India's presidency.6

Finance Minister, Nirmala Sitharaman on 16th July, suggested the Asian Infrastructure Investment Bank (AIIB) to use innovative financing ways to better address infrastructure needs of member countries.7

Bibliography:

1.???????financialexpress.com/industry/sme/msme-eodb-tamil-nadu-cm-writes-to-pm-modi-to-flag-cotton-price-surge-urges-import-duty-withdrawal-for-relief-to-msmes/3178986/

2.???????financialexpress.com/industry/sme/msme-fin-karnataka-government-to-launch-a-platform-for-msmes-to-access-fintech-firms-m-b-patil/3174077/

3.???????financialexpress.com/industry/sme/easy-credit-access-for-msmes-at-lower-interest-rates-need-of-the-hour-ficci-manufacturing-survey/3174051/

4.???????economictimes.indiatimes.com/industry/banking/finance/banking/dbs-launches-new-ifsc-banking-unit-in-gujarat/articleshow/101827720.cms

5.???????economictimes.indiatimes.com/industry/banking/finance/banking/see-myself-in-non-executive-role-at-bank-uday-kotak/articleshow/101792116.cms

6.???????economictimes.indiatimes.com/news/economy/finance/domestic-consumption-is-cushioning-indian-economy-against-global-slowdown-ajay-banga/articleshow/101947376.cms

economictimes.indiatimes.com/news/economy/finance/india-fm-nirmala-sitharaman-suggests-aiib-to-use-innovative-financing-ways-to-address-infra-needs/articleshow/101800191.cms