Weekly news Snippet - Edition 39
Poornatha (Business & Leadership Education Company)
Business and Leadership Education Company
Key highlights:?
MSME:?
1.?9 out of 10 Micro, Small and Medium Enterprises (MSMEs) expect to book profits during the ongoing calendar year.
2. Uttar Pradesh has emerged among the top three states as a significant contributor to the MSME sector, with a 9% share in total registered MSMEs in the country.
3. The MSME buyer-seller meet held as part of the Tamil Nadu Global Investor Meet (TNGIM) 2024 has attracted investment commitments worth about $6 million from 174 MSME units.
Banking:?
1.?Fino Payments Bank applies for Small Finance Bank license from RBI. Fino management had earlier told Economic Times that it would apply for the license by the end of 2023.
2.?State Bank of India (SBI) Chairman, Dinesh Khara, has won the prestigious Indian of the Year 2023 award in the business category.
Finance:?
1.?India will be $30 trillion economy by 2047, says Finance Minister, Nirmala Sitharaman, at Vibrant Gujarat Global Summit.
2.?India’s Foreign Direct Investment flows could rise to pandemic-era peak of $55 billion in 2 years, says HSBC.
I. MSME:
1.?Profits for MSMEs:
9 out of 10 Micro, Small and Medium Enterprises (MSMEs) expect to book profits during the ongoing calendar year on the back of strong consumer demand and ease of doing business, according to a report by NeoGrowth, an MSME lending organisation. MSMEs also said they have benefited from government schemes. The report added that 60% of the MSMEs met their business targets last year.1
2.?Development of MSMEs:
Uttar Pradesh has emerged among the top three states as a significant contributor to the MSME sector, with a 9% share in total registered MSMEs in the country, according to a report by realty consulting firm CBRE South Asia and real estate developers’ association CREDAI on 08th Jan.2
3.?TNGIM 2024:
The MSME buyer-seller meet held as part of the Tamil Nadu Global Investor Meet (TNGIM) 2024 has attracted investment commitments worth about $6 million from 174 MSME units. Of this, close to $2 million came from 73 first-time exporters. The international buyers and sellers meet witnessed participation from Australia, Japan, Italy, Singapore, Spain and Kenya.3
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II. Banking:
1.?Small Finance Bank:
Fino Payments Bank applies for Small Finance Bank license from RBI. Fino management had earlier told Economic Times that it would apply for the license by the end of 2023. Fino has around Rs. 600 crores of net worth while the minimum capital requirement for small finance banks is Rs. 200 crores at present.4
2. Indian of The Year award 2023:
State Bank of India (SBI) chairman Dinesh Khara has won the prestigious Indian of the Year 2023 award in the business category. Khara joined SBI as a probationary officer in 1984 and has risen through the ranks over the years at India's largest public sector lender.5
III. Finance:
1.?India by 2047:
India will be $30 trillion economy by 2047, according to Finance Minister Nirmala Sitharaman, who sees the state of Gujarat as a key driver of growth on the country's path to becoming a developed nation. Speaking at Vibrant Gujarat Global Summit, she also said the partnership between the central government and states will be key to India becoming a developed nation by 2047 through "inclusive, empowering growth for all citizens".6
2. Foreign Direct Investments in India:
Foreign Direct Investment into India may have sharply slowed over the last year, but accelerating investment intentions in “futuristic sectors” could usher in a new wave of FDI, taking gross inflows back to COVID-era peak levels of $55 billion in two years, HSBC’s economists said.7
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