VOL XXII, ISSUE 23

15th December 2022

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POLICY SCAN                                                                                    

Haryana notifies Electric Vehicle Policy 2022 

The Haryana government has notified the Electric Vehicle Policy, under which 2 schemes have been made live. Additional chief secretary of industries and commerce department Anand Mohan Sharan said that the aim of the Electric-Vehicle Policy is to promote the manufacturing of electric vehicles and their components in the state. He stated that with the formulation of this policy, research and development in the field of electric vehicles will be encouraged. In addition to strengthening the infrastructure, provisions have been made in the policy to reduce the upfront cost of electric-vehicles.

Source: https://auto.economictimes.indiatimes.com/, November 20, 2022

India to assemble anonymized datasets, collected under data governance framework policy  

Indian will soon start to assemble large forms of anonymized datasets, collected and harmonised under the Data Governance Framework policy, said Union Minister of state for Electronics and Information Technology, Rajeev Chandrasekhar. Addressing the G-20 Development Working Group conference, the minister said that India has a vibrant start-up ecosystem and a robust Artificial Intelligence ecosystem. Chandrasekhar added that digital data and data driven interventions are important for adaptive growth. “There is need to put essential safeguards against misuse of data and putting in place a framework for this purpose. We must view the Digital Economy through a combined prism of trust & protection.

Source: By Swathi Luthra, https://www.livemint.com/, December 13, 2022

INDUSTRY  SCAN                                                                           

General

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What Intel acquiring Tower means for India

Mergers and acquisitions, like in any industry, are not new in the semiconductor world. As per an analysis published recently, ‘After slowing significantly in the last half of 2021, the pace of megadeals for semiconductor mergers and acquisitions regained momentum in the first six months of 2022….So far this year, four large agreements have been announced — each valued between $1.9 billion and $9.4 billion, pushing the combined 1H22 M&A total to $20.6 billion’. IFS wants to be the world's second-largest foundry by the end of the decade, ahead of Samsung which currently has a 17 percent market share in foundry revenue but behind TSMC which has around 54 percent. However, Thakur recently resigned as the head of IFS with an expected handover to his successor in the first quarter of 2023.

Source: By Arun Mampazhy, https://www.moneycontrol.com/, December 13, 2022

Japan to join U.S. efforts to tighten chip exports to China

Japan and the Netherlands have agreed in principle to join the U.S. in tightening controls over the export of advanced chipmaking machinery to China, according to people familiar with the matter, a potentially debilitating blow to Beijing’s technology ambitions. The two countries are likely to announce in the coming weeks that they’ll adopt at least some of the sweeping measures the U.S. rolled out in October to restrict the sale of advanced semiconductor manufacturing equipment, according to the people, who asked not to be named because they are not authorized to speak publicly on the matter. The Biden administration has said the measures are aimed at preventing Beijing’s military from obtaining advanced semiconductors.

Source: By TAKASHI MOCHIZUKI, CAGAN KOC AND PETER ELSTROM, https://www.japantimes.co.jp/, December 13, 2022

Airtel bags mandate from Odisha’s TPWODL to provide IoT solution for 2 lakh smart meters

Bharti Airtel (Airtel), India's premier communications solutions provider, today announced that it has won a cellular IoT solution mandate with TP Western Odisha Distribution Limited, (TPWODL), a Joint venture between Government of Odisha and Tata Power. The mandate will see Airtel power 200,000 Smart Meters with IoT solution, of which 70,000 will be delivered in the first phase. The connectivity mandate will be augmented with Airtel's proprietary IoT platform, “Airtel IoT Hub” which will help the utility track and monitor these smart meters with advanced analytics while maintaining extremely high reliability augmented with telco grade security. Smart metering is one of the most rapidly advancing use case for cellular IoT in India with several power distribution companies looking forward to invest in this space to prevent revenue leakage. 

Source: https://telecom.economictimes.indiatimes.com/, November 30, 2022

TSMC to up Arizona investment to $40 billion with second semiconductor chip plant

President Joe Biden is joining the founder of Taiwan Semiconductor Manufacturing Co. on Tuesday to announce the opening of the company’s second chip plant in Arizona, raising its investment in the state from $12 billion to $40 billion. The company will also announce it will be producing more technically advanced chips than originally proposed. The investment by TSMC is one of the largest foreign investments in U.S. history, and the biggest in the state of Arizona. Semiconductor chips are used in everything from computers and smartphones to cars, microwaves and health-care devices. The Covid-19 pandemic shined a bright light on U.S. dependence on Chinese manufacturers as lockdowns led to a global shortage of the high-tech chips.

Source: By Emma Kinery, cnbc.com, December 06, 2022

TSMC bucks broader chip slump with 50% revenue surge, helped by Apple iPhone orders

TSMC, the world’s largest contract chipmaker, on Friday reported a surge in revenue in November thanks in part to orders of semiconductors for high-end smartphones such as Apple’s iPhone. The Taiwanese firm, which makes chips for other companies, said November revenue totaled 222.71 billion new Taiwan dollars ($7.27 billion), a 50.2% year-over-year rise. TSMC makes chips for a wide array of companies, including the latest semiconductors for Apple and Qualcomm as well as SoftBank-owned Arm. The company has bucked a slowdown in areas of the chip market in the face of rising prices, fears of a global recession and Covid disruptions in China.

Source: By Arjun Karpal, https://www.cnbc.com/, December 09, 2022

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Information Technology

Oracle to invest $2.4 billion quarterly in cloud infra as demand grows in triple digits

Oracle on Monday said it will continue to invest $2.4 billion per quarter in its cloud business, which accelerated 48% in the second quarter, helping the company revenue grow 25% year-on-year, without accounting for currency fluctuations. Cloud services as a category, according to CEO Safra Catz, has been growing faster than license support. The company expects cloud infrastructure (IaaS) margins to improve in the coming quarters. Oracle said it had triple-digit bookings growth in its IaaS services for the past two quarters and that the investments in cloud would not impact its margins. Capex this quarter was 2.4 billion as we continue to invest in our cloud to meet this accelerating demand. They expect to spend about this amount per quarter for the next few quarters as we build capacity for our customers’ needs.

Source: By Anirban Ghoshal, https://www.cio.com/, December 13, 2022

Tech Mahindra Inks MoU with IQM Quantum Computers for Research in Quantum Computing

Tech Mahindra, a leading provider of digital transformation, consulting, and business re-engineering services and solutions, and IQM Quantum Computers, the European leader in quantum computers, have signed a Memorandum of Understanding (MoU) for research in quantum computing. The organizations will explore synergies in mutually beneficial areas of quantum computing, cryptography, and communication technologies. As part of the partnership, the organizations will jointly develop new quantum computing offerings for various industries including healthcare, cyber security, and banking, among others. They will further co-develop and market quantum technology use cases in India and Finland. Tech Mahindra has been working to accelerate the adoption and commercialization of quantum technology globally. In line with this, the organization is also setting up its Quantum Centre of Excellence – QNxt in Helsinki, Finland. With the partnership with IQM Computers, both organizations will further strengthen their research and design capabilities and quantum computing offerings.

Source: https://www.siliconindia.com/, December 14, 2022

India has 350 mn online transacting users, ready to grow 2X by 2030

India currently has around 350 million online transacting users across e-commerce, shopping, travel and hospitality, and OTT and the number is set to double by 2030, a new report showed on Wednesday. There are about 40-45 million mature users who spend a considerable share of their wallet online (more than 50 per cent). At 780 million, India is home to the second-largest Internet user base in the world, which is more than 2 times of the US population. With the accelerated growth of Internet and smartphone adoption, India is expected to surpass 1 billion Internet users by 2030. An average Indian spends 7.3 hours per day on their smartphone, one of the highest in the world. Cheaper data costs and affordable smartphones (starting at $60) have been the fundamental drivers of increasing online time. This sets the stage for high digital opportunities for consumer Internet players.

Source: https://www.siliconindia.com/, December 14, 2022

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Telecom

Tata Communications to hive off non-network IoT biz unit

Tata Communications on Wednesday said it is selling its non-network Internet of Things (IoT) business as a going concern on a ‘slump sale’ basis to its wholly owned subsidiary, Tata Communications Collaboration Services Private Limited (TCCSPL). The net worth of the non-network IoT business, as of September 30was Rs 42.34 crores, according to the filing. The transaction is expected to be closed by January 1, 2023, 2023, after obtaining all necessary regulatory and other approvals. The rationale for hiving off the said business, Tata Communication, said is to support and simplify the IoT business and enable it for growth

Source: https://telecom.economictimes.indiatimes.com/, December 14, 2022

U.S. lawmakers introduce bill to restrict Huawei's access to banks

U.S. lawmakers have introduced a bipartisan bill to sanction Chinese tech company Huawei Technologies Ltd and Chinese 5G companies, restricting them from accessing U.S. banks. The bill, introduced by Republican senator Tom Cotton and backed by lawmakers such as Senate Majority Leader Chuck Schumer, a Democrat, seeks to "severely sanction" Huawei, and other "untrustworthy" Chinese 5G producers who they say engage in economic espionage against the U.S. The bill will add these entities to the Treasury Department's Specially Designated Nationals (SDN) List, effectively freezing out of the U.S. financial system. Lawmakers have tried to curb Huawei's access to U.S. banks in the past, proposing a similar bill in 2020 when President Donald Trump was in office.

Source: https://telecom.economictimes.indiatimes.com/, December 13, 2022

Telecom financial frauds up as more upgrade to 5G

Telcos are seeing an increase in telecom-related financial frauds as customers vie to upgrade to 5G services, underlining the need for better checks and security measures as the subscriber base transitions to the new technology. The 5G commercial rollout announcement has made consumers eager to use advanced internet services. Balasubramanian added that scammers have cashed in on this opportunity to commit financial frauds. Essentially, consumers are being tricked into giving out sensitive personal information like one-time passwords (OTPs) that may later result in loss of fund.

Source: By Urvi Malvania, https://telecom.economictimes.indiatimes.com/, December 09,2022

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India will be first to put up satellite spectrum for auction: Trai chairman

India will be the first country to auction spectrum for satellite communication or satcom, according to a top official of the Telecom Regulatory Authority of India (TRAI). Telecom Regulatory Authority of India (TRAI) chairman PD Vaghela said that the telecom regulator has also received a reference from the Department of Telecommunications (DoT) for the spectrum required to be put for auction, and other related aspects of satellite-based communication. Trai will also come up with a consultation paper in this regard, as per the official. Notably, telecom operators have favored a spectrum auction for satellite communications, but the satellite industry players have vehemently opposed such a proposal.

Source: By Ashutosh Kumar, https://telecom.economictimes.indiatimes.com/, December 13, 2022

BSNL to launch 5G services in next 5-7 months across 1.35 lakh towers: Vaishnaw

As India prepares for the 5G telecom services with several private players already in the market, the upgradation of the 4G technology of State-owned BSNL to 5G will still take 5 to 7 months, Union Telecom Minister Ashwini Vaishnaw announced on Thursday. The minister also added that services will be rolled out across 1.35 lakh telecom towers the company has in the country. The minister was addressing a CII event and talked about encouraging indigenous innovation by increasing the telecom technology development fund from ₹500 crore to ₹4,000 crore per annum. To facilitate BSNL's start of its 5G trials, the telecom ministry has asked Tata Consultancy Services (TCS) to offer equipment for 5G testing.

Source: By Devesh Kumar, https://www.livemint.com/, October 09, 2022

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EV’s & Auto Electronics

JSW Group may revive plans to manufacture electric cars: Report

After abandoning an entry into the electric vehicle (EV) manufacturing space in 2019, Sajjan Jindal’s JSW Group is reconsidering the manufacture of EV cars again, Mint reported. The difference this time is that the EV business will likely take up by a private group entity, unlike the group's previous bid which was under JSW Energy, a source told the paper. JSW Group has approached states that are business-friendly about the possibility of building a factory and the likely incentives, the source added. The group is yet to shortlist a technology partner, and the plans are still in the early stages, they added. The company had earmarked Rs 6,500 crore for this venture and was in advanced talks with General Motors to acquire the latter's manufacturing facility in Talegaon, near Pune.

Source: https://www.moneycontrol.com/, December 12, 2022

Electric Vehicle Incentives will be Similar to Thailand, Vietnam, Minister Says

Coordinating Minister of Maritime Affairs and Investments Luhut Binsar Pandjaitan stated that the amount of government subsidy for electric motorcycle users would not be too far off from what the Thailand and Vietnam governments have implemented. Luhut assured that the exact amount of subsidy is being formulated and calculated by the government. He added that the subsidy is important to develop a domestic electric vehicle ecosystem. As previously reported, Presidential Chief of Staff Moeldoko said that the government is currently studying various aspects of government assistance for electric conversion kits for cars, motorcycles, and public transportation. Moeldoko asserted that the government will constantly discuss the policy as they believe that incentivizing people who own electric vehicles will help accelerate the development of the electric vehicle ecosystem.

Source: Ricky Mohammad Nugraha, https://en.tempo.co/, December 14, 2022

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Mahindra To Invest $1.2 Billion To Set Up Electric Vehicle Plant In Pune

Mahindra & Mahindra Ltd today said it will invest ₹ 10,000 crore in the next 7-8 years in the manufacturing and development of electric vehicles at Pune, Maharashtra. The investment of ₹ 10,000 crore for electric vehicles has been approved under the Maharashtra government's industrial promotion scheme for electric vehicles, M&M said in a regulatory filing. Some of these BEVs were showcased in Oxfordshire, UK, on August 15, 2022, it added. These electric SUVs are based on the INGLO EV platform and will be launched under the XUV brand and the all-new electric-only brand 'BE'.

Source: https://www.ndtv.com/, December 14, 2022

Find Out How the New Battery Safety Norms in India Will Affect OEM’s Short-term Production

A number of battery manufacturers and EV firms have questioned the current rules on the battery safety and local value addition because they feel the little timeline could largely impact their short-term production as well. As per a report of the Economic Times, many of the battery and EV makers have been impacted by the current safety norms. Of late, the Ministry of Road Transport and Highways altered the AISI56 norms, which is a rigorous certification and testing procedure. The process is now followed to ensure an enhanced safety following the number of fire incidents in e-scooters this summer. Experts also highlighted that due to various departments and uncleared policies, there are duplications and overlaps during testing, which needs to be well-organized.

Source: https://circuitdigest.com/, December 13, 2022

Why Is Switzerland Looking Forward to Restricting and Banning the Use of Electric Vehicles

Globally, the electric vehicle industry has been witnessing a huge growth and the government has also unleashed various schemes and incentives to boost the sector. But, of late, some media reports cited that the European country Switzerland is looking forward to ban electric vehicles completely in the country. But, this is not true because it has only drafted some emergency proposals so that it does not face any kind of energy crisis this winter. According to a report of the Economic Times, Switzerland relies heavily on hydropower in order to meet its energy requirements; around 60 percent of the power is generated from hydropower. But, when winter appears, the production becomes very limited. In fact, power is also imported in the country from France and Germany. Because of the Ukraine war most of the European countries are facing a massive energy crisis.

Source: https://circuitdigest.com/, December 09, 2022

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Defence & Solar

Kalyani-Rafael Advanced Systems Pvt Ltd rolls out MRSAM Missile kits for the Armed Forces

Kalyani Rafael Advanced Systems Pvt Ltd (KRAS) today rolled out the 100th Medium Range Surface to Air Missile Kit for delivery to the Indian Armed Forces. The kit is part of the MRSAM Air Defence Missile jointly developed by Rafael Advanced Defense Systems Ltd & DRDO and manufactured in collaboration with Indian industry comprising of both private and public sector players including MSMEs. The delivery of the 100th MRSAM Missile Kit takes place close on the heels of the delivery of the first iring unit to the IAF at Air Station Jaisalmer on 09 Sep 2021. Dr BHVS Narayana Murthy, Distinguished Scientist and Director General Missiles & Strategic Systems handed over the 100th MRSAM Missile Kit to senior officers of the Indian Armed Forces in the presence of Mr Baba N Kalyani Chairman, and Managing Director, Bharat Forge Ltd and Maj Gen (Retd.) YoavHar-Even, President & CEO Rafael Advanced Defense Systems Ltd, Israel.

Source: http://www.indiandefencereview.com/, December 13, 2022 

Defence push: Raytheon arm starts Global Tech Center in Bengaluru

Collins Aerospace, a unit of one of the world's largest defence and aerospace companies Raytheon Technologies Corporation of the US, has kicked off its new Global Engineering and Technology Center (GETC) and Collins India Operations Center in Bengaluru and is planning to invest over $200 million in expansion. The GTEC will house more than 5,000 Collins and Raytheon Technologies employees in India, with additional sites set to open early 2023. Plans are to expand further on the 3-acre land next year with new capabilities. Another Raytheon group company Pratt & Whitney’s United Technologies Corporation India Pvt Ltd. (UTCIPL) contract engineering services is also planned to open in early 2023 in the same location.

Source: https://www.fortuneindia.com/, December 08, 2022

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With CAGR of 5.1%, Global Marine Electronics Market Size Worth US$ 6501.7 Mn by 2028 | Zion Market Research 

The global marine electronics market is primarily driven by the expansion of maritime trade and rising demand from the defense industry. In both developing and developed nations, including the U.S., Russia, China, and India, naval forces are continuing to grow. The market is expanding due to an increase in seafood demand as well. Sonar systems' increased use in search and rescue missions as well as the rising popularity of leisure boats like luxury yachts and cruise ships are other significant factors. The need for sophisticated electronic navigation, sonar, and radar systems is being driven by the expansion of international trade and the transportation of products, which is likely to create new lucrative market opportunities and drive the global marine electronics market.

Source: https://www.einnews.com/, December 13, 2022

Only one-fourth of sanctioned solar power projects took off, says Minister

The Union government has so far sanctioned the development of solar projects with a capacity of nearly 39,000 MW but only a fourth have actually been commissioned so far, reveal figures presented by R.K. Singh, Minister for New and Renewable Energy, at the Rajya Sabha on Tuesday. Under the ‘Scheme for Development of Solar Parks and Ultra Mega Solar Power Projects’, a total of 57 solar parks of aggregate capacity of 39,285 MW were sanctioned until November-end. However, only solar power projects of 10,027 MW have been commissioned in these parks. Citing reasons for the shortfall, Mr. Singh said some solar parks had been cancelled due to their “slow progress”. The key challenges in this scheme included hurdles in acquisition of land with clear title; a “mismatch” in the time taken to set up a project and the infrastructure to route the power produced to the grid; “environmental issues” and the halt in economic activity due to COVID-19.

Source: By Jacob Koshy, https://www.thehindu.com/, December 13, 2022

CleanMax, Meta partner to invest in 33.8 MW new renewable energy projects

CleanMax Enviro Energy Solutions, a commercial & industrial (C&I) renewable energy company said it has partnered Meta to invest in 33.8 megawatt (MW) of renewable energy projects in India. Under the deal, CleanMax will own and operate the projects, while Meta will purchase 100% of the environmental attributes from the projects for years to come. The 33.8 MW of renewable energy project capacity is made up of 21.6 MW of wind and 12.2 MW of solar, which is in addition to 32 MW of wind energy jointly announced last year. This brings CleanMax and Meta’s total investment to 65 MW of new renewable energy that will be added to India’s electrical grid.

Source: By Saurav Anand, https://www.livemint.com/, December 13, 2022

India to almost double its renewable power capacity in next 5 years: IEA report

Renewable energy will comprise 90 per cent of global electricity capacity expansion in the next five years and much of it will be in India, according to a new study by the autonomous intergovernmental organisation, International Energy Agency (IEA). China, the European Union and the United States will be three other geographies contributing majorly to this upward trend besides India. This is primarily owing to the favourable policies and market reforms in all four. Renewable energy’s installed power capacity addition will grow to 2,400 gigawatts (GW) between 2022 and 2027, according to the study. The forecast said this expansion was 85 per cent faster than the previous five years and will be equal to the entire installed power capacity of China today. With the addition of 145 gigawatt (GW), India is forecast to almost double its renewable power capacity over 2022-2027. Solar photovoltaic (PV) accounts for three-quarters of this growth, followed by onshore wind with 15 per cent and hydropower providing almost all the rest.

Source: https://www.downtoearth.org.in/, December 09, 2022

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Consumer Electronics

Apple will begin negotiations with union workers at Maryland store

Apple store workers in Towson, Maryland, who became the first of the tech giant's U.S. employees to unionize, will start contract negotiations with the company next month. Employees at the Towson Town Center store voted 65-33 in June to join the Washington-based International Association of Machinists and Aerospace Workers through a newly formed Coalition of Organized Retail Employees. The union on Thursday said negotiating committee members will start contract talks with Apple management Jan. 11 and continue on several dates through Feb. 2. The union and the company agreed to set dates that would not interfere with the holiday shopping season. 

Source: Lorraine Mirabella, https://techxplore.com/, December 12, 2022

 ESW Expands Services Into Consumer Electronics, Gaming, and Software Categories

ESW, the world’s leading global Direct-to-Consumer (DTC) ecommerce company today announced its expansion into the consumer electronics, gaming, and software businesses. With its recent acquisition of Scalefast, ESW has added clients, including Logitech, Tile, Square Enix, and Hasbro to its robust portfolio of apparel, accessories, luxury, and cosmetics brands. As part of this new strategy, ESW announced that it has appointed Chad T. Johnson as Vice President of Sales, Electronics, Gaming, and Digital, a new role that will be a key component to accelerating ESW’s growth in these categories. Johnson will report to ESW Chief Commercial Officer for the Americas, Ahmed Naiem.

Source: https://www.businesswire.com/, December 13, 2022

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Appliance makers expect robust growth from heating products this winter

Appliance makers are expecting a high double-digit growth in sales of heating products such as geysers and room heaters on hopes of a good winter and are ramping up production capacity to meet the demand. The manufacturers are seeking to cash in on the onset of winter with new-tech products like Internet of Things (IoT)-enabled geysers, besides tankless water heaters and a range of premium room heaters with oil-filled radiators. Besides, the makers are offering convenience, durability, and aesthetics with upgraded appliances in different sub-categories ranging from mass to premium. Crompton Greaves Consumer Electricals Ltd (CGCEL) is looking at 20 per cent growth in both instant and storage water heaters over last year.

Source: https://economictimes.indiatimes.com/, December 11, 2022

TV, smartphone firms go for 30% production cuts

Manufacturers of consumer electronics including smartphones, appliances and televisions have cut production by up to 30% since the beginning of November compared with a year earlier, with demand slowing down after Diwali and sales of entry-level products remaining muted during the festive season, leading to piling up of inventory. This is the second time this year that companies have resorted to production cuts. After the first cut during April-July, output had normalised and had even grown year-on-year in the run up to the festive season in August to early October, industry executives said.

Source: By Writankar Mukherjee, https://telecom.economictimes.indiatimes.com/, December 02, 2022

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MSME

Higher penetration doubles quarterly MSME loan disbursals since 2020: Rpt 

On the back of increased penetration, the quarterly loan disbursals to the Micro, Small and Medium Enterprises (MSMEs) in India have doubled in the last two years, data from a new report showed. From Rs 1.58 trillion in the Jan-March quarter of 2019-20 (Q4FY20), the disbursal amount crossed Rs 3.03 trillion in Q3FY22 and Rs 3.25 trillion in Q4FY22. The demand for MSME debt was highest in Maharashtra, which accounted for 20 per cent of the total demand in India. The disbursals have been led by increased penetration as the approval rate for medium risk loans remained stagnant between FY21 and FY22, the MSME Lending Report 2022 released by Mumbai-based venture capital (VC) firm BLinC Invest said. 

Source: https://www.business-standard.com/, December 14, 2022

Nearly 8,000 MSMEs shut in FY23 so far: Govt data  

The total number of Udyam-registered MSMEs shut down due to various reasons between April 1 and December 8 in the current financial year stood at 7,995, said Minister of State in the MSME ministry Bhanu Pratap Singh Verma citing data from the Udyam portal on Monday in a written reply to a question in the Rajya Sabha. Moreover, the number of MSMEs recording a decline in their turnover compared to the previous financial year and which were also re-classified was 19,706. The minister was responding to a question on the number of MSMEs that got shut after Covid and also saw a drop in turnover. Till July 20 in the current FY, the number of closed Udyam MSMEs was 2,870. During the same month, the government had shared the consolidated data on the number of MSMEs closed over the past six years including the Covid period in the country. 

Source: By Sandeep Soni, https://www.financialexpress.com/, December 12, 2022

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Bank credit to MSMEs up 24% in FY22 from pre-Covid level: RBI data 

The total amount of credit extended to MSMEs in the financial year (FY) 2021-22 by scheduled commercial banks has increased by 24.6 per cent from FY20 and 12.7 per cent from FY21, indicating the rise in credit demand among small businesses fast-tracking their Covid recovery. According to the data from the Reserve Bank of India (RBI) shared by the MSME Minister Narayan Rane in the Rajya Sabha on Monday in a written reply to a question, the credit outstanding to the MSME sector increased from Rs 16.13 lakh crore given to 384.18 lakh borrowers to Rs 17.83 lakh crore to 420.19 lakh borrowers in FY21 and further to Rs 20.11 lakh crore to 264.67 lakh borrowers in FY22. Among top states in FY22, 26.91 lakh MSMEs in Maharashtra secured maximum credit of Rs 3.39 lakh crore followed by 39.07 lakh MSMEs in Tamil Nadu raising Rs 2.19 lakh crore, and Gujarat with 10.20 lakh MSMEs getting Rs 1.85 lakh crore in bank credit. In Delhi, 4.29 lakh units raised Rs 1.30 lakh crore in FY22.

Source: By Sandeep Soni, https://www.financialexpress.com/, December 12, 2022

No study on advantages, disadvantages of foreign investment in MSMEs: Govt 

No specific study has been conducted by the government on the advantages and disadvantages of foreign investment in the micro, small and medium enterprise (MSME) sector from the competitiveness and viability point of view, said minister of state for MSME Bhanu Pratap Singh Verma. In a written reply in Rajya Sabha on Monday, the minister, however, said that the Centre is implementing various schemes and programmes aimed at the promotion and development of the MSME sector including the MSME Champions Scheme, Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), Prime Minister’s Employment Generation Programme (PMEGP), Micro and Small Enterprises - Cluster Development Programme (MSE-CDP). 

Source: By Saurav Anand, https://www.livemint.com/, December 12, 2022

45% jump in FY22 credit to women led MSMEs from pre-Covid level by public sector banks: RBI data 

Credit extended by public sector banks (PSBs) to women led MSMEs during the financial year 2021-22 has jumped 45 per cent from the pre-Covid level (FY20) and 14.2 per cent from FY21, according to the data from the Reserve Bank of India (RBI) shared by the minister of state in the finance ministry Bhagwat Karad in a written reply to a question in the Rajya Sabha on Tuesday. The amount increased from Rs 5.76 lakh crore in FY20 to Rs 7.31 lakh crore in FY21 and further to Rs 8.36 lakh crore in FY22. The number of loans disbursed to women MSMEs also jumped 22.6 per cent to 3.05 crore in FY22 from 2.49 crore in FY20 and 5.5 per cent from 2.89 crore in FY21. 

Source: https://www.financialexpress.com/, December 13, 2022

Govt envisions doubling MSME sector's contribution to economy: Minister 

The government envisages doubling the contribution of India's micro, small and medium enterprises sector to the economy by realising its full potential, Union Minister Bhanu Pratap Singh Verma said on Wednesday.The Micro, Small and Medium Enterprises (MSME) sector contributes one-third to India's gross domestic product (GDP). The Minister of State for MSME said the Ministry is working towards this objective by resolving bottlenecks. The Global MSME Summit is being organised by CII in partnership with the Ministry of Micro, Small and Medium Enterprises to promote the visibility of Indian MSMEs and encourage international market linkages.

Source: https://www.business-standard.com/, December 01, 2022