VOL XXII, ISSUE 22

30 November 2022

 TOP

POLICY SCAN                                                                                    

Gujarat govt announces new Electronics Policy 2022-2028

With a view to generate 1 million employment opportunities in a span of five years, the Gujarat government unveiled a new Electronics Policy – 2022-2028. Announcing the policy, Gujarat chief minister Bhupendra Patel said that the new electronics policy will not only lay the foundation for manufacturing for electronic products in Gujarat but it will also give momentum to Prime Minister Atmanirbhar Bharat initiative. The policy is eying at producing electronics items in tune with $30 billion to achieve the Prime Minister’s vision of producing $300 million worth of sustainable electronics manufacturing and exports by 2026. For the purpose, the state government has made provisions and relaxation including one-time reimbursement of 100% stamp duty and registration fee on the sale/transfer of land and entitling ‘eligible units’ for a 7% loan on the interest paid, with a ceiling of Rs 10 crore per annum.

Source: https://www.financialexpress.com/industry/gujarat-govt-announces-new-electronics-policy-2022-2028/2758623/ October 30, 2022

Meta's ex-India policy chief Rajiv Agarwal joins Samsung in a tech policy role

Meta Platform Inc.’s former policy head for India is set to take a similar role at Samsung Electronics Co.’s local unit, people with knowledge of the matter said. Rajiv Aggarwal will take up the position, which entails liaising with and lobbying government officials on domestic policy matters, from December, one of the people said, asking not to be identified because the appointment hasn’t been made public. Aggarwal is joining one of the most successful foreign multinationals in India, a top seller of smartphones as well as other electronics. The executive was among several key executives to depart Meta’s local operations this year, as US internet giants including Alphabet Inc.’s Google grapple with increasingly stringent oversight of content.

Source: https://www.livemint.com/, November 16, 2022

 Govt develops electric vehicle policy - Transport Minister

The Minister of Transport, Kwaku Ofori Asiamah, has said an Electric Vehicle Policy is being developed to guide the deployment and upscale of electric vehicles in the country. To that effect, he said the ministry was preparing to commence stakeholder consultations “which are a critical requirement for the policy approval process”. The policy, alongside other similar initiatives, is part of the government’s broader strategy towards achieving a net-zero emission future in the transport sector,” Mr Asiamah said in an address read on his behalf at the 2022 Annual General Meeting of the Chartered Institute of Logistics and Transport (CILT) in Accra last Thursday. It was on the theme: “Green Transport and Supply Chains: Key to Sustain the future of Industry and Environment”. Mr Asiamah noted that as transport practitioners and managers, they should begin to develop corporate policies and initiatives that led to carbon reductions specifically, as well as reduce resource demand. 

Source: https://www.businessghana.com/, November 28, 2022

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 Rajasthan’s new MSME policy promises huge employment opportunities

The new micro, small and medium enterprises (MSME) policy adopted by the Congress-led government in Rajasthan has promised the creation of huge employment opportunities while setting the target of establishing 20,000 new MSME units. There will be a cumulative investment of ₹10,000 crore on these units which will generate employment for 1 lakh people. Industries Minister Shakuntala Rawat said on Wednesday that the State government would create a better regulatory environment for the MSME sector. The policy will also facilitate as many as 9,000 MSMEs to obtain the Zero Defect Zero Effect (ZED) certification, which will increase productivity, reduce wastage, save energy and enhance environmental consciousness.

 Source: https://www.thehindu.com/, November 17, 2022

INDUSTRY  SCAN                                                                           

General

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How Intel Aims to Beat its Rivals Samsung and TSMC in the Semiconductor Foundry Space?

The US is now investing billions of dollars to build its in-house chip manufacturing cluster to defeat China’s fearless ambitions of leading the semiconductor industry. China is now trying relentlessly to reduce its dependence on foreign technology. In the meantime, because of the slumping demand of chips and decreased production, Intel grabbed a 20 percent YoY drop in Q3 revenue in the past week and the overall revenue for 2022 dropped between $63 billion and $64 billion as low as $4 billion from its past FY income. As per some media reports surfaced previously, the US tech giant is working on the mass production of chips on 5-nm process in retaliation to TSMC’s 3-nm tech process. Intel planned to unleash them during the Q2 of 2023 along with 18A production during the same timeline. Intel also played a key role in the unleashing of the CHIPS ACT, which will channel more than $50 billion in federal money into chipset manufacturing.

Source: By Nijhum Rudra, https://circuitdigest.com/,  November 07, 2022

Hama, A German Electronic Manufacturing Firm, Enters the Indian Market

Hama, the German brand and world's leading manufacturer of electronic accessories specializing in various categories including gaming, computers, mobility, photo, video, audio, and multimedia, has expanded its footprint to India. The brand with a legacy of over 99 years has entered the Indian market by making strategic tie-ups with the leading distributors and retailers/e-tailers in the country. The company, which has a turnover of more than $550 million euros, entered India earlier this year and plans to launch over 300 products with the promise of premium German quality at an affordable price and offering product warranties that range from 1 to 30 years on the simplest accessories. With over 18,000 products, Hama offers a very diverse range; hence, they are regarded as the epitome of ideal accessories. Hama turns simple accessories into a product experience. Hama is omnipresent in over 70 countries across the world.

Source: https://www.indianweb2.com/, November 27, 2022

Tata Electronics keen to recruit 80% of workforce from TN, says Minister

The Tata Electronics Private Limited (TEPL) has committed to recruit 80 per cent of its workforce for its mobile components-manufacturing unit at Denkanikottai in Krishnagiri district of Tamil Nadu, State Industries Minister Thangam Thennarasu said on Friday. Also, the government would ensure that other industrial units in Tamil Nadu give preference to employ those from the State, he said. The TEPL, a greenfield venture of the Tata group, with expertise in making precision components, had said the company was planning to add significant numbers to its existing 8,000-strong workforce. Recently, the TEPL said it had set a target to employ 80 per cent of its workforce for its manufacturing facility in Krishnagiri district. As it gears up for commercial operations, the company had said the employees would be directly or indirectly employed and would be based in the district.

Source: https://www.financialexpress.com/, November 25, 2022

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Gartner revises global semiconductor revenue decline estimates 2.5% to 3.6% for 2023

After posting double-digit revenue growth last year, the semiconductor industry is expected to see its revenue decline by 3.6% to $596 billion in 2023 due to the worsening economic situation and the resulting slump in demand for consumer electronics, according to Gartner’s latest report, released Monday. The revenue for the current year is expected to grow at a modest 4% to reach $618 billion. Gartner has revised its estimates for both 2022 and 2023. In July, Gartner had projected the revenue in 2022 to grow at 7% to $639 billion and then decline by 2.5% to reach $623 billion in 2023. Though demand for technology products in the consumer segment has declined, demand for products in enterprise networking, enterprise computing, industrial, medical and commercial transportation has remained robust despite the economic slowdown and geopolitical concerns, according to Gartner.

Source: https://www.livemint.com/, November 28, 2022

Samsung to Begin its New Research Division To Analyze Global Semiconductor Market

The South Korean giant Samsung Electronics is now looking forward to unleash a new-fangled in-house international research division, which will be supervising the international semiconductor market and also finding out new investment areas. The division will be formed under the Device Solutions Business Division in the coming month. As per Samsung officials, the company has taken this decision to counter the current international semiconductor production slump. Omdia, a market research firm mentioned in the first half of this month that the market for international semiconductor in the Q3 witnessed $147 billion, which has been reduced by 7 percent from $158 billion in Q2 2022. Due to this scenario, the South Korean global electronics firm also lost its leading position to its rival Intel. Due to the COVID-19 pandemic, several global semiconductor companies have witnessed a rapid slump in demand along with supply chain imbalances, and excess inventory in the past one and a half years. The report also adds, "A growing distrust of external market research institutions also played a role."

Source: https://circuitdigest.com/, November 28, 2022

China’s New Strategy for its Companies to Use Only Chinese Chips or Pay 400% More Tax

With the onset of the COVID-19 pandemic, the US government has been banning trades and business deals with China, which has a deeper impact on the Chinese economy. Following the same trends, several countries  are now planning to shift their manufacturing hubs out of China. In this increasingly worldwide intricate smartphone market, self-research is the base foundation of self-independence. Therefore, the point to be noted is that can China counter the action against Huawei or else it will impact the financial growth of other firms. According to a report of GizChina, Cao Haitao, a reputed professor of Mindu Scholars at Minjiang University, mentioned during an interview that 30 percent of smartphones sold in the Chinese region must utilize Chinese apps. He further added that any brand who does not abide by this strategy must be ready to pay 400 percent more tax. Haitao suggested that the sole purpose behind this strategy is to boost the Chinese market. When the market will have growth, income will be increased, which in further will boost investment in R&D. If this strategy is not followed then other countries will control the Chinese market.

 Source: https://circuitdigest.com/,  November 28, 2022

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Information Technology

India taking giant leap in IT and new age technologies: Jitendra Singh

Union Minister Jitendra Singh said, under PM Narendra Modi, a new governance model has sought to be introduced in India based on the Mantra of “Maximum governance, Minimum government" to seek technology driven ease of governance. Inaugurating the 25th National Conference on e-Governance (NCeG), the silver jubilee edition of the NCeG in Katra, Jammu & Kashmir, Jitendra Singh said, the ultimate objective of good governance is to bring ease of living in the life of common man. The Department of Administrative Reforms & Public Grievances (DARPG) and Ministry of Electronics & Information Technology (MeitY), Government of India, in association with the State Government of Jammu & Kashmir is organizing the 25th National Conference on e-Governance (NCeG) on 26 – 27 November, 2022 in Katra, Jammu & Kashmir. The theme of this Conference is “Bringing Citizens, Industry and Government closer".

Source: https://www.livemint.com/, November 26, 2022

Small-cap IT stock that surged 100% FDI enters blockchain biz

To expand its scope in providing digital solutions, Dev Information Technology on November 28 announced the acquisition of the blockchain firm, Minddeft Technologies. The Ahmedabad-based, Minddeft Technologies provides digital solutions leveraging cloud, automation and data and will boost Dev IT's services with the help of block chain technology. It provides blockchain and enterprise solutions with tech-innovations. On November 29, the Dev IT stock opened higher at ₹140, but it cooled off to trade flat to negative at ₹136.30 during the day. On November 28, the stock hit 52-week of ₹143.90 after trading ex-stock split on November 25. The company had earlier announced the division of equity shares in a 1:2 ratio from the face value of ₹10 each to ₹5 per share.

Source: https://www.livemint.com/, November 29, 2022

Govt upgrades IT to check cyber threats

The Centre has started a drive to upgrade its IT equipment and infrastructure so that all electronic, data storage, and communication devices used in government departments and agencies remain within the life span specified by the manufacturer and remain immune to cyber threats. The move comes in the wake of a large number of cyber security incidents being reported by the Indian Computer Emergency Response Team (CERT-In), a nodal agency for responding to such incidents and a ransomware attack at country’s top medical institute, the All India Institute of Medical Sciences (AIIMS), New Delhi, on 23 November. The ministry of electronics and information technology (MeitY) has directed all secretaries of central ministries to take action with regard to cyber security. Use of out-of-date operating systems and IT equipment must be discontinued, MeitY said in a communication reviewed by Mint.

Source: https://www.livemint.com/, November 28, 2022

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Telecom

J-K digital vision document, cyber security policy launched as 2-day National Conference on e-governance concluded

The two-day National Conference on e-governance concluded here in Jammu and Kashmir on Sunday, witnessing the launch of J&K digital vision document and J&K Cyber security policy. The event also witnessed a historic Memorandum of Understanding (MoU) signed between Jammu and Kashmir Information Technology department and DITECH Haryana on e-Governance, which is expected to strengthen and deepen the collaboration on knowledge sharing, IT initiatives and best practices in e-Governance. The two-day conference was organized by the government of Jammu and Kashmir in collaboration with the Ministry of Electronics and Information Technology and Department of Administrative Reforms and Public Grievances. Offer letters were handed over to the interns selected for the digital internship programme providing youth of J&K with opportunity to contribute to existing digital projects of the government.

Source: https://telecom.economictimes.indiatimes.com/,  November 28, 2022

Samsung to invest Rs 400 crore in Tamil Nadu plant to manufacture 5G, 4G equipment

Samsung plans to invest Rs 400 crore in its Tamil Nadu facility to build capacity to manufacture 4G and 5G radio equipment, having bagged deals from both Reliance Jio and Bharti Airtel. Several global electronics manufacturers, including the South Korean giant, have joined the central government’s production-linked incentive scheme to produce high-tech products in India. Nokia, Samsung, Ericsson’s partner Jabil, who were onboarded on the PLI bandwagon in October this year, plan to manufacture 5G equipment in India. Samsung had not participated in the government’s Rs 12,195-crore PLI scheme last year owing to a lack of opportunities for supplying equipment. Last year, Samsung only had Jio as a client to whom it supplied equipment with 4G, and the latter had not rolled out the 5G network till then.

Source: https://www.timesnownews.com/,  November 26, 2022

US bans Chinese telecom devices, citing ‘national security’

The United States Federal Communications Commission (FCC) has announced it is banning telecommunications and video surveillance equipment from prominent Chinese brands, including Huawei and ZTE, citing an “unacceptable risk to national security”. The five-member FCC said on Friday it had voted unanimously to adopt new rules that will block the importation or sale of the targeted products. US security officials have warned that equipment from Chinese brands such as Huawei could be used to interfere with fifth-generation (5G) wireless networks and collect sensitive information. The ban is the latest move in a years-long push “to keep US networks secure” by identifying and prohibiting devices deemed to be security threats, the FCC said. Friday’s initiative also includes a ban on Hytera Communications, the Hangzhou Hikvision Digital Technology Company and the Dahua Technology Company.

Source: https://www.aljazeera.com/,  November 25, 2022

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EV’s & Auto Electronics

Uttar Pradesh to be center of auto production, to export Electric Vehicles abroad: CM Yogi Adityanath

The government of Chief Minister Yogi Adityanath has pledged to turn western and central Uttar Pradesh into a hub for the auto and electric vehicle sectors as well as their supporting components in order to increase the state's economy to USD 1 trillion. The demand for electric vehicles in the auto business is rising swiftly, thus, CM Yogi told the officials at a high-level meeting that the auto and electric vehicle industries in western and central UP already have enough of resources and just need to be encouraged to grow. As a result, this industry will also have a lot of work opportunities. According to an official statement, in western and central UP, 9000-10,000 acres of land will be needed for the development of the industry; the Yogi government will spend 19-20 billion dollars on this. At the same time, auto parts with electric vehicles made here will be supplied to the UK, USA, Australia, and South Asia.

Source: https://zeenews.india.com/,  November 27,2022

Anxiety on the range: High-range EVs with long-duration batteries on demand

As EVs are increasingly used for weekend getaways with families, customers are expressing a preference for vehicles with a higher range and fast charging capabilities, and do not mind paying the premium to purchase such a product. According to a recent study by Jato Dynamics, 58% of consumers said the acceptable range was upwards of 400 kms. However, 46% of consumers drive less than 20kms per day, leaving EV manufacturers to deal with the problem of addressing “range anxiety”, where customers want a range that’s larger than they actually need. Most EV customers are using their cars within the city and beyond, and the growing charging infrastructure around them has helped increase the adoption of EVs.

Source: https://economictimes.indiatimes.com/,  November 26, 2022

Tamil Nadu govt plans to extend 100% road tax exemption for EVs till 2025

The state transport department has proposed to extend 100 percent road tax exemption for electric vehicles (EVs) for another three years. If approved, EVs will continue to cost 8 percent less. To promote sales of battery-operated vehicles, Tamil Nadu in 2008 fixed road tax road tax for e-bikes as Rs 750 and for personal cars, owners had to pay 3 percent to 6 percent of the vehicle’s cost as tax. Later, the government halved the tax amount and in 2019 waived off the tax completely up to December 2022. With this deadline nearing, automobile showrooms started to advertise stating that this was the best time to buy EVs as cost could go up from January.

Source: https://auto.economictimes.indiatimes.com/,  November 24, 2022

Hindustan Motors enters MoU to extend EV domain across the border

Hindustan Motors has entered a Memorandum of Understanding (MoU) to manufacture and export electric vehicles to international markets. While the MoU is for exporting the vehicles at present, assembling may also be considered at a later stage, sources said. The company, however, did not divulge details on the MoU. The company is likely to provide more details after the board of the partner firm approves the tie-up, sources said. It is to be noted that the company had earlier signed a MoU and was in initial discussion for a joint venture with an European auto company involved in the EV segment for manufacturing of electric vehicles. Initially, the plan is to launch two-wheelers, and then, depending on the success of the project, four-wheelers would be launched.

Source: https://www.thehindubusinessline.com/ , November 23, 2022

Centre collaborates with think tank to push production of EV batteries in India

The Centre’s Department of Science and Technology (DST) and green think tank Centre for Science and Environment (CSE) have collaborated to create a platform that will support the development of new electric vehicle (EV) batteries to suit Indian requirements. A white paper will be prepared on a roadmap to develop new battery technologies in India. This would be followed by the creation of an expert-industry forum or platform to support this process, the CSE said in a statement on Tuesday. This collaborative initiative was kicked off recently with a round table on locally appropriate EV batteries that are safe, durable and effective within the constraints of a hot and humid tropical climate.

Source: https://theprint.in/,  November 22, 2022

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Defence & Solar

Locally made AESA radar to extend life of Turkish F-16 jets

A program to develop and produce Turkey’s first active electronically scanned array radar will extend the flight time for some of the country’s F-16 aircraft by half, to 12,000 hours, according to a senior development engineer with the manufacturer. Military electronics specialist Aselsan, Turkey’s largest defense firm, recently adopted the radar effort as part of a program dubbed Ozgur, which translates to “Free” in English. The program involves modernization of the aircraft’s structure and avionics, more specifically a new mission computer, new cockpit color displays, a new indigenous identification friend or foe system, new radar warning receivers, and an inertial navigation system.

Source: https://www.defensenews.com/, November 18, 2022

Air force to place order worth Rs 1,400 Crore for indigenous anti-radiation missiles

As India is looking towards more indigenously developed defense systems, the Indian Air Force decided to take one more step in that direction with a proposal worth Rs. 1400 crore for the acquisition of Rudram's next-generation anti-radiation missiles (NGARM). The senior officials from the defense establishment informed that the missiles are crucial for search and destroy operations in enemy territories. The officials further added that the Sukhoi-30 fighter aircraft fleet of the Indian Air Force has already tested the next-generation anti-radiation missiles and found them fully capable of destroying enemy radar locations during the time of conflict. NGARM has excellent accuracy and is developed with the technology to track the radar system even if it is not operating. The missiles can be launched from IAF fighters like the Sukhoi-30 and the Mirage-2000. It is the first indigenously developed anti-radiation missile with the speed of Mach 2 or twice the speed of sound.

Source: https://www.livemint.com/, November 24, 2022

Defence Ministers of India, France discuss defence industrial cooperation

India and France on Monday discussed defence industrial cooperation with a focus on ‘Make in India’ as well as means to strengthen maritime cooperation and increase the scope and complexity of bilateral exercises. This was discussed during the 4th India-France annual defence dialogue chaired by Defence Minister Rajnath Singh and his visiting French counterpart Sebastien Lecornu. “During the dialogue, one of the key areas of discussion was defence industrial cooperation with a focus on ‘Make in India’. Future collaborations and potential co-production opportunities were discussed. The Ministers agreed that the technical groups from both the countries should meet early next year and take the key cooperation issues forward,” a Defence Ministry statement said. This is the first visit of Mr. Lecornu to India as French Minister of Armed Forces.

Source: https://www.thehindu.com/, November 29, 2022

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Uttar Pradesh to Install 22 GW Solar Capacity by FY27

The Uttar Pradesh government approved the Solar Energy Policy 2022, revising its proposed target upwards to 22GW of solar capacity by FY 2026-27. The government had proposed a 16 GW of solar capacity target in its draft policy earlier this year. The approved capacity target includes 14 GW of utility-scale power projects, 6 GW of rooftop solar projects, and 2 GW of distributed solar projects. The Uttar Pradesh New and Renewable Energy Development Agency has been designated the nodal agency for implementing the policy. 

Source: By Rakesh Ranjan, https://mercomindia.com/, November 25, 2022

Indore Municipality To Lead With First Green Municipal Bonds For Solar Plant

The country’s first local government bond (Retail Municipal Bond) will be offered by a city in India with a solid environmental track record, and the revenues will be used to finance a solar power plant. Indore, which has been impossible to dislodge from the top rank among India’s cleanest cities for the past few years, is taking the initiative on the bonds now. According to Divyank Singh, CEO of Indore Smart City, who is working with numerous stakeholders to finalise the offering, Indore Municipal Corp. hopes to generate up to Rs. 260 crores through a 10-year bond sale next month. The 60-megawatt solar facility would be at a site near Indore for Rs 300 crores, according to Singh. who also added that it will enable the city to save up to Rs 2.5 crores per month on its electricity.

Source: https://www.saurenergy.com/, November 29, 2022

India saved $4.2 billion in fuel costs through solar power: Report

An amount of USD 4.2 billion has been saved by India in fuel costs through solar power generation in the first half of 2022, and 19.4 million tonnes of coal which would have further stressed an already strained domestic supply, news agency PTI quoted a report released on Thursday. The new report was released by the energy think tank Ember, the Centre for Research on Energy and Clean Air, and the Institute for Energy Economics and Financial Analysis. After analyzing the growth of solar power over the last decade, the report found that five of the top 10 economies with solar capacity are now within Asia, including China, Japan, India, South Korea, and Vietnam.

Source: https://www.livemint.com/, November 10, 2022

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Consumer Electronics

Industry agrees to Type-C chargers for all smartphones, tablets, laptops

Smartphone companies and industry organisations have agreed to a phased rollout of a uniform charging port for all electronic devices, the Consumer Affairs Ministry said on Wednesday. A sub-group will be set up to examine the feasibility of uniform charging ports for wearables, it said. This was decided during a discussion in the meeting of the inter-ministerial task force chaired by Consumer affairs secretary Rohit Kumar Singh here. The Department of Consumer Affairs has also decided to set up a sub-group to examine the feasibility of a uniform charging port for wearables. The sub-group will include representatives from industry bodies, educational institutions, etc. 

Source: https://www.thehindubusinessline.com/,  November 17, 2022

Government may set up unified portal for repair of multi-brand gadgets and electronics

The government is reportedly planning to set up a unified portal for multi-brand gadget repair. According to a report in Hindustan Times, consumers will soon be able to access repair policies and technical manuals of a variety of gadgets, electronic devices and home appliances through a unified national portal. The report quotes a senior official aware of the matter. It further says that the consumer affairs ministry has written to leading consumer electronics companies to provide brand manuals, repair charges, service centres overhaul costs, which will be accessible on this unified portal.

Source: https://timesofindia.indiatimes.com/,  November 16, 2022

Indian Appliances & Consumer Electronic industry to double to Rs 1.48 lakh crore by 2025

The Indian Appliances and Consumer Electronics (ACE) market is expected to almost double in the next three years to around Rs 1.48 lakh crore by 2025, led by increasing domestic demand, said the industry body CEAMA. India has become one of the fastest growing ACE markets in the world and is also emerging as an alternative manufacturing destination of China and other South East Asian countries, the president of the Consumer Electronics and Appliances Manufacturers Association (CEAMA), Eric Braganza, said. The foreign direct investment in the ACE industry has also almost doubled to USD 481 million till June in 2022 as against USD 198 million in 2021, he added. This has been supported by initiatives like the PLI scheme in ACs. He, however, added that similar PLI (Productivity-Linked Incentives) for other categories like small and larger appliances and other products, will further boost the domestic manufacturing and create more job opportunities. According to Braganza, the penetration of ACE industry is still low in several categories in comparison to other global markets and India has a lot of headroom for growth. 

Source: https://www.tvj.co.in/,  November 19, 2022

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Chinese smartphone brands press pause on next year's plans

Fears of an economic slowdown, diminished demand and government scrutiny is leading to an unprecedented uncertainty for Chinese smartphone brands who are already cutting staff and are expected to cut spending on marketing and operations next year, said industry executives and market trackers. Smartphone brands begin their planning and projections for the next year from October-November, said Navkendar Singh, associate vice president, IDC India. The overall smartphone industry in India is facing macroeconomic headwinds along with investigations into operations of Chinese brands such as Xiaomi, Oppo and Vivo by government agencies. Market analysts have already lowered their outlook for 2022. For example, IDC India has predicted a decline of 8-9% in shipments in 2022 after a muted fourth quarter. 

Source: By Subhrojit Mallick & Urvi Malvania, https://economictimes.indiatimes.com/,  November 23,  2022

Global Flexible Printed Circuit Board Market Report 2022: Rising Applications in Consumer Electronics Boosting Growth

The market is expected to surge in the coming years due to the rising use of flexible printed circuit boards in consumer electronics, especially smartphones, laptops, displays, and other electronic devices. According to official industrial sources, around 1.5 billion smartphones were sold in the year 2019, due to the rise in disposable income and increasing mobile data connectivity. Countries such as China, India, and the United States are expected to play a significant role in the market growth in the coming years. According to the data given by the India Brand Equity Foundation, India's consumer electronics and appliance market had reached around US$10.93 billion in the year 2019. Moreover, the market has been expected to reach over US$21.18 billion in the year 2025. China is also expected to play a significant role in the market growth in the coming years. The country has been the largest manufacturer of consumer electronics globally. 

Source: https://www.businesswire.com/,  November 18,2022

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MSME

MSMEs in Maharashtra recover fully from pandemic blues, credit disbursement and work orders gather steam

Micro, small and medium enterprises (MSMEs) in Maharashtra have recovered fully from the effects of the Covid pandemic as most units have reported positive turnovers. With credit disbursement and work orders increasing, some units have even reported better business than in the pre-pandemic times. The MSMEs were hit hard during the pandemic with many having to lay off their staff. Various reports talked about 14 per cent of the units exiting business permanently. The Centre then extended the emergency credit line guarantee scheme (ECLGS) to the sector. As of June 30, 2022, Rs 26,591.83 crore has been disbursed to 3.34 lakh accounts. Credit to the MSMEs is included in the priority sector lending for banks and other financial institutions are mandated to lend to the sector. 

Source: By Parthasarathi Biswas, https://indianexpress.com/ , November 29, 2022

Accelerating credit flow to MSMEs essential to $5 trillion economy dream by 2025: KPMG report

Accelerating the flow of credit to small enterprises is essential for India to achieve its $5 trillion economy dream by 2025 as the MSME sector has a been major driver in the country’s rise as the world’s fifth largest economy, said industry body KPMG in its latest November 2022 report on non-banking financial companies (NBFCs) and housing finance companies (HFCs). The report ‘Role of NBFCs and HFCs in driving sustainable GDP growth in India’ noted that although the economic losses to the MSME sector from the Covid pandemic were huge, it has been recovering well on the back of strong policy initiatives from the government. The MSME loan market has expanded from Rs 31 lakh crore in March 2020 to Rs 33 lakh crore in March 2021 to Rs 35 lakh crore in March 2022 and Rs 36.4 lakh crore as of June 2022, with 88 per cent of registered borrowers belonging to micro segment, 10 per cent to small segment and only 2 per cent to medium segment, the report showed. 

Source: https://www.financialexpress.com/,  November 27, 2022

Budget 2023: Pre-budget meetings with FM conclude with suggestions on ‘green’ certification of MSMEs, more

The pre-budget meetings with finance minister Nirmala Sitharaman, concluding on Monday, received multiple suggestions from representatives of various sectors including mechanism for green certification to help MSMEs, rationalisation of income tax, creation of innovation clusters, schemes for improving domestic supply chains, Social Sector Entrepreneurship Fund for Social Impact and more. According to a statement by the finance ministry, urban employment guarantee programme to boost employment generation in urban areas, reduction of taxes on electric vehicle, introduction of EV policy, and measures to promote India as a hub for green hydrogen, were other suggestions from various sectors.  

Source: https://www.financialexpress.com/, November 28, 2022

14% MSMEs permanently exited business during Covid-19 pandemic: Study

The Covid-19 pandemic and the ensuing lockdown has hit the micro medium and small enterprises (MSME) the hardest. Now, a survey by the Global Alliance for Mass Entrepreneurship (GAME) shows that almost 14 per cent of the surveyed entities have permanently exited business due to failure of proper cash flow and business. Back in March 2020, the Centre had issued a strict lockdown to curb the spread of the Covid-19 virus. India was one of the countries where the lockdown was strictest with businesses and services being shut overnight. Mass exodus of migrant workers was witnessed and MSMEs struggled to keep their business afloat. While the central government had come up with a slew of measures to help the sector, micro units complained of pains two years after the lockdown. 

Source: By Parthasarathi Biswas, https://indianexpress.com/ November 19, 2022