The Present Purge
The festival of lights just ended with a fresh breath of positivity, with the country slowly recovering from the pandemic. Even though exports have been recovering slower than anticipated, several recent announcements are expected to give a positive boost to MSME businesses.
Inflation affected India slipped a little in the economic scorecard. Though this gap between India and emerging markets has been growing for quite some time.
On the global cooperation front, Prime Minister Narendra Modi called out to the BRICS nation for a greater economic and trade cooperation, with the underlying belief of resilience of nations in times of crisis.
Modi calls for greater trade, economic co-operation among BRICS nations
“We saw an example of this (self-reliance and resilience) during the pandemic when we helped hundreds of nations with medical supplies, and now we are looking at large-scale vaccine production,” he said. The Indian PM made a case for reforms within international organizations such as the UN, the World Trade Organization and the IMF.
Get competitive, don’t blame RCEP: Why India’s exports haven’t grown as fast as Chinas or Vietnams
If India is not part of trade pacts with major countries, and the WTO process is in trouble, it will quite quickly run out of countries to trade with. Sure, India can continue to export to these countries, but it will suffer a disadvantage since, with the pact countries, there will be no/low import duties on most goods traded while this will not hold for India.
AEPC launches virtual platform for exporters to exhibit garments round the year
Apparel Export Promotion Council (AEPC) has launched a virtual platform to exhibit garments made by Indian apparel exporters round the year where brands and buyers fr0m across the world can visit and place their orders
Fall in exports, the surge in inflation puts India behind EM peers
India’s relative economic position also slipped because of a sharp decline in merchandise exports and a surge in inflation. Barring Turkey, where inflation is at double digits, India has the highest inflation among emerging markets peers. The gap between India and the emerging markets average has been growing over the past few months.
Piyush Goyal: Govt eCommerce portal GeM playing a crucial role in MSME growth; orders up 88% in 12 months
Ease of Doing Business for MSMEs: In line with PM Narendra Modis Atmanirbhar Bharat initiative, the Government eMarketplace (GeM) is playing a crucial role in catalyzing the growth of MSMEs, promoting women entrepreneurship, and enabling startups to reach out to government buyers, Commerce Minister Piyush Goyal tweeted on Wednesday.
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- Work from home in the West boost Indias coir exports
- Union Cabinet has approved incentives worth Rs 2 trillion to boost Indias manufacturing and export capabilities