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50,000 startups registered in India The cumulative startup strength indicated by registrations in the country has hit the 50,000 mark. Drawing attention to the feat, an indicator of a well-oiled ecosystem, Piyush Goyal, Minister for Commerce and Industry, Textiles and Consumer Affairs said, “We have a startup system across the length and breadth of the country. It’s the third largest ecosystem in the world.” Notably, out of the 79 unicorns in India, four are from Pune alone. Women are also known to be an important pillar of the foundation in nearly 46 per cent of these registered startups. In a city-wise bifurcation, it was revealed that Pune accounts for 3200 startups with 3274 startups registered out of Mumbai in a healthy neck to neck competition as per the minister. He called for the need of a continued collaboration between startups, industry, academia and research.
RBI credit policy The Reserve Bank of India (RBI) continues its accommodative stance. RBI Governor Shaktikanta Das began by drawing attention to the Gross Domestic Produce (GDP) expansion by 13.5 per cent. He expressed satisfaction with external financing requirements remaining moderate. Informing that one must take cognisance of policy actions being mobilised at an unprecendented scale, Das cited the unity of various stakeholders brought about by the pandemic. Keeping a status quo on policy rates and statistics, the Governor admitted that private investment has been lagging and consumption remains below the pre-Covid19 levels. However, in a silver lining, both the exports and the imports are known to have surpassed pre-Covid19 levels. Headwinds continue with supply-side bottlenecks, and volatile commodity prices. The Governor also admitted to Omicron adding to the complexities.
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AUTO COMPONENTS INDIA n JANUARY 2022
GoI Promotes MSME exports The Government of India (GoI) is taking several steps to promote and diversify MSME exports. Out of the USD 198.26 bn worth of exports between April-September, 2021, MSME related exports accounted for ~45.80 per cent (valued at USD 90.80 bn). The GoI initiatives include the establishment of 52 Export Facilitation Centres (EFCs) with an aim to provide requisite mentoring and hand holding support to MSMEs, for exporting their products and services in turn to global markets. In addition, 102 Enterprise Development Centres (EDCs) are offering professional mentoring and hand holding support services to existing as well as aspiring entrepreneurs with a special focus on rural enterprises. Through the MSME technology centres, technical support and consultancy services are provided. Remission of Duties and Taxes on Exported Products (RoDTEP) and Rebate of State and Central Levies and Taxes (RoSCTL) scheme launched with effect January 01, 2021 is one initiatives to push MSME exports. WWW.AUTOCOMPONENTSINDIA.COM
