BUSINESS
MSMEs can contribute big to India's GDP, say experts
Addressing a conclave on "Fin-Tech and Credit Expo 2022 - Connecting Finance to Business", Riddhi Gupta, Head of Strategy and Alliances, Invoicemart, said that MSMEs have a significant role at the centre of the vibrant Indian economic landscape. "There is a lot of opportunity to ensure that MSMEs grow into an even more powerful engine. Contribution of MSMEs to GDP is still lower than that in countries like the US or China," she said.
India stays out of trade talks at IPEF ministerial meet
Trade is one of the four pillars of this trade arrangement that was launched by US President Joe Biden in May 2022, joined by Prime Minister Narendra Modi among other leaders of the member countries. The other three are Supply Chain, Clean Economy, and Fair Economy. India was led by Union Commerce Minister Piyush Goyal at the talks.
Amazon acquires Cloostermans to bolster its robotics operations
With the acquisition of Cloostermans, Amazon said it will continue to invest in customized state-of-the-art technology to drive innovation in its workplace and improve the employee experience. Cloostermans developed technology that is being used in Amazon operations to help move and stack heavy palettes and totes or package products together for customer delivery.
Direct tax collections up 35.46% in FY23 to Rs 6.48L Crore till Sep 8
In the year-ago period, direct tax collections stood at Rs 5.29 lakh crore, which was 30.17 per cent higher than the net collections for the corresponding period of the previous year. The present collections are 37.24 per cent of the total budget estimates for 2022-23, an official statement by the Finance Ministry said.
Invested $3.71 billion in Cloud infra, jobs in India since 2016: AWS
Max Peterson, Vice President, Worldwide Public Sector, AWS, told IANS that the company is bullish on the country's digital vision and will help it become a $5 trillion economy by 2030. "Following the launch of the AWS Asia Pacific (Mumbai) Region in 2016, AWS has invested $3.71 billion in local infrastructure and jobs across India," said Peterson.
Tata in talks to build iPhones for Apple in India: Report
According to the report, the discussions with Wistron are aimed at making Tata a force in technology manufacturing and the Group wants to tap the Taiwanese company's expertise in product development, supply chain, and assembly. Meanwhile, earlier this month, industry analyst Ming-Chi Kuo claimed that the next iPhone 15 is likely to be manufactured at the same time in India and China next year.
Indian firms must adopt new payment security standard in 5G era
Despite the Payment Card Industry Data Security Standard (PCI DSS) compliance improving significantly in 2020, the cybersecurity threats organisations face are more cunning and evasive than they were even two years ago, according to the 2022 Verizon Payment Security Report (2022 PSR).
Centre bans rice export
The decision comes immediately after a 20 per cent export duty was levied on various grades of rice, which also came to force on Friday. According to a notification issued by the Union Commerce Ministry, the export policy on broken rice has been amended from "free" to "prohibited". However between September 9-15 those consignments of rice where loading has already started and shipping bills have been filed, and vessels have either berthed or arrived and where consignments have been handed over to customs, would be exempted from the ban.
Ogilvy appoints Devika Bulchandani as global CEO
In this role, she will be responsible for all aspects of the creative network's business across 131 offices in 93 countries and spanning its Advertising, Public Relations, Experience, Consulting, and Health units. She will also join WPP's Executive Committee as she takes on her new role. Bulchandanias most recently served as Global President and CEO of Ogilvy North America.
Government imposes 20% export duty on rice
According to a Finance Ministry notification, 20 per cent export duty on rice in husk, husked rice and milled rice has been imposed which would be applicable from September 9. The move would help rein in prices of rice across the country. The decision to impose 20 per cent export duty on rice comes after wheat exports were banned in May.
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