SME Digital World

Author: SDW Editorial Desk

ET Make in India SME Regional Summit’s Second Session to be Held in Lucknow

ET Make in India SME Regional Summit’s Second Session to be Held in Lucknow

On May 25, the ET Make in India SME Regional Summit will reach its second city for this year’s edition. Lucknow, renowned for its nawabi heritage and famous handicrafts, will host small businesses, industry leaders, and entrepreneurs in an engaging summit organized by Economictimes.com.
According to the Udyam portal, Lucknow boasts 141,648 MSMEs, with 136,895 micro industries, 4,347 small enterprises, and 406 medium enterprises.
With a rich history in textiles and handicrafts dating back to the 16th century, Lucknow has become a hub for handcrafted textiles and leather goods. The city is home to numerous businesses involved in the export of apparel, textiles, and leather.
A report by CBRE South Asia highlighted that Uttar Pradesh is among the top three states contributing significantly to the Indian MSME sector, accounting for 9%. In this context, the ET Make in India SME Regional Summit will feature panel discussions and fireside chats addressing the challenges faced by the state’s labor-intensive MSMEs and craftspersons, and exploring ways to elevate their businesses to global prominence. The event will also provide a networking platform for enterprises, entrepreneurs, and industry leaders in the city and the state.
The ET Make in India SME Regional Summit series is held across the country to bring together local MSMEs, policymakers, enablers, and industry stakeholders. These summits aim to discover opportunities, address challenges, and promote knowledge-sharing and networking to drive the next phase of growth for Indian MSMEs. This year’s theme is “Empowering MSMEs: Driving India’s Century of Sustainable Growth,” aiming to champion and fortify Indian MSMEs. Each summit will feature panel discussions, masterclasses, and demonstrations of MSME solutions.
This is the second edition of the ET Make in India Regional Summit series. Last year’s inaugural edition covered Ahmedabad, Chennai, and Hyderabad, with a stellar turnout. The previous edition’s theme focused on enabling future-ready MSMEs to power the nation’s India@100 dream.
The purpose of these regional summits is to increase awareness, promote networking, and support industry-specific learning. These events aim to recognize the efforts and accomplishments of MSMEs in their respective areas, and assist them in discovering opportunities and strategies to become globally competitive and future-prepared.
The summits are hosted by Economictimes.com in collaboration with Adobe as the Associate Partner.

originally posted on: https://economictimes.indiatimes.com/tech/technology/how-to-choose-the-best-ecommerce-platform-for-your-online-store/articleshow/110213245.cms

May 20, 2024
Finance Minister Nirmala Sitharaman: Industry Must Advance Up the Manufacturing Value Chain

Finance Minister Nirmala Sitharaman: Industry Must Advance Up the Manufacturing Value Chain

Addressing a session on “Co-Creating the Future Responsibly: The Role of Business” at CII’s Annual Business Summit in New Delhi, Dr. V Anantha Nageswaran, Chief Economic Advisor, Government of India, emphasized the need to increase the share of manufacturing in the economy.
“As India progresses from being the tenth largest to the fifth largest economy, aspirations rise along with such key milestones. It is important to recognize these aspirations and strive to meet them for a better standard of living,” he stated.
Dr. Nageswaran highlighted several key priorities for achieving developed nation status, including improvements in human resource development, which are critical for higher economic growth. He emphasized the importance of cities as ecosystems for attracting talent and fostering entrepreneurship, innovation, and creativity. Converting India’s Tier 2 and Tier 3 cities into engines of growth, improving learning outcomes, preparing the youth for AI adoption, and focusing on physical health were identified as key focus areas.
He stressed the creation of a vibrant small and medium enterprises sector, known as ‘Mittlestand’, and highlighted the importance of deregulation and lighter compliance burdens for MSMEs. Addressing factors of production such as land and labor markets and making power generation and distribution economically viable were also emphasized.
Dr. Nageswaran pointed out the need for dialogue and consensus building with stakeholders to implement next-generation reforms amidst challenges from geopolitical fragmentation and climate change. He emphasized the importance of macroeconomic stability, prudent and sustainable government finance, and improved credit ratings, especially given the high geopolitical risks.
He cautioned against taking the global environment for granted, citing risks such as geopolitical fragmentation, the impact of US fiscal policy and interest rates, China’s dominance in global manufacturing, and global financial stability. He stressed that the government cannot address these challenges alone and that private sector support is critical for societal advancement and a faster energy transition.
Dr. Nageswaran also stressed the importance of social responsibility in innovations, including AI’s impact. He reiterated that Corporate Social Responsibility is integral to corporate responsibility, and meaningful actions across all areas are crucial for responsibly co-creating the future. (ANI)

May 20, 2024
TGIF Agribusiness Makes Strong Debut on BSE SME Platform with 61% Premium

TGIF Agribusiness Makes Strong Debut on BSE SME Platform with 61% Premium

TGIF Agribusiness made its debut on the BSE SME platform on Wednesday with shares opening at Rs 150, representing a premium of 61% over the issue price of Rs 93 per share.
Prior to its listing, the company’s shares were trading at a premium of Rs 30 in the unlisted market.
The Initial Public Offering (IPO) consisted of a fresh equity issue of 6.87 lakh shares and was oversubscribed 37 times due to strong interest from investors.
The proceeds from the IPO will be utilized for purchasing agricultural equipment and irrigation systems, meeting working capital requirements, and for general corporate purposes.
TGIF Agribusiness primarily operates as a horticulture company engaged in open farming of fruits and vegetables across more than 110 acres of farmland in Ajari, Kasindra, and Kojra villages.
Pomegranate farming constitutes over 95% of the company’s revenue, supplemented by cultivation of dragon fruits, Sagwan trees, lemon, watermelon, and chilly in recent years.
The company employs various farming techniques to ensure high-quality produce, such as fruit thinning to enhance crop size and quality, vegetative growth practices, fruit protection measures, and soil moisture management.
The agriculture sector in India, boasting the world’s second-largest agricultural land, plays a pivotal role in employing nearly half of the country’s population, making farmers essential contributors to our sustenance.

May 16, 2024
Keys to successful digital transformation for SMEs

Keys to successful digital transformation for SMEs

In today’s fast-paced business environment, digital transformation has emerged as a vital element for the operations of small and medium-sized enterprises (SMEs). With the rapid advancement of technology and changing consumer expectations, SMEs must adapt to digital transformation to remain competitive in the market. This means integrating digital tools, processes, and strategies into their business operations to enhance efficiency, improve customer experiences, and stay relevant in an increasingly digital landscape.
To embark on this transformative journey effectively, it’s essential to adhere to best practices:
1. Identify the Problem: Understanding the specific challenges and pain points that digital transformation aims to address is the foundational step. By recognizing these issues, businesses can create a clear roadmap and make informed decisions about the technologies and processes needed to drive change.
2. Focus on Customer Experience: Prioritizing customer satisfaction and delivering exceptional experiences across all touchpoints is paramount. By offering seamless multi-channel access and catering to evolving customer preferences, SMEs can differentiate themselves and build long-lasting relationships with their clientele.
3. Start Small and Be Practical: Embarking on digital transformation doesn’t require a complete overhaul overnight. Starting with manageable, pilot projects allows businesses to experiment, learn, and iterate gradually. This pragmatic approach minimizes risks and maximizes the chances of success.
4. Embrace New Technologies: Remaining abreast of emerging technologies and trends is essential for staying competitive. While larger enterprises may have the resources to experiment with cutting-edge innovations like AI, IoT, and AR/VR, SMEs can start by implementing simpler software solutions and gradually scaling up as they mature.
5. Stay Updated with Industry Trends: Digital transformation is an ongoing journey that requires continuous learning and adaptation. By staying informed about industry trends and technological advancements, SMEs can proactively adjust their strategies to align with market demands and customer expectations.
6. Be Thoughtful: Involving all stakeholders, including employees, in the digital transformation process fosters a sense of ownership and alignment with organizational goals. By conducting thorough assessments and garnering insights from diverse perspectives, businesses can identify gaps, set realistic expectations, and secure buy-in from key decision-makers.
7. Prioritize Your Plan: Not all digital initiatives are created equal. It’s essential to prioritize initiatives based on their potential impact and feasibility. By focusing on high-impact projects with tangible benefits, SMEs can maximize their resources and achieve meaningful results more efficiently.
8. Utilize Data Analytics: Data is a valuable asset that can provide invaluable insights into customer behavior, market trends, and business performance. Leveraging advanced analytics tools enables SMEs to derive actionable insights, make data-driven decisions, and optimize their strategies for better outcomes.
9. Consider Outside Help: Seeking assistance from external experts, such as digital marketing agencies or consultants, can provide valuable expertise and insights. These professionals can offer fresh perspectives, analyze data more effectively, and help SMEs navigate the complexities of digital transformation more efficiently.
10. Reassess Regularly: Digital transformation is not a one-time event but an ongoing process. Regularly reassessing and refining digital strategies based on feedback, performance metrics, and changing market dynamics is essential for staying agile and responsive in a rapidly evolving environment.
11. Hire the Best Talent: Talent plays a pivotal role in driving the success of digital transformation initiatives. Recruiting skilled professionals with expertise in digital technologies, data analytics, and strategic planning is essential for building a capable team that can execute digital strategies effectively.
12. Explore Digital Tools Wisely: With a plethora of digital tools available, it’s crucial to research and select the right ones that align with business objectives and requirements. By carefully evaluating digital tools based on their functionality, scalability, and compatibility with existing systems, SMEs can make informed decisions and avoid potential pitfalls.
13. Leverage Automation and AI: Automation and AI technologies offer tremendous potential for streamlining operations, reducing costs, and enhancing productivity. By identifying opportunities for automation and leveraging AI-powered solutions judiciously, SMEs can optimize processes, improve decision-making, and drive sustainable growth.
By adhering to these best practices, SMEs can navigate the complexities of digital transformation more effectively and unlock new opportunities for innovation, growth, and success in the digital age.

May 16, 2024
The Uttar Pradesh government aims to attract investments of Rs 5,000 crore for the Defence Manufacturing

The Uttar Pradesh government aims to attract investments of Rs 5,000 crore for the Defence Manufacturing

The Union Environment Ministry has granted approval for the development of 60 hectares of land dedicated to the Uttar Pradesh Defence Industrial Corridor (UPDIC) in Chitrakoot.
According to the Expressway Industrial Development Authority (UPEIDA), this approval will facilitate projects worth Rs 5,000 crore, potentially creating 100,000 job opportunities in Chitrakoot.
A significant portion of Chitrakoot will be reserved as a greenbelt, and developers will incorporate modern measures for energy conservation, waste management, firefighting, and controlling noise, water, and air pollution. The UPDIC encompasses six nodes across Lucknow, Kanpur, Jhansi, Aligarh, Chitrakoot, and Agra districts.
“This corridor is crucial for advancing the ‘Make in UP’ initiative of the Yogi Adityanath government and contributing to India’s military self-reliance and exports,” said a government official. The corridor will focus on producing drones, helicopters, arms, and ammunition.
The state government has already approved defence manufacturing projects worth Rs 25,000 crore and signed 140 memorandums of understanding (MoUs) with both public and private companies. These MoUs include agreements with Adani Defence and Aerospace, BrahMos Aerospace, Ancor Research Labs, Tata Technologies, Bharat Dynamics Limited, Delta Combat Systems, SpiceJet Technic, Verivision, HAL, Gliders India, Defence Research & Development Organisation, Aerolloy Technologies, and others.
The Expressway Authority plans to acquire nearly 5,000 hectares for UPDIC, with about 1,700 hectares already acquired and allotted to investors. Additionally, approximately 1,000 hectares have been allocated to investors in Jhansi for developing a hub dedicated to arms and ammunition production and testing, with Bharat Dynamics as the lead investor in Jhansi.

May 16, 2024
SEBI Plans Stricter Rules for SME Public Offers Amid Market Surge

SEBI Plans Stricter Rules for SME Public Offers Amid Market Surge

India’s capital markets are on the brink of a regulatory overhaul as the Securities and Exchange Board of India (SEBI) prepares to tighten regulations governing public offerings by small and medium enterprises (SMEs). This initiative responds to increasing concerns over the misuse of a specialized listing platform introduced in 2012 to facilitate small businesses’ access to capital markets.
According to Reuters reports, SEBI is considering raising the minimum size requirement for such public offerings to between Rs 30 crore and Rs 50 crore ($3.59 million to $5.99 million). Sources from Reuters indicated that the proposed rules are expected to be officially issued later this year following consultations with stakeholders.
Currently, there is no prescribed minimum issue size for SMEs, although companies listing on the platform are required to have a post-issue capital base of Rs 25 crore. “Establishing a minimum offer size will ensure that serious companies access the capital markets, thereby protecting investor interests,” commented one of the sources. This initiative demonstrates regulators’ commitment to fortify investor protection mechanisms amidst increased activity in India’s equity markets.
Data from PRIME Database, a leading capital markets information provider, reveals a rise in public offerings by SMEs during the fiscal year ending March 2024. A total of 205 companies raised Rs 6,000 crore, marking an increase from the previous year’s 125 firms that raised Rs 2,200 crore.
Despite repeated requests for comments, both the markets regulator and exchanges, tasked with implementing regulatory policies, refrained from responding. The move to tighten regulations surrounding SME public offerings reflects a broader trend towards enhancing market integrity and investor confidence. By imposing stringent criteria for accessing capital markets, authorities aim to eliminate frivolous listings while fostering an environment conducive to sustainable growth.
In recent years, India’s SME segment has emerged as a vital engine of economic expansion, contributing to employment generation and fostering innovation. However, concerns regarding corporate governance standards and regulatory oversight have lingered, prompting regulators to recalibrate existing frameworks to align with evolving market dynamics.
Reports suggest that some SME issues were oversubscribed by 500 to 1000 times, raising concerns about the misuse of the listing platform. In response to these concerns, SEBI is considering imposing a minimum issue size for SMEs along with enhanced disclosure requirements. Companies eyeing public listings will be required to provide comprehensive disclosures, including the objectives of the issue, financials of the issuer, and associated risk factors.
“The merchant bankers will be tasked with providing more upfront disclosures, ensuring investors have the necessary information to make informed decisions,” remarked a source privy to the discussions.
SEBI’s proactive stance follows earlier remarks by its chairperson, Madhabi Puri Buch, who highlighted instances of misuse within the SME listing framework. Buch emphasized the regulator’s commitment to investigating complaints of price manipulation within the segment, stressing the need for heightened vigilance to maintain market integrity.
In a crackdown on malpractices, SEBI recently barred three SME companies from accessing capital markets, citing misuse of funds raised through public offerings, including diversion for unauthorized purposes, misrepresentation of facts in offer documents, and alleged manipulation of financial statements.
The regulatory clampdown underscores a broader push towards fortifying investor protection mechanisms and upholding market integrity. By establishing robust disclosure norms and imposing stringent penalties for non-compliance, SEBI aims to foster transparency and accountability within India’s SME space. As stakeholders anticipate the formal issuance of SEBI’s revised guidelines, market participants brace for a paradigm shift in the regulatory landscape, signaling a pivotal moment in India’s capital markets as authorities strive to balance promoting entrepreneurship with safeguarding investor interests.

May 15, 2024
AI Spending Trends in India: BFSI and Manufacturing Lead Investment

AI Spending Trends in India: BFSI and Manufacturing Lead Investment

Artificial Intelligence (AI) spending in India is poised to triple to $5 billion by 2027, with the banking, financial services, and insurance (BFSI) and manufacturing sectors emerging as top industry spenders, as per an Intel-IDC report released on Tuesday.
The report highlighted the BFSI sector’s transition from robotic process automation (RPA) to AI-driven automation, emphasizing areas such as security, productivity, and customer experience (CX). Advanced AI solutions incorporating behavioral analysis and fraud detection represent a shift towards more sophisticated and adaptable systems.
Sharath Srinivasamurthy, Associate Vice President at IDC, addressed the primary challenges hindering AI adoption in India, citing unclear or lower-than-expected business outcomes and compliance issues as the top concerns.
Additional challenges identified include skill shortages, high ownership costs that are difficult to justify, and process-related issues stemming from inadequate organizational support to coordinate cross-functional initiatives.
Santhosh Viswanathan, Vice President and Managing Director of Intel India Region, emphasized India’s readiness for AI adoption, citing the country’s role as a significant producer of global data and its position as the third-largest global market. He noted India’s leadership in technical skill availability on a global scale.
The IDC Asia/Pacific AI Maturity Study 2024 classifies India as an AI Practitioner (stage 2), with the country exhibiting strong potential in AI adoption. The report indicates that India’s performance aligns closely with the Asia/Pacific region average in the enterprise dimension, surpasses in the government dimension, and slightly lags in the socio-economic dimension.

May 15, 2024
Healthcare and Advanced Manufacturing Set for Major Investments in 2024

Healthcare and Advanced Manufacturing Set for Major Investments in 2024

New Delhi, May 14: Traditional sectors like healthcare and advanced manufacturing are poised to attract substantial investments in 2024. According to the India Private Equity Report by Bain and Company, a global management consulting firm, investors are showing strong support for established business models with significant long-term growth potential.
In 2023, sectors such as healthcare and advanced manufacturing demonstrated resilience and gained market share, with these sectors accounting for 75 percent of the total investments. Healthcare investments surged to a record high of USD 5.5 billion in 2023, driven by a threefold increase in deals compared to 2022. Major transactions involved multi-specialty hospitals, including Manipal Hospital’s significant growth of 2.7 times over FY2021-23 and acquisitions of Columbia Asia and Vikram Hospitals.
The report predicts robust deal activity in healthcare and advanced manufacturing across various sub-segments in 2024. Healthcare is expected to witness continued investment in multi-specialty and single-specialty hospitals, along with multiple-scale pharma and med-tech deals.
Most traditional sectors remained resilient as investors maintained interest in mature businesses with strong long-term growth prospects. Five megadeals in this segment attracted total investments exceeding USD 1 billion and included entities like Manipal Hospitals, Reliance Retail, HDFC Credila, Adani Power, and Avaada Group. The consumer retail, healthcare, and energy sectors experienced robust growth of over 10 percent driven by these investments.
Advanced manufacturing investments achieved a 20 percent compound annual growth rate (CAGR) over 2021-23, propelled by supply chain diversification, government incentives like the Production Linked Incentive scheme, and an influx of scale assets into the market. Significant investments were made in electric vehicle OEMs, with EV penetration increasing to over 6 percent in 2023 from 1 percent in 2019.
In 2024, increased investments are expected in packaging, electronics, and EV sectors within advanced manufacturing. Electronics manufacturing is expanding rapidly with government support, and EV penetration is on the rise in India.
However, investments in the IT/ITeS sector declined, with a 65 percent decrease due to elevated valuations and subdued demand in end markets. Similarly, investments in SaaS and new-age tech sectors declined by 60 percent as investors focused more on profitability and sustainable business models.
The fintech sector also experienced a decline in 2023 due to regulatory constraints, rising non-performing assets (NPAs) in small-ticket loans, and uncertainty regarding the path to profitability.
Consumer tech deal activity continued to decline as investors exercised caution and pulled back from large investments in businesses with unproven economics. (Agencies)

May 15, 2024
Why do people hate the new apple ad?

Why do people hate the new Apple ad?

Apple has recently come out with an ad for their latest product, the ultra-thin iPad Pro. The ad features a large number of objects of creative and cultural significance, like a record player, a typewriter, piano, a TV, trumpet, guitar, cameras, books, paint cans and tubes, and an arcade game machine — all getting crushed together inside an industrial press.
Suffice to say, this did not sit well with many people

The ad titled ‘Crush’ showed a giant press crushing instruments and art supplies, which clashed with the iPad’s usual image as a tool for artistic expression.

Viewers felt the ad not only failed to inspire creativity but actively disrespected artistic endeavors and the value placed on physical creative tools.
The negative undercurrent went even further for some, who interpreted the ad as promoting a purely digital creative workflow. This sparked concerns about neglecting the importance of traditional creative mediums and the tactile experience they offer. The backlash was swift and strong. Several celebrities, such as Hugh Grant and Hrithik Roshan also voiced their disappointment and anger over the ad, criticizing the it for its negativity and its seeming disconnect from the core values Apple typically represents.
The backlash reached to such heights that Apple was forced to apologize and pull the ad altogether.
Some say that Apple was always aware that this ad heavily relies on shock value, but ultimately they may have bitten off more than they could chew.
Read more here: https://www.hindustantimes.com/entertainment/bollywood/hrithik-roshan-calls-apple-s-controversial-new-advertisement-sad-and-ignorant-101715353786737.html

May 14, 2024
Innovation and Sustainability Showcased on National Technology Day

Innovation and Sustainability Showcased on National Technology Day

The celebration of National Technology Day 2024, organized by the Technology Development Board (TDB) under the Department of Science and Technology, took place on May 11th at the INSA Auditorium in New Delhi. The event centered around the theme of ‘Promoting Clean and Green Technologies for a Sustainable Future’ and brought together distinguished scientists, dignitaries, and thought leaders with the shared goal of advancing towards a cleaner, greener, and more resilient nation.
During the event, Prof. Ajay Kumar Sood, the Principal Scientific Advisor to the Government of India, emphasized the importance of initiatives like the National Electric Mobility Mission Plan (NEMMP) and Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) in reducing greenhouse gas emissions through the promotion of electric vehicles (EVs). He highlighted the EV Mission led by the Prime Minister’s Science, Technology Innovation and Advisory Council (PM-STIAC), aimed at establishing supportive standards and frameworks for EV adoption.
Prof. Sood also highlighted the strategic significance of the National Hydrogen Mission in India’s journey towards achieving a net-zero target by 2070, stressing substantial investments in green hydrogen production. He emphasized ongoing efforts in Carbon Capture Utilization and Storage (CCUS) technologies, aimed at optimizing costs and expanding industrial applications to further India’s sustainability objectives.
In the context of enhancing India’s technological frameworks and policies for sustainable development and meeting international climate goals, Prof. Sood emphasized the importance of consultative groups and international collaborations, such as OPSA’s partnership with Rocky Mountain Institute (RMI) on Zero Emission Trucking.
Addressing the audience, Prof. Abhay Karandikar, Secretary of DST, highlighted the pivotal role of innovation in national development, emphasizing the need to foster a culture of innovation and provide opportunities for individuals to contribute to the nation’s progress. He underscored government initiatives in funding research and development programs and nurturing innovation through schemes like NIDHI and TDB, which focus on incubating startups and fostering entrepreneurship.
Prof. Karandikar stressed the integration of technology into policy frameworks to drive progress, highlighting collaborations with line ministries towards sustainability goals. With a vision for achieving net-zero carbon emissions by 2070, he aspired for India to become a global leader in sustainability efforts.
The event also featured a keynote address by Padmashri Prof. G.D. Yadav, advocating for sustainable solutions and technological innovations to achieve net-zero carbon emissions by 2070. He emphasized the potential of white and green hydrogen and proposed innovative approaches such as waste-to-wealth factories, hydrogenating plastic, and battery recycling.
Sh. Rajesh Kumar Pathak, Secretary of TDB, highlighted pivotal projects funded by TDB, emphasizing the critical role of these technologies in promoting environmental stewardship.
Prof. Ashutosh Sharma, President of INSA and Former Secretary of DST, emphasized the essential role of technology in achieving sustainability goals, urging policymakers and stakeholders to prioritize technology initiatives that focus on electric vehicles (EVs), green hydrogen, carbon capture, and energy-efficient habitats to combat climate change and promote sustainable development.
Additionally, the event showcased 23 students representing 20 projects selected to compete in the Regeneron International Science and Engineering Fair (ISEF). These finalists will represent India at the prestigious fair in Los Angeles, California, USA, from May 11-17, 2024, where they will engage with over 1,600 young science enthusiasts from 60+ countries and showcase innovative projects on a global stage.

May 14, 2024