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New Delhi [India], August 9 (ANI): Union Minister of Commerce &amp; Industry <keyword id="19895367" type="General" weightage="100" keywordseo="Piyush-Goyal" source="keywords">Piyush Goyal</keyword> stated that the leather and <keyword id="21599313" type="General" weightage="20" keywordseo="Footwear-industry" source="keywords">footwear industry</keyword> of the country has the potential to raise employment in the sector from the current 40 lakh to 1 crore. The minister stated it while inaugurating the 8th <keyword id="22718849" type="General" weightage="20" keywordseo="India-International-Footwear-Fair" source="keywords" meta.keywordsubtype="org" meta.entityname="India International Footwear Fair" meta.hostid="261" meta.entityid="India International Footwear Fair">India International Footwear Fair</keyword> in Delhi on Thursday. He highlighted that the leather and footwear industry has the ability to expand its market domestically and abroad. "We have the world market to capture. We need self-confidence, open mind to accept change" said Goyal. The minister also added that the implementation of Quality Control Orders (QCOs) will help prevent substandard, low-cost leather product imports and help save the Indian Footwear industry from unfair competition. He stated QCOs will help inculcate a spirit of quality among the domestic manufacturers, enabling India to become a world-class manufacturer of quality footwear. On liberalising the QCO guidelines, Goyal said that the Centre will give retailers two years to dispose of the existing footwear stock post application of the order. He also noted that fashion footwear manufacturing up to 72,000 pairs will not have to go through QCOs. Minister Goyal asserted that India is poised to become the market leader in the world. He also expressed hope for the footwear industry to become the world's largest manufacturer. Currently, India is the 2nd largest manufacturer and 9th largest exporter of footwear. The Minister also said that a target of USD 50 billion in exports by 2030 is achievable. He pointed out that QCOs don't apply to exports but the exporters have to meet the quality requirements of their clients. The Minister urged the industry to leverage the Free Trade Agreements (FTAs), especially with ASEAN and European countries and work towards making Indian brands global. Earlier the minister also highlighted that micro and small units under <keyword id="19990810" type="General" weightage="20" keywordseo="MSME" source="keywords">MSME</keyword> would continue to be exempted from the purview of QCOs. (ANI)

Leather and footwear industry can create 1 crore jobs: Piyush Goyal

Ahead of the union <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> 2024, which is set to be presented on the 22nd July, finance minister Nirmala Sitharaman kicked off pre-budget consultations on 19th June. In their pre-budget memorandum to the <keyword id="19900485" type="General" weightage="20" keywordseo="finance-ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="finance ministry" meta.hostid="261" meta.entityid="finance ministry">finance ministry</keyword>, the <keyword id="20366533" type="General" weightage="20" keywordseo="PHD-Chamber-of-Commerce-and-Industry" source="keywords" meta.keywordsubtype="org" meta.entityname="PHD Chamber of Commerce and Industry" meta.hostid="261" meta.entityid="PHD Chamber of Commerce and Industry">PHD Chamber of Commerce and Industry</keyword> proposed 10 reforms it deemed essential for <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>’s journey towards <keyword id="19916816" type="General" weightage="20" keywordseo="Viksit-Bharat" source="keywords" meta.keywordsubtype="org" meta.entityname="Viksit Bharat" meta.hostid="261" meta.entityid="Viksit Bharat">Viksit Bharat</keyword>. Amongst the proposals submitted were introducing reforms to enhance the share of the manufacturing sector in India’s <keyword id="19904293" type="General" weightage="20" keywordseo="GDP" source="keywords">GDP</keyword> to 25% by 2030, and the expansion of the <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> beyond its existing scope of 14 sectors. In addition to this, <keyword id="20366532" type="General" weightage="100" keywordseo="PHDCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="PHDCCI" meta.hostid="261" meta.entityid="PHDCCI">PHDCCI</keyword> also emphasised on rationalising direct taxes for the middle class, infrastructure enhancement and smart village development, with special focus on tier-2 and 3 cities. As per Sanjeev Agrawal, President, PHDCCI, “In order to strengthen the share of the manufacturing sector in the country's GDP, we recommend the status quo on the corporate tax rate at 22% for existing companies and 15% for new manufacturing companies incorporated after October 1, 2019. The middle class must be spared from the 30% tax rate and this rate must be applicable only to those with taxable income above Rs. 40 lakh, this will support consumption demand in this country”. In addition to this, PHDCCI also emphasised on strengthening linkages between universities and industries for bettering research and development activities in the country, and also appealed for reducing cost of doing business. Here’s a snapshot of some prominent demands placed forth by the PHDCCI ahead of the budget : <ol><li>Change in NPA classification limit from the present 90 days to 180 days</li><li>Fostering AI education, skill development and competitiveness in the service sector</li><li>Increase agricultural exports to US$100 billion in the next 3 years via increased public investments in infrastructure,</li><li>Ensure the presence of schools within a radius of 1 km, colleges within a 10 km radius and universities within a 25 km radius in the next five years.</li><li>Make health centres available within the radius of 1 km and hospitals within the radius of 10 km.</li><li>Propose a Voluntary Disclosure Scheme (VDS) for legal cases older than 10 years, offering settlement opportunities at a nominal 15% penalty. </li></ol>

Bolster manufacturing sector, consumption this budget: PHDCCI to FinMin

The Indian cement industry is on track to reach 5.09 billion tonnes by 2028-29, driven by robust government investment in infrastructure. According to an IANS report originally attributed to Infomerics Ratings, this marks a compound annual growth rate (CAGR) of 4.9 per cent between 2024 and 2029. In 2022-23, the industry’s market size stood at 3.82 billion tonnes, with a total installed capacity of 622 million tonnes per annum (MTPA) in FY24 and production at 427 million tonnes. Notably, India contributes over 8 per cent to the world’s total installed cement capacity, highlighting its importance in the global market. Despite this, India’s per capita cement consumption is 260 kg—significantly below the global average of 540 kg—indicating substantial room for growth. Globally, the cement market is projected to grow at a CAGR of 4.3 per cent from 2024 to 2032. The sector’s expansion is fuelled by ambitious government initiatives, including an allocation of ₹11.11 lakh crore for infrastructure in FY25 and housing schemes like Pradhan Mantri Awas Yojana. The construction sector consumes 55 per cent of cement production, while public infrastructure projects account for the remainder. The industry also plays a critical role in employment, providing direct jobs to over one million people and creating downstream opportunities for about 20,000 individuals per million tonnes of cement produced. Private players dominate the sector, controlling 98 per cent of production capacity, while public sector units hold a mere 2 per cent. Domestic production meets almost all demand, with imports accounting for just 0.2 per cent of total production in FY23. However, exports have declined recently due to reduced global demand and rising competition. India currently has 341 cement manufacturing facilities, including 159 integrated large cement plants, 120 grinding units, and 62 mini cement plants. Cement production has seen steady growth, with a 7.1 per cent increase in September 2024 and a cumulative growth of 1.6 per cent between April and September of FY25, according to the Ministry of Commerce and Industry. This growth aligns with India’s overall industrial performance, which saw a 2 per cent rise in core industries in September, led by cement, steel, coal, and fertilisers. As India invests heavily in infrastructure and housing, the cement industry is set to play a pivotal role in supporting the nation’s economic and developmental goals. (with IANS inputs)

India's cement industry expected to grow to 5.09 billion tonnes by 2028-29 amid infrastructure push: Report

Senior officials of <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> and the UK held negotiations last month on the outstanding issues of the proposed <keyword id="19945642" type="General" weightage="20" keywordseo="free-trade-agreement" source="keywords">free trade agreement</keyword> (<keyword id="20000557" type="General" weightage="20" keywordseo="FTA" source="keywords">FTA</keyword>) and the work is in progress to iron out the differences. According to the <keyword id="19910473" type="General" weightage="20" keywordseo="commerce-ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="commerce ministry" meta.hostid="261" meta.entityid="commerce ministry">commerce ministry</keyword>, the Indian team visited London from April 16-19 for negotiations. "The teams have made good progress and work is in progress in resolving pending issues. Chapter-wise textual negotiations are nearly closed and schedules on goods and services are at an advanced stage of negotiations," the ministry said. The ministry, however, did not disclose further details. So far, 13 rounds of talks have been completed. The 14th round started in January. There are 26 chapters in the agreement, including goods, services, investments, and intellectual property rights. The Indian industry is demanding greater access for its skilled professionals from sectors like IT and healthcare in the UK market, besides market access for several goods at nil customs duty. On the other hand, the UK is seeking a significant cut in import duties on goods such as scotch whiskey, electric vehicles, lamb meat, chocolates, and certain confectionary items. Britain is also looking for more opportunities for UK services in Indian markets in segments like telecommunications, legal and financial services (banking and insurance). The <keyword id="19895950" type="General" weightage="20" keywordseo="bilateral-trade" source="keywords">bilateral trade</keyword> between India and the UK increased to USD 20.36 billion in 2022-23 from USD 17.5 billion in 2021-22. On the India-European Union (EU) trade pact, the ministry said the eighth round of talks is scheduled from June 24-28 in Brussels. On May 7, the stocktaking meeting on the agreement between the Indian commerce secretary and EU director general was held. The last round of talks were completed in February. Further, the chief negotiators of India and South American nation Peru are likely to hold the next rounds of talks for a proposed FTA in July. Seven rounds of talks have been completed so far. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/virat-kohli-backed-go-digit-ipo-subscription-opens-today-all-you-need-to-know/slidelist/110137661.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/virat-kohli-backed-go-digit-ipo-subscription-opens-today-all-you-need-to-know/slidelist/110137661.cms" target="_blank">Virat Kohli-backed Go Digit IPO subscription opens today — all you need to know</a><a href="https://www.businessinsider.in/tech/news/google-i/o-2024-highlights-ask-photos-ai-overviews-ai-fraud-protection-and-more-announced/articleshow/110143756.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/google-i/o-2024-highlights-ask-photos-ai-overviews-ai-fraud-protection-and-more-announced/articleshow/110143756.cms" target="_blank">Google I/O 2024 highlights: Ask Photos, AI Overviews, AI fraud protection and more announced</a><a href="https://www.businessinsider.in/business/auto/news/tvs-iqube-gets-a-new-variant-priced-under-1-lakh-st-variant-gets-a-bigger-battery/articleshow/110121391.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tvs-iqube-gets-a-new-variant-priced-under-1-lakh-st-variant-gets-a-bigger-battery/articleshow/110121391.cms" target="_blank">TVS iQube gets a new variant priced under ₹1 lakh, ST variant gets a bigger battery</a>

India-UK trade pact: Work in progress to resolve pending issues

<keyword id="22865833" type="General" weightage="20" keywordseo="online-vendors" source="keywords">Online vendors</keyword> have generated 15.8 million <keyword id="19914922" type="General" weightage="20" keywordseo="jobs" source="keywords">jobs</keyword> in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>, including 3.5 million for women, with about 1.76 million retail enterprises participating in <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword> activity, says a report released on Wednesday. The report 'Assessing the Net Impact of e-Commerce on <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">Employment</keyword> and Consumer Welfare in India' was launched by Commerce and Industry Minister Piyush Goyal. "Plugging in data from our survey, we estimate that online vendors generate 15.8 million jobs, including 3.5 million jobs for women," the report prepared by Pahle India Foundation (PIF), a Delhi-based policy research institute, said. E-commerce, according to the report, has been a key driver of employment generation In India. On an average, online vendors employ 54 per cent more people and almost twice the number of female employees, compared to offline vendors. The report noted that two of the most widely-recognised contributions of e-commerce penetration in the retail sector are --growth in employment and improvements in consumer welfare. It said rather than displacing physical markets, e-commerce is expanding into new territories like tier 3 cities. "Our data shows that a higher percentage of Tier 3 city consumers spend more than Rs 5,000 per month on online shopping as compared to consumers from bigger cities," it said, adding this is the India consumption story, which enables the co-existence of physical and digital retail. The study analysed the impact e-commerce has had on employment and consumer welfare through a pan-India survey of 2,062 online vendors, 2,031 offline vendors, and 8,209 consumers of products from e-commerce websites across 35 cities in 20 states and UTs. According to the report, each e-commerce vendor on an average employs about 9 people, of which 2 are female, while each offline vendor employs about 6 people, of which only 1 is female. It pointed out that there was increase in employment across skill levels, including high-skilled (management, marketing), medium-skilled (customer service, operations), and low-skilled (warehousing, logistics, delivery) functions. The report said that the growth of e-commerce and accompanying digitalisation have fundamentally changed the skill sets and roles required in the industry. "Vendors have experienced improved business performance parameters since listing online, including higher sales and profits," it said. According to the report, 60 per cent and 52 per cent of vendors, respectively, state that their sales and profits have increased since the time they have started selling online. "Overall, more than two thirds of the online vendors interviewed experienced an increase in online sales value and profits in the past year," the report said, adding that 58 per cent saw an increase in both. Barring costs, it said vendors have seen a positive shift in all other aspects of business performance since they started selling online. The report said there is a strong business case for offline vendors to list on e-commerce platforms or pursue an omni-channel strategy. "E-commerce integration has accrued significant benefits to vendors from smaller cities and micro-enterprises," it said. The study also delves into how e-commerce has reshaped consumer behaviour, noting that consumers have shifted to online shopping for reasons that include convenience, product variety, and access. "A highly engaged consumer base is indicated by the fact that more than 50 per cent of all respondents to the survey spent more than two hours on e-commerce platforms a week, and that 70 per cent made a purchase via e-commerce in the last month alone," it said. Speaking at the event, former NITI Aayog Vice Chairman Rajiv Kumar said, e-commerce has revolutionized India's retail landscape. Ministry of Statistics and Programme Implementation(MoSPI) secretary Saurabh Garg lauded the government's initiatives expanding digital public infrastructure that have enabled the smooth expansion of e-commerce. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-gained-over-3-million-subscribers-in-june-vi-lost-nearly-a-million/articleshow/112670406.cms">Reliance Jio and Airtel gained over 3 million subscribers in June, Vi lost nearly a million</a> <a href="https://www.businessinsider.in/tech/mobile/news/the-iphone-pro-models-will-be-made-in-india-for-the-first-time-this-year/articleshow/112653019.cms">The iPhone Pro models will be made in India for the first time this year</a> <a href="https://www.businessinsider.in/stock-market/webstories/orient-technologies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112646237.cms">Orient Technologies IPO – Price band to risk factors, all you need to know</a>

Online vendors generated 15.8 million jobs in India: e-commerce report

India's eight core industries recorded a growth of 7.4 per cent in December (2022) against 4.1 per cent recorded in the same month last year, according to official data released by the <keyword id="527366" type="General" weightage="20" keywordseo="Ministry-of-Commerce-Industry" source="Orion">Ministry of Commerce &amp; Industry</keyword> on Tuesday. The number stood at 5.4 per cent in November, 2022. "The production of coal, electricity, steel, cement, fertilizers, refinery products and natural gas increased in December 2022 over the corresponding month of last year," stated the release. The <keyword id="16313496" type="General" weightage="20" keywordseo="production-of-crude-oil-declined" source="Orion">production of crude oil declined</keyword> by 1.2 per cent in December, 2022. The cumulative growth rate of ICI during April-December 2022 was 8.0 per cent (provisional) as compared to the corresponding period of last year. The Index of Core Industries measures combined and individual performance of production in selected eight core industries viz. coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity. The Eight Core Industries comprise 40.27 per cent of the weight of items included in the <keyword id="124816" type="General" weightage="20" keywordseo="Index-of-Industrial-Production" source="Orion">Index of Industrial Production</keyword> (IIP). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indian-start-ups-are-looking-at-reverse-flipping-says-economic-survey/articleshow/97495048.cms">Indian start-ups are looking at reverse flipping says Economic Survey</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/in-a-major-clean-up-drive-bmc-sacks-55-staffers-for-corruption-suspends-134-for-graft-crimes/articleshow/97491919.cms">In a major clean-up drive, BMC sacks 55 staffers for corruption, suspends 134 for graft, crimes</a>

India's core sector output rises by 7.4 per cent in December

The <keyword id="19895160" type="General" weightage="20" keywordseo="EU" source="keywords" meta.keywordsubtype="org" meta.entityname="EU" meta.hostid="261" meta.entityid="EU">EU</keyword> has suggested that <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords" meta.keywordsubtype="org" meta.entityname="India" meta.hostid="261" meta.entityid="India">India</keyword> can devise its own mechanism instead of paying the <keyword id="20251184" type="General" weightage="20" keywordseo="carbon-tax" source="keywords">carbon tax</keyword> to the European Union, Commerce and Industry Minister <keyword id="19895367" type="General" weightage="20" keywordseo="piyush-goyal" source="keywords">Piyush Goyal</keyword> said on Tuesday. <keyword id="19895372" type="General" weightage="20" keywordseo="Goyal" source="keywords">Goyal</keyword> said the ministry would consider the EU's suggestion and come up with whatever is good for the Indian industry and for the people. He added India is in dialogue with the European Union (EU) on the tax or Carbon Border Adjustment Mechanism (<keyword id="20367525" type="General" weightage="20" keywordseo="CBAM" source="keywords">CBAM</keyword>). The minister said he feels the CBAM will hurt the EU "very" badly, as infrastructure, cost of living, industrial and consumer products will become expensive. The EU's economy will also face further distress that is "my reading of CBAM", Goyal said. "They (EU) are very keen to pursue that and they have offered that India could instead of paying CBAM tax to the EU, devise its own mechanism. We will consider their suggestion and come up with whatever is good for the Indian industry and for the people of India," he told reporters here. As per reports, an EU delegation has suggested to New Delhi that India could implement its own carbon tax and reduce carbon emissions. The EU has decided to impose a CBAM, or carbon tax, which will come into effect from January 1, 2026, but from October this year, domestic companies from seven carbon-intensive sectors, including steel, cement, fertiliser, aluminium and hydrocarbon products, would have to share data with regard to carbon emissions with the EU. India has strongly criticised the move and is in dialogue with the EU on the issue. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-electric-ipo-mapmyindia-accuses-company-of-stealing-map-data-days-before-ipo-opens/articleshow/112109869.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-electric-ipo-mapmyindia-accuses-company-of-stealing-map-data-days-before-ipo-opens/articleshow/112109869.cms" target="_blank">Ola Electric IPO – MapMyIndia accuses company of stealing map data days before IPO opens</a><a href="https://www.businessinsider.in/tech/news/redmi-pad-pro-5g-with-snapdragon-7s-gen-2-launched-in-india-starting-at-21999/articleshow/112105133.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/redmi-pad-pro-5g-with-snapdragon-7s-gen-2-launched-in-india-starting-at-21999/articleshow/112105133.cms" target="_blank">Redmi Pad Pro 5G with Snapdragon 7s Gen 2 launched in India starting at ₹21,999</a><a href="https://www.businessinsider.in/tech/mobile/news/iphone-price-cut-apple-announces-price-cut-after-reduction-in-customs-duty/articleshow/112100195.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-price-cut-apple-announces-price-cut-after-reduction-in-customs-duty/articleshow/112100195.cms" target="_blank">iPhone price cut – Apple announces price cut after reduction in customs duty</a>

Will consider EU suggestion on CBAM, come up with whatever good for Industry: Goyal

As Indian startups face turbulence in the global funding winter, experts on Monday said they need to reserve cash, create a long-term goal and adopt a culture of customer feedback to survive in 2023. On the occasion of the 'National Startup Day', envisioned by Prime Minister <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> last year, industry experts said that the founders must continuously monitor the trends which are happening in the world. Indian startups fired more than 18,000 employees in 2022 amid a funding winter and macroeconomic uncertainty. "Investing in R&amp;D can be one of the finest ways to actually tackle disruption. Make sure that as a business, you keep some of your profits or your balance sheet reserves for investing into R&amp;D to actually learn more," Dr Ritesh Malik, Director, <keyword id="6365866" type="General" weightage="50" keywordseo="alliance" source="Orion">Alliance</keyword> for <keyword id="2947744" type="General" weightage="50" keywordseo="digital-india-foundation" source="Orion">Digital India Foundation</keyword>, or <keyword id="1429787" type="General" weightage="50" keywordseo="adif" source="Orion">ADIF</keyword>, told IANS. "If you feel that there is a platform like Instagram where the go-to-market strategy is more efficient, start learning Instagram and start promoting your products there," he added. According to <keyword id="6061635" type="General" weightage="80" keywordseo="tejas-khoday" source="Orion">Tejas Khoday</keyword>, Co-Founder and CEO of trading platform FYERS, this year is special as India has emerged to be the third largest startup ecosystem in the world. "While the past year was turbulent with IPOs of several well-known startups not doing too well, the ongoing funding winter and related layoffs, in the long run, all this will be a blip on the radar," he said. That said, this will help the ecosystem to mature and hopefully and we will see startups achieve a better balance between scale and profitability in 2023, Khoday noted. While interacting with over 150 startups, <keyword id="2238662" type="General" weightage="50" keywordseo="pm-modi" source="Orion">PM Modi</keyword> last year announced the commemoration of National Startup Day on January 16 every year. The Department for Promotion of Industry and Internal Trade and the <keyword id="6416832" type="General" weightage="50" keywordseo="ministry-of-commerce-and-industry" source="Orion">Ministry of Commerce and Industry</keyword> marked an entire week as <keyword id="16072714" type="General" weightage="50" keywordseo="national-startup-week" source="Orion">National Startup Week</keyword>, from January 10 to 16. According to Malik, startups must hear back from their customers. "The more you hear from your customers, the more you will be able to understand their changing needs. And the more your product becomes dynamic and you constantly change that product to the whims and fantasies of the customer," he noted. <keyword id="3337958" type="General" weightage="80" keywordseo="ravish-naresh" source="Orion">Ravish Naresh</keyword>, CEO and Co-founder of Khatabook, said that there is a stronger acknowledgment of Indian startups' role in solving core problems of emerging economies to bridge the socio-economic gaps. "This year, our primary aim is to turn profitable and scale up the digital lending offerings to meet the unmet credit demand of Indian MSME businesses. We are optimistic about the Indian economy and its opportunities for the startup ecosystem," he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/logistics-startup-locad-raises-11-million-in-series-a-funding-led-by-reefknot-investments/articleshow/97020396.cms">Logistics startup Locad raises $11 million in Series A funding led by Reefknot Investments</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/foreign-investors-pull-out-15000-crore-from-stocks-in-the-first-two-weeks-of-2023/articleshow/97019987.cms">Foreign investors pull out ₹15,000 crore from stocks in the first two weeks of 2023</a>

Indian startups need to conserve cash & listen to customers, say experts

<ul><li><keyword id="3480589" type="General" weightage="80" keywordseo="meesho" source="Orion">Meesho</keyword> has more than 8 lakh registered sellers, with 40% of them from <keyword id="142845" type="General" weightage="80" keywordseo="tier-ii" source="Orion">Tier II</keyword> cities and beyond. </li><li>Meesho’s integration with <keyword id="5862596" type="General" weightage="100" keywordseo="ondc" source="Orion">ONDC</keyword> is expected to create a wider market for hyperlocal suppliers. </li><li>Tier II cities contributed 54% of the gross merchandise value of festive season sales this year. </li></ul>Meesho, an e-commerce unicorn in India that primarily caters to Tier II cities has joined the government’s Open Network for <keyword id="1664180" type="General" weightage="50" keywordseo="digital-commerce" source="Orion">Digital Commerce</keyword> (ONDC) initiative. This will help buyers connect with hyperlocal sellers in creating an inclusive e-commerce ecosystem in the country. To create a more level playing field for small and medium enterprises in India, the <keyword id="6416832" type="General" weightage="50" keywordseo="ministry-of-commerce-and-industry" source="Orion">Ministry of Commerce and Industry</keyword> launched the ONDC portal last year. The pilot was available to sellers in five cities - Delhi, <keyword id="6354321" type="General" weightage="50" keywordseo="bengaluru" source="Orion">Bengaluru</keyword>, Coimbatore, Bhopal and Shillong, according to PTI reports. ONDC is an open network portal that helps micro enterprises gain more visibility in comparison to e-commerce behemoths like Amazon and <keyword id="6354742" type="General" weightage="50" keywordseo="flipkart" source="Orion">Flipkart</keyword>. E-commerce startup Meesho’s integration with ONDC is expected to fuel discoverability of products for consumers while creating a wider market for hyperlocal suppliers. “With a shared goal to empower small sellers and give a fillip to hyperlocal businesses, the integration will boost our efforts to democratise internet commerce for everyone. ONDC will also play an important role in expanding India’s e-commerce sector by bringing more consumers online. We have been working closely with ONDC to ensure that the integration is smooth and the user experience remains seamless,” said <keyword id="3480590" type="General" weightage="50" keywordseo="vidit-aatrey" source="Orion">Vidit Aatrey</keyword>, founder and CEO of Meesho. The pilot phase of Meesho’s integration with ONDC will first be launched in Bangalore and gradually rolled out in other locations over the coming months. Meesho’s adoption of ONDC is a reflection of the increasing demand in Tier II cities coupled with a spurt in the number of retailers from these cities. Festive period sales become a Tier II phenomenon with 64% shoppers coming from these cities, according to a Redseer report. The cities also contributed 54% of the gross merchandise value during the festive sales this year. With the growing importance of social e-commerce, unicorn Meesho was the second-largest contributor in order volume during the first week of festive sales in September, with a majority of its sales coming from Tier II and Tier III <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-group-leads-e-commerce-festive-sales-meesho-is-second-largest-contributor-in-order-volume-redseer/articleshow/94701015.cms">cities</a>. Meesho says that 80% of its 14 crore annual transacting customers are from Tier II cities. The company also has more than 8 lakh sellers currently registered on the platform, of which 40% are from Tier II cities and beyond. “At ONDC, our aim is to create an open e-commerce ecosystem that caters to one and all. We are pleased to onboard Meesho as its deep capabilities in small towns will set the network flywheel in motion and take ONDC closer to our goals. E-commerce is still small in India and new-age platforms like Meesho will be strong network participants for ONDC in this journey,” said T Koshy, chief executive officer, ONDC. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/union-labour-ministry-summons-amazon-india-over-layoffs/articleshow/95703264.cms">Union Labour Ministry summons Amazon India over layoffs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/inox-green-energy-services-lists-at-6-92-discount-lower-than-grey-market-expectations/articleshow/95703045.cms">Inox Green Energy Services lists at 6.92% discount, lower than grey market expectations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/mukesh-ambani-says-india-will-become-a-40-trillion-economy-by-2047/articleshow/95692457.cms">Mukesh Ambani says India will become a $40 trillion economy by 2047</a>

Vocal for local: Online commerce unicorn Meesho joins ONDC to aid local sellers

Top industry groups and tech giants, including <keyword id="6354427" type="General" weightage="50" keywordseo="apple" source="Orion">Apple</keyword> and Intel, have sent a letter to the <keyword id="126668" type="General" weightage="50" keywordseo="us-department-of-commerce" source="Orion">US Department of Commerce</keyword>, protesting against <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s recent import restrictions on PCs, laptops and servers. In the letter, the biggest players in technology and manufacturing said the move "could significantly disrupt trade, hamper efforts to more closely integrate India into global supply chains, and harm businesses and consumers in both countries". Eight American trade groups asked the government to urge India to reconsider the policy, reports Bloomberg News. The industry groups included the Information Technology Industry Council, the National Association of Manufacturers and the <keyword id="1034072" type="General" weightage="50" keywordseo="semiconductor-industry-association" source="Orion">Semiconductor Industry Association</keyword>. They wrote in the letter that any barrier to trade could affect the shipment of US-made computers and electronics into India. According to the notification by the Directorate General of Foreign Trade (DGFT) in India, for clearance of import consignments with effect from November 1, 2023, a valid licence for restricted imports is required. The government has told tech companies that the restrictions are not to ban imports but to promote exports via domestic manufacturing. Meanwhile, top consumer electronics companies like HP, Apple and Dell last week urged the government to extend the November 1 deadline for the licences required for PCs, laptops and tablets by at least an year, as it will take time to configure and set up manufacturing/assembling units as per new guidelines. In a meeting with the Ministry of Electronics and Information Technology (MeitY) officials, also attended by leading industry bodies the Manufacturing Association of IT Hardware (MAIT) and the India Cellular and Electronics Association (ICEA), the tech companies conveyed to the government they need more time to set up manufacturing units in the country, according to sources. Post November 1, no entity will be allowed to import laptops, computers, and related items without a license. The Centre has said the restrictions were imposed for security reasons and also for promoting the 'Atmanirbhar Bharat' mission. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/audi-has-announced-the-launch-of-the-q8-e-tron-and-the-q8-sportback-e-tron-electric-cars-in-india/slidelist/102836760.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/audi-has-announced-the-launch-of-the-q8-e-tron-and-the-q8-sportback-e-tron-electric-cars-in-india/slidelist/102836760.cms" target="_blank">Audi Q8 e-tron and Q8 Sportback e-tron launched in India with more than 500 KM Range</a> <a href="https://www.businessinsider.in/tech/news/indian-pc-market-declines-for-fourth-consecutive-quarter-reports-15-decline/articleshow/102822733.cms">Indian PC market declines for fourth consecutive quarter, reports 15% decline</a> <a href="https://www.businessinsider.in/tech/mobile/news/india-crosses-the-2-billion-mark-in-its-journey-to-become-a-smartphone-manufacturing-powerhouse/articleshow/102760757.cms">India crosses the 2 billion mark in its journey to become a smartphone manufacturing powerhouse</a>

Urge India to reconsider PC import restrictions: Top industry groups ask US govt

The Indian <keyword id="761780" type="General" weightage="20" keywordseo="e-commerce-market" source="Orion">e-commerce market</keyword> has experienced remarkable growth in recent years, driven by factors such as increased internet penetration, smartphone adoption, digital payments, and changing consumer behaviour. This growth has created opportunities for livelihoods and has been supported by the Micro, Small and Medium Enterprises (MSMEs) sector, which plays a crucial role in India’s economy. Contributing significantly to employment generation, economic growth, and poverty reduction, MSMEs hold immense potential. The <keyword id="44734" type="General" weightage="20" keywordseo="indian-government" source="Orion">Indian government</keyword>'s initiatives, such as "<keyword id="6354869" type="General" weightage="20" keywordseo="make-in-india" source="Orion">Make in India</keyword>" and "Startup India", and the ₹1,700-crore allocation in the budget for MSMEs’ digital infrastructure to fuel growth in these enterprises, have been in the right direction. In the grand scheme of India's retail fabric, <keyword id="35621" type="General" weightage="100" keywordseo="e-commerce" source="Orion">e-commerce</keyword> is only warming up. However, its potential to revolutionise how we buy and sell is an indisputable fact.The Emergence of E-commerce in India and the industry trendThe dawn of Internet accessibility fanned the flames for online trade in India. From books to electronics, gadgets to fashion wear — Indian consumers suddenly had a vast digital marketplace at their fingertips. Amid this e-commerce bull run, Flipkart emerged as a trustworthy platform for millions of customers that catered to the evolving demands of Indian consumers.With incessant tech advancements and evolving consumer behaviours, the e-commerce landscape is constantly shifting. Convenience, transparency, and personalisation will be major driving forces transforming how we buy and sell online.India’s <a href="https://www.bain.com/insights/how-india-shops-online-2022-report/">online shopper base</a> is estimated to increase to 400–450 million by 2027. 50 million new shoppers were added to the Indian e-retail market, which is ~35% growth over the online shopper base in 2020. New shoppers majorly belong to tier-3 or smaller cities and include Gen Z, a critical cohort that typically starts buying at entry price points. 3 out of 5 shoppers belong to tier-2 or smaller cities, 1 in 3 shoppers belong to low-to-middle income segments, and 1 in 3 shoppers is Gen-Z. Consumers now spend 20% more time per month on a retail platform vs last year.Flipkart’s impact on India’s e-commerce landscapeFlipkart, a homegrown marketplace platform, has been at the forefront of this transformative journey, <keyword id="65467" type="General" weightage="20" keywordseo="empowering" source="Orion">empowering</keyword> MSMEs and driving inclusive economic growth in the country. Given that more than 95% of MSMEs in India are micro in nature, a ready-to-go platform that Flipkart provides is immensely crucial to market the products coming out of Make in India and help them become small-to-medium in nature. Indeed, through its innovative approach and steadfast commitment to inclusion, Flipkart is inspiring a new cadre of entrepreneurs while playing an instrumental role in harnessing the true potential of India’s e-commerce maze. Today it stands as more than an e-commerce company – it’s a catalyst reshaping India's retail ecology.Over the last 15 years, Flipkart has been a transformative force in India’s e-commerce landscape.●It has driven the rapid growth of the online marketplace.●It has helped businesses embrace digital technology to increase their reach and profits.●It has contributed to economic development by enhancing India's global competitiveness.With a remarkable 220% seller growth on the platform since last year, Flipkart has earned the trust of over 14 lakh sellers— reflecting the faith that Indian MSMEs, small businesses, and enterprises have in their capabilities. Flipkart, with a registered user base of 500Mn+is well-positioned to cater to these emerging customer preferences.By bringing meaningful market opportunities to MSMEs and small businesses, Flipkart has helped promote inclusive growth by creating job opportunities, empowering women, and enabling entrepreneurship among disadvantaged sections of society.Empowering rural entrepreneurs MSMEs especially have a big role to play in providing employment opportunities, income generation, and skill development in rural areas, thereby uplifting local economies and reducing regional disparities. Flipkart, too, has been playing its part – it launched the Flipkart Samarth Program in 2019 to build a sustainable and inclusive platform for under-served domestic communities, with a special focus on uplifting and onboarding artisans, weavers, women-led enterprises, and people with disabilities.Flipkart isn't only changing how it does business; it's also making change happen in society:1.Inclusive growth: Flipkart promotes widespread prosperity by offering new opportunities to MSMEs and small businesses.2.Creating jobs: The platform supports countless livelihoods across the country.3.Empowering women: Flipkart believes in smashing glass ceilings, and its platform facilitates female entrepreneurship.4.Supporting the disadvantaged: Through its operations, Flipkart aims to uplift marginalised sections of society. Under the Samarth program, rural entrepreneurs from across the country are onboarded to the platform by securing multiple strategic engagements with state and central ministries, departments, livelihood missions, NGO partners, and entities across the country. To date, Samarth has reached out to sellers across 28 states, grown its seller entity base by 300% over the last year and has also helped entities &amp; businesses grow by 300%. By bringing millions of ambitious entrepreneurs access to a pan-India market, Flipkart Samarth is impacting more than 1.5 million livelihoods nationwide today. Paving the path for inclusive economic growthSupporting the development of MSMEs is crucial to ensure sustainable and inclusive economic growth, poverty alleviation and bridging the rural-urban divide. Thus, as India's e-commerce market continues to evolve, the collaboration between platforms like Flipkart and MSMEs will be pivotal in shaping a thriving and inclusive digital economy. Disclaimer: This article is authored by Rakesh Krishnan, Vice President and Head of marketplace, Flipkart. The opinions expressed are those of the author and do not necessarily reflect the views of Business Insider India.

Empowering India's e-commerce market

<keyword id="10387" type="General" weightage="100" keywordseo="microsoft" source="Orion">Microsoft</keyword> on Tuesday onboarded governments open network for digital commerce (<keyword id="5862596" type="General" weightage="20" keywordseo="ondc" source="Orion">ONDC</keyword>), with an aim to introduce social e-eommerce via its app in the Indian market. The tech giant plans to launch a <keyword id="2532086" type="General" weightage="20" keywordseo="shopping-app" source="Orion">shopping app</keyword> for the <keyword id="471072" type="General" weightage="20" keywordseo="indian-consumers" source="Orion">Indian consumers</keyword>, along with their social circle, harnessing the ONDC network to discover the best pricing among retailers and sellers. "By utilising the strength of our open network users, Microsoft, too, can implement their creative ideas like social commerce swiftly, said T Koshy, MD and CEO, ONDC. By 2030, the Indian e-commerce industry is anticipated to reach a market size of $400 billion, increasing at a 19 per cent compound annual growth rate (CAGR). "Initiatives like ONDC can be a game changer amid this boom. Their UPI-like network for digital commerce is a win-win for both buyers and sellers as it will enable them to connect without dependency on any eCommerce solution, said a Microsoft spokesperson. With ONDC, a Unified Payments Interface (<keyword id="6358921" type="General" weightage="50" keywordseo="upi" source="Orion">UPI</keyword>)-type initiative of the <keyword id="6416832" type="General" weightage="50" keywordseo="ministry-of-commerce-and-industry" source="Orion">Ministry of Commerce and Industry</keyword> to promote open networks, the government is trying to create the largest interoperable open platform in a bid to break e-commerce monopolies and build a more democratised digital marketplace by bringing micro, small, and medium enterprise as well as small traders online. Companies like Dunzo for Business (D4B), Go Frugal, <keyword id="14675799" type="General" weightage="20" keywordseo="paytm-digit" source="Orion">Paytm, Digit</keyword>, PhonePe and Loadshare has joined the ONDC network. E-commerce platform Snapdeal is set to debut on ONDC this month. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/germany-confirms-first-monkeypox-case-in-a-child/articleshow/93451733.cms">Germany confirms first monkeypox case in a child</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/coinswitch-launches-10-million-web-3-discovery-fund-to-invest-in-early-stage-indian-startups/articleshow/93452169.cms">CoinSwitch launches $10 million Web 3 Discovery Fund to invest in early-stage Indian startups</a>

Microsoft onboards ONDC to launch shopping app for Indian consumers

<ul><li><keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> is the second largest trade partner of <keyword id="50996" type="General" weightage="100" keywordseo="saudi-arabia" source="Orion">Saudi Arabia</keyword> and Saudi Arabia is India's fourth largest trade partner.</li><li>India's imports from Saudi Arabia stood at $34 billion in 2021-22, while exports are aggregated at $8.8 billion.</li><li>Meeting set between Commerce and Industry Minister <keyword id="6355222" type="General" weightage="50" keywordseo="piyush-goyal" source="Orion">Piyush Goyal</keyword> and Minister of Energy of Saudi Arabia Prince <keyword id="5749322" type="General" weightage="50" keywordseo="abdul-aziz-bin-salman" source="Orion">Abdul Aziz Bin Salman</keyword> on September 18-19.</li></ul> India and Saudi Arabia are expected to formulate a plan of action for strengthening bilateral cooperation in different areas and projects, including the <keyword id="44875" type="General" weightage="50" keywordseo="west-coast" source="Orion">west coast</keyword> refinery project, an official statement said on Saturday. The issue will come up during the meeting between Commerce and Industry Minister Piyush Goyal and Minister of Energy of Saudi Arabia Prince Abdul Aziz Bin Salman on September 18-19. They would co-chair the inaugural ministerial meeting of the <keyword id="15013219" type="General" weightage="50" keywordseo="economic-and-investments-committee" source="Orion">Economic and Investments Committee</keyword>. The two ministers are expected to discuss the progress made under the various joint working groups of the economic and investment committee, the <keyword id="6365809" type="General" weightage="50" keywordseo="commerce-ministry" source="Orion">commerce ministry</keyword> said. "Both sides are expected to formulate plan of action for further strengthening bilateral cooperation in an array of priority areas and projects, including the West Coast Refinery Project, Trans-ocean grid connectivity, Green Hydrogen, Food security, energy security and pharmaceuticals," it said. They may also accelerate progress on the announcement made by Crown Prince <keyword id="2785815" type="General" weightage="50" keywordseo="mohammad-bin-salman" source="Orion">Mohammad Bin Salman</keyword>, during his visit to India in February 2019, of investments worth $100 billion in India, it added. This committee, it said, is one of the two ministerial verticals established under the framework of the India-Saudi Arabia Strategic Partnership Council, which is headed at the highest level by the Prime Minister of India and the Crown Prince of the Kingdom of Saudi Arabia. India is the second largest trade partner of Saudi Arabia and Saudi Arabia is India's fourth largest trade partner. India's imports from Saudi Arabia stood at $34 billion in 2021-22, while exports are aggregated at $8.8 billion. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gross-direct-tax-collections-rise-30/articleshow/94281181.cms">Gross direct tax collections rise 30%</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/chinas-chip-output-shrinks-as-india-us-ramp-up-local-manufacturing/articleshow/94281093.cms">China's chip output shrinks as India, US ramp up local manufacturing</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/idbi-trustee-asks-rcap-administrator-to-withdraw-allegations-of-breach-of-confidentiality/articleshow/94280808.cms">IDBI Trustee asks RCap administrator to withdraw allegations of breach of confidentiality</a>

Goyal to visit Saudi Arabia for ministerial meet of economic, investments committee

New Delhi, <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>'s <keyword id="3232787" type="PERSON" weightage="20" keywordseo="annual-rate">annual rate</keyword> of <keyword id="22195" type="COMPANY" weightage="20" keywordseo="Inflation">inflation</keyword> based on wholesale prices sequentially rose to 2.03 per cent in January from a rise of 1.22 per cent in December. In contrast, the January inflation rate last month was lower on a year-on-year basis. "The rate of inflation, based on monthly <keyword id="46000" type="COMPANY" weightage="20" keywordseo="WPI">WPI</keyword>, stood at (2.03 per cent) (provisional) for the month of January, 2021 (over January, 2020) as compared to 3.52 per cent during the corresponding month of the previous year," a <keyword id="6416832" type="COMPANY" weightage="20" keywordseo="ministry-of-commerce-and-industry">Ministry of Commerce and Industry</keyword> statement on WPI said. On a sub-segment basis, prices of primary articles, which constitute 22.62 per cent of the WPI's total weightage, deflated further to (-)2.24 per cent from (-) 1.61 per cent in December. It had increased on a faster pace in January 2020 at 10.01 per cent. However, the WPI food index declined to (-) 0.26 per cent from 0.92 per cent reported for December 2020. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s21-ultra-5g-review-the-best-android-smartphone-yet/articleshow/80913148.cms">Samsung Galaxy S21 Ultra 5G review – the best Android smartphone, yet</a> <a href="https://www.businessinsider.in/business/startups/news/this-startup-helps-you-watch-shows-shop-online-and-access-the-internet-even-without-a-data-connection/articleshow/80918896.cms">This startup helps you watch shows, shop online and access the internet even without a data connection</a> <a href="https://www.businessinsider.in/science/research/news/worlds-oldest-beer-factory-discovered-in-egypt-was-producing-50000-pints-at-a-time/articleshow/80920087.cms">Drink like an Egyptian: Historians discover the world’s oldest beer factory in Egypt</a>

You Searched For "The Commerce and Industry Ministry" and got 14 results

Leather and footwear industry can create 1 crore jobs: Piyush Goyal

ANI

Bolster manufacturing sector, consumption this budget: PHDCCI to FinMin

Ira Alok Puranik

India's cement industry expected to grow to 5.09 billion tonnes by 2028-29 amid infrastructure push: Report

BI India Bureau

India-UK trade pact: Work in progress to resolve pending issues

PTI

Online vendors generated 15.8 million jobs in India: e-commerce report

PTI

India's core sector output rises by 7.4 per cent in December

ANI

Will consider EU suggestion on CBAM, come up with whatever good for Industry: Goyal

PTI

Indian startups need to conserve cash & listen to customers, say experts

IANS

Vocal for local: Online commerce unicorn Meesho joins ONDC to aid local sellers

Eetika Kapoor

Urge India to reconsider PC import restrictions: Top industry groups ask US govt

IANS

Empowering India's e-commerce market

Rakesh Krishnan

Microsoft onboards ONDC to launch shopping app for Indian consumers

IANS

Goyal to visit Saudi Arabia for ministerial meet of economic, investments committee

PTI

WPI inflation rises 2% in January— at its highest since February 2020

IANS

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