Tag: Maharashtra

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Business motivation

Economic Impact of COVID-19 Second Wave Minimal So Far: Crisil Research

Marketing Strategies| Representational Image (Photo Credits: Pixabay)
Marketing Strategies| Representational Image (Photo Credits: Pixabay)

According to Crisil Research, the economic impact of the second wave of novel coronavirus has remained minimal so far in India with less stringent restrictions. “Few countries have escaped a second wave of the Covid-19 pandemic and it is India’s turn now, with daily cases crossing the previous peak of September 2020. And this wave is spreading faster than the first, though with a lower fatality ratio,” Crisil said in a statement.

“Initially concentrated in Maharashtra, new cases are slowly dispersing to other states, which have seen some dip in mobility towards end-March. So far, though, the economic impact remains minimal, with localised restrictions. Maharashtra, the worst impacted state, has introduced somewhat stringent restrictions that will temper mobility and contact-based services,” it added.

The statement added that mobility at the all-India level has remained nearly unaffected ever since a boom in cases since mid-February. However, mobility in Maharashtra is beginning to weaken.

From March 29 to April 4, the covid cases surged from 68,000 to over 1 lakh. Of the total cases during the same period, Maharashtra accounted for 55 percent of new covid-19 cases. Even though Gujarat, Chhattisgarh, Madhya Pradesh and Punjab accounted for fewer share, these states witnessed the highest growth rate in new news cases after Maharashtra.

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Startup

Maharashtra To Create Incubation Centre for Startups Near Mumbai To Give Major Boost to New-Age Enterprises

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Mumbai, February 20: Maharashtra is planning to set up a large incubation centre for startups near Mumbai- then financial capital of India, soon, Chief Minister Uddhav Thackeray said on Friday. The setting up of an incubation centre for startups will give a boost to new-age enterprises. While speaking at the annual NTLF event of IT industry lobby Nasscom, Thackeray said that the state is also determined to make Mumbai as one of the fintech hubs in Asia. The Chief Minister added saying that in the last three years since launching the Nasscom 10,000 startups programme, which has a warehouse in nearby Navi Mumbai, over 50 new companies have benefitted and over 1,300 jobs have been created.

“Encouraged by this success, we are planning to set up a large incubation centre near Mumbai with Nasscom in the near future,” Thackeray said. After the success with the 2015 IT Policy, Thackeray said the state is now creating an IT/ITes (IT enabled services) promotion policy for 2021 which will have a focus on creating the right ecosystem for technology companies, incentives for innovation and research and development, and a close working relationship with the state. Maharashtra is already using tech inputs for governance and extending services to the public, including blockchain, internet of things and artificial intelligence-based solutions, he said.

The Chief Minister added saying that besides the traditional hubs of Mumbai and Pune, Thane, Raigad, Nashik and Nagpur are also getting traction and tech investments lately. He said in the last five years, the state has received Rs 65,000 crore in investments from IT companies which have helped create 8.5 lakh jobs in the state. Reiterating his predecessor Devendra Fadnavis” target, Thackeray said the state is on its way to becoming a USD 1 trillion GSDP state by 2025.

At present, its GSDP is close to USD 500 billion or 16 per cent of the national GDP, he said, adding that a third of the foreign direct investment received by the country comes to the state. Thackeray said the pandemic period was a testing time for all and the tech industry helped in ensuring that people stay connected through audio and visual modes and said COVID-19 helped hasten the pace of technology adoption. He also noted the sacrifices of emergency services rendering personnel including those from the police and medical fraternity to ensure the city keeps moving.

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Strategy

BSE Signs MoU With Maharashtra Govt To Encourage SME Listing; Here’s How the Pact Will Benefit SMEs in Maharashtra

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Online Business

Mumbai, January 20: In a bid to create awareness about benefits of listing among small and medium enterprises (SMEs) in Maharashtra, leading stock exchange BSE has now joined hands with the state government. The BSE has signed a memorandum of understanding (MoU) with the government of Maharashtra on Tuesday, the exchange said in a statement. Under the pact, the BSE will provide intellectual and manpower support to create awareness about the benefits of listing among SMEs and will enable capacity building to such enterprises to fulfil listing requirements. Moreover, the BSE will provide training and capacity building support to District Industries Centre officials.

Here’s How the SMEs in Maharashtra Would Benefit:

  1. Under the MoU, the Maharashtra government will help in mobilizing the SME representatives and state and regional associations to encourage their SME members to attend capacity building programmes.
  2. In addition, the government will also reach out to industrial associations in the state for conducting joint seminars with BSE to create awareness among SMEs about benefits of listing.
  3. This MoU will help the micro, small and medium industries in the state to get registered in the capital market and raise capital from the public capital market.
  4. Subhash Desai, Minister for Industries & Mining in Maharashtra government said that BSE will also provide technical support to all the MSME industries in Maharashtra.
  5. The pact will further encourage more and more SMEs to list and raise equity capital on the exchange.

Ajay Thakur, Head-BSE SME and Startups said, “Through this collaborative effort, we will be able to reach out to various SME representatives and industry associations of the state and create greater awareness about the benefits of listings among SMEs of the state.

BSE had launched its SME platform in March, 2012. Till now,  331 companies got listed on the platform by raising Rs 3,381 crore and the market capitalization of these companies collectively stood at a little over Rs 21,566 crore. Out of 331 companies, 95 have migrated to main board.

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Startup

Women Entrepreneurship Cell Launched by Maharashtra Govt to Boost Female Engagement in Startups

Women Entrepreneurs in India (Photo Credits: Pixabay)

In a bid to give a major boost to women entrepreneurship in Maharashtra, the state government has announced of establishing of a woman entrepreneurship cell. The special cell that has been launched will work towards enhancing, guiding and training the female entrepreneurs in startups and different entrepreneurship-related sectors. The news was announced by Maharashtra Employment and Entrepreneurship Minister Nawab Malik. The cell is established to improve the innovation-driven entrepreneurship ecosystem in Maharashtra.

The Minister said that there will now be a “Girl-Student Entrepreneurship Club” at schools and universities levels. In these clubs, appropriate coaching will be given to college students who aspire to be budding entrepreneurs in their career. Further, it’ll additionally create incubators for women entrepreneurs and will help them in organising accelerated packages. The Minister further added that the monetary help might be supplied to start-ups established by these women entrepreneurs.

In December, the state government of Maharashtra decided to provide financial assistance to innovative startups which wish to file for patents. Malik had said that in the first phase of the scheme, 125 to 150 startups will be supported with financial assistance of Rs 2 lakh to Rs 10 lakh. He said in order to survive in a competitive world, it is important for startups and early-stage entrepreneurs to protect their Intellectual Property Rights (IPR).

 

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MSME

Good News! MSME Business Activity Returning to Near-Normal Levels, Tier 2 & 3 Witness Faster Recovery Than Tier 1 Cities

Startup Growth
Startup Growth (Photo Credits: Pixabay)

Mumbai, November 4: It comes as a ray of hope amid the pandemic that the business activity of the micro, small and medium enterprises is returning to near-normal levels. According to a report published on PTI, the SMEs are rapidly developing a digital business tool to increase efficiency and growth.

The positive sign is that out of 36, 16 states and Union territories have witnessed business activity levels higher than pre-covid times. The data gathered by startup OkCredit further pointed out that business activity in Karnataka, Maharashtra, Gujarat, Andhra Pradesh, Tamil Nadu and Delhi are trending at 90-95 per cent of their pre-COVID levels.

A similar positive trend is being witnessed in Uttar Pradesh, Madhya Pradesh, Chhattishgarh, Odisha, Jharkhand, Uttarakhand, Bihar, Haryana, Assam, Rajasthan, and Himachal Pradesh.

The report further mentions that businesses activity in tier 2 and tier 3 cities are witnessing faster recovery than tier 1 cities. This has been attributed to the rise in micro-retail players increasingly taking up digital bookkeeping solutions.