Flipkart Group on July 23 announced the acquisition of the Best Price cash-and-carry business, 'Walmart' India, and it has also said that it will launch a new digital market place 'Flipkart Wholesale.' This will focus on the Business-to-Business (B2B) segment in India. India's retail ecosystem and Flipkart Wholesale will keep Kiranas and MSMEs at the centre and will focus on small businesses with potential.
Courtesy: The Times of India
On July 23, Flipkart announced the acquisition of Walmart India for an undisclosed amount and said that it will launch a new digital marketplace next month - 'Flipkart Wholesale'. This B2B segment will leverage and strengthen the growth of grocery business. "The marketplace is expected to effectively link sellers and… read-more
On July 1, the World Bank said that it will provide US$ 750 million budget support to 15 crore MSMEs. This decision comes forward to increase liquidity access for the potential small business to overcome the COVID-19 impact. During July 2019-June 2020, World Bank has extended USD 5.13 billion loans to India. Junaid Ahmed, World Bank Country Director in India stated this is direct budget support.
Union Minister of Micro, Small and Medium Enterprises (MSME) and Transport, Nitin Gadkari said India will deny Chinese companies or investors to participate in highway and other infrastructure projects, including those through joint ventures. The minister added that a policy will be out soon banning Chinese firms and relaxing norms for Indian companies to expand their eligibility criteria for participation in highway projects.
Minister of Micro, Small, and Medium Enterprises (MSMEs), Nitin Gadkari has requested Finance and Trade Ministries to permit the Chinese imports and consignments which are being held at ports across the country. A senior government official said that small and micro businesses have dependency on these Chinese imports as raw materials for manufacturing products.
The government on June 1 further revised the definition of MSMEs beyond the revisions announced during the Ôé╣20 lakh crore economic package announcement made last month. The turnover limit for medium enterprises has been further amended to Ôé╣250 crore and investment limit has been raised to Ôé╣50 crore. These were earlier Ôé╣100 crore and Ôé╣20 crore respectively.
Courtesy: Financial Express