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The growing adoption of industrial IoT driving the growth of Smart (Connected) Worker Market. The smart worker market is expected to be valued at USD 1.87 Billion in 2018 and is likely to reach USD 4.40 Billion by 2023, at a CAGR of 18.69% between 2018 and 2023. The growing adoption of industrial IoT and the increasing focus of manufacturing companies on energy efficiency, resource optimization, and reduction in production and operating costs are driving the growth of the market for smart worker solutions. Further, the growing stringency in occupational health and safety regulations across the world is also contributing to the market growth. The demand for smart worker solutions across various applications in the oil & gas industry is expected to grow significantly over the next 5 years. The manufacturing industry accounted for the largest market share in 2017. The oil & gas industry is at the forefront of adopting smart worker solutions. The use of IoT-enabled smart worker solutions help the oil & gas industry to monitor workers’ health and improve their safety in hazardous environments. The market for software used in smart worker solutions is expected to grow at the highest CAGR between 2018 and 2023. This can be due to its capability to enable supervisors to track time, safety, wellness, productivity, location, and working environment of workers, among many others, and to analyze the situation accurately. North America held largest share of smart worker market in 2017 North America held the largest share of the smart worker market in 2017. There is a need to reduce the operational cost in industrial facilities owing to the growing price war in this region. The rising demand in the manufacturing, oil & gas, and power & utilities industries to improve the worker performance and safety and reduce the overall operational costs. This is the key factor for a large market share of this region in the smart worker market. *Source: Download PDF Brochure- https://www.marketsandmarkets.com/pdfdownload.asp?id=250662320
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As the world’s fastest growing economy, the Indian business ecosystem has surpassed China to become the 6th largest economy in the financial year 2017-18, and this growth can be accredited to large industries in the country. The manufacturing industry accounts for 26% of India’s Gross Domestic Product (GDP) and employs 22% of the total workforce. However, contribution from the manufacturing sector to India’s GDP has remained stagnant at around 16% for the past 25 years. As India goes through a multitude of changes in the economy, the aim is set to transform India into a global manufacturing hub. With MSMEs being the largest employers in India, providing employment to 110.9 million people, it is crucial for India to tap the potential of the MSME segment. The MSME segment is in dire need of a level playing field, with not only great policies and campaigns but also with proper implementation of those policies. Fueled by the backbone of the Indian economy - MSMEs, the Indian manufacturing sector attributes to one-third of the total GDP of the country. Along with that, India is expected to have the youngest demographic in the world with 64% of the population in the working age group by 2020. This demographic, powered with a boost in the economy holds the potential to give the country an unprecedented edge, and could add a significant 2% to the GDP growth rate, making it an extremely fertile environment for entrepreneurship. Constraints such as high cost of credit, low access to new technology, inadequate infrastructure facilities, and lack of access to international markets have factored in the growth stagnancy. For the Indian ecosystem to push the growth of the MSME sector, the following steps need to be undertaken: Access To Finance The present market conditions do not provide enough opportunities for the MSME sector for raising low cost funds. To improve the flow of credit, it is imperative to develop low cost financing solutions. A transparent credit rating system, simplification of processes to access finance and interest rate subvention are some steps that can be taken for this. Enhancing Market Access For MSMEs To withstand the onslaught of competition from large enterprises within local and international markets, MSMEs need to be able to respond quickly to evolving innovation and technology advancements. In order to sustain and further amplify the sector’s contribution towards employment generation, exports and manufacturing capabilities, MSMEs need to be provided with better market access. Access To Infrastructure MSMEs can benefit from improved infrastructural facilities in terms of economies of scales. Government programs can be introduced for integrated workspaces with the objective of establishing clusters, with facilities such as power plants, training centers and processing units available to all MSME units. Furthermore, as a consequence of expanding markets, advanced technological expertise is required for manufacturing. Provision of proper tools, skilled labour and modern technology support, which require high investments, can be developed on a cluster basis. This development process needs to be supplemented with common effluent treatment plants, proper water supply distribution, design centers and ample captive power. Conclusively, it is clear that with access to better infrastructure, enhanced markets, and proper financial solutions, along with other factors, the MSME segment has a large scope to grow and boost the GDP of India, thereby making it a true global economic powerhouse in the manufacturing sector. Source: power2sme.com
Ahead of Elections, Govt. Comes up with Captivating Schemes for MSME’s: According to rating agency ICRA’s predictions: The forthcoming union budget is likely to propose measures to increase credit to agriculture and small and medium enterprises. It believes that the target for institutional credit to agriculture sector is likely to get enhanced to over Rs.12 lakh crore from Rs.11 lakh crore for FY2018- 19. Further, to increase the credit supply to the medium, small and micro enterprises (MSMEs), the refinancing target by Micro Units Development and Refinance Agency (Mudra) Bank is also expected to increase to over Rs. 4 lakh crores from Rs. 3 lakh crores for FY2018- 19. Expected Announcements to Revive NBFC’s: The govt. is likely to come up with supportive schemes, considering the current tight liquidity situation of non-banking finance companies (NBFCs) and housing finance companies (HFC’s) to foster a seamless flow of credit. Some announcements to support a steady and seamless flow of credit to NBFCs and housing finance companies are also expected in the Budget. According to the rating agency, ICRA, “the expected announcements may include: increase in the refinance to the sector, a priority sector tag for bank credit to NBFCs based on their on-lending and relaxation in risk weights for capital allocation by banks on their exposures to the sector.” According to Mr. Anil Gupta, VP & Sector Head, ICRA, “Any large-scale debt relief for small borrowers in agriculture or MSME sector will lead to higher cost of borrowings and adversely impact the profitability of banks unless the scale of such waivers is contained by targeting the borrowers under genuine stress, ” Increasing the Amount of Recapitalisation Package: The government has recently upsized the recapitalisation package by Rs. 41, 000 crores for public sector banks (PSBs) to Rs. 1.06 lakh crores for FY2019. However, a large portion of this capital is expected to be utilized against loss provisions, thereby leaving limited capital for supporting credit growth. According to Mr. Anil Gupta: We expect the capital requirements for PSBs to remain sizeable at over Rs. 50, 000 crores during FY2020 to support 10 % credit growth, but the budgetary allocation is expected to be lower than requirement on the back of expectations that PSBs may be able to raise some capital from the markets as earnings profile shows signs of improvement, ” he added. ICRA Anticipations: Depending on their capital position and ability to support credit growth, the rating agency believes that the state-owned banks would restart posing competition to private sector banks (PVBs) both on the deposit side and credit side leading to higher deposit rates and pressure on lending yields. The target for institutional credit to agriculture sector is likely to get enhanced in the Union Budget to over Rs. 12 Lakh Crores from Rs. 11 Lakh Crores for FY2018-19, said rating agency ICRA. Micro Units Development and Refinance Agency (Mudra) Bank is also expected to increase its refinancing target to over Rs. 4 Lakh Crores from Rs. 3 Lakh Crores for FY2018-19. Content credit: power2sme
What Union Budget Have for Startups – All You Need to Know The Budget aims at boosting the consumption and winning the goodwill of farmers. On Feb 01, 2019, the Interim Finance Minister, Mr. Piyush Goyal today outlined significant measures to ease farmers’ plight in the country. The Interim Budget also gave the middle-class major tax relief, exempting those with an annual income of up to Rs. 5 Lakh from paying taxes altogether. Currently, individuals with income of up to Rs. 2.5 Lakh are exempt from paying taxes. No Mention of ‘Angel Tax’ in the Budget - 2019: Surprisingly, in an uncharacteristic break from the Modi-led government’s support for startups, this year’s Budget speech did not contain even a single mention of the word ‘angel tax’ or any reforms specifically for the startup ecosystem. In comparison, last year’s Budget mentioned startups multiple times and introduced 3 measures aimed at encouraging startups while also calling for clarity on the issue of angel tax. While this is still an Interim Budget, with a clear focus on the upcoming General Election, here are the key takeaways of the Union Budget 2019 for the Indian Startup Ecosystem: Increase in Minimum Taxable Income Will Boost Consumer Startups: Mr. Goyal’s Budget made the middle class (and consumer startups) sit up and take notice with its headline-grabbing announcement that the minimum taxable income of individuals has been increased to Rs. 5 Lakh and standard deduction has been raised to Rs. 50, 000 from Rs. 40, 000. Clearly, middle-class spending power is set to increase significantly, which is good news for consumer startups. Mr. Piyush Goyal added that individuals earning a gross income of up to Rs. 6.5 Lakh per year with investments for savings, would be exempt from tax. This is expected to save an estimated 3 Cr small and middle-class tax-payers about Rs. 23K Cr in taxes. Boost for Defence Startups: The Budget also chalked out a defence budget of Rs. 3 Lakh Crore — a first for India. In addition to the extra funds, the government has also brought startups in the ambit of defence procurement by launching the Defence India Startup Challenge on August 4, 2018. A joint initiative of the Atal Innovation Mission, the Department for Promotion of Industry and Internal Trade (DIPP), and the Defence Innovation Organisation (a ministry of defence initiative) organised the Defence India Startup Challenge aimed to encourage startups to innovate defence solutions in 11 categories. PM Kisan Yojana Will Benefit 12 Crore Farmers: The Interim Budget has a mention of PM Kisan Yojana, in which 12 Crore Small and Marginal Farmers will be provided with an assured yearly income of Rs. 6, 000 in their bank accounts. This is expected to alleviate farmers’ plight as well as give them the confidence to venture into higher yield farming. This, in turn, will encourage agri-tech startups to reach out to larger number of farmers as well as create value-added farm products. Avoided the Investors Demand to Remove Angel Tax Provisions: According to an Inc. 42 Union Budget 2019 survey, the demand to remove angel tax provisions and bring transparency into the process of angel funding has been on top of the list of demands of startup founders and investors. While Arun Jaitley’s 2018 Budget at least acknowledged the issue, saying that “Venture capital funds and angel investors need an innovative and special developmental and regulatory regime for their growth, ” today’s Interim Budget was conspicuous for clearly avoiding any mention of the issue. 1 Lakh Digital Villages by 2024: Goyal said that the government is looking to create 1 Lakh digital villages in the next five years. “Jan Dhan, Aadhaar mobile, and direct benefit transfer have been game changers, ” Goyal noted. With the rapid increase in smartphones and rural electrification, this move may truly set India on the path of digital transformation as a big part of India’s population still resides in villages and Tier 3 towns. This could also increase the reach of urban startups in the currently untapped rural segment, in perhaps all sectors, but particularly digital payments and e-Commerce. Missed Fiscal Deficit Leading to Decline in Investments: The government has missed the fiscal deficit target set at 3.3% of the GDP for FY 2018-19. Piyush Goyal said fiscal deficit for the current year would be 3.4% and forecast a 3.4% deficit for the coming financial year as well. He attributed this to “revenue shortfalls and increased spending ahead of the Lok Sabha election.” Fiscal Deficit Will Lead to Slow Growth in Infra. Development: While economists and policy analysts disagree about the impact of the fiscal deficit on the economy, in the short term, the fiscal deficit can make governments shy of spending on infrastructure. This, in turn, could scuttle growth or slow down infrastructure development, thereby making international investors dial back their investments in the country. National Programme on Artificial Intelligence (AI): As part of a section entitled ‘Empowering Youth to Fulfil Their Potential’, the Interim Budget announced a National Programme on Artificial Intelligence (AI). While Goyal did not elaborate how much funds would be allocated to this initiative, he said that the AI push would be catalysed by the establishment of the National Centre on Artificial Intelligence as a hub along with the development of centres of excellence. “Nine priority areas have been identified. A National Artificial Intelligence portal will also be developed soon, ” said Goyal. With the world looking to India to fulfil the rising need for developers and software professionals skilled in cutting-edge technologies such as: Automation, Machine Learning, and Associated Technologies, this initiative could prove to be invaluable in the coming years. The move is also in line with the government’s other flagship programmes such as Digital India, Startup India, and Make in India and will help India establish itself as a — knowledge and digital society. Easy Process for Tax Compliance: The Interim Budget also said that within 2 years, all tax assessments will be electronic and income tax (I-T) return processing will be done in just 24 hours. This will make for a smoother I-T filing and returns process, hence ensuring that founders and entrepreneurs have one less thing to worry about. For startups, overall compliance processes were simplified. Threshold Limit for Presumptive Taxation Raised to Rs. 2 Crore: The threshold limit for presumptive taxation of business was raised from Rs. 1 Cr to Rs. 2 Cr. The benefit of presumptive taxation was extended for the first time to small professionals fixing the threshold limit at RS. 50 Lakh. Single Window Clearance for Content Creation Startups: To promote the entertainment industry, Goyal said that Indian filmmakers and content creators will get a single window clearance for ease of shooting films, which was available only to foreigners till now. Regulatory provisions will rely more on self-declaration going forward, he added. The Budget also introduced anti-camcording provisions in the Cinematograph Act to control the menace of piracy, a move that will help the growth of the OTT (Over the Top) companies such as Netflix, Amazon Prime, SonyLiv, Hotstar and Zee5. No Initiative to Promote Electric Vehicles (EV): While the Indian government has made a lot of noise about electric vehicles and creating a supportive infrastructure enabling EVs, the interim budget did not spell out any new initiatives to fast track adoption of EVs. While states such as Karnataka, Telangana, Tamil Nadu, and Rajasthan have dedicated EV policies and are currently attracting investments from both international and homegrown EV makers, Goyal’s mention of electric mobility touched only on the need to clean up “Mother Earth” and platitudes like: “India will lead the world in the transport revolution through electric vehicles and energy storage devices, bringing down import dependence and ensuring energy security for our people.” Content Credit- power2sme
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