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Iraq Business
3 hours ago
- Business
- Iraq Business
Review of National Policy to Develop MSMEs in Iraq
By John Lee. The Iraqi Ministry of Planning held a workshop on August 7, 2025, to review and discuss the final draft of the National Policy for the Development of Micro, Small, and Medium Enterprises (MSMEs) . This policy is set to be adopted as a key national document supporting this vital sector, with ongoing technical support from the International Labour Organization (ILO) under a programme launched in July 2024. Dr. Hanaa Ismail Al-Asadi, Administrative Undersecretary at the Ministry, emphasised the policy's role as a foundational pillar for sustainable economic growth, job creation, and empowering vulnerable groups to enter the labour market. She affirmed the ministry's commitment to a comprehensive reform path providing institutional, legislative, and financial tools to enable MSMEs to expand, contributing to national economic development. Dr. Sabah Jundi Mansour, Director General of Economic and Financial Policies at the Ministry, noted that workshop feedback will be integrated into the final document, which will then be submitted for official approval. Dr. Maha Qataat, ILO's National Coordinator, highlighted that the policy development is based on social dialogue involving the government, employers, and workers. She pointed out ILO-supported initiatives such as "Start and Improve Your Business," financial literacy, and green project support, funded by the Italian Development Cooperation Agency (AICS). Mr. Raimondo Bono, Humanitarian Programmes Director at the Italian Agency, stated that backing this policy aligns with building an inclusive, resilient economy that enhances MSMEs, especially in rural areas, by creating sustainable jobs and protecting the environment through training and policy development. Dr. Qusay Al-Jabiri, a member of the policy drafting committee, presented the technical rationale, challenges facing MSMEs, preparation mechanisms, main themes, strategic objectives, and proposed overlaps. The workshop featured two interactive sessions where participants discussed alternative policy options, set implementation priorities, and allocated institutional roles to ensure successful national application. Participants included officials from the Ministry of Planning, representatives from relevant ministries and government bodies, private sector stakeholders, business associations, and civil society organisations. (Source: Ministry of Planning)
NDTV
3 days ago
- Business
- NDTV
Why India Is Bound To Emerge Stronger From The Tariff Chaos
The Indo-US trade relationship, once a beacon of strategic partnership, has faced significant turbulence in recent months. The trade talks, initially aimed at fostering mutual economic benefits, descended into a stalemate as the US pressed India with ambitious and arguably unrealistic demands. Trump's administration sought extensive market access for American agricultural products, pharmaceuticals, and technology services, while imposing steep tariffs on Indian exports such as steel, aluminium, textiles, and IT services. These tariffs, coupled with demands that threatened India's domestic stakeholders, were met with resolute resistance from India, under the steadfast leadership of Prime Minister Narendra Modi. Committed to protecting the interests of farmers, fisheries, and Micro, Small, and Medium Enterprises (MSMEs), India refused to yield, prioritising its economic sovereignty. This principled stance, as noted by economists Stuart and Linda Stern in their 2023 book India's Economic Ascendancy: Navigating Global Trade Challenges, has not only safeguarded India's core sectors but positioned it to emerge stronger from the ongoing tariff chaos. The resilience of India's economy is a cornerstone of its ability to weather these tariff pressures with minimal disruption. Over the past decade, India has transformed into a diversified economic powerhouse, bolstered by strategic reforms and robust domestic demand. The 'Make in India' initiative, launched by PM Modi in 2014, has catalysed growth in manufacturing, reducing India's reliance on imports in critical sectors like electronics, pharmaceuticals, and defence. According to the Reserve Bank of India's 2024 Annual Report, India's foreign exchange reserves stand at a formidable $700 billion, providing a substantial buffer against external economic shocks. Furthermore, India's trade portfolio is increasingly diversified, with exports to the US constituting only 18% of its total exports in 2024, as reported by the Ministry of Commerce. The tariffs, which primarily target specific sectors, affect less than 10% of India's export revenue, limiting their overall impact. Domestic consumption, accounting for over 60% of India's GDP, continues to drive growth, fuelled by a burgeoning middle class and a thriving digital economy. The Unified Payments Interface (UPI), which processed over 140 billion transactions in 2024, exemplifies the strength of India's internal market. This economic fortitude ensures that India can absorb the tariff shock without derailing its growth trajectory. This tariff crisis presents India with a strategic opportunity to accelerate its pursuit of technological autonomy and expand its global market reach. The Atmanirbhar Bharat (Self-Reliant India) initiative, another visionary policy spearheaded by PM Modi, has driven investments in indigenous technologies, particularly in critical areas like semiconductors, 5G infrastructure, and renewable energy. The Production-Linked Incentive (PLI) scheme has attracted global tech giants like Apple, Samsung, and Foxconn, boosting electronics exports by 22% in 2024, according to the Ministry of Electronics and Information Technology. The tariff pressures have further galvanised India's focus on reducing dependence on foreign technology, with the $10 billion semiconductor mission set to commence domestic chip production by 2026. Concurrently, India is diversifying its trade partnerships to mitigate the tariff impact. Recent free trade agreements with the UAE and Australia, alongside ongoing negotiations for a UK-India FTA, reflect India's pivot toward new markets in the Middle East, Africa, and Southeast Asia. The Confederation of Indian Industry (CII) projects that India's exports to non-US markets could grow by 15-20% annually over the next five years, reinforcing its global economic clout. This dual strategy of tech autonomy and market diversification positions India to transform the tariff challenge into a catalyst for long-term growth. While India strengthens its economic foundations, the burden of these tariffs is poised to fall heavily on US consumers, potentially fuelling domestic resentment. Higher tariffs on Indian goods, including pharmaceuticals, textiles, and auto components, increase costs for American importers, who pass these on to consumers. A 2024 study by the Peterson Institute for International Economics estimated that such tariffs could raise US household costs by $1,200-$1,500 annually, disproportionately impacting middle- and lower-income families. US experts are already raising alarms over these consequences. Economist Joseph Stiglitz, in a 2024 op-ed in The New York Times, warned that protectionist policies risk exacerbating inflation and eroding consumer confidence, potentially leading to voter backlash. Similarly, a report by the US Chamber of Commerce (2025) highlighted that tariffs on Indian pharmaceuticals could disrupt supply chains for generic drugs, which account for 90% of US prescriptions, further driving up healthcare costs. As inflation remains a pressing concern in the US, these price hikes could spark significant discontent, underscoring the unintended domestic fallout of tariff policies. The tariff crisis has also reshaped the geopolitical landscape, creating opportunities for India to assert its global influence. By standing firm against coercive trade tactics, India has bolstered its reputation as a principled and independent power. This stance has opened the door to fresh alignments, particularly within the Russia-India-China (RIC) framework. Prime Minister Modi's proposed visit to Beijing for the 2025 SCO Summit and his recent call with Brazilian President Luiz Inácio Lula da Silva signal India's intent to deepen ties with BRICS partners. These diplomatic engagements, as noted by the Ministry of External Affairs (2025), reflect India's strategic balancing act, leveraging the tariff dispute to enhance its geopolitical leverage. The potential revival of RIC cooperation, alongside strengthened BRICS collaboration, positions India as a pivotal player in a multipolar world. By fostering these partnerships, India is not only countering US pressure but also shaping a new global order that prioritises mutual cooperation over unilateral demands. India's economy today is far stronger than in past decades, when external pressures could destabilise its markets. The tariff chaos, rather than weakening India, marks an inflexion point that highlights its economic resilience and strategic foresight. Under PM Modi's deft leadership, India has fortified its economic fundamentals, pursued technological self-reliance, and expanded its global footprint. As the US grapples with the domestic consequences of its tariff policies, India's diversified economy, robust reserves, and proactive diplomacy ensure it emerges not just unscathed but stronger. This moment could well define India's ascent as a global economic and geopolitical powerhouse, ready to chart its own course in an increasingly complex world.
Economic Times
6 days ago
- Business
- Economic Times
Amend Companies Act to bolster ESG initiatives, set up oversight body: House panel tells MCA
A House panel has underscored the need to amend the Companies Act, 2013, to explicitly enshrine environmental, social and governance (ESG) objectives as integral components of directors' fiduciary duties. The Parliamentary standing committee on finance, in a report submitted with the Lok Sabha on Monday, also urged the corporate affairs ministry to set up a dedicated ESG oversight body to combat greenwashing through specialized forensic expertise. Such a body should also formulate sector-specific guidelines, extend support to Micro, Small, and Medium Enterprises (MSMEs), and to ensure expeditious and deterrent application of penal provisions against fraudulent ESG claims, the panel under senior BJP leader Bhartruhari Mahtab said. 'The Committee are of the view that while Section 166(2) (of the Companies Act) provides a broad stroke, a direct and unambiguous legislative mandate will elevate ESG considerations to a non-negotiable strategic imperative for (company) boards, providing a clear legal bedrock for accountability in integrating sustainability into core business strategies, thereby transitioning from mere disclosure to fundamental corporate responsibility,' the panel said in the report. SFIO, NFRA performance The panel has asked the ministry to firm up a multi-pronged strategy to stamp out financial crimes at their genesis while improving the Serious Fraud Investigation Office's (SFIO's) efficiency. The panel called on the ministry to submit a comprehensive, evidence-based report detailing the impact of SFIO's referrals to other agencies and a judicial analysis of prosecutions. The committee called for swift filling of vacancies at the National Financial Reporting Authority As for the National Financial Reporting Authority, the panel flagged that only 32 out of 69 posts were filled in FY25, pushing for drawing up a road map to establish a dedicated, permanent cadre of skilled professionals for the audit has stressed the need to significantly accelerate the recruitment process to fill all vacant positions within a defined road map to fill in the NFRA vacancies, the panel said, should also address current recruitment bottlenecks by potentially reviewing and revising recruitment rules for higher echelons, where appropriate, to reduce the over-reliance on deputation. CSR oversight system The committee has urged the ministry to build a transparent and results-oriented oversight system for corporate social responsibility. Companies would then be required to submit, and the ministry to publish, analytical reports detailing the actual socio-economic impact of CSR projects, and not just the amount of such wants the ministry to create a public system to transparently track all unspent CSR funds and provide exhaustive data on all enforcement actions, including the type of non-compliance, penalties collected, and their panel flagged that the ministry's assertion that the extant CSR framework provides accurate mechanism of reporting, monitoring, penalty for noncompliance and proper utilization 'remains an unquantified claim, devoid of empirical substantiation, or performance metrics on project outcomes, utilization of all unspent funds, or specific, impactful enforcement actions'.
See - Sada Elbalad
30-06-2025
- Business
- See - Sada Elbalad
Egypt's MSMEs Represent 97% of Private Sector
Ahmed Emam As Egypt marked the International Day of Micro, Small, and Medium Enterprises (MSMEs), Basil Rahmy, CEO of the Micro, Small and Medium Enterprise Development Agency (MSMEDA), underscored the critical role of small businesses in driving Egypt's economy, revealing they represent over 97% of the private sector. According to the Cabinet's Information and Decision Support Center (IDSC), Rahmy highlighted MSMEDA's extensive experience spanning more than three decades in empowering small enterprises. 'Our agency started as the Social Fund for Development and was restructured as MSMEDA under Law No. 152 of 2020,' he noted, adding that Egypt's MSMEs are the backbone of the private sector and a cornerstone of sustainable development. Rahmy revealed that MSMEDA has provided services to over 2.3 million clients so far, offering a comprehensive support ecosystem that includes financial and non-financial assistance such as funding, training programs, feasibility studies, B2B networking, and participation in domestic and international exhibitions to help businesses access new markets. He emphasized that 'commitment and seriousness are the keys to any project's success,' especially among Egypt's youth, who constitute more than 40% of the workforce. 'Having an innovative idea, leveraging MSMEDA's expertise and services, and maintaining discipline in work and repayments are all crucial factors for growth and success,' Rahmy said. Although MSMEDA did not organize an event this year to mark MSME Day, Rahmy revealed plans for a major celebration in 2026. The event will showcase success stories of MSMEs supported over the past three to four years, with a special focus on productive, industrial, agricultural, and IT sectors. Rahmy also stressed MSMEDA's commitment to supporting young entrepreneurs, particularly those with innovative ideas in green economy fields and artificial intelligence. 'The future holds immense opportunities for businesses that adopt modern technologies and sustainable solutions, aligning with Egypt Vision 2030 and the Sustainable Development Goals,' he said. The agency enjoys strong support from the Egyptian government, led by the President, the Prime Minister, and a board of directors that includes seven cabinet ministers and five experts. This high-level backing ensures ongoing performance development and the expansion of support services across all governorates. In the same connections, he affirmed that innovation and digital transformation have become vital pillars for the future growth and sustainability of enterprises in Egypt. MSMEDA reaffirmed its commitment to fully supporting this vital sector, empowering entrepreneurs and small business owners as a driving force for comprehensive economic development, enhancing competitiveness, and creating sustainable job opportunities nationwide. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean Arts & Culture "6 Ayam" Sets Streaming Date
Time of India
28-06-2025
- Business
- Time of India
MSME hubs to cut carbon emission by 4mn+ tonnes
Mumbai: As the world marked World MSMEs (Micro, Small, Medium Enterprises) Day on Jun 27, greenhouse gas (GHG) emissions from India's MSME sector are projected to increase from approximately 30 million tonnes of CO₂-equivalent (MtCO₂e) in 2016–17 to over 72 MtCO₂e by 2029–30, more than doubling in just over a decade, data from The Energy and Resources Institute (TERI) highlights. Tired of too many ads? go ad free now Recognising this, Maharashtra's State Energy Efficiency Action Plan (SEEAP) has set ambitious targets to reduce carbon emissions by up to 55.15 million metric tonnes of CO₂ by 2031 through comprehensive energy efficiency and de-carbonisation measures. The plan, said Asar, a social impaction advisory forum focused on environmental and social issues, emphasises a cluster-based approach—targeting hubs like Pune Forging, Kolhapur Foundry, and Bhiwandi Textile—using mandatory energy audits, technology upgrades, and policy incentives to maximise energy savings and achieve emissions reductions of over 4.05 million metric tonnes of CO₂ by 2031. This emission reduction will be equivalent to taking nearly 9 lakh cars off the road for a year or eliminating the annual emissions from burning 2 million tonnes of coal, Asar pointed out. The state accounts for 17% of all MSMEs in India, with over 82.63 lakh registered units engaged across a range of sectors, including automotive components, general engineering, electronics, textiles, and metals. These enterprises generate approximately 40% of the state's Gross State Domestic Product (GSDP) and provide livelihoods to over 1.3 crore people. However, many of these units, especially those in metal casting and foundry operations (melting and casting metal for vehicles, machinery, and infrastructure), continue to rely on high-emission fuels such as coke and coal, and have yet to fully benefit from energy efficiency tools or emissions tracking mechanisms. In Maharashtra, an estimated 8,259 MSME units are operating in the secondary steel and foundry sector alone. Tired of too many ads? go ad free now Collectively, they are estimated to consume 11.8 million tonnes of oil equivalent (Mtoe) in energy annually and emit 58 MtCO₂, as per data reported through Sameeeksha, India's energy efficiency platform for MSMEs. "Foundries are indispensable to India's manufacturing economy, which boasts the world's second-largest foundry sector, but they're also incredibly hard to decarbonise," said Rahul Patil, chairman, Indian Institute of Foundrymen - Kolhapur.
