Rents Surge 22.4% YoY And 4.6% QoQ; Millennials Drive Record Demand: Magicbricks Rent Update (Jul-Sep 2023)

* Thane (57.3% YoY), Gurugram (41.4% YoY), Greater Noida (28.7% YoY), Noida (25.2% YoY) and Hyderabad (24.2% YoY) observed highest YoY rent appreciation  

* Millennials (Age 18-34) constitute 67% of rental demand across 13 cities  

* 41% of the tenants preferred mid-segment rentals ranging between Rs 10,000 to Rs 30,000 per month  

Magicbricks, India's leading real estate platform, released its flagship Rental Index for July-September 2023, observing that rents across 13 major cities in India soared 22.4% YoY and 4.6% QoQ. This follows a preceding quarter where rents surged by 4.9%. 

Based on the behavior and preferences of over 2 crore customers on Magicbricks platform, the report also observed that Thane (57.3% YoY), Gurugram (41.4% YoY), Greater Noida (28.7% YoY), Noida (25.2% YoY) and Hyderabad (24.2% YoY) observed highest appreciation in rent as compared to last year. The report also revealed that millennials (Age 18-34) constituted 67% of rental demand across these cities. 

Sudhir Pai, the CEO, Magicbricks, commented, "The surge in rents reflects a confluence of factors—economic growth, urbanization, and the return to office by companies. High demand, coupled with limited supply has propelled rents, highlighting the evolving landscape of the real estate market. Further, as businesses reinstate in-office work, the need for housing closer to workplaces has also intensified, especially from millennials. However, notable is the slowdown in rent appreciation from the previous quarter, hinting at an expected deceleration in growth over the upcoming quarters as well”. 

The report concludes that 41% of the tenants preferred mid segment rentals ranging between Rs 10,000 to Rs 30,000 per month. Further, the market is dominated by semi-furnished units constituting 52.7% of demand and 48.7% of supply 

About Magicbricks: India's no 1 property site   

As the largest platform for buyers and sellers of property to connect in a transparent manner, Magicbricks has monthly traffic exceeding 2 crores and an active base of over 15 lakh property listings. Magicbricks has metamorphosed into a full-stack service provider for all real estate needs, with 15+ services including home loans, pay rent, movers and packers, legal assistance, property valuation, and expert advice. 

With 15+ years of experience and deep research-based knowledge, Magicbricks also presents a repertoire of insight-driven platforms like MBTV- India’s leading online real estate YouTube channel, and other proprietary tools so that home buyers can access all information related to price trends and forecasts, locality reviews and more. 

Coca-Cola Advances Digital Footprint By Joining The ONDC Network

* Unveils Coke Shop for its retail partners

Coca-Cola India has announced its onboarding onto the Open Network for Digital Commerce (ONDC). The initial association is being supported through SellerApp, which will help Coca-Cola leverage the ONDC network with its data-driven insights, market intelligence and strategies. Further, Coca-Cola has also launched its own marketplace, the 'Coke Shop’ exclusively on the ONDC platform. This innovative marketplace will transform how consumers interact with Coca-Cola products and empower retailers across the country.

By joining ONDC Network — an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, Government of India — Coca-Cola India is poised to access a vast and diverse consumer base in the digital commerce arena, ensuring the widespread availability of its products.

To facilitate this seamless experience, SellerApp, the technology enabler, will streamline order management and inventory tracking and easily identify ONDC orders. Through SellerApp’s data-driven approach, Coca-Cola’s sellers can identify trends, patterns, and opportunities within their specific market segment, enabling them to adjust their strategies promptly and effectively.

Through the 'Coke Shop’ marketplace model, Coca-Cola is benefitting retailers by enabling them with another channel to sell their products whilst simultaneously facilitating multiple touchpoints for consumers to purchase from. Retailers who have not been able to access major e-commerce platforms will now have an opportunity to regain customers and cater to a wider audience.

In order to execute this model successfully, Coca-Cola has partnered with nStore Technologies, who will play the role of a ‘Technology Catalyst' enabling retailers to chart their digital growth strategy with a focus on integrating digital order-to-deliver and customer engagement solutions for retailers.

Speaking on the occasion, T Koshy, the MD & CEO of ONDC, said, "We are happy to see Coca-Cola join onto our network on this transformative journey and give consumers an exceptional shopping experience while offering expanded choices for buyers on the network. At ONDC, we aim to empower local retailers, help them build digital visibility, and boost their business. We look forward to potential participation from all businesses and all buyers in this network.”

Ambuj Deo Singh, Vice President Digital Acceleration Office, Coca-Cola India, and Southwest Asia, added, “ONDC has truly democratized the e-commerce landscape by empowering sellers with greater access to digital markets. We are happy to be a part of this journey where the focus is on transforming the online marketplace by making it more inclusive and consumer centric. We look forward to a continued association with ONDC.”

Moon Beverages Limited, the bottling partner for Coca-Cola in India, will be the ‘Network Participant’ for Coca-Cola’s offerings on ONDC, ensuring consumers have seamless access to the company’s beverage portfolio in India.

“We’re privileged to leverage our distribution expertise to ensure that Coca-Cola products are readily available to our consumers, reflecting the highest standards of quality and accessibility,” said Anant Agarwal, Promoter, Moon Beverages Limited.

Brij Purohit, Co-founder of SellerApp, commented, “The exponential growth of smartphone users engaging with the ONDC app presents a remarkable opportunity for brands like Coca-Cola. SellerApp’s suite of e-commerce solutions will empower such brands to harness the power of data analytics, enhancing their visibility, conversion rates, and overall online performance.”

Pradeep K Sampath, CEO, nStore ReTech Private Limited said, “nStore’s core mission is to fill the gaps in the existing supply chain effectively and create an Online Union Offline world where discovery and order happen in the online medium and fulfilment happens from the existing retail distribution offline. We are happy to collaborate with Moon Beverages Limited; this model of inclusive commerce is sure to redefine the way we have seen e-commerce being played out in the market, catalyzed by ONDC.”

This alliance represents an exciting milestone in Coca-Cola's commitment to innovation and consumer satisfaction. This exciting new online marketplace will reshape how retailers and consumers interact with Coca-Cola products and enhance their overall shopping experience.

About The Coca-Cola Company

Coca-Cola in India is one of the country’s leading beverage companies, offering a range of high-quality and refreshing beverage options to consumers. The company, in line with its vision of ‘Beverages For Life’, offers a wide portfolio of products which includes hydration, sports, sparkling, coffee, tea, nutrition, juice and dairy based products. In India its beverage range includes Coca-Cola, Coca-Cola Zero Sugar, Diet Coke, Thums Up, Charged by Thums Up, Fanta, Limca, Sprite, Maaza, Minute Maid range of juices and juice beverages. The Company also offers hydration beverages including Limca Sportz, Smartwater, Kinley, Dasani and Bonaqua packaged drinking water and Kinley Club Soda. Premium products constitute Schweppes range and Smartwater. In addition, it offers Costa Coffee and organic green tea-based beverage- Honest Tea amongst its range of coffee and Tea. The Company is constantly transforming its portfolio, from reducing sugar in its drinks to bringing innovative new products to market.

The Company along with its owned bottling operations and franchise bottling partners has a strong network of close to 4 million retail outlets through which it refreshes millions of consumers across the country. It seeks to positively impact people’s lives, communities and the planet through water replenishment, packaging recycling, sustainable agriculture initiatives and carbon emission reductions across its value chain.

Globally together with its bottling partners, The Coca-Cola Company employs more than 700,000 people, helping to bring economic opportunity to local communities worldwide. Learn more at www.cocacolacompany.com and follow us on Twitter, Instagram, Facebook and LinkedIn.

About ONDC

ONDC is a government-backed initiative that brings together leading e-commerce players and sellers, empowering them to unlock the full potential of online marketplaces. Through collaboration and shared resources, the ONDC network aims to drive innovation, optimise operations, and revolutionise the e-commerce landscape.

About SellerApp

SellerApp (https://www.sellerapp.com/) is a five-year-old company specialising in e-commerce data analytics. With a global network of over 150,000 sellers, SellerApp provides business intelligence solutions that enhance efficiency, promote collaboration, and unlock growth potential for brands across the world. In 2022, the company was acknowledged as a Technology Innovator and received the Excellence Award @ Software Product Management Summit India 2023. SellerApp is one of the initial ONDC seller participants enabling brands to seamlessly onboard. 

About nStore

nStore is a revolutionary SaaS-based digital platform in India, dedicated to fostering an 'Online Union Offline' (OUO) retail experience. nStore’s nPos and nLincs solutions empower small and medium-sized retailers to match the customer experience provided by online players. nPos streamlines in-store operations, while nLincs connects stores with their customers online - no website or B2C app is required.

nStore believes in a 'PhyGital' (Physical + Digital) future. Their unique Community Commerce Model connects local stores with the communities within a 1.5-2.0 km radius, enhancing visibility, order processing, and timely delivery. 

As a Network Participant and Technology Service Provider on ONDC, nStore is deeply committed to supporting SMB retailers, making them discoverable and assisting them in navigating the digital landscape. With the growing trend of hyperlocal engagement and delivery, nStore is perfectly poised to seize these opportunities by leveraging ONDC.

nStore alliance with technology providers in BFSI and Large Enterprise sector for digital commerce adoption among small stores helps in creating an engaging and balanced ecosystem. Additionally, nStore is the official food aggregator with IRCTC E-catering, enabling seamless food ordering from neighborhood restaurants for train passengers.

Air India Set To Link Delhi With Phuket With Non-Stop Service

·         Second destination in Thailand after Bangkok

·         To enhance presence and connectivity in South East Asia and the Far East 

Air India, India’s leading global airline, is set to connect Delhi with Phuket, Thailand’s popular island destination, with a non-stop service from 15th December 2023. The service will meet the demand for convenient air link between the two cities for tourism and trade, while further bolstering the airline's expansion plans in the Far East and South East Asia.

Operated with an A320neo aircraft offering 162 seats (150 in Economy and 12 in Business Class), AI 378 will depart from Delhi at 0110 hrs to arrive in Phuket the same day at 0710 hrs. The return flight AI 379 will take off from Phuket at 0810 hrs and land in Delhi at 1050 hrs (All Local Time).

Commencing with a four-flights-a-week schedule (Mondays, Wednesdays, Fridays and Sundays), the service will be enhanced to a daily operation from January 2024.

“Phuket is a popular global destination and holds a significant base for business and tourism. We are delighted to welcome Phuket into our network and will continue to expand our connectivity and enhance frequency on domestic and international sectors providing more flexibility of choice to our customers and contributing to the growth in the aviation sector," said Nipun Aggarwal, Chief Commercial & Transformation Officer, Air India.

Air India currently operates a total of 26 flights to Bangkok per week with daily non-stop flights from Delhi and Mumbai and six flights in a week from Kolkata. Besides, Air India passengers can avail convenient connections via Bangkok to and from 10 popular destinations in Thailand, Laos, and Cambodia on the network of Bangkok Airways, with whom Air India enjoys an interline partnership.

Bookings for the flights will open today across all channels, including Air India’s website: (www.airindia.com), mobile app, and through travel agents (including online travel agents).

About Air India:

Founded by the legendary JRD Tata, Air India pioneered India’s aviation sector. Since its first flight on October 15, 1932, Air India has built an extensive domestic network with non-stop flights to cities around the world, across the USA, Canada, UK, Europe, Far-East, South-East Asia, Australia, and the Gulf. After 69 years as a government-owned enterprise, Air India and Air India Express were welcomed back into the Tata group in January 2022.

Air India is navigating through a major five-year transformation roadmap under the aegis of Vihaan.AI, with an ambition to become a world class airline with an Indian heart. The first phase of this transformation, the taxi phase was recently concluded, and focused on fixing the basics. These included bringing back to service many long grounded aircraft, addition of talent across flying and ground functions, rapid upgradation of technology and strengthening of customer care initiatives amongst others. 

Vistara Presents Flight To Flight to Riverdale - A Journey Back To 1964 In Collaboration With Netflix's The Archies

Vistara, India’s finest full-service carrier and a joint venture of the Tata group and Singapore Airlines, is thrilled to announce its exclusive collaboration with Netflix for the highly anticipated upcoming film, The Archies, for a one-of-a-kind experience - 'Flight to Riverdale.' The special flight UK 1964, welcomed aboard the cast of the film for this unique experience along with lucky fans and select Club Vistara members amongst others. Set in the 1960s, the film reimagines the legendary Archie comics as a live-action musical set in the imaginary idyllic town of Riverdale in India.

UK 1964; the ‘Flight to Riverdale’ commenced from Indira Gandhi International Airport, Delhi at 14:40 hours and arrived at Manohar International Airport, Goa at 17:15 hours. The flight was operated on Vistara’s iconic Retrojet and aimed to offer the passengers a nostalgic journey by recreating the world of Archies on-board and by flying them to Riverdale; thereby offering a chance to bring a dream destination alive, one that was set up at the Manohar international Airport, Goa! The celebration onboard was marked by retro-themed décor in line with the film’s aesthetics, specially curated meals and beverages reminiscent of Pop Tate's, customised Vistara and Netflix giveaways, and a chance for the passengers to travel with their favourite characters from The Archies.

The cast of The Archies, accompanied by the renowned directors Zoya Akhtar and Reema Kagti participated in this experience onboard UK 1964. The cast was present in character to give an authentic touch to the experience and included Suhana Khan as Veronica Lodge, Khushi Kapoor as Betty Cooper, Agastya Nanda as Archie Andrews, Aditi Saigal as Ethel Muggs, Vedang Raina as Reggie Mantle, Mihir Ahuja as Jughead Jones, and Yuvraj Menda as Dilton Doiley. While the Archies soundtrack played as part of the boarding and landing music, our in-flight entertainment system Vistara World showcased exclusive behind-the-scenes glimpses into the making of The Archies, enhancing the overall experience.

Speaking on this unique collaboration, Deepti Sampat, Vice President – Marketing, Vistara said, “We are delighted to be the first Indian airline to partner with Netflix to curate a journey down memory lane with our special 'Flight to Riverdale'. Vistara Retrojet, with its nostalgic charm, not only transports us back to a golden era but also propels us into a future where the boundaries between cinema and air travel seamlessly merge, offering passengers an experience that transcends the ordinary. UK 1964 will surely leave a permanent trail of enduring memories while also evoking nostalgia.”

Commenting on the partnership, Shilpa Singh, Senior Director, Marketing Partnerships - APAC, at Netflix added, "The Archies celebrates all things food, fashion and music from the 1960s. UK 1964, Vistara’s Retrojet ‘Flight to Riverdale’ is a unique and immersive experience curated to transport the passengers back in time, all while enjoying the company of the cast and crew. This special collaboration will carry the participants into the world of The Archies before it launches on Netflix.”

Upon touching down in Goa, the celebrations continued with the arrival hall having been transformed into a mini-Riverdale adorned with retro-themed props and backdrops from the film. A lively flash mob, featuring the cast, a dance troupe, and the Vistara crew ensured a memorable welcome for all.

Vistara is India’s highest-rated airline on Skytrax and TripAdvisor, and it has been the winner of several ‘Best Airline’ awards, besides being lauded for world-class cabin cleanliness and upholding high safety standards. The only Indian carrier to feature amongst World’s Top 20 Airlines, Vistara has been named ‘16th Best Airline’ globally while also being recognised as the ‘Best Airline in India and South Asia’ for the third time in a row, ‘Best Airline Staff in India and South Asia’ for the fifth consecutive year, ‘Best Cabin Crew in India and South Asia’ for the third time in a row and ‘Best Business Class Airline in India and South Asia’ for the second time in a row at the coveted World Airline Awards 2023 by Skytrax. Vistara also received the ch-aviation Asia’s Third Youngest Airline Fleet award for the second consecutive year. 

About Vistara (TATA SIA Airlines Limited): TATA SIA Airlines Limited, known by the brand name Vistara, is a 51:49 joint venture between Tata Sons Private Limited and Singapore Airlines Limited (SIA). Vistara brings together Tata’s and SIA’s legendary hospitality and renowned service excellence to offer the finest full-service flying experience in India. Vistara commenced its commercial operations on January 9, 2015, with an aim to set new standards in the aviation industry in India and it today connects destinations across India and abroad. The airline currently, has a fleet of 63 aircraft, including 48 Airbus A320neo, 10 Airbus A321 and 5 Boeing 787-9 Dreamliner and has flown more than 50 million customers since starting operations.

For more information about Vistara, visit www.airvistara.com

Toyota Kirloskar Motor Clinches Two Prestigious EEPC India National Export Awards

Toyota Kirloskar Motor (TKM) takes pride in announcing that it has been honored with two National Awards for Export Excellence at the 52nd and 53rd editions of the Awards event held on Tuesday, November 21st, 2023, in New Delhi. These coveted awards were presented to TKM in recognition of its outstanding export performance in the engineering sector. The award is a testament to the company's commitment to export excellence and contribution to the economy of the state and the nation.

The awards ceremony was organized by Engineering Export Promotion Council (EEPC) of India, to showcase and celebrate excellence in engineering exports and was graced by Shri Manoj Sinha, Hon’ble Lieutenant Governor of Jammu & Kashmir. Shri Arun Velayudhan, Vice President - Finance, Indirect Taxation & Impex Division of TKM, received the awards on behalf of the company.

TKM was lauded for its exemplary performance in the export domain and received the ‘Special Trophy for Excellence in Exports of MEIS Items 2015-20, Large Enterprise’, and the ‘Star Performer Award for the Year 2020-21 in the product group of Engines, turbines, and parts – Large Enterprise category.

Speaking on this recognition, Mr. Swapnesh R. Maru, Executive Vice President, and Chief Compliance Officer at Toyota Kirloskar Motor said, “We are delighted and honored to receive the Export Excellence awards from the esteemed Engineering Export Promotion Council of India. This recognition is a source of immense pride and joy for the organization. It is a testament of our unwavering commitment to excellence and Innovation. These awards reinforce our belief that quality and customer satisfaction are key drivers of success in this highly competitive market.”

Recently TKM had also been bestowed with the esteemed Export Excellence Award at the FKCCI Star Exports Awards 2023 organized by the Federation of Karnataka Chambers of Commerce & Industry ( FKCCI ).

Uber Rolls Out Rewards Program For Drivers In 12 Cities Across India

Uber has launched ‘Uber Pro’ - a rewards program inspired by drivers and designed to help them reach their goals - both on and off the road. Uber Pro provides drivers with new ways to earn, more options and support, and deeper discounts on what keeps them moving. It has been launched with exciting rewards, perks, and exclusive features across 12 Indian cities. By rewarding drivers with good customer rating (above 4.8) and low trip cancellations, this program aims to elevate overall platform experience by making every trip magical for riders and drivers alike.

Commenting on the launch of Uber Pro in India, Shiva Shailendran, Director - Operations, Uber India & South Asia, said, “Drivers are at the heart of what we do at Uber. We are committed to providing a great ride experience for a rider and driver each time they choose Uber. Uber Pro rewards drivers who provide a great service to riders by maintaining a high app rating and low trip cancellations. It will go a long way in promoting the adaptation and continued use of the Uber platform by top-rated drivers who have made us #IndiaKiRide over the last 10 years, and will improve the overall experience on the Uber app.”

Uber Pro has four tiers: Blue, Gold, Platinum and Diamond, with Diamond being the highest possible tier. A driver who is new on the platform starts with a Blue tier status and moves upwards by earning ‘points’ on every completed trip and meeting other criteria. The points reset every 3 months, so the drivers' tier status is determined on a rolling period of 3 months. As drivers move towards a higher tier status, they get access to exclusive perks and experiential rewards offered by third parties, such as discounted vehicle maintenance and motor insurance, and microcredit offerings etc.

Uber Pro benefits

Drivers who were able to maintain the top rating ‘Diamond’ for a full quarter were given a cash reward of INR 10,000/-. Top-tier drivers from Diamond and Platinum tiers also got access to exclusive experiential rewards including those mentioned below.

Area Preference: For two hours every day, drivers were able to choose to get trips from an area of their choice. This gave them flexibility to drive in their preferred area.

Priority support: In case they needed support, these drivers could skip the queue at Uber greenlight centers and received special attention from top support agents on priority.

Automatic Premier Eligibility: Eligible drivers also got upgraded to get ‘Premier’ trips on the Uber app. With a combination of Go and Premier trips, drivers not only had a chance to receive more trip requests, but also received more high-value trip requests with Premier.

Along with drivers in Platinum and Diamond tiers, Gold tier drivers also received a 30% extra discount vs. market price on Castrol vehicle PMS. Drivers from all tiers were eligible to access differential enhanced microcredit limits (up to INR 20k, INR 15k, INR 10k, and INR 8k, for Diamond, Platinum, Gold, and Blue tiers respectively). These microcredits are cash

credits provided by a third-party, facilitated by Uber, that help drivers achieve life goals such as supporting their children’s education or contributing to house expenses, etc. All Uber Pro drivers were also eligible for discounted premiums for Life, Health, and Motor insurance.

Riders will be able to see the tier status of a driver on booking an Uber and drivers will be able to track their progress on the Uber app. The program is currently live in 12 cities including Mumbai, Bangalore, Chennai, Pune, Hyderabad, Delhi NCR, Kolkata, Lucknow, Chandigarh, Ahmedabad, Guwahati and Jaipur. Uber plans to roll this out to more cities in the near future.

Disclaimer: Rewards vary by location and Uber Pro status of the driver, and are subject to change. Rewards described here may not be available in all cities where Uber Pro is available. Additional limitations and exclusions apply. See terms and conditions for complete details.

About Uber

We rode into India in 2013 with a simple promise: press a button, get a ride. 10 years and over 3 billion trips later, we continue to build products to help people get where they need to be. Today, Uber is available across 125 cities in India and has become #IndiaKiRide where people can go where they have to on Moto, Auto, Cars and even Buses - designed for their various intracity and intercity travel needs. With just a swipe on the app we make mobility seamless for millions and have helped over 800,000 Indians earn a sustainable income by getting in the driver's seat. We continue to reimagine the way the world moves for the better in ever expanding ways and as we mark our ten year milestone - we remain committed to keep India Moving Forward.

Flagging Off EVs Supported By SIDBI For Delivering Services In NCR Under The 50KEV4ECO Program

* Shri Vivek Joshi and Shri SCL Das handing over sanctioned letters to 08 Startups/MSMEs

* Extension of support under SIDBI’s digital journey, 4E Scheme, Speed, and Venture Debt

* Cumulative sanction of Rs. 57 Crore to Startups/MSMEs/NBFCs

SIDBI, organised an Outreach programme "MSME & Start-Up Stakeholder Consultation Meet" on November 21, 2023, at Gurugram, Haryana. The program witnessed participation of more than 350+ Startups / MSMEs / Lead industry Association / Rating agencies and other enablers serving the MSME ecosystem. The objective was to obtain inputs on enhancing the outreach and effectiveness of service as also pick the aspirations of the sector and their preparedness towards New Bharat. An exhibition was also organized wherein startups, MSMEs, e-mobility OEMs and aggregators including SIDBI’s digital offering were displayed and explained to the visitors. The participants appreciated their exposure to EV as a preferred option as also could widen their outlook towards innovative offerings from MSMEs. SIDBI gave live demonstration on “Express Loan” product wherein SIDBI has brought down the TAT from months to minutes.

Shri Vivek Joshi (IAS), Secretary, DFS, Ministry of Finance was the Chief Guest and Shri Subhas Chandra Lal Das (IAS), Secretary, Ministry of Micro, Small & Medium Enterprises was Guest of Honour.

The event commenced with Manthan session wherein Lead Industry Associations shared their perspectives to ease access to credit and non-financial services by MSMEs. Associations recounted the exemplary service of SIDBI especially the turnaround in last few years in terms of responsiveness, embracing digitization (leading to reduced TAT) and minimizing procedures and processes thus enabling entry of last mile into SIDBI folds. Shri Rajive Chawla, Shri Rakesh Chhabra, and Shri J P Malhotra represented the MSME voice.

The dignitaries raised the happiness quotient of participants by flagging off EVs supported by SIDBI for delivering services in NCR under its 50KEV4ECO program. Shri Vivek Joshi and Shri SCL Das handed over sanctioned letter to 08 Startups/MSMEs extending support under SIDBI’s digital journey, 4E Scheme, Speed and Venture Debt. Under 50KEV4ECO program, sanction letter was handed over to electric mobility as a service provider as also disbursement cheque was handed over to “cKers Finance” to support acquisition of commercial EVs at competitive rate to create the market.

Cumulative sanction of Rs. 57 Crore was handed over to the Startups / MSMEs / NBFCs on the occasion.

Shri Nishant Kumar Yadav, Dy. Commissioner, Gurugram addressed the gathering and assured the continuity of the support from State authorities. Shri Yadav mentioned that the enterprising people of Gurugram have established their mettle in different sectors and the momentum should continue.

Shri Sivasubramanian Ramann, CMD, SIDBI said that the presence of Secretary, DFS and Secretary, MoMSME reflects government’s commitment to strengthen MSMEs, the second largest contributor to the country’s economy and employment. Shri Ramann mentioned that our thrust has been on “Digitization” and “Greening the Enterprise Ecosystem”. SIDBI has been assessing the demand supply side gap and have provisioned for financial and non-financial services to address these. Shri Ramann mentioned that SIDBI values the feedback and inputs of Industry Associations which helps to become more responsive. Shri Ramann mentioned that SIDBI has been working on digitizing the registration of MSMEs, access to finance by them as also leveraging GST data for democratizing credit access. Shri Ramann mentioned that in line with expectation of GoI that SIDBI should evolve as largest direct lender to MSMEs, SIDBI has strategized, the ABC approach. It includes App based, Branch based and Co-partners based lending.

Shri S.C.L Das, Secretary, Ministry of MSME stated that the ministry is committed to create a strong and enabling ecosystem for MSME to grow and flourish. Shri Das emphasized on innovative offerings of ministry woven around growth with sustainability. Shri Das highlighted the increased coordination among different ministries for effective implementation of Central schemes such as PM Vishwakarma.  Shri Das also mentioned that Ministry is geared up to introduce new schemes to catalyse green investment and contribute to National Determined Contributions (NDCs) of India. Shri Das appreciated the increasing contribution of SIDBI and suggested called upon that Environment, Social and Governance (ESG) aspects need to be embedded and mainstreamed in entire enterprise lending.

Shri Vivek Joshi, Secretary, Ministry of Finance, advocated the significance of MSME sector in the Indian Economy and reaffirmed government’s commitment towards Development & Growth of MSME sector. Shri Joshi also acknowledged the instrumental role played by SIDBI in strengthening the credit flow to MSMEs particularly through digitization, credit guarantee, channelizing ECLGS (as a COVID relief). Shri Joshi also highlighted the thrust of Government of India on reaching the last mile through banking and digital tools. Shri Joshi also recounted how banks have been proactively engaged for reaching Street Vendors under PMSVANidhi and also PMVishwakarma to provide End to End holistic support to Artisans. Shri Joshi appreciated the exhibition which reflects increasing orientation and demand towards net zero journey of the country. Shri Joshi called upon entrepreneurs to avail services such as Express Loan by SIDBI, look at e mobility as preferred mode of transport, etc. While appreciating SIDBI’s role, Shri Joshi laid expectations for tripling SIDBI’s footprints. MoMSME and DFS would continue to extend whole-hearted support to boost the MSME ecosystem particularly those at bottom of pyramid.

About Small Industries Development Bank of India (SIDBI):

SIDBI, set up on 2nd April 1990 under an Act of Indian Parliament, is the Principal Financial Institution for Promotion, Financing and Development of the MSME sector. SIDBI has been playing a significant role in developing the financial services for MSME sector through various interventions including Refinance to Banks, Credit Guarantee programs, Development of the MFI sector, Contribution to Venture capital/AIF funds, MSME ratings, promoting digital lending ecosystem, etc. The Bank has proactively been working towards Energy Efficiency (EE) in MSMEs since 2005-06 using support of multilateral institutions like World Bank, ADB, GiZ, FCDO, JICA, AFD, KfW etc. for energy efficient projects. Furthermore, SIDBI has been touching the lives of citizens across various strata of society through its integrated, innovative, and inclusive approach. Be it traditional, domestic small entrepreneurs, bottom-of-the-pyramid entrepreneurs, to high-end knowledge-based entrepreneurs, SIDBI has directly or indirectly impacted the lives of Micro and Small Enterprises (MSEs) through various credit and developmental measures.

To know more, check out: https://www.sidbi.in