Celebrating 34 Years of Empowering Entrepreneurs: SIDBI Marks Another Milestone

Small Industries Development Bank of India (SIDBI) proudly commemorates 34 years of fostering entrepreneurship, innovation, and economic growth in India. Since its inception in 1990, SIDBI has been instrumental in transforming the landscape of MSME financing and development in the country.

Established under the SIDBI Act of 1989, SIDBI has continuously evolved to meet the dynamic needs of the MSME sector, playing a pivotal role in driving economic growth, generating employment opportunities, and fostering inclusive development across India.

Over the past three decades, SIDBI has successfully implemented various initiatives and schemes aimed at providing financial assistance, capacity building, and technological support to MSMEs. These initiatives have not only facilitated access to credit but have also enhanced the competitiveness and sustainability of MSMEs, thereby contributing significantly to the country's socio-economic progress. In celebrating 34 years of unwavering commitment, SIDBI acknowledges the invaluable support and collaboration of its stakeholders, including the Government of India, state governments, partner financial institutions, industry associations, and, most importantly, the MSME community.

To mark the occasion, a celebration was held on 2nd April 2024, marking the virtual assembly of SIDBI officials from pan India. During the event, Shri S. Ramann, CMD, SIDBI, expressed his gratitude, emphasizing the institution's dedication to fostering the growth of MSMEs as a crucial driver of India's economic prosperity. Mr. Ramann stated, "As we commemorate this significant milestone, we renew our pledge to empower MSMEs and champion entrepreneurship for India's economic advancement." He highlighted the importance of formalizing informal entities and announced increased resources allocated to initiatives such as PRAAYAS and the innovative digital platform, GST SAHAY.

Furthermore, Shri. Ramann underscored SIDBI's successful engagement with FinTech companies and reiterated the institution's unwavering support for smaller entities grappling with high interest rates. In addition to CMD’s remarks, Shri Sudatta Mandal, DMD, celebrated SIDBI's achievement of surpassing a balance sheet milestone of Rs. 5.2 lakh crore. He emphasized the institution's commitment to streamlining credit delivery processes for exponential growth.

Shri.  Prakash Kumar, DMD, elaborated on SIDBI's evolving role under the Development Financial Institution (DFI) banner, praising visionary leadership for guiding its transformation. The event featured insightful presentations from department heads of various verticals, including Digital Initiatives, NBFC, Partner Lending, Green Climate Finance, and Programmes for Development and Impact.

Looking ahead, SIDBI remains resolute in its mission to catalyze MSME growth, nurture entrepreneurship, and contribute to building a robust and resilient Indian economy.

Honda Cars India Registers 7,071 Units Of Domestic Sales In March’24

* Clocks Annual domestic sales of 86,584 and exports of 37,589 units in FY’23-24

Honda Cars India Ltd. (HCIL), leading manufacturer of premium cars in India, registered monthly domestic sales of 7,071 units in March 2024. The export numbers for HCIL stood at 6,860 units in Mar’24. The company registered monthly domestic sales 6,692 units in domestic sales and 3,189 units of export in Mar’23.

During the fiscal year 2023-24, HCIL cumulatively sold 1,24,173 units including domestic and exports in comparison to 1,14,140 units recorded in FY 22-23.

Sharing thoughts on the fiscal year sales performance, Mr. Kunal Behl, Vice President, Marketing & Sales, Honda Cars India Ltd, said, “The year 2023-24 has been an important year for HCIL as we marked a strong entry into the booming SUV segment with the Honda Elevate, which has received an overwhelming response from customers nationwide. The Elevate has become a strong business pillar contributing significantly to our domestic sales and strengthening our exports by addition of new destination Japan.”

The company’s domestic sales stood at 91,418 units and export at 22,722 units during FY 22-23.

Suzuki Motorcycle India croses FY 2023-24 With Highest Ever Sales Of 1,133,902 Units With Domestic Sales Contributing 921,009 Units

Supported by a strong demand, Suzuki Motorcycle India Pvt. Ltd. (SMIPL), the two-wheeler subsidiary of Suzuki Motor Corporation, Japan, continues its upward sales growth.

Sales during April 2023 – March 2024

For the first time ever, SMIPL’s two-wheeler sales have crossed 11 lac mark. Recording the highest ever sales of 11,33,902 units in FY2023-24, SMIPL has achieved a double-digit growth of 21% against 9,38,371 units sold in FY2022-23.

The company’s domestic sales have registered 26% growth from 7,30,756 units in FY2022-23 to 9,21,009 units in FY2023-24. SMIPL’s export volume in FY2023-24 grew by 3% to 2,12,893 units from 2,07,615 units exported in FY2022-23.

Total sales in March 2024

SMIPL sold a total of 1,03,669 units in March 2024, up by 6.2% from 97,584 units in March 2023. With 18% growth in the domestic market, SMIPL’s sales closed at 86,164 units in March 2024 compared to 73,069 units in March 2023. Its exports closed at 17,505 units in March’24 compared to 24,515 units in March’23.

Speaking on the company’s sales performance, Mr. Kenichi Umeda, Managing Director, Suzuki Motorcycle India Pvt. Ltd. said, “We are extremely thankful to all our customers, dealer partners, suppliers and SMIPL team members for their support in achieving the highest ever sales in FY2023-24. SMIPL’s performance in FY2023-24 showcases the immense trust and confidence that customers have shown upon Suzuki two-wheelers. As we continue to innovate and expand our offerings, we look forward to further strengthening our position in the Indian two-wheeler market.

Furthermore, it continues its strong growth curve for consecutive months. With a focus on customer hospitality and satisfaction, we aim for sustaining this growth momentum in the future.”

FY2023-24 was a significant year for Suzuki Motorcycle India. The company expanded its V-STROM family with the launch of the much-awaited Suzuki V-STROM 800DE, marking the company’s first 800cc-class motorcycle in India. Additionally, the company updated its entire domestic line-up with E20 compliant engine.

To elevate the overall customer experience SMIPL expanded its footprint with inauguration of dealerships in multiple states including Maharashtra, Gujarat, Tamil Nadu, West Bengal, and Punjab. During the last year, the company further forged new partnerships with banking and financial institutions making it easier for customers to own a Suzuki Motorcycle.

In a first, SMIPL also hosted Suzuki Matsuri - A vibrant festival honoring the spirit of motorcycling in Delhi and Bangalore. Apart from this SMIPL conducted Access Mileage contest and V-Strom experience days across locations for its customers.

ABOUT SUZUKI MOTORCYCLE INDIA PVT LTD (SMIPL)

Suzuki Motorcycle India Private Limited is a subsidiary of Suzuki Motor Corporation, Japan wherein they have the same manufacturing philosophy of PRODUCTS OF SUPERIOR VALUE right from the inception. SMIPL manufactures two-wheelers best suited for valuable Indian customers.

GE Aerospace Launches As Independent, Investment-Grade Public Company Following Completion Af GE Vernova Spin-Off

* GE Aerospace launches as an independent public company defining the future of flight

* Positioned to deliver long-term growth as a global leader in propulsion, services and systems

* Launch of GE Aerospace marks successful completion of GE’s multi-year transformation

* GE Aerospace to trade on the New York Stock Exchange (NYSE) under the ticker “GE”

GE Aerospace (NYSE: GE) today announced its official launch as an independent public company defining the future of flight, following the completion of the GE Vernova spin-off. GE Aerospace will trade on the New York Stock Exchange (NYSE) under the ticker “GE”. Today, April 2, 2024, at 9:30 a.m. ET, GE Aerospace and GE Vernova will ring the opening bell together at the NYSE.

GE Aerospace Chairman and CEO H. Lawrence Culp Jr., said, “With the successful launch of three independent, public companies now complete – today marks a historic final step in the multi-year transformation of GE. I am tremendously proud of our team, their resilience, and their dedication to achieving this defining moment.”

Culp continued, “Building on a century of learning and carrying forth GE’s legacy of innovation, GE Aerospace moves forward with a strong balance sheet and greater focus to invent the future of flight, lift people up, and bring them home safely. With FLIGHT DECK, our proprietary lean operating model, as our foundation, I am confident we will realize our full potential in service of our customers, employees, and shareholders.”

With an installed base of approximately 44,000 commercial engines and approximately 26,000 military and defense engines around the world, GE Aerospace launches as an established global leader in propulsion, services, and systems. The company generated approximately $32 billion in adjusted revenue* in 2023, with 70% generated by services and the strong economics of the engine aftermarket.

At the company’s Investor Day in March, GE Aerospace reaffirmed its 2024 guidance and presented a longer-term financial outlook, including expecting to achieve ~$10 billion of operating profit* in 2028. Additionally, GE Aerospace shared a capital allocation framework to invest in growth and innovation, while also returning approximately 70-75% of available funds to shareholders.

The launch of GE Aerospace represents the completion of GE’s multi-year financial and operational transformation. Over the last several years GE has taken steps to significantly strengthen the business, including more than $100 billion in debt reduction since 2018. Simultaneously, the company-wide implementation and adoption of lean and a relentless pursuit of continuous improvement in service of the customer, enabled a deep and sustainable shift in culture. This stronger foundation enabled the successful creation of three independent companies – GE HealthCare, GE Vernova, and GE Aerospace – each of which are now well-positioned to build upon GE’s history of innovation.

Holders of GE common stock were entitled to receive one share of GE Vernova common stock for every four shares of GE common stock. For United States federal income tax purposes, the distribution has been conducted in a tax-efficient manner for GE shareholders in the United States.

Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel. Evercore, Morgan Stanley, and PJT Partners were the lead financial advisors to GE on the transaction. The Company also received legal advice from DLA Piper and Gibson, Dunn & Crutcher LLP and financial advice from Citibank, The Consello Group, BNP Paribas, and UBS.

GE Aerospace will issue its first quarter 2024 earnings on April 23, 2024 and will host its earnings call at 7:30 a.m.ET, which can be accessed here.

For additional information, please visit GE Aerospace’s “Spin-off Resources”.

IIIT-B And Akshaya Patra Join Forces For Miles4Meals Marathon, 95-Year-Old Runner Registers

International Institute of Information Technology Bangalore (IIIT-Bangalore), in partnership with the Akshaya Patra Foundation, is thrilled to announce the much-anticipated Miles4Meals Marathon, scheduled for April 7, 2024, in Bangalore. This annual event promotes physical fitness and supports a noble cause by providing nutritious meals to underprivileged school children across India. This year, Miles for Meals is coincides with World Health Day.

Miles4Meals is a marathon that symbolizes the collective commitment to making a positive impact in society. Each registration directly contributes to the Akshaya Patra Foundation, enabling the provision of nourishing mid-day meals to more than 2 million disadvantaged students attending government and government-assisted schools throughout India.

NS Dattatreya, a 95-year-old celebrity marathon runner and an inspiration, has registered for the Miles4Meals Marathon. Mr. Dattatreya has participated in 200+ events and with his power of perseverance and dedication to fitness, he has won 5 Gold medals in Asian Masters Athletic meet at Malesiya.

Reflecting on his journey, Dattatreya remarked, "Age shouldn't determine our physical capabilities; it's all about our mindset and habits. I urge the younger generation to cultivate fitness habits so they can maintain their physical well-being as they age gracefully. May this event significantly contribute to the noble cause of Akshaya Patra, ensuring that more children receive the nourishment they need for a brighter future.” His spirit encapsulates the ethos of Miles4Meals – promoting health and wellness while making a meaningful difference in the lives of others.

Prof. Debabrata Das, Director of IIIT-Bangalore expressed his enthusiasm, stating, "Miles4Meals is more of a movement than just a marathon. Together, we can make a significant impact on the lives of underprivileged children by providing them with nutritious meals and a brighter future."

By joining Miles4Meals, participants have the opportunity to support the Akshaya Patra Foundation's mission of providing meals to over 2 million school children. Every step taken in the marathon contributes towards ensuring that no child goes to bed hungry.

Registration for Miles4Meals is now open, and we invite everyone to lace up their running shoes, join us on April 7th, and be a part of this transformative event. Let's come together to fuel our fitness and feed their dreams.

Click here to register: https://marathon.iiitb.net/

Nilkamal Sleep Announces “Ranbir Kapoor As Its Brand Ambassador”

Nilkamal Sleep announced Bollywood actor- Ranbir Kapoor as its brand ambassador. This association marks the commencement of an exciting journey, where the brand has teamed up with the actor to revolutionize the mattress industry and bring forth the brand philosophy of "Thoughtfully Designed for You”.

With a rich legacy spanning over 30 years, Nilkamal has established itself as one of the leading furniture companies in India. This association with Ranbir Kapoor will play a pivotal role in elevating Nilkamal Sleep's as a thoughtfully designed sleep solution for the customers, particularly among the new-age audience. His persona as one of India's most beloved and versatile actors, his legacy aligns well with the brand’s journey of catering to the diverse sleeping needs of individuals through product offerings and innovations.

Nilkamal Sleep aims to cater to every customer’s sleeping habits with a wide range of products for Sleep Solutions such as Mattresses, Beds, Pillows and Accessories.

Commenting on the announcement, Mr. Eashan Parekh, Head of Nilkamal Sleep, stated, “We are excited to welcome Ranbir Kapoor into the Nilkamal Sleep family as our brand ambassador. His dynamic personality perfectly aligns with our brand, and we are confident that his association will further amplify our message of promoting healthy sleep and unparalleled comfort. We are positive that Ranbir’s popularity and the relatability factor amongst the new-age audience will strengthen our presence. This association is also commitment towards the mattress as we look forward to revolutionising the mattress category and emerge as a one of the biggest players within the next two years.”

Commenting on the partnership, Ranbir Kapoor, Bollywood Actor and Nilkamal Sleep’s brand ambassador said, "I am delighted to collaborate with Nilkamal Sleep, a legacy brand that truly understands the significance of quality sleep and respects individual sleeping habits. I firmly believe that the mattress plays a crucial role in enhancing the quality of sleep, and Nilkamal Sleep offers a splendid range of products that are exceptionally comfortable, providing a truly restful sleep experience."

About Nilkamal Sleep :

Nilkamal Sleep is a sleep solution brand from Nilkamal LTD. With a design-led approach, the product range meticulously caters to the distinctive sleep requirements of each individual by incorporating the latest advancements in sleep science. The products go beyond conventional offerings, presenting holistic sleep solutions crafted to enhance individuals' sleep experiences. The range includes Mattress, Bed, Pillow, Bedding.

Nilkamal Sleep has state of the art mattress manufacturing capacity across India and with extensive logistical support that helps deliver to all corners of India, making Nilkamal Sleep the ideal partner to cater to the needs of growing and evolving India.

To know more log on to nilkamalsleep.com

Finolex Cables Introduces “"FinoGreen Eco-Safe Single Core Halogen Free Flame Retardant" (HFFR) Industrial cables”

* Setting New Safety Standards in Electrical Installations

Finolex Cables, renowned for its cutting-edge electrical solutions, introduces “FinoGreen Eco-Safe Single Core Halogen Free Flame Retardant (HFFR) Industrial cables”, placing a paramount emphasis on safety and sustainability. These eco-conscious wires, crafted from recyclable raw materials, emit minimal smoke and contain zero halogens, aligning perfectly with Finolex Cables' unwavering commitment to sustainability.

Manufactured with specially formulated Thermoplastic insulation HFI-TP 70, the FinoGreen wires boast low smoke and zero halogen emissions, further enhancing their eco-friendly profile. Notably, the packaging for FinoGreen wires is thoughtfully designed in green boxes, symbolizing environmental consciousness and making a clear statement about the product's sustainable attributes.

Designed to mitigate safety risks in electrical installations, these cables are pivotal in averting accidents, particularly fires, commonly caused by electrical sparking at termination or jointing points. FinoGreen wires significantly reduce smoke emissions, ensuring better visibility and minimal release of Hydrochloric Acid Gas in the event of a fire, thus facilitating safer evacuations and minimizing potential damages.

Amit Mathur, President of Sales & Marketing at Finolex Cables, emphasized the significance of this innovation, stating, "Safety remains our foremost priority, and FinoGreen wires mark a significant advancement in upholding the highest safety standards in electrical installations." He further highlighted the suitability of these cables for use in various settings, including high-rise buildings, shopping malls, airports, and high-security areas, where stringent safety standards are non-negotiable.” Mathur added, "Beyond their exceptional safety features, our eco-friendly wires underscore our unwavering commitment to sustainability. We believe that responsible innovation is pivotal in shaping a safer and more sustainable future."

FinoGreen Single Core HFFR (Low Smoke & Zero Halogen) insulated Industrial Cables are designed for voltages up to 1100 V a.c., 50 Hz, catering to power and lighting systems, and are ideal for low-temperature applications. With excellent flame-retardant properties and stability, these wires offer enhanced durability and are recommended for installations where safety is paramount.