Highlights of the week: Ram Mandir spurs business growth, MSMEs welcome Budget
The MSME sector witnessed significant developments during the last week. Here’s what happened in the sector.
From Ram Mandir creating business opportunities for small and medium businesses in Ayodhya and across the country to the interim Union Budget 2024 being called “optimistic” by the MSME ecosystem stakeholders, this week was action packed for the MSME sector.
Here are the top highlights and SMB stories of the week.
Ram Mandir unlocks new business opportunities
The Ram Mandir consecration happened in January 22. While Confederation of All India Traders claimed Rs 1.25 lakh crore business happened between January 1 and January 22, a report by Forum for Internet Retailers, Sellers and Traders India (FIRST India) states that the event propelled MSMEs across India into a fresh era of economic growth, drawing in investments amounting to an impressive Rs 4 crore to Rs 5 lakh crore.
FIRST India has emphasised a rise in business opportunities, resulting in a significant upswing in overall business operations. The organisation has also recorded the homecoming of over 170 artisans and more than 6,000 MSMEs engaged in retail, manufacturing, and services sectors to Ayodhya from different cities.
MSMEs welcome Budget 2024
The Interim Budget 2024 delivered a varied set of outcomes for the MSME sector, which had anticipated a favourable announcement from Finance Minister Nirmala Sitharaman to support their business growth. Nevertheless, stakeholders have called it an "optimistic" Budget.
In conversation with SMBStory, Vinod Kumar, President of India SME Forum, stated, "The government has demonstrated genuine concern for MSMEs by prioritising adequate financing, technological and skill upgradation, in addition to fostering a growth-oriented and MSME-friendly regulatory environment."
Other top picks of the week
Safe Cams
In a nation where adherence to traffic regulations is often overlooked by drivers, dashboard cameras, or dash cams, offer a safety cushion, both legally and financially—in the event of accidents. While only 1% of Indian vehicles are currently being equipped with these devices, Vanesh Naidoo, Founder and Director at Safe Cams Digital Eye—one of India’s pioneering MSME manufacturers of dash cameras—found a substantial opportunity in the market.
Started in 2019, Safe Cams is now part of various smart city projects. From supplying dash cams to Mumbai Thane police, Chhattisgarh, 7th Rifles J&K, and University of Delhi to being an OEM for Amazon India’s private label brand and entering the retail market, Safe Cams has come a long way.
Edited by Swetha Kannan