Page 15 - BANKING FINANCE NOVEMBER 2023

ROUNDUP

IMF raises India's GDP ports from India continue to buck the "In a major relief to the micro, small and
overall trend of muted global trade by medium enterprises (MSMEs), various
forecast marginally to 6.3%
registering a massive growth of more ministries/departments of the govern-
for current fiscal than 80 per cent. ment of India have accepted more than
India's economic growth forecast for "India continues to strive hard to be a 10,000 claims of MSMEs under Vivad se
the current fiscal year has been raised preferred location for GVCs. It is work Vishwas-I scheme aimed at providing
to 6.3% from 6.1% earlier, the Inter- in progress but the trend is positive," relief to MSMEs for the Covid-19 Pan-
national Monetary Fund said in its Oc- Mohindroo said. demic period. This has led to grant of
tober 2023 World Economic Outlook more than Rs 256 crore to MSMEs and
According to ICEA estimates, mobile
(WEO) report that was released. increased flow of bank credit through
phone exports from India have doubled
The global lender expects retail infla- to surpass Rs 90,000 crore, about $ freeing up of guarantees," a finance min-
tion in the South Asian nation to rise 11.12 billion, in the financial year (FY) istry statement said.
to 5.5% in 2023/24 before easing to 2022-23, from Rs 45,000 crore in
4.6% in 2024/25. 35% of investment advi-
FY22.
"Growth in India is projected to remain sors still not registered,
The government expects mobile
strong, at 6.3% in both 2023 and 2024,
phone players to export devices worth says SEBI chief
with an upward revision of 0.2 percent- Rs 1 trillion this year.
age points for 2023, reflecting stron- Despite a simple registration process,
ger-than expected consumption during The government has set the target of around 35 per cent of investment ad-
April-June," the IMF said. achieving $ 300 billion worth of elec- visers are still not registered with the
tronics manufacturing by 2025-26, with regulator, Securities and Exchange
The Reserve Bank of India has pro- $ 120 billion expected to come from Board of India (SEBI) Chairperson
jected consumer price index (CPI)-
exports. Mobile phones are antici- Madhabi Puri Buch.
based inflation for the current fiscal
year at 5.4% while GDP growth is seen pated to contribute more than $ 50 She sought industry associations' help
at 6.5%. billion worth of exports by 2025-26. in getting more advisers to get regis-
tered with the regulator.
Govt accepts over 10,000 "We require investment advisors to
Mobile exports jump to
MSME claims worth Rs. register…There are a large number,
$5.5 billion some 35 per cent of investment advi-
Mobile phone exports from India al- 256 crore sors, still not registered," Buch said at
most doubled to $ 5.5 billion, about Rs The government has accepted more an event organised by the Association
45,700 crore, till August this financial than 10,000 claims of MSMEs involving of Registered Investment Advisers
year, according to industry body ICEA's refunds worth Rs 256 crore under a (ARIA).
estimates. dispute resolution scheme Vivad se "…It's your profession, it is your liveli-
ICEA said, mobile phone exports from Vishwas-I. hood, and in all this time, forget other
India between April-August 2023 was Under the scheme, MSMEs could compliances, you have not found time
around $ 3 billion, about Rs 24,850 claim a refund of 95% of performance or inclination to come and register,"
crore. A source, who did not wish to or bid security and liquidated damages the SEBI Chairperson said.
be named, said, with Apple exported forfeited by government departments As per the SEBI website, there are
mobile phones worth more than Rs and public sector entities during the 1,314 registered investment advisers.
23,000 crore, thereby accounting for Covid-19 period. The scheme, an- However, to operate as registered in-
a little over half of the total export. nounced in 2023-24 Budget, opened on vestment advisers (RIAs), these entities
Commenting on the overall mobile April 17 and the last date for submis- have to register with BSE Administra-
phone export, ICEA Chairman Pankaj sion of claims for relief on the GeM tion and Supervision Ltd (BASL), a
Mohindroo told that mobile phone ex- portal was July 31. wholly owned subsidiary of BSE, which

14 | 2023 | NOVEMBER | BANKING FINANCE