India Now - page 9

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FEBRUARY-MARCH 2015
THE WORLD
Bank has sanctioned a
US$ 500 million loan for the MSME
Growth Innovation and Inclusive
Finance Project to facilitate easy
availability of finance to micro, small
and medium enterprises (MSMEs).
As per the Bank’s
press release in
March this year, the
project will support
MSMEs through
direct financing by
the Small Industries
Development Bank of
India (SIDBI), as also
through participating
financial institutions
(PFIs). The project
will develop SIDBI’s
ability to scale up
debt financing
as India’s startup ecosystem is
currently one of the fastest growing
in the world. In the last three years,
India’s startups have attracted some
300 venture capital/private equity
and 225 angel investment deals
worth over US$ 2.3 billion and
over 20 mergers and acquisitions
worth US$ 1 billion. It is currently
the third largest startup base in the
world with 3,100 startups, after the
United States with 41,500 startups
and the United
Kingdom with
4,000. India has the
potential to build
around 2,500 highly
scalable businesses
that could generate
revenues of US$
158 billion in the
next 10 years, the
release said. In
India, MSMEs
account for more
than 80 per cent
of total industrial
enterprises, produce over 8,000
value added products and employ
an estimated 60 million people. The
sector contributes around 45 per
cent to manufacturing output and
about 40 per cent to exports.
US$ 500 million loan to MSME
Growth Innovation Project by World
Bank
To strengthen SIDBI’s capabilities
INDUSTRY
UPDATE
AFTER THE
success of visa
on arrival to travellers of 43
countries, the Government
of India has proposed to
extend the facility to 150
countries, in stages. It has
also identified 50 circuits
for development of tour-
Goa). The Ministry of Tour-
ism has formulated a plan
called
Swadesh Darshan
,
for integrated development
of tourist circuits around
specific themes. The Min-
istry provides assistance to
states and union territories
for various projects that are
prioritised every year, sub-
ject to availability of funds
and adherence to the
scheme guidelines.
Visa on Arrival to 150
Countries
Government
identifies 50 circuits
US$
BLLION
VC & PE FUNDING
IN LAST 3 YEARS IN
INDIAN STARTUPS.
ism in the country. The
prominent circuits include
Andaman and Nicobar Cir-
cuit, Kashmir Circuit, Des-
ert Circuit in Rajasthan,
Nature Tourism Circuit in
West Bengal and Beach
and Fort Circuit (Mumbai to
TOURISM
TRACKER
INVESTMENT
TRACKER
portfolio inves-
tors are bullish on India, as
revealed by its weight in a
key emerging market (EM)
index. The MSCI Emerg-
ing Markets (EM) Index is a
free float adjusted market
capitalisation index that is
designed to measure equi-
ty market performance in
global emerging markets.
Foreign investors who wish
to invest in such markets
often use the weight of
each country in the index
as a guideline to capital
allocation in that country. If
they are particularly bullish
on a country, they allocate
more to it. A JP Morgan
India Equity Strategy report
said that such positions
on India have climbed to a
record level.
A study by Credit Suisse
Securities noted that foreign
institutional holdings remain
largely concentrated in the
blue chip category, with the
top 50 companies account-
ing for 73 per cent of their
holdings. Foreign portfolio
investors have invested a
total of
`
273,406 crore in
equities and debt in India
till March 24 of fiscal year
2014-15, as per Central
Depository Services.
India at Top in Investment
Inflow
Weight in key emerging
market index at a record high
FOREIGN
2.3
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