Quick update: MSME minister Kalraj Mishra stresses on job creation

Updated: Jun 7 2014, 01:32am hrs
Kalraj Mishra, who took charge of the MSME ministry on May 28, has stressed on the importance of MSMEs in creating jobs. The objective of this ministry is to make the common man self-dependent. Optimum utilisation of human resources in the MSME sector and establishing a framework for this purpose is the need of the hour and this ministry will work towards that goal. I aim to fulfil the expectations of the people, said Mishra.

Top food retailers accumulate R13,000-cr loss in FY14: Crisil

Top 10 food retailers have reported accumulated losses of over Rs 13,000 crore in the last fiscal, ratings agency Crisil said. The companies studied by Crisil are Max Hypermarket, Hypercity Retail, Aditya Birla Retail, Metro Cash & Carry India, Trent Hypermarket, Reliance Fresh, Heritage Fresh, Spencers Retail, Bharti Retail and Wal-Mart India. Crisil Ratings president Ramraj Pai said: Compared with other formats, food retailing is a very local business where optimal supply chains are critical to lower costs...The business also has the lowest gross margins in retailing, which leads to longer gestation periods. Players, therefore, need a lot of time and investment to perfect the model and positioning and to scale up to achieve critical mass.

Exporters appeal for

zero excise duty on

man-made fibres

The Tirupur Exporters Association (TEA) has sought zero excise duty on man-made fibres and special machinery to manufacture synthetic garments. In memorandums submitted to commerce and industry minister Nirmala Sitharaman and textiles minister Santhosh Kumar Gangwar, TEA president A Shaktivel said zero duty will help increase the usage and exports of man-made fibres and attract new investments in synthetic garments.

iTraveller makes it to Travel Innovation Summit in Los Angeles

Kochis Startup Village-incubated iTraveller has been selected as one among 30 global innovators for the year at the Travel Innovation Summit (TIS) in Los Angeles. iTraveller will be showcased in the event, to be held during November 11-13. From India, MakeMyTrip was showcased at last years event. iTraveller is a cloud-based supply chain automation platform for holiday planning. iTraveller helps automate the process of holiday planning and booking by bundling various components (hotels +transportation + sightseeing + activities), allowing end users to do the same online.

Kerala turning into

a hub for movie-based mobile games

Kerala is fast becoming a hub for developing movie-based mobile games. The Kochi-based Startup Village now has several companies that create promotional apps for the film industry. Movie game development in the state is picking up pace in part to the success of game tie-ins in Hollywood and Bollywood, but mostly with the emergence of a new generation of world-class game developers in Kerala and increasing awareness that these apps can reach out to the smartphone-owning young moviegoers.

Marine exports touch $5-bn mark on higher shrimp production

Marine products exports rose 42% to touch an all-time high of $5 billion during FY14, helped by a rise in Vannamei shrimp production and better infrastructure facilities. Exports stood at $3.51 billion in FY13. In volume terms, exports rose to 9.83 lakh tonnes, valued at Rs 30,213.26 crore, said, Leena Nair, chairman of the Marine Products Export Development Authority. Year-on-year, seafood exports rose 5.98% in quantity, 60.23% in rupee value and 42.6% in USD earnings, she said.

Snapdeal to spend

R350 crore on supply chain logistics in FY15

Homegrown online marketplace Snapdeal will invest Rs 350 crore this fiscal to expand its supply chain infrastructure as it aims for a stronger foothold in Indias internet retail market that is estimated to expand seven-fold to $22 billion by 2018. Besides, the Delhi-based company also seeks to triple

its seller base to 100,000 by March 2015.