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Union Minister Sarbananda Sonowal joins Global Maritime Leaders at Singapore Maritime Week (SMW)

The Union Minister of Ports, Shipping & Waterways, Shri Sarbananda Sonowal joined Global Maritime Leaders at the Singapore Maritime Week (SMW) to discuss, deliberate and devise strategies based on the shared vision for a secure, sustainable and prosperous maritime future. The Minister highlighted the challenges and India’s vision to channel growth of the maritime sector around that. Shri Sonowal also argued for strengthening maritime connectivity and supply chains while the need for collective effort towards a green sustainable maritime future.

On digitalisation and future ready shipping, the Union Minister reiterated how it is the core strategy of India’s maritime policy. India’s maritime policies like ONOP, NLP (Marine), and MAITRI are streamlining port services, cutting transaction times, and enabling real-time data. India is also partnering with the UAE and Singapore to create Virtual Trade Corridors for seamless cargo movement.

Speaking on the occasion, the Union Minister, Sarbananda Sonowal said, “India’s maritime vision, rooted in ‘Vasudhaiva Kutumbakam’, promotes collaboration and shared prosperity. As a reliable and responsible partner, India is committed to building a green, secure, and inclusive maritime future. Alongside Singapore and global partners, we aim to drive innovation and collective action for a resilient maritime ecosystem.”

Shri Sonowal met Senior Minister and ex PM of Singapore, Lee Hsien Loong at the SMW. Union Minister was ushered to the bilateral meeting with Murali Pillai, Minister of State, Ministry of Law and Ministry of Transport, Singapore. The Union Minister also held individual meetings with other senior members of the government including Dr Tan See Leng, Minister for Manpower and Second Minister of Trade and Industry, Singapore; Vivian Balakrishnan, Minister for Foreign Affairs, Singapore. Sonowal said at the SMW that India is addressing supply chain vulnerabilities by developing key corridors like IMEEC, the Eastern Maritime Corridor, and the North-South Transport Corridor to secure trade routes. A USD 20 billion investment would enhance logistics, port connectivity, and trade facilitation. India targets a top-five global shipbuilding rank by 2047 through policy reforms and infrastructure upgrades.

Ports aim to grow their global cargo share from 6% to 15% by 2047, supported by a Maritime Development Fund for fleet and shipyard expansion. The GIFT City is also rising as a global hub for maritime finance and ship leasing, offering a competitive gateway to global capital, highlighted Shri Sarbananda Sonowal at the SMW Adding further, he said, “The maritime sector faces both challenges and opportunities, from climate change and geopolitics to digital disruption and shifting trade patterns. Guided by PM Narendra Modi’s vision of Viksit Bharat and Atmanirbhar Bharat, India is advancing as a modern, self-reliant, and globally connected economy. The maritime sector is key to driving growth, resilience, and sustainable connectivity. India is expanding port infrastructure, integrating logistics, and boosting ease of doing business—resulting in greater port efficiency, stronger cargo flows, and growing investor confidence.”

In his concluding remark, Shri Sarbananda Sonowal said, “Sustainability is central to India’s maritime strategy. We are advancing green port infrastructure, promoting low-emission shipping, and supporting innovation in low-carbon vessels. Three Green Hydrogen Hub Ports— Kandla, Tuticorin, and Paradip—will drive alternative fuel adoption and green hydrogen production.

India is also leading the IMO’s Green Voyage 2050 initiative, helping developing nations in their energy transitions. Our commitment, under the leadership of Prime Minister Shri Narendra Modi ji, extends to developing Green Shipping Corridors, including the proposed India-Singapore Green and Digital Corridor, focused on clean energy and smart logistics. Oceans unite us. Through partnerships, we can turn today’s maritime challenges into shared, sustainable opportunities.” Sarbananda Sonowal also met Industry Captains including Jeremy Nixon, Global CEO, ONE and Masashi Hamada along with other corporate leaders from the Maritime Sector including APM Terminals, Gateway Terminals.

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National Academy of Customs, Indirect Taxes, and Narcotics (NACIN) and Indian Maritime University (IMU) sign MoU for strategic knowledge partnership

A Memorandum of Understanding (MoU) was signed between the National Academy of Customs, Indirect Taxes, and Narcotics (NACIN) and the Indian Maritime University (IMU) in Chennai, today. This collaboration aims to strengthen the Marine Customs Training Centre by enhancing the maritime enforcement and operational capabilities of CBIC officers, while also creating a platform for mutual learning and institutional synergy between NACIN and IMU.

The MoU was signed by Shri Gaigongdin Panmei, Principal Director General for NACIN, and Dr. Rajoo Balaji, Pro Vice-Chancellor for IMU (representing the Vice Chancellor), in the presence of Smt. Aruna Narayan Gupta, Member, Central Board of Indirect Tax and Customs, and, Additional Director Generals, Dr. M.G. Thamizh Valavan and Dr. Ezhilmathi K, along with Shri K. Saravanan, Registrar, IMU, and Dr. P.J. Rangachari, Director, IMU Chennai Campus, among other senior officials from both institutions

Addressing the esteemed dignitaries and officials present, Smt. Gupta stated that the collaboration marks a significant step towards enhancing the capabilities of CBIC officers engaged in marine preventive work, thereby strengthening collective efforts in safeguarding national security.

This MoU between NACIN and IMU establishes a collaborative framework for the training of CBIC officers involved in marine operations. It outlines the development of a comprehensive training programme aimed at bridging existing knowledge gaps in maritime enforcement and operational practices. The curriculum will be enriched by incorporating both domestic and international perspectives. The collaboration seeks to mutually benefit both institutions—leveraging IMU’s academic and technical expertise and NACIN’s enforcement experience.

For CBIC, the collaboration significantly strengthens its marine enforcement capabilities by providing officers with specialized, hands-on training in advanced maritime technologies, aligned with global best practices. For IMU, this partnership offers a valuable opportunity to extend its academic reach into the domain of maritime enforcement, enhance the practical application of its training modules, and engage in collaborative research on emerging technologies such as drone surveillance and recent advancements in the maritime sector.

Furthermore, the MoU paves the way for the inclusion of personnel from other departments and international participants, underscoring the global relevance and strategic scope of this initiative.

The collaboration with IMU will further elevate NACIN’s capabilities by integrating academic excellence, cutting-edge technology, and global best practices into its training framework. This partnership not only ensures the development of a robust and future-ready maritime enforcement training ecosystem but also reinforces India’s commitment to fostering institutional synergies to safeguard its maritime interests. The Marine Customs Training Centre, empowered by this collaboration, is poised to emerge as a centre of excellence for marine enforcement training in the region and beyond.

Government of India Taking Measures Against Misuse of Personal Data

Unsolicited Commercial Communications (UCC) are regulated by the Telecom Regulatory Authority of India (TRAI). TRAI has issued Telecommunications Commercial Communications Consumers Preference Regulations, 2018 (TCCCPR-2018) which deals with UCC. Under the TCCCPR-2018 regulations a number of directions have been issued for the implementation of its provisions. These directions inter-alia have provisions for registering preferences for commercial communication where a telecom subscriber can opt to block all commercial communications or can selectively block commercial communications as per preference categories.
Customers can register complaint against senders of UCC through Mobile App, sending SMS or calling on a specific number 1909.

The Government of India has taken major initiatives like enactment of Information Technology (IT) Act, 2000, setting up of Indian Computer Emergency Response Team and National Critical Information Infrastructure Protection Centre, releasing of National Cyber Security Policy 2013, appointing Chief Information Security Officer, thus ensuring security and privacy of personal information of users in India. The Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011 under the IT Act prescribes reasonable security practices and procedures to protect sensitive personal data of users.
Digital Personal Data Protection Act, 2023 (“DPDP Act”) provides the legal framework for processing of personal data, notice to be issued to data principal, consent of the data principal including withdrawal of such consent, rights of the data principal, obligations of the data fiduciaries, penalties for non-compliance, etc.

The DPDP Act provides legal framework for Data Fiduciaries to notify breaches and ensure effective observance of the provisions Act by implementing appropriate technical and organizational measures.

Further, the DPDP Act establishes a robust framework of accountability mechanisms to ensure the lawful processing of digital personal data with Data Protection Board of India as an independent adjudicatory body empowered to investigate complaints, conduct inquiries, and impose penalties. Ministry of Home Affairs has also established the Indian Cyber Crime Coordination Centre to deal with cyber-crimes in a comprehensive and coordinated manner.

Public awareness campaigns, such as Cyber Security Awareness Month and Safer Internet Day, are organized to educate citizens about online safety, secure online transactions and digital services.

This information was given by the Union Minister of Railways, Information & Broadcasting and Electronics & Information Technology Shri Ashwini Vaishnaw in Rajya Sabha today.

Micro-lending unlocks potential of India’s hidden entrepreneurs

The micro, small, and medium enterprise (MSME) sector has often been hailed as the backbone of India’s economy, driving innovation, fostering employment, and contributing significantly to the gross domestic product (GDP) growth. Yet, beneath this celebrated narrative lies the sector’s perpetual struggle for financial support. With micro-lending emerging as a critical tool to bridge this gap, a series of regulatory shifts and strategic advancements are reshaping the sector, steering it towards resilience and sustainability. This challenge was discussed at a CareEdge webinar titled ‘Exploring MSME Growth and the Evolving Micro LAP Landscape’.

A new regulatory era

The MSME financing landscape has undergone a seismic shift with the introduction of a stricter 90-day default norm, replacing the earlier 180-day standard. While this move aligns with global practices, it has ushered in significant changes for lenders, who now face the dual challenge of adapting to regulatory compliance and ensuring financial accessibility for small enterprises. This transition demands precision and innovation, particularly as many MSMEs operate with unpredictable cash flows.

One transformative solution has been the adoption of digital tools to assess cash flow patterns, enabling lenders to accurately gauge the financial health of these businesses. For example, advanced algorithms now analyse transaction histories and supply chain activities, offering a more comprehensive picture of creditworthiness. These digital advances have proved invaluable in addressing the sector’s hallmark challenge — a lack of formal financial records.

Moreover, lenders are crafting empathetic and tailored recovery models to mitigate the stress of rigid compliance. Personalised solutions, such as phased repayment plans, help strike a delicate balance between meeting regulatory demands and supporting MSMEs through their unique financial journeys. The successful alignment with the 90-day norm highlights the sector’s ability to adapt, yet it serves as a reminder of the vigilance required to maintain momentum.

Profitability in a competitive landscape

For lenders, staying profitable in an increasingly competitive environment is no easy feat. The MSME sector, however, offers untapped potential that can be a game-changer. Recent industry reports reveal that only a fraction of India’s estimated 63 million MSMEs currently have access to formal credit channels, leaving vast opportunities for financial institutions to explore.

The key lies in understanding the complexities of MSME financing. Addressing higher credit costs, for instance, requires nuanced pricing strategies that ensure fairness without compromising margins. A case in point is the willingness of borrowers to absorb moderate interest rate increases — data suggests that even a 3% hike has had minimal impact on demand, allowing lenders to maintain profitability while passing on costs.

Customer-centric execution has also emerged as a vital strategy. By tailoring services to the specific needs of micro-enterprises, lenders are not only fostering loyalty but also creating a competitive edge. For example, non-banking financial companies (NBFCs) offering flexible collateral options have gained significant traction among MSMEs, reinforcing the importance of adaptability in service delivery.

As funding costs show signs of easing, the future holds promising opportunities for higher margins. However, long-term success hinges on a deeper understanding of the sector’s intricacies and a commitment to innovation.

The role of technology in monitoring and growth

Technology has been a powerful enabler in redefining micro-lending. The deployment of account aggregator systems, for instance, has provided lenders with unparalleled visibility into borrowers’ financial transactions. These platforms streamline the end-use monitoring of loans, ensuring greater transparency and accountability.

Yet, challenges remain. While account aggregators simplify access to bank statements, the fungibility of money often obscures the precise utilisation of loan funds. To address this, lenders are continuously enhancing their systems, incorporating machine learning and blockchain technology to improve accuracy and traceability.

Take the example of fintech start-ups partnering with traditional banks to develop blockchain-based loan tracking systems. These collaborations are not only meeting regulatory requirements but are also setting new standards in responsible lending practices. Such innovations highlight the symbiotic relationship between technology and traditional approaches, paving the way for a more robust financial ecosystem.

Harnessing the promise of MSMEs

The MSME sector stands as a beacon of resilience and untapped potential. By embracing regulatory changes, leveraging technology, and addressing the unique challenges faced by micro-enterprises, stakeholders can unlock new avenues for growth and transformation.

For those at the forefront of micro-lending, the message is clear: dive deeper, innovate boldly, and stay attuned to the needs of this vibrant sector. With countless opportunities awaiting exploration, the story of MSMEs is one of determination, dynamism, and an unwavering drive to succeed.

Sector Overview

As of 4 February 2025, the Udyam Portal boasts 5,93,38,604 registered MSMEs, with the vast majority classified as micro-enterprises. Beyond their economic contributions, these MSMEs have created substantial employment opportunities, providing jobs to more than 25.18 crore individuals.

During the financial year 2023-24, the Prime Minister’s Employment Generation Programme (PMEGP) supported 89,118 enterprises, fostering entrepreneurship across various sectors. The scheme disbursed ₹3,093.87 crore as margin money subsidy, helping small businesses scale operations and sustain growth. Consequently, an estimated 7,12,944 employment opportunities were created, reaffirming PMEGP’s role in bolstering self-employment and job creation nationwide.

Contribution to gross domestic product: The MSME sector contributes approximately 30% to India’s gross domestic product, with micro-enterprises accounting for 97% of the total share.

Credit access: Despite their significance, only 2.5 crore MSMEs out of 63.4 million units have accessed formal credit channels. This highlights the untapped potential for micro-lending.

Women entrepreneurs: Women-owned MSMEs make up 38% of registered enterprises, reflecting the growing role of women in this sector.

Export contribution: MSMEs contribute around 45.79% in 2024-25 (up to May 2024) of India’s total exports, showcasing their importance in global trade.

(Write to us at editorial@bombaychamber.com)