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Mumbai: Industry leader Sunil Mathur, Managing Director & Chief Executive Officer, Siemens emphasised that India’s Micro, Small and Medium Enterprises (MSMEs) are poised to play a defining role in the country’s emergence as a global manufacturing and export powerhouse.

Addressing industry stakeholders, entrepreneurs, and policymakers at Bombay Chamber’s MSME Conclave 4.0, Mathur noted that India’s strong investments in energy, infrastructure, manufacturing, and technology are creating unprecedented opportunities for MSMEs to expand their presence in international markets.

“MSMEs contribute nearly 60 per cent of India’s exports and remain the backbone of our economy. Their growth, modernisation, and global competitiveness will be central to India’s economic progress in the coming decades,” said Mathur.

Highlighting India’s rapid infrastructure development, Mathur pointed out that more than 90 records have been broken in energy generation over the past decade. Over the coming decade, the country is projected to add generation capacity equivalent to two Germanys combined. “Reliable energy and modern infrastructure are critical enablers of industrial growth. These investments will help Indian businesses become more efficient, competitive, and globally connected,” he said.

Addressing the importance of productivity and efficiency, Mathur observed that advanced manufacturing operations in Europe and North America often achieve efficiency levels of around 99 percent, while many Indian operations currently operate at approximately 75 percent. “The gap can only be bridged through technology adoption,” he stated.

“Technology is not just an option—it is the answer. Businesses that embrace digitalisation, automation, artificial intelligence, and advanced manufacturing will be best positioned to compete globally,” he said.

Mathur also emphasised the need for stronger investments in research and development. “If India is to become a truly global manufacturing and innovation leader, greater focus on innovation and R&D is essential. Competitiveness today is driven not only by cost but by the ability to create value through innovation,” he remarked.

He called for sustained efforts to upskill employees and entrepreneurs in emerging technologies and advanced manufacturing practices.”The future belongs to organizations that can do more with less—more productivity, more quality, and more innovation through greater efficiency,” he said.

Concluding his address, Mathur urged Indian MSMEs to focus on five key priorities: Quality excellence, technology adoption, innovation, global market readiness, and continuous workforce development.

The Keynote was followed by a Fireside Chat on Evolving Labour Laws: MSME Perspective between R. Srinivasan, Co-Chairperson – MSME Forum, Bombay Chamber & Director, AIRA Consulting and Lancy D’Souza, Advocate & Legal Advisor, Bombay Chamber of Commerce & Industry.

The session on Bilateral Trade Opportunities for MSMEs in the Evolving Global Landscape had presentations by Mahboob Issa Alraisi, Consul General, Consulate General of the Sultanate of Oman; H.E. Mr. Eddy Wardoyo, Consul General, Consulate General of The Republic of Indonesia and Junhan Kim, Director General, Korea Trade-Investment Promotion Agency.

There was also a virtual session on India U.S. Trade Facilitation Portal by Rajlakshmi Kadam, Consul (Trade), Consulate General of India, New York.

In her address, Girija Subramanian, Chairman-Cum-Managing Director, The New India Assurance Co. spoke about the new products her organisation was launching.

This was followed by sessions on Leveraging AI for MSME Growth presented by Harish Narayanan, CMO & CDO, HDFC Asset Management Company while the session on TReDS Portal: Bridging MSMEs and Banks for Seamless Trade was presented by Amit Sachdev, COO, M1xchange.

The panel discussion on The Changing World for MSME Finance was moderated by R. Srinivasan, Co-Chairperson – MSME Forum, Bombay Chamber & Director, AIRA Consulting and the panelists were Harish Aldangadi, Senior General Manager Retail Credit & SME, SVC Bank; C. S. Arya, General Manager – (MSME & eSCF), IDBI Bank and Ashish Taneja, Head – Commercial Business, CRIF High Mark Credit Information Services.

Bihar repeals Shops and Establishments (Regulation of Employment and Conditions of Service) Act, 2025

Notification attached

Mumbai, May 29, 2026: The Bombay Chamber of Commerce and Industry hosted the Insurance Summit 2026: Enhancing Insurance Penetration & Density in India in Mumbai, bringing together regulators, industry leaders, insurers, reinsurers, technology experts and policymakers to discuss the future of India’s insurance sector and the collective journey towards the vision of Insurance for All by 2047.

Delivering the keynote address on “The Regulator’s Vision for Insurance 2030,” Shri Swaminathan Iyer, Member-Life, IRDAI, emphasized that Insurance for All 2047 is not merely a regulatory ambition but an industry-wide mission to ensure that every citizen has access to appropriate life, health and property insurance cover while every enterprise is supported by adequate risk protection.

Underscoring the need to move beyond traditional penetration metrics, Shri Iyer called for greater focus on meaningful coverage, policy persistency, customer outcomes and trust. He outlined the Five As that will be critical to achieving the vision—Awareness, Accessibility, Affordability, Assurance and Accountability. He stressed the need for simpler products, greater transparency, improved customer engagement and a policyholder-first approach across product design, distribution, servicing and claims management.

Earlier, welcoming delegates, Praveen Vashishta, Member, BFSI Committee, Bombay Chamber and Former Co-founder, Howden Insurance Brokers India & Chairman Howden Asia, highlighted the significant protection gaps that continue to exist in India. He noted that nearly half of India’s population remains outside the health insurance net, while almost 93% of the country’s exposure to natural catastrophes remains uninsured. Describing the protection gap as a national priority, he emphasized the critical role of technology, product innovation and reinsurance in expanding insurance penetration and strengthening financial resilience.

In her special address, Girija Subramanian, Chairman-cum-Managing Director, New India Assurance and Board Member, Bombay Chamber, called for a shift from reactive disaster funding to proactive risk-transfer mechanisms. She highlighted the need for innovative solutions such as national catastrophe pools, cyber insurance, parametric insurance, infrastructure and surety bonds, and emerging liability covers to build resilience against evolving economic, climate and digital risks.

Delivering the Strategic Insights Address, Amit Roy, Partner and Leader – Insurance & Allied Businesses, PwC India, highlighted the significant progress made by the Indian insurance industry in expanding access, supporting financial inclusion and strengthening customer protection. He called for greater trust across the insurance ecosystem, enhanced public awareness of insurance, and stronger recognition of the industry’s contribution to economic development, employment generation and social security.

The summit featured three high-impact panel discussions that explored the opportunities and challenges shaping the future of the insurance sector.

The first panel discussion, “Reimagining the Insurance Industry with Data / AI / ML,” moderated by Asim Parashar, Partner, PwC, brought together Ajay Pal Singh Sethi, Co-founder, Darwix AI; Gopal Balachandran, CFO & Appointed Actuary, ICICI Lombard General Insurance; Abhijeet Gulanikar, Chief Strategy Officer, SBI Life; and Varun Bhalla, Director – Sales, CRIF. The panel examined how Artificial Intelligence, Machine Learning and Generative AI are transforming the insurance value chain through smarter underwriting, enhanced fraud detection, faster claims processing and more personalized customer engagement. The discussion also explored the emergence of Agentic AI, the importance of data quality and governance, cybersecurity considerations, and the need to balance innovation with regulatory responsibility and customer trust. Panellists agreed that AI’s greatest impact will be in improving customer experience, operational efficiency and insurance accessibility at scale.

The second panel discussion, “Product Innovation in Insurance,” moderated by Dr. Sandeep Dadia, Co-chair, Insurance Committee, Bombay Chamber and Mentor, Alwrite, featured S.K. Rustagi, Managing Director, Beacon Insurance Brokers Ltd., and Roopam Asthana, CEO & Executive Director, IndusInd Capital Ltd. The panel explored how innovation in insurance products can help bridge India’s protection gaps and improve customer adoption. Discussions focused on opportunities across health, property, liability, marine and personal lines insurance, the need for simpler and more relevant products, the role of technology platforms in accelerating product development, and the increasing importance of customised solutions tailored to emerging customer and industry requirements. The panellists also highlighted the enabling role of regulators in fostering innovation while ensuring customer protection.

The final panel discussion, “Changing Reinsurance Landscape,” moderated by Akshay Ganatra, Associate Partner, Price Waterhouse & Co LLP, brought together Shefali Sehwani, CEO & Country Manager, Lloyd’s India; Mangesh Patankar, Regional Head – Agriculture, Munich Re; and Amitabha Ray, CEO, Swiss Reinsurance India Branch. The discussion examined how climate change, specialty risks, regulatory developments and global capital flows are reshaping the reinsurance market. Panellists highlighted growing opportunities in cyber, agriculture, infrastructure, energy and catastrophe risk coverage, while discussing the increasing relevance of parametric insurance solutions, sovereign risk-transfer mechanisms and innovative reinsurance structures. The conversation also explored how global reinsurance capacity and evolving regulatory frameworks will be critical in supporting India’s long-term growth and resilience amid increasingly complex and interconnected risks.

The summit concluded with a strong consensus that achieving the vision of Insurance for All by 2047 will require deeper collaboration between regulators, insurers, reinsurers, technology providers, intermediaries and policymakers. Participants agreed that a customer-centric approach, supported by innovation, technology, transparency and trust, will be essential in building a more inclusive, resilient and financially secure India.

The geopolitical upheavals since the launch of Operation Epic Fury on February 28 have brought out India’s stark dependency on fuel imports, critical supply chain raw materials, and the “fickleness” of private capital. To be sure, this isn’t the first time that the world (and India) has witnessed this state of affairs as evidenced by numerous such events — both related to energy security as well as financial stability — over the last few decades. Moreover, to India’s advantage, the macroeconomic fundamentals are in far better shape than on the cusp of all such past global crises. Nevertheless, India needs to confront the myriad economic challenges precipitated by this latest disruption with short- as well as long-term measures.

‘FDI trajectory: Gross FDI since 2021 has remained steady and crossed $80 billion in three of the last five years (including FY26). However, net FDI in FY26 was a mere $6.3 billion, indicating a steadily increasing outflow from exits of previous investments and outbound FDI by Indian companies. While successful and profitable exits by foreign investors are actually a positive factor, the increasing trajectory of outbound FDI could signal derisking impulses of ultra-high net worth individuals and Indian corporates.

By Sudhir Kapadia, Senior board advisor and former President, Bombay Chamber of Commerce and Industry

Establishments advised to introduce work from home for 2 days in a week in Delhi

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The Ministry of Electronics and Information Technology (MeitY), Government of India, organized a one-day national conference on “From Patent to Product: Accelerating IP Commercialization in Electronics & IT” at India Habitat Centre, New Delhi on 12 May 2026. The conference, brought together policymakers, innovators, industry leaders, startups, MSMEs, academia, researchers, and R&D institutions to deliberate on strengthening India’s intellectual property and innovation ecosystem in the Electronics and IT domain

During the inaugural session, IP Catalyst initiative along with its digital platform (https://cipie.in) was formally launched by Shri S. Krishnan, Secretary, MeitY, in the presence of Shri Amitesh Kumar Sinha, Additional Secretary, MeitY & CEO, India Semiconductor Mission, Smt. Sunita Verma, Group Coordinator & Scientist G, MeitY Prof. (Dr.) Unnat P. Pandit, Registrar of Copyrights, CGPDTM, DPIIT, Ministry of Commerce & Industry, and Shri Sanjay Wandhekar. Sc-G & Centre Head, CDAC Pune along with senior government officials and key stakeholders.

The IP Catalyst

The IP Catalyst initiative is being implemented by CDAC Pune, supported by MeitY that aims to enable comprehensive digital ecosystem supporting the complete innovation lifecycle  from research and IP creation to technology transfer, commercialization, and market deployment. It aims to bridge the gap between publicly funded R&D and industry adoption by enabling stronger collaboration among MeitY organizations, startups, MSMEs, academia, and industry.

Key features and support under IP Catalyst include:

• Financial support for IP filing for MeitY organizations and grantee institutions
• International patent filing support for startups and MSMEs
• Unified digital access to technology commercialization and IP support services
• Prior-art search and IP advisory services
• Technology readiness and maturity assessment
• IP valuation and commercialization support
• Technology transfer and licensing facilitation
• Industry–academia–startup collaboration opportunities
• Access to MeitY-supported technologies and indigenous solutions
• Support for prototype-to-product development and market deployment

The Platform (cipie.in)

The digital platform https://cipie.in will function as a unified online gateway for IP and commercialization support services. It will also serve as a national digital repository of technologies developed through MeitY-supported R&D initiatives, enabling startups, MSMEs, and industry to identify deployable indigenous technologies and explore collaboration opportunities.

Shri S. Krishnan, Secretary, MeitY in his inaugural address said ““India today stands at a defining moment in its innovation journey towards the vision of Viksit Bharat. In FY 2024–25, India crossed a historic milestone with 1,10,375 patent applications filed, with the Electronics and IT sector contributing nearly 44% of these filings. In FY 2025–26, patent filings further increased to 1,43,729, with the Electronics and IT domain recording a remarkable 52% rise in patent filings. This clearly reflects the growing strength of India’s technology and innovation ecosystem.” He highlighted that India is at a defining moment in its innovation journey towards the vision of Viksit Bharat, highlighting the significant rise in patent filings in Electronics and IT. He emphasized that IP Catalyst is an important step to ensure innovation translates into technologies, products, and societal impact by accelerating the journey from prototype to product.

Shri Amitesh Kumar Sinha, Additional Secretary, MeitY & CEO, India Semiconductor Mission emphasized the growing importance of strategic technologies and intellectual property in India’s ecosystem, especially in semiconductors, electronics manufacturing, AI, and emerging technologies. He stated that IP Catalyst will enable startups, MSMEs, and industry to access indigenous technologies, collaborate with research institutions, and accelerate innovation-led growth.

Smt. Sunita Verma, Group Coordinator (GC) highlighted that the IP Catalyst initiative is designed to strengthen collaboration among key stakeholders in the innovation ecosystem. She emphasized that the platform will support technology commercialization by enabling structured and digitally accessible IP services for stakeholders.

Prof. (Dr.) Unnat P. Pandit, Registrar of Copyrights, CGPDTM, RoC&GI, DPIIT highlighted that India must now move beyond increasing patent filings and focus on deriving economic and technological value from IP. He stressed the need to shift from a “Patent Filing” mindset to a “Patent → Product → Profit” approach, making patents the foundation for globally competitive products and wealth creation.

The conference featured multiple panel discussions on themes including lab-to-market acceleration, startup and MSME enablement, technology transfer, global patenting strategies, and measuring the real value of IP. The IP Catalyst initiative is aligned with the Government of India’s vision of strengthening indigenous innovation capabilities and enhancing technology commercialization under the vision of Viksit Bharat, and accelerate the lab to market journey in the Electronics and IT domain.

The Ministry of Electronics and Information Technology (MeitY) convened the National Consultative Workshop on “Strengthening Cyber Security Frameworks for State Data” at The Ashok Hotel, New Delhi on 11 May 2026. The Workshop was chaired by Shri S. Krishnan, IAS, Secretary, MeitY, and was attended by Principal Secretaries, Secretaries and senior officers from State and Union Territory Governments, along with representatives from the Indian Computer Emergency Response Team (CERT-In), the National Informatics Centre (NIC), and senior officials of MeitY and NeGD.

The workshop constituted stage II of a four-stage departmental summit on “Strengthening Cyber Security Frameworks for State Data,” initiated by MeitY pursuant to Prime Minister Narendra Modi’s directions at the 5th National Conference of Chief Secretaries. The Workshop, conducted in partnership with NeGD, aims to produce a comprehensive national cybersecurity policy framework for State governments through structured consultations with all 36 States and Union Territories of India.

Addressing the Workshop, Secretary MeitY Shri S. Krishnan underscored the imperative of building a resilient and secure digital governance ecosystem through sustained, coordinated effort between the Government of India and State governments. He emphasised that the protection of citizen data, such as health records, land titles, educational credentials, and welfare databases, held in trust by State governments through the digitisation of public services, is a fundamental governance responsibility, not an administrative formality. With the Digital Personal Data Protection Act, 2023, becoming fully enforceable from 13 May 2027, he noted that cybersecurity preparedness is no longer a best-effort commitment but a legal obligation for every State department that holds citizen data. Genuine cybersecurity resilience, he stressed, rests on institutional commitment and not on technological investment alone.

Shri S. Krishnan, IAS, Secretary, Ministry of Electronics and Information Technology said “India’s digital governance ecosystem must be not only expansive but resilient. The protection of citizen data held in trust by State governments is a governance responsibility and not merely a technical obligation. Every State must put in place the institutional architecture to discharge this responsibility: a notified policy, an empowered CISO, an operational Security Operations Centre, and a Crisis Management Plan that reaches every department. Cybersecurity is not an IT function. It is a governance imperative.”

Secretary Krishnan outlined four foundational requirements for every State and Union Territory: (i) a formally notified Cyber Security Policy, periodically reviewed in alignment with national guidelines; (ii) an appointed and empowered Chief Information Security Officer (CISO) at the State level, with mandate and accountability cascaded to departments; (iii) an operational State Security Operations Centre (SOC), integrated with the Government SOC at NIC; and (iv) a Cyber Crisis Management Plan (CCMP) deployed, tested and known across all departments.

He drew attention to the need for regular review of Disaster Recovery systems and endpoint security, stressing that operational vigilance must be continuous rather than periodic. He reiterated the principle of Secure by Design, that cybersecurity must be embedded from the earliest stages of application development and procurement, not retrofitted after deployment.

Secretary Krishnan highlighted the growing and evolving threat posed by AI-enabled cyber attacks and called for proactive, forward-looking risk management frameworks in State IT systems. He underlined that the human and behavioural dimensions of cybersecurity are as consequential as any technical control. The awareness, discipline and cyber hygiene of government officials who operate public systems are critical determinants of security outcomes, and must be addressed through sustained capacity building, not technology deployment alone.

On building India’s cybersecurity human capital, he highlighted the role of structured training and certification programmes for State officials, delivered through platforms including NeGD, the ISEA Project and iGOTKarmayogi, alongside regular cyber drill exercises to test and strengthen incident response readiness. Secretary Krishnan reiterated the Government of India’s direction to prefer indigenously developed cybersecurity solutions meeting prescribed technical standards, in alignment with the Aatmanirbhar Bharat Abhiyan.

The workshop deliberated upon six national thematic areas identified through the consultative process:

1. Risk-based assessments and continuous security monitoring of State IT assets
2. Securing State Data Centres (SDCs) and State Wide Area Networks (SWAN) with modern perimeter, endpoint and cloud security controls
3. Strengthening incident detection, response and recovery through dedicated SOCs and State Computer Security Incident Response Teams (CSIRTs), under the technical umbrella of CERT-In
4. Legacy application modernisation, Secure-by-Design principles and Zero Trust Architecture
5. Data classification, compliance with the Digital Personal Data Protection (DPDP) Act, 2023, and alignment with MHA’s National Information Security Policy and Guidelines (NISPG)
6. Appointment of CISOs across State departments, capacity building, skilling and citizen cyber awareness programmes

Shri K. K. Singh, Joint Secretary, Cyber Security, MeitY, briefed participants on the four-stage Departmental Summit framework and the national cybersecurity policy architecture, and presented the initiative’s overall mandate and objectives.

Dr. Sanjay Bahl, Director General, CERT-In, presented an overview of the national cybersecurity threat landscape, including sustained ransomware campaigns targeting government data repositories, AI-enabled phishing attacks, supply-chain compromises and risks arising from misconfigured cloud environments. He reaffirmed CERT-In’s commitment to extending technical support, threat intelligence and incident response assistance to State governments and called for every State to establish a formal State CSIRT under CERT-In’s technical umbrella.

Shri V. T. V. Ramana, Head of Group, Cybersecurity, NIC, outlined the security architecture of NIC-managed State systems, including the Government Security Operations Centre (GSOC), VAPT programmes and Zero Trust integration and underscored NIC’s ongoing commitment to being a continuous security partner to State governments.

Ms. Savita Utreja, Group Coordinator, Cyber Security, MeitY, anchored the policy framework briefing in Session II, presenting the evidence base for the six national themes and the regulatory framework governing State cybersecurity obligations, including those arising from the DPDP Act, 2023 and NISPG.

The Workshop also provided a dedicated platform for all participating States and Union Territories to present their current cybersecurity status, operational challenges and priority action areas across the six national themes. These presentations gave the Ministry a direct, granular account of ground-level implementation realities and inputs that will directly shape the national policy framework to be finalised at the August Summit.

Next Steps: State-Level Workshopsand National Summit

Following the National Consultative Workshop, all States and Union Territories will conduct internal State-Level Workshops (Stage III) which is to be completed by June 30, 2026. Thereafter, as an outcome of State-level internal workshops, structured State inputs are to be submitted to MeitY within a stipulated timeline. Based on inputs received from all States/UTs,the comprehensive Final Note on “Strengthening Cyber Security Frameworks for State Data”shall be prepared. The comprehensive final note, including key action points and priority reform areas, will be deliberated in the National Departmental Summit (Stage IV), scheduled for August 2026. A report of the National Departmental Summit (Stage IV), including the key action points and priority reform areas agreed upon by States and Union Territories, will be submitted to the Cabinet Secretariat.