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President Message
COP29, held in Baku, Azerbaijan, concluded with the Baku Climate Unity Pact. While the pact marks progress in global climate cooperation, its implications for Indian MSMEs are mixed. While the COP29 Presidency launched the "Climate-Proofing SMEs" campaign, aiming to support MSMEs in their climate transition and recognizes the need for increased climate finance, the specific commitments and timelines remain unclear. This could hinder MSMEs' access to the necessary funds for climate action. The pact lacks concrete measures to ensure a just transition for workers and communities affected by the shift to a low-carbon economy. This could pose challenges for labor-intensive MSMEs. The pact does not address the issue of technology transfer from developed to developing countries, which is crucial for MSMEs to adopt advanced climate solutions. Overall, COP29 offers some hope for Indian MSMEs, but significant challenges remain. To fully benefit from the global climate agenda, MSMEs will need strong government support, access to finance, and technological advancements. The much awaited Carbon credit exchange is yet to take shape in India. There is a need to move faster in the direction of greening manufacturing or progressive MSMEs may face threat of survival.
The Central Executive Committee (CEC) meeting of FISME was held on 27th November 2024 in New Delhi. During the meeting, FISME provided updates on activities undertaken since the last meeting, including a special review of the Friends of MSMEs in Parliament group’s follow-up actions. The committee also discussed recent policy developments and their impact on MSMEs. Moving forward, discussions centered around several upcoming initiatives, including FISME's participation in Automechanika Dubai, a proposal for establishing a Center for Improving Access to Justice, and key budget suggestions for the forthcoming fiscal year. Lastly, the meeting addressed the election of CEC members for the 2025-26 term. Overall, the meeting served as a platform for strategizing future actions and evaluating the progress made in various areas affecting MSMEs.
FISME, serving as the secretariat of the forum 'Friends of MSMEs in Parliament' organized the "6th Samwad: Dialogue with MSMEs" in New Delhi on November 27, 2024. The event was chaired by Shri Shankar Lalwani, Lok Sabha MP from Indore with Shri Rajendra Agrawal, former MP of Meerut, as the Convenor of the forum, reflecting their commitment to fostering dialogue between policymakers and MSME stakeholders.
The 6th SAMWAD brought together 13 MPs to discuss issues raised by MSMEs including SMA classifications, payment delays, and GST filing difficulties. Proposals included creating grievance redressal committees for banking, finance, and regulations, enhancing MSME awareness in emerging sectors like EVs, and addressing self-employment challenges. The formation of a "Friends of MSMEs in Parliament" group was recommended to provide mentorship and advocacy, strengthening MSME support at both policy and operational levels.
Heralded as the next wave of transformative technology, AI has catalysed the business landscape. Its rapid adoption across the industry has been marked by its transition from a tool for improving operational efficiencies to a guide to company strategy. However, the skewed focus on Generative AI (GenAI) has led many to overlook alternatives, causing IT leaders to inflate the feasibility of AI. Since many companies’ first interaction with AI is GenAI, there is the risk of mistaking it for all of AI itself, leading to misplaced expectations.
India on Sunday fiercely rejected the paltry $ 300 billion climate finance package for the Global South and said the COP29 presidency and the UN climate change office forced through the deal before allowing it to voice its objections.
Making a strong statement on behalf of India at the closing plenary of the UN climate conference here, Chandni Raina, Adviser, Department of Economic Affairs, termed the adoption process "unfair" and "stage-managed" and said it reflected the troubling lack of trust in the UN system. The UN climate conference adopted a new climate finance package of a meagre $ 300 billion annually by 2035, replacing the $ 100 billion pledge made in 2009.
The Government of India and the Asian Development Bank (ADB) have inked a USD 98 million loan agreement aimed at boosting horticulture productivity in the country.
The funding will bolster the establishment of disease-free planting material systems, enhancing crop yields, quality, and climate resilience. The agreement, signed on Friday by Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, Ministry of Finance, and Kai Wei Yeo, Officer-in-Charge of ADB's India Resident Mission, marks a significant step toward sustainable agricultural practices under the "Building India's Clean Plant Programme."
The Reserve Bank of India (RBI) appears set to maintain its current policy rate in the upcoming monetary policy meeting, amid growing economic challenges highlighted by recent GDP data.
The country's economic performance has shown a notable deceleration, with second-quarter growth falling to 5.4 percent year-on-year, down from 6.7 percent in the previous quarter. Comprehensive economic indicators reveal a broad-based economic slowdown, with Gross Value Added (GVA) growth moderating to 5.6 percent in the second quarter of fiscal year 2025, compared to 6.8 percent in the preceding period.
In a significant development for India's economic landscape, exports from Micro, Small, and Medium Enterprises (MSMEs) have rebounded after experiencing a multi-year decline.
According to government data presented in the Lok Sabha by Shobha Karandlaje, Minister of State for Micro, Small and Medium Enterprises, the sector's contribution to national exports has begun to stabilise and show promising growth. The export share of MSMEs had been progressively diminishing in recent fiscal years, dropping from 49.73 percent in fiscal year 2020 to a low of 43.59 percent in fiscal year 2023.
India is poised to modify its electric vehicle (EV) incentive policy, broadening the scope to include automakers manufacturing EVs at existing factories.
This strategic shift represents a significant evolution from the original policy announced in March, which was initially designed to attract Tesla's market entry. According to a source with direct knowledge of the matter, the updated policy will allow automakers to qualify for substantial tax incentives by developing electric models on separate production lines within their current manufacturing facilities.
In a significant move to improve the business ecosystem, Union Commerce and Industry Minister Piyush Goyal unveiled the Confederation of Indian Industry (CII) Ease of Doing Business (EoDB) and Regulatory Affairs portal on November 28.
The launch took place during the second DPIIT-CII National Conference on Ease of Doing Business held in Delhi, marking a pivotal moment for streamlining business processes in India. The newly introduced portal is designed to provide comprehensive insights into the current business environment and establish a robust mechanism for receiving and tracking suggestions for continuous improvement.
The Steering Committee of Intellectual Property Facilitation Centre (IPFC) under the Federation of Indian Micro and Small and Medium Enterprises (FISME) and Chairmanship of R.K. Bharti, Director, MSME-DFO has officially become operational, marking a significant step in supporting MSMEs in India.
The centre is now ready to assist MSMEs in securing reimbursement for their Intellectual Property Rights (IPR) filings, providing critical financial support and guidance to help them navigate the complexities of IPR. The FISME-IPFC aims to enhance the competitiveness of MSMEs by equipping them with the necessary tools and knowledge to protect their intellectual property and compete in the global market.
The government has initiated a project to establish 20 Micro, Small, and Medium Enterprises (MSME) Technology Centres through a Public-Private Partnership (PPP) model, marking a significant milestone in supporting India's small business ecosystem. For the first time, private sector entities will collaborate with the government to provide comprehensive technological, incubation, and business advisory support to emerging enterprises. The ambitious infrastructure project, with an estimated investment of Rs 3,500 crore, will span strategic locations including Pune, Coimbatore, Samba, Nagpur, Bokaro, Jabalpur, Rourkela, Bilaspur, Kopparthy, Rajkot, Thiruvanantapuram, Jhansi, Sindhudurg, and Ambala.
The Bihar government is taking ambitious steps to position the state as a thriving hub for textiles and leather, aiming to generate large-scale employment and attract significant investments.
Senior officials underscore a commitment to fostering an enabling environment through policy support, incentives, and modern infrastructure. A delegation from Bihar’s Department of Industries recently visited Tamil Nadu, a leading state in textiles and leather, to study advanced practices and forge collaborations. The team explored Tiruppur, a global textile manufacturing hub, gaining insights into cutting-edge technologies and efficient practices.
In a significant boost to Goa's micro, small, and medium enterprises (MSMEs), the Directorate of Industries, Trade, and Commerce (DITC) is set to roll out a unified digital platform and establish two business facilitation centres under the World Bank-backed Raising and Accelerating MSME Performance (RAMP) programme. The Union Ministry of MSMEs has sanctioned Rs 61.5 crore for these initiatives, aiming to streamline processes and empower small businesses. “The ministry set a target of 25,000 MSMEs in Goa, with a primary focus on micro and small enterprises,” a DITC official stated.
In a significant milestone, India is set to inaugurate its first greenfield integrated refinery complex in nearly a decade.
The HPCL Rajasthan Refinery Ltd. (HRRL), located in Pachpadra, Rajasthan, is poised to commence operations soon, with pre-commissioning activities already underway. The facility is expected to generate incremental annual crude demand of up to 9 million metric tonnes (mt).
HRRL is a joint venture between Hindustan Petroleum Corporation Ltd. (HPCL) and the Rajasthan government, holding equity stakes of 74 per cent and 26 per cent, respectively.
Uttar Pradesh, with its annual gems and jewellery trade exceeding Rs 1 trillion, is positioning itself as a powerhouse in the sector.
The Yogi Adityanath-led government has unveiled plans to enhance economic value addition and bolster exports, recognising the industry’s substantial contribution to livelihoods and trade. Over one million individuals, including traders, craftsmen, designers, and retailers, are directly employed in this industry, which spans both manufacturing and export activities. Key hubs such as Meerut, Lucknow, the NOIDA Export Processing Zone, Moradabad, Kanpur, and Agra play pivotal roles in the sector’s prominence.
India is set to introduce a new legal framework aimed at ensuring data privacy while fostering the free flow of data among trusted partners, Commerce and Industry Minister Piyush Goyal announced on Thursday.
Speaking at the UK-India Business Council's ‘UK-India Technology Futures Conference’, Goyal emphasised the importance of promoting innovation and technology investment in India. Highlighting potential areas for collaboration, the Minister mentioned that both India and the UK have opportunities to work together in fields such as artificial intelligence (AI), telemedicine, climate modelling, precision agriculture, and various industries including organic chemicals, electronics, and food.
In a significant step towards bolstering defence cooperation, India and Australia have formalized a new arrangement that will allow for air-to-air refuelling between their armed forces.
Announced on Thursday during bilateral talks between Australian Defence Industry Minister Pat Conroy and India's Defence Minister Rajnath Singh, the agreement promises to enhance interoperability between the Royal Australian Air Force (RAAF) and the Indian military.
Too good to hire: Why ‘overqualification’ is a myth and a missed opportunity
There was a time when being ‘overqualified’ meant having too many degrees for a low-skill job. A glaring example occurred in Uttar Pradesh, a few years back, where a shocking 3,700 PhD holders applied for peon vacancies—jobs that required no more than a Class V education. This absurdity highlighted a broken system, but today the issue has evolved. Overqualification is no longer about degrees alone; now, it’s about being too skilled, and it’s still holding companies back.
3 Easy Financial Management Steps For First-Time Startup Founders
One of the main reasons promising startup ideas get abandoned prematurely is because of bad financial management A survey by CB Insights found that 38% of startup failures were attributed to running out of cash or failing to raise new capital. Understanding how to manage cash flow, track expenses, and allocate resources can make the difference between success and failure. The good news is that the financial processes in early-stage projects are uncomplicated, which means understanding and managing them doesn’t require deep knowledge.
5 Easy Steps To Make Your Startup's Content Marketing More Effective
Content marketing is a powerful tool for early-stage startups to build brand awareness, engage customers, and generate leads because it can be done with minimal resources, unlike other startup marketing strategies.
However, the success of content marketing depends on strategic planning and consistent execution. Here are five straightforward steps to improve the effectiveness of your startup's content marketing efforts.
Tamil Nadu MSMEs To Stage Shutdown On November 29 Against 18 pc GST On Rent
The Tamil Nadu All Entrepreneurs' Federation (TAEF) has announced its support for a comprehensive shutdown scheduled for November 29 in Madurai and Virudhunagar districts.
The organised protest aims to demand the complete withdrawal of an 18 percent Goods and Services Tax (GST) on rent, highlighting mounting pressures facing micro, small, and medium enterprises (MSMEs) in the state.
Odisha Startup Tackles Environmental and Food Waste Challenges with Bioplastics
In a strategic development, an Odisha-based startup is transforming seafood waste into bioplastics, offering an innovative solution to both environmental pollution and food waste.
Located in Balasore, the company, Natnov Bioscience, is utilising discarded seafood to create biopolymers—raw materials for manufacturing bioplastics—through a proprietary bioconversion process. These bioplastics have diverse applications across packaging, agriculture, and even functional food sectors.
How Statiq is building charging infrastructure for India's EV growth
Founded in 2019, Statiq has emerged as the second biggest company in India's electric vehicle (EV) charging market. With over 8000 electric chargers' network on its App, it has 22 percent of the market share in the EV charging space.
India has over four million electric vehicles on its roads. Annual EV sales in FY24 crossed 1.7 million units, with a 40.31 percent year-on-year (y-o-y) growth. India's annual EV sales are expected to reach 10 million by 2030. Statiq is preparing to lead the charging industry as India's EV market expands.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released the Quarterly Estimates of Gross Domestic Product (GDP) for the July-September Quarter (Q2) of the Financial Year (FY) 2024-25.
FISME regularly receives monthly reports on the economies of various countries from their missions in India. These reports provide information on key economic parameters, trade related information and all news relevant for importers and exporters. In this edition you can take a look at reports on:
Write your comments on the FISME Factor. Share your views and suggestions on MSME issues. Win prize! The best mail will get a special book every fortnight.
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COP29, held in Baku, Azerbaijan, concluded with the Baku Climate Unity Pact. While the pact marks progress in global climate cooperation, its implications for Indian MSMEs are mixed. While the COP29 Presidency launched the "Climate-Proofing SMEs" campaign, aiming to support MSMEs in their climate transition and recognizes the need for increased climate finance, the specific commitments and timelines remain unclear. This could hinder MSMEs' access to the necessary funds for climate action. The pact lacks concrete measures to ensure a just transition for workers and communities affected by the shift to a low-carbon economy. This could pose challenges for labor-intensive MSMEs. The pact does not address the issue of technology transfer from developed to developing countries, which is crucial for MSMEs to adopt advanced climate solutions. Overall, COP29 offers some hope for Indian MSMEs, but significant challenges remain. To fully benefit from the global climate agenda, MSMEs will need strong government support, access to finance, and technological advancements. The much awaited Carbon credit exchange is yet to take shape in India. There is a need to move faster in the direction of greening manufacturing or progressive MSMEs may face threat of survival.
The Central Executive Committee (CEC) meeting of FISME was held on 27th November 2024 in New Delhi. During the meeting, FISME provided updates on activities undertaken since the last meeting, including a special review of the Friends of MSMEs in Parliament group’s follow-up actions. The committee also discussed recent policy developments and their impact on MSMEs. Moving forward, discussions centered around several upcoming initiatives, including FISME's participation in Automechanika Dubai, a proposal for establishing a Center for Improving Access to Justice, and key budget suggestions for the forthcoming fiscal year. Lastly, the meeting addressed the election of CEC members for the 2025-26 term. Overall, the meeting served as a platform for strategizing future actions and evaluating the progress made in various areas affecting MSMEs.
FISME, serving as the secretariat of the forum 'Friends of MSMEs in Parliament' organized the "6th Samwad: Dialogue with MSMEs" in New Delhi on November 27, 2024. The event was chaired by Shri Shankar Lalwani, Lok Sabha MP from Indore with Shri Rajendra Agrawal, former MP of Meerut, as the Convenor of the forum, reflecting their commitment to fostering dialogue between policymakers and MSME stakeholders.
The 6th SAMWAD brought together 13 MPs to discuss issues raised by MSMEs including SMA classifications, payment delays, and GST filing difficulties. Proposals included creating grievance redressal committees for banking, finance, and regulations, enhancing MSME awareness in emerging sectors like EVs, and addressing self-employment challenges. The formation of a "Friends of MSMEs in Parliament" group was recommended to provide mentorship and advocacy, strengthening MSME support at both policy and operational levels.
Heralded as the next wave of transformative technology, AI has catalysed the business landscape. Its rapid adoption across the industry has been marked by its transition from a tool for improving operational efficiencies to a guide to company strategy. However, the skewed focus on Generative AI (GenAI) has led many to overlook alternatives, causing IT leaders to inflate the feasibility of AI. Since many companies’ first interaction with AI is GenAI, there is the risk of mistaking it for all of AI itself, leading to misplaced expectations.
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The Government of India and the Asian Development Bank (ADB) have inked a USD 98 million loan agreement aimed at boosting horticulture productivity in the country.
The funding will bolster the establishment of disease-free planting material systems, enhancing crop yields, quality, and climate resilience. The agreement, signed on Friday by Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, Ministry of Finance, and Kai Wei Yeo, Officer-in-Charge of ADB's India Resident Mission, marks a significant step toward sustainable agricultural practices under the "Building India's Clean Plant Programme."
The Reserve Bank of India (RBI) appears set to maintain its current policy rate in the upcoming monetary policy meeting, amid growing economic challenges highlighted by recent GDP data.
The country's economic performance has shown a notable deceleration, with second-quarter growth falling to 5.4 percent year-on-year, down from 6.7 percent in the previous quarter. Comprehensive economic indicators reveal a broad-based economic slowdown, with Gross Value Added (GVA) growth moderating to 5.6 percent in the second quarter of fiscal year 2025, compared to 6.8 percent in the preceding period.
In a significant development for India's economic landscape, exports from Micro, Small, and Medium Enterprises (MSMEs) have rebounded after experiencing a multi-year decline.
According to government data presented in the Lok Sabha by Shobha Karandlaje, Minister of State for Micro, Small and Medium Enterprises, the sector's contribution to national exports has begun to stabilise and show promising growth. The export share of MSMEs had been progressively diminishing in recent fiscal years, dropping from 49.73 percent in fiscal year 2020 to a low of 43.59 percent in fiscal year 2023.
India is poised to modify its electric vehicle (EV) incentive policy, broadening the scope to include automakers manufacturing EVs at existing factories.
This strategic shift represents a significant evolution from the original policy announced in March, which was initially designed to attract Tesla's market entry. According to a source with direct knowledge of the matter, the updated policy will allow automakers to qualify for substantial tax incentives by developing electric models on separate production lines within their current manufacturing facilities.
In a significant move to improve the business ecosystem, Union Commerce and Industry Minister Piyush Goyal unveiled the Confederation of Indian Industry (CII) Ease of Doing Business (EoDB) and Regulatory Affairs portal on November 28.
The launch took place during the second DPIIT-CII National Conference on Ease of Doing Business held in Delhi, marking a pivotal moment for streamlining business processes in India. The newly introduced portal is designed to provide comprehensive insights into the current business environment and establish a robust mechanism for receiving and tracking suggestions for continuous improvement.
The Steering Committee of Intellectual Property Facilitation Centre (IPFC) under the Federation of Indian Micro and Small and Medium Enterprises (FISME) and Chairmanship of R.K. Bharti, Director, MSME-DFO has officially become operational, marking a significant step in supporting MSMEs in India.
The centre is now ready to assist MSMEs in securing reimbursement for their Intellectual Property Rights (IPR) filings, providing critical financial support and guidance to help them navigate the complexities of IPR. The FISME-IPFC aims to enhance the competitiveness of MSMEs by equipping them with the necessary tools and knowledge to protect their intellectual property and compete in the global market.
The government has initiated a project to establish 20 Micro, Small, and Medium Enterprises (MSME) Technology Centres through a Public-Private Partnership (PPP) model, marking a significant milestone in supporting India's small business ecosystem. For the first time, private sector entities will collaborate with the government to provide comprehensive technological, incubation, and business advisory support to emerging enterprises. The ambitious infrastructure project, with an estimated investment of Rs 3,500 crore, will span strategic locations including Pune, Coimbatore, Samba, Nagpur, Bokaro, Jabalpur, Rourkela, Bilaspur, Kopparthy, Rajkot, Thiruvanantapuram, Jhansi, Sindhudurg, and Ambala.
The Bihar government is taking ambitious steps to position the state as a thriving hub for textiles and leather, aiming to generate large-scale employment and attract significant investments.
Senior officials underscore a commitment to fostering an enabling environment through policy support, incentives, and modern infrastructure. A delegation from Bihar’s Department of Industries recently visited Tamil Nadu, a leading state in textiles and leather, to study advanced practices and forge collaborations. The team explored Tiruppur, a global textile manufacturing hub, gaining insights into cutting-edge technologies and efficient practices.
In a significant boost to Goa's micro, small, and medium enterprises (MSMEs), the Directorate of Industries, Trade, and Commerce (DITC) is set to roll out a unified digital platform and establish two business facilitation centres under the World Bank-backed Raising and Accelerating MSME Performance (RAMP) programme. The Union Ministry of MSMEs has sanctioned Rs 61.5 crore for these initiatives, aiming to streamline processes and empower small businesses. “The ministry set a target of 25,000 MSMEs in Goa, with a primary focus on micro and small enterprises,” a DITC official stated.
In a significant milestone, India is set to inaugurate its first greenfield integrated refinery complex in nearly a decade.
The HPCL Rajasthan Refinery Ltd. (HRRL), located in Pachpadra, Rajasthan, is poised to commence operations soon, with pre-commissioning activities already underway. The facility is expected to generate incremental annual crude demand of up to 9 million metric tonnes (mt).
HRRL is a joint venture between Hindustan Petroleum Corporation Ltd. (HPCL) and the Rajasthan government, holding equity stakes of 74 per cent and 26 per cent, respectively.
Uttar Pradesh, with its annual gems and jewellery trade exceeding Rs 1 trillion, is positioning itself as a powerhouse in the sector.
The Yogi Adityanath-led government has unveiled plans to enhance economic value addition and bolster exports, recognising the industry’s substantial contribution to livelihoods and trade. Over one million individuals, including traders, craftsmen, designers, and retailers, are directly employed in this industry, which spans both manufacturing and export activities. Key hubs such as Meerut, Lucknow, the NOIDA Export Processing Zone, Moradabad, Kanpur, and Agra play pivotal roles in the sector’s prominence.
India is set to introduce a new legal framework aimed at ensuring data privacy while fostering the free flow of data among trusted partners, Commerce and Industry Minister Piyush Goyal announced on Thursday.
Speaking at the UK-India Business Council's ‘UK-India Technology Futures Conference’, Goyal emphasised the importance of promoting innovation and technology investment in India. Highlighting potential areas for collaboration, the Minister mentioned that both India and the UK have opportunities to work together in fields such as artificial intelligence (AI), telemedicine, climate modelling, precision agriculture, and various industries including organic chemicals, electronics, and food.
In a significant step towards bolstering defence cooperation, India and Australia have formalized a new arrangement that will allow for air-to-air refuelling between their armed forces.
Announced on Thursday during bilateral talks between Australian Defence Industry Minister Pat Conroy and India's Defence Minister Rajnath Singh, the agreement promises to enhance interoperability between the Royal Australian Air Force (RAAF) and the Indian military.
According to the FISME Factor, 100% of MSMEs believe that Prof. Debroy's WTO awareness campaigns had the greatest impact on the MSME sector.
There was a time when being ‘overqualified’ meant having too many degrees for a low-skill job. A glaring example occurred in Uttar Pradesh, a few years back, where a shocking 3,700 PhD holders applied for peon vacancies—jobs that required no more than a Class V education. This absurdity highlighted a broken system, but today the issue has evolved. Overqualification is no longer about degrees alone; now, it’s about being too skilled, and it’s still holding companies back.
One of the main reasons promising startup ideas get abandoned prematurely is because of bad financial management A survey by CB Insights found that 38% of startup failures were attributed to running out of cash or failing to raise new capital. Understanding how to manage cash flow, track expenses, and allocate resources can make the difference between success and failure. The good news is that the financial processes in early-stage projects are uncomplicated, which means understanding and managing them doesn’t require deep knowledge.
Content marketing is a powerful tool for early-stage startups to build brand awareness, engage customers, and generate leads because it can be done with minimal resources, unlike other startup marketing strategies.
However, the success of content marketing depends on strategic planning and consistent execution. Here are five straightforward steps to improve the effectiveness of your startup's content marketing efforts.
The Tamil Nadu All Entrepreneurs' Federation (TAEF) has announced its support for a comprehensive shutdown scheduled for November 29 in Madurai and Virudhunagar districts.
The organised protest aims to demand the complete withdrawal of an 18 percent Goods and Services Tax (GST) on rent, highlighting mounting pressures facing micro, small, and medium enterprises (MSMEs) in the state.
In a strategic development, an Odisha-based startup is transforming seafood waste into bioplastics, offering an innovative solution to both environmental pollution and food waste.
Located in Balasore, the company, Natnov Bioscience, is utilising discarded seafood to create biopolymers—raw materials for manufacturing bioplastics—through a proprietary bioconversion process. These bioplastics have diverse applications across packaging, agriculture, and even functional food sectors.
Founded in 2019, Statiq has emerged as the second biggest company in India's electric vehicle (EV) charging market. With over 8000 electric chargers' network on its App, it has 22 percent of the market share in the EV charging space.
India has over four million electric vehicles on its roads. Annual EV sales in FY24 crossed 1.7 million units, with a 40.31 percent year-on-year (y-o-y) growth. India's annual EV sales are expected to reach 10 million by 2030. Statiq is preparing to lead the charging industry as India's EV market expands.
