India Small Business News Round-up – 2009/02/12

Here is this week’s news round-up for home business, micro business, sole-traders, freelancers, self-employed and any one who is interested in small business news from India:

  • Per capita income doubles: >Moderation in the growth rate has come with some good news, with the country’s per capita income expecting to more than double over the last seven years to Rs 38,084 in 2008-09, reflecting improvement in the living standards of an average Indian. Per capita income, according to advance estimates for national income released on Monday, is expected to grow by 14.4 per cent during the current fiscal, the highest growth rate recorded in a single year in the last decade. Per capita income is expected to soar by Rs 4,801 to Rs 38,084 during 2008-09.
  • Govt spending to boost IT products: The IT products sector is the next growth area with IT services slowing down. According to industry lobby body Nasscom, the IT products sector is expected to grow at CAGR of 26 per cent to reach $11.6 billion by 2015.
  • TCS, Cisco in data centre tie-up: Networking giant Cisco has been “imagining India” for quite some time now. On Tuesday, the company’s chief reinforced confidence in the country and its skilled manpower by entering into an alliance with IT services firm TCS.
  • Think home, Nath tells IT companies: The government would announce more sops in its interim budget to help hard hit sectors such as exports and textiles, union minister for commerce and industry Kamal Nath said. He was speaking to the media on the sidelines of the Nasscom India Leadership Forum 2009 in Mumbai.
  • FinMin pushes MSMEs issue: New Delhi, Feb. 11: The finance ministry sought the views of the RBI to increase the banks mandatory lending limit to the micro, small and medium enterprises to help the sector stem the impact of global downturn, a senior official on Wednesday said.
  • ValueFirst gets $6 mn funding: ValueFirst Messaging, a mobile messaging company, has received $6 million venture capital funding from New Enterprise Associates (NEA), which will be used for expanding its operations and developing new products.
  • A window to the world outside India: For PRL Rao, a Hyderabad-based entrepreneur, contact with the Indian School of Business has helped produce a strategy to take his niche electronics business global

As always this list is not exhaustive, but I hope it will give you a little overview. — ST.

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