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President's Message
" The D-day for GST is approaching. While businesses whether big or small are preparing themselves to be GST compliant, a few glaring shortcomings in the GST are coming to fore. Firstly, having too many tax slabs within one group of products has taken away the ‘ease’ of compliance. It would lead to disputes, litigation and would create friction in the system. Perhaps, that was the cost of buying consensus among differing states and stake-holders. There are valid concerns about the readiness of GSTN too. Our colleagues have raised many issues about procedural confusion as the departments have not been very forthcoming in clarifying situations fast enough. But on top of it, what is unacceptable is that many MSMEs have not been able to register with the GST platform either due to non-receipt of ID and password from their respective tax authorities or their PAN is not rightly recorded in the records of the tax authorities. We have represented to the Government that all existing dealers may be allowed to register using their current PAN in use by using a self-generated ID and password. Their related documents in any case are uploaded and their genuineness can be verified later. FISME with SIDBI is coming out with an updated guide on GST and also will soon launch a helpline. Let’s be ready and have a smooth rollover.
"
A Taiwan delegation comprising of 10 companies visited India. The delegation was coordinated by Taiwan External Trade Development Council (TAITRA). FISME arranged business to business meetings with the delegation with Indian MSMEs in New Delhi on 8th June 2017. The companies in Taiwan trade delegation mission had interest in the sectors such as (1). Agricultural and Horticulture Items ( 2) Auto parts (3). Baggage's and Travel accessories ( 4). Electrical Items (5). Garment & Textiles (6). IT Accessories (7). LED lighting (8). Machinery (9). Solar Products (10). Water filters, dispenser etc.
Based on the understanding of the way our minds work, here is a list of essential attributes of an entrepreneurial mind:
Power Punch
Business is cut throat and sometimes entrepreneurs must learn to be aggressive. They need to get into a state of mind, which allows him to walk towards his goal, without being injured by the seemingly insurmountable obstacles. This power-packed state of mind must be cultivated and nurtured till it can be accessed almost immediately.
The past eight months have shown how the central and state governments, ruled by competing political parties, can effectively work together
One long journey has ended, but another journey begins now. There have been innumerable assessments and commentaries on the GST but these are necessarily speculative. The actual proof of the pudding will lie in the eating. Many uncertainties remain.
Export of oilmeals, used as animal feed, has gone up by 69 per cent to 97,871 tonnes during May due to better price parity in the global market, an industry body SEA said today.
Though exports are showing an improvement in percentage terms, they are still lower when compared to the earlier years, it said in a statement. Oilmeals shipments stood at 57,954 tonnes in May 2016.
"In last two months, the export of oilmeals improved as compared to the previous year due to good monsoon, better oilseeds production and price parity," Mumbai-based Solvent Extractors' Association of India (SEA) said.
India's most comprehensive indirect tax reform — the goods and services tax (GST) — is inching towards a July 1 rollout with the GST Council cutting the rate on household goods and other essential items, raising the threshold for the scheme that requires lesser compliance and approving another key set of rules relating to audit and accounts. At its meeting on Sunday in the Capital, the council revised rates on 66 items such as pickles, sauces, fruit preserves, insulin, cashew nuts, insulin, school bags, colouring books, notebooks, printers, cutlery, agarbattis and cinema tickets, following representations from industry.
The Ministry of MSME has come out with the Internet Grievance Monitoring System in order to help micro, small and medium enterprises (MSMEs) file GST related grievances online, complain and suggestions online.
The MSMEs can file online their suggestions, complaints and seek guidance or information through the website. The facility can be availed by MSME as well as their employees, associations, prospective entrepreneurs, individuals and others.
India has imposed anti-dumping duty of up to USD 118 per tonne on import of a chemical used for corrosion control and paper bleaching from Pakistan, Bangladesh, and three other countries.
The duty has been levied to protect domestic manufacturers of the chemical from "material injury" due to the cheap imports.
The revenue department has issued a notification specifying the levy on import of hydrogen peroxide -- other than of food and electronic grade with concentration of 90 per cent and above -- from Bangladesh, Taiwan, Korea, Pakistan and Thailand.
The BJP-led NDA government at the Centre has approved over Rs 4.13 lakh crore for improving basic urban infrastructure in the last three years, Union Minister M Venkaiah Naidu said today.
The approved investment is higher by about 250 per cent over Rs 1.18 lakh crore okayed under Jawaharlal Nehru National Urban Renewal Mission (JNNURM) of the UPA government between 2004 and 2014, he said.
Private sector player IndusInd BankBSE 0.56 % has raised $225 million (about Rs 1,445 crore) from a US government funding agency for lending to small and medium enterprises.
The bank said it will utilise about 25 per cent of the US dollar loan from OPIC to fund women entrepreneurs as well as to cater to unbanked domains. The Overseas Private Investment Corporation (OPIC) and IndusInd Bank today executed a finance agreement for a $ 225 million loan supporting expansion of bank's micro, small and medium enterprise (MSME) lending programmes across India, a bank statement said.
India's tea production grew by 1.41 per cent to 1,250.49 million Kg in 2016-17 as against 1,233.14 million Kg in the previous year, the commerce ministry today said.
"The tea production has reached highest ever in Indian tea industry," the ministry said in a statement.
The production in north India rose by 34.55 million Kg, an increase of 3.43 per cent of which West Bengal is a major contributor. On the other hand, south India production decreased by 17.20 million Kg. Tamil Nadu is the major producer in this part of the country.
With call for protectionism growing across the globe, domestic markets are also required to be protected against unfair trade practices, a senior steel ministry official said on Tuesday.
"When big and established economies are protecting their industries, we need to be clear that our domestic markets are also required to be protected against unfair trade practices," said Syedain Abbasi, Joint Secretary, Ministry of Steel.
The textile industry from southern India has hailed reduction of service tax from 18 per cent to five per cent for textile job work units under the GST.
Southern India Mills Association (SIMA) Chairman M Senthilkumar has said reduction would benefit MSME segment and ensure a level playing field with the vertically integrated manufacturing units.
The five per cent service tax with full input tax credit would enable various textile manufacturing segments including reeling, power loom, handloom, knitting, fabric bleaching and printing and finishing segments to set off their input credits and pay very minimal GST on services, he said.
The Haryana government has come out with a draft Aerospace and Defence Policy 2017 which aims to make the state thriving aerospace and defence manufacturing hub and also promote new MSME units dedicatedly for the two sectors.
The draft policy aims creating an enabling business eco-system for investors in the state and also promote new MSMEs in the Defence & Aerospace sectors.
A spokesman of the Civil Aviation Department said the policy objectives aimed at attracting orders for at least 15 per cent of all offset obligations discharged by companies in India by leveraging the existing ancillary base, and promoting new micro small and medium enterprises (MSMEs) dedicatedly for the A and D sector.
KOLKATA: West Bengal incentive scheme for MSMEs is set to go online soon.
"In the next 10 days we will taking the WBIS 2013 for MSMEs online. With this, now no one will be required to come physically for incentives," said Vijay Bharti, director, West Bengal MSME.
"Application, tracking and even complaints will be entertained online," he said.
The Bengal government had been very cautious about startup funding and was evaluating projects closely and financing depending upon the actual progress.
A business delegation of the United States-India Business Council recently met the Uttar Pradesh Chief Minister Yogi Adityanath. Key focus of the discussion was to explore opportunities for investment in the different sectors.
The Mukesh Aadhi led US-India business delegation proposed investments in food processing industry eyeing at the potential food produce in the state of Uttar Pradesh. The delegation also discussed investment in other sectors including the production of high class medical devices, innovations in potable water technologies, tourism and IT sectors.
Assam government will provide micro and small industries with special benefits in state industrial policy. The government is drafting revised industrial policy.
Ravi Capoor, Additional Chief Secretary, Industries ad Commerce while inaugurating Udyam – 2017, a five day industrial and business trade fair asked the small industries to produce technologically and globally competent products.
He cited that the average landholding of India of 1.32 hectare vis-a-vis China of 0 ..
The Union Cabinet under the chairmanship of Prime Minister Narendra Modi recently gave the approval to the proposed MoU between India and Korea. The MoU Is proposed for extending export credit worth 9 billion dollars.
From the Indian side the Export-Import Bank of India (EXIM Bank) and from the Korean side the Export-Import Bank of Korea (KEXIM) will be collaborating for credit of 9 billion dollars focusing on infrastructural development in India. Also the MoU will enable better cooperation for the flow of goods and services as a part of the projects of the third world countries.
The Union Cabinet under the chairmanship of Prime Minister Narendra Modi recently approved the India Cyprus agreement on Merchant Shipping.
The Agreement was signed earlier in April this year between the two countries and was waiting the final formal approval by the government.
The prime intention of the agreement is to explore way for better cooperation. It further intends to eliminate the hurdles and challenges that the traders face in operating via sea route between the two countries.
The Union Cabinet under the chairmanship of Prime Minister Narendra Modi has given the nod to the Memorandum of Understanding (MoU) between the standardization bodies of India and Mali.
The Bureau of Indian Standards (BIS) from the Indian side and the Direction Nationale De Industries (MLINDI) of the Republic of Mali will work in collaboration after the signing of the MoU. The MoU aims to enable closer cooperation between India and Mali in various processes of Standardization. It further aims to build a mechanism between the two nations to strengthen conformity assessment as well as standardization.
According to the FISME Factor, 60 percent of Micro, Small & Medium Enterprises agree with the opinion that demonetization is responsible for decline in India’s GDP while 40 percent think otherwise.
Why Team Building is Essential for Your Business Success
An entrepreneur always looks for solutions; an entrepreneur always looks to forge ahead with his plans and his people. That is where “Teams” come in.
To maximize the potential of the human resource at hand or to pit the resource against each other to achieve results which were thought not achievable before is the crux as to why teams are built. Teams provide answers; teams provide the cheapest solutions available to the entrepreneur. When people with myriad competencies come together to attain one single objective, the results have to be spectacular. Teams are sometimes created out of a specific need or teams are given to you.
Founder's Diary: Successful steps to equity crowd funding
Raising investment is not just a key milestone but a matter of survival of an entrepreneur's vision. Besides the efforts spent on the actual business, an entrepreneur is likely to spend most of his or her time on fund raising. Many underestimate the time it takes to prepare a business plan, approach investors, and even the time spent post investment commitment.
Though I was fortunate enough to raise our seed funding successfully, I still wish I had known more about the process in advance. Nevertheless, here's the evaluation process I undertook before selecting 'equity crowd funding' as the investment route to make your journey easier.
No small business ever wants to remain small forever. While a lot many businesses show promise, often the differentiators for the one that goes past others is that they market themselves better. But marketing is a tricky business, especially for small and medium businesses; you have to ensure intelligent, innovative and optimal use of your resources to build that desired level of brand equity.
Here's why fuel retailers aren't happy about daily revision of prices
The decision by state-owned oil companies to revise fuel prices daily from June 16 is not going down well with retailers, with inventory and automation among their primary concerns.
How a bunch of Indian tech startups hope to change the world for the visually impaireds
An afternoon at the Blind People Association in the sweltering heat of Ahmedabad four years ago changed Gunjan Gupta's life – and may potentially change the life of 12 million visually impaired people in India. Gupta, then barely 20 years old, was on a fact-finding mission for his final year engineering project on devices for people with visual disability.
How Sohel and Sonali built Toniq at a garage and made it a Rs 15cr accessories brand
The brother-sister duo of Sohel and Sonali Lalvani is trying to change the way the accessories industry connects with women and also get men interested in accessories with their startup called Toniq Retail Brands.
The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, has released the Quick Estimates of Index of Industrial Production (IIP) with base
2011-12 for the month of April 2017.
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.
send mail to: newsletter@fisme.org.in
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This Newsletter is edited by the FISME Secretariat. We welcome contributions as well as comments and suggestions. Please write to newsletter@fisme.org.in
" The D-day for GST is approaching. While businesses whether big or small are preparing themselves to be GST compliant, a few glaring shortcomings in the GST are coming to fore. Firstly, having too many tax slabs within one group of products has taken away the ‘ease’ of compliance. It would lead to disputes, litigation and would create friction in the system. Perhaps, that was the cost of buying consensus among differing states and stake-holders. There are valid concerns about the readiness of GSTN too. Our colleagues have raised many issues about procedural confusion as the departments have not been very forthcoming in clarifying situations fast enough. But on top of it, what is unacceptable is that many MSMEs have not been able to register with the GST platform either due to non-receipt of ID and password from their respective tax authorities or their PAN is not rightly recorded in the records of the tax authorities. We have represented to the Government that all existing dealers may be allowed to register using their current PAN in use by using a self-generated ID and password. Their related documents in any case are uploaded and their genuineness can be verified later. FISME with SIDBI is coming out with an updated guide on GST and also will soon launch a helpline. Let’s be ready and have a smooth rollover.
"
A Taiwan delegation comprising of 10 companies visited India. The delegation was coordinated by Taiwan External Trade Development Council (TAITRA). FISME arranged business to business meetings with the delegation with Indian MSMEs in New Delhi on 8th June 2017. The companies in Taiwan trade delegation mission had interest in the sectors such as (1). Agricultural and Horticulture Items ( 2) Auto parts (3). Baggage's and Travel accessories ( 4). Electrical Items (5). Garment & Textiles (6). IT Accessories (7). LED lighting (8). Machinery (9). Solar Products (10). Water filters, dispenser etc.
Based on the understanding of the way our minds work, here is a list of essential attributes of an entrepreneurial mind:
Power Punch
Business is cut throat and sometimes entrepreneurs must learn to be aggressive. They need to get into a state of mind, which allows him to walk towards his goal, without being injured by the seemingly insurmountable obstacles. This power-packed state of mind must be cultivated and nurtured till it can be accessed almost immediately.
Export of oilmeals, used as animal feed, has gone up by 69 per cent to 97,871 tonnes during May due to better price parity in the global market, an industry body SEA said today.
Though exports are showing an improvement in percentage terms, they are still lower when compared to the earlier years, it said in a statement. Oilmeals shipments stood at 57,954 tonnes in May 2016.
"In last two months, the export of oilmeals improved as compared to the previous year due to good monsoon, better oilseeds production and price parity," Mumbai-based Solvent Extractors' Association of India (SEA) said.
India's most comprehensive indirect tax reform — the goods and services tax (GST) — is inching towards a July 1 rollout with the GST Council cutting the rate on household goods and other essential items, raising the threshold for the scheme that requires lesser compliance and approving another key set of rules relating to audit and accounts. At its meeting on Sunday in the Capital, the council revised rates on 66 items such as pickles, sauces, fruit preserves, insulin, cashew nuts, insulin, school bags, colouring books, notebooks, printers, cutlery, agarbattis and cinema tickets, following representations from industry.
The Ministry of MSME has come out with the Internet Grievance Monitoring System in order to help micro, small and medium enterprises (MSMEs) file GST related grievances online, complain and suggestions online.
The MSMEs can file online their suggestions, complaints and seek guidance or information through the website. The facility can be availed by MSME as well as their employees, associations, prospective entrepreneurs, individuals and others.
India has imposed anti-dumping duty of up to USD 118 per tonne on import of a chemical used for corrosion control and paper bleaching from Pakistan, Bangladesh, and three other countries.
The duty has been levied to protect domestic manufacturers of the chemical from "material injury" due to the cheap imports.
The revenue department has issued a notification specifying the levy on import of hydrogen peroxide -- other than of food and electronic grade with concentration of 90 per cent and above -- from Bangladesh, Taiwan, Korea, Pakistan and Thailand.
The BJP-led NDA government at the Centre has approved over Rs 4.13 lakh crore for improving basic urban infrastructure in the last three years, Union Minister M Venkaiah Naidu said today.
The approved investment is higher by about 250 per cent over Rs 1.18 lakh crore okayed under Jawaharlal Nehru National Urban Renewal Mission (JNNURM) of the UPA government between 2004 and 2014, he said.
Private sector player IndusInd BankBSE 0.56 % has raised $225 million (about Rs 1,445 crore) from a US government funding agency for lending to small and medium enterprises.
The bank said it will utilise about 25 per cent of the US dollar loan from OPIC to fund women entrepreneurs as well as to cater to unbanked domains. The Overseas Private Investment Corporation (OPIC) and IndusInd Bank today executed a finance agreement for a $ 225 million loan supporting expansion of bank's micro, small and medium enterprise (MSME) lending programmes across India, a bank statement said.
India's tea production grew by 1.41 per cent to 1,250.49 million Kg in 2016-17 as against 1,233.14 million Kg in the previous year, the commerce ministry today said.
"The tea production has reached highest ever in Indian tea industry," the ministry said in a statement.
The production in north India rose by 34.55 million Kg, an increase of 3.43 per cent of which West Bengal is a major contributor. On the other hand, south India production decreased by 17.20 million Kg. Tamil Nadu is the major producer in this part of the country.
With call for protectionism growing across the globe, domestic markets are also required to be protected against unfair trade practices, a senior steel ministry official said on Tuesday.
"When big and established economies are protecting their industries, we need to be clear that our domestic markets are also required to be protected against unfair trade practices," said Syedain Abbasi, Joint Secretary, Ministry of Steel.
The textile industry from southern India has hailed reduction of service tax from 18 per cent to five per cent for textile job work units under the GST.
Southern India Mills Association (SIMA) Chairman M Senthilkumar has said reduction would benefit MSME segment and ensure a level playing field with the vertically integrated manufacturing units.
The five per cent service tax with full input tax credit would enable various textile manufacturing segments including reeling, power loom, handloom, knitting, fabric bleaching and printing and finishing segments to set off their input credits and pay very minimal GST on services, he said.
The Haryana government has come out with a draft Aerospace and Defence Policy 2017 which aims to make the state thriving aerospace and defence manufacturing hub and also promote new MSME units dedicatedly for the two sectors.
The draft policy aims creating an enabling business eco-system for investors in the state and also promote new MSMEs in the Defence & Aerospace sectors.
A spokesman of the Civil Aviation Department said the policy objectives aimed at attracting orders for at least 15 per cent of all offset obligations discharged by companies in India by leveraging the existing ancillary base, and promoting new micro small and medium enterprises (MSMEs) dedicatedly for the A and D sector.
KOLKATA: West Bengal incentive scheme for MSMEs is set to go online soon.
"In the next 10 days we will taking the WBIS 2013 for MSMEs online. With this, now no one will be required to come physically for incentives," said Vijay Bharti, director, West Bengal MSME.
"Application, tracking and even complaints will be entertained online," he said.
The Bengal government had been very cautious about startup funding and was evaluating projects closely and financing depending upon the actual progress.
A business delegation of the United States-India Business Council recently met the Uttar Pradesh Chief Minister Yogi Adityanath. Key focus of the discussion was to explore opportunities for investment in the different sectors.
The Mukesh Aadhi led US-India business delegation proposed investments in food processing industry eyeing at the potential food produce in the state of Uttar Pradesh. The delegation also discussed investment in other sectors including the production of high class medical devices, innovations in potable water technologies, tourism and IT sectors.
Assam government will provide micro and small industries with special benefits in state industrial policy. The government is drafting revised industrial policy.
Ravi Capoor, Additional Chief Secretary, Industries ad Commerce while inaugurating Udyam – 2017, a five day industrial and business trade fair asked the small industries to produce technologically and globally competent products.
He cited that the average landholding of India of 1.32 hectare vis-a-vis China of 0 ..
The Union Cabinet under the chairmanship of Prime Minister Narendra Modi recently gave the approval to the proposed MoU between India and Korea. The MoU Is proposed for extending export credit worth 9 billion dollars.
From the Indian side the Export-Import Bank of India (EXIM Bank) and from the Korean side the Export-Import Bank of Korea (KEXIM) will be collaborating for credit of 9 billion dollars focusing on infrastructural development in India. Also the MoU will enable better cooperation for the flow of goods and services as a part of the projects of the third world countries.
The Union Cabinet under the chairmanship of Prime Minister Narendra Modi recently approved the India Cyprus agreement on Merchant Shipping.
The Agreement was signed earlier in April this year between the two countries and was waiting the final formal approval by the government.
The prime intention of the agreement is to explore way for better cooperation. It further intends to eliminate the hurdles and challenges that the traders face in operating via sea route between the two countries.
The Union Cabinet under the chairmanship of Prime Minister Narendra Modi has given the nod to the Memorandum of Understanding (MoU) between the standardization bodies of India and Mali.
The Bureau of Indian Standards (BIS) from the Indian side and the Direction Nationale De Industries (MLINDI) of the Republic of Mali will work in collaboration after the signing of the MoU. The MoU aims to enable closer cooperation between India and Mali in various processes of Standardization. It further aims to build a mechanism between the two nations to strengthen conformity assessment as well as standardization.
According to the FISME Factor, 60 percent of Micro, Small & Medium Enterprises agree with the opinion that demonetization is responsible for decline in India’s GDP while 40 percent think otherwise. 
An entrepreneur always looks for solutions; an entrepreneur always looks to forge ahead with his plans and his people. That is where “Teams” come in.
To maximize the potential of the human resource at hand or to pit the resource against each other to achieve results which were thought not achievable before is the crux as to why teams are built. Teams provide answers; teams provide the cheapest solutions available to the entrepreneur. When people with myriad competencies come together to attain one single objective, the results have to be spectacular. Teams are sometimes created out of a specific need or teams are given to you.
Raising investment is not just a key milestone but a matter of survival of an entrepreneur's vision. Besides the efforts spent on the actual business, an entrepreneur is likely to spend most of his or her time on fund raising. Many underestimate the time it takes to prepare a business plan, approach investors, and even the time spent post investment commitment.
Though I was fortunate enough to raise our seed funding successfully, I still wish I had known more about the process in advance. Nevertheless, here's the evaluation process I undertook before selecting 'equity crowd funding' as the investment route to make your journey easier.
No small business ever wants to remain small forever. While a lot many businesses show promise, often the differentiators for the one that goes past others is that they market themselves better. But marketing is a tricky business, especially for small and medium businesses; you have to ensure intelligent, innovative and optimal use of your resources to build that desired level of brand equity.
The decision by state-owned oil companies to revise fuel prices daily from June 16 is not going down well with retailers, with inventory and automation among their primary concerns.
An afternoon at the Blind People Association in the sweltering heat of Ahmedabad four years ago changed Gunjan Gupta's life – and may potentially change the life of 12 million visually impaired people in India. Gupta, then barely 20 years old, was on a fact-finding mission for his final year engineering project on devices for people with visual disability.
The brother-sister duo of Sohel and Sonali Lalvani is trying to change the way the accessories industry connects with women and also get men interested in accessories with their startup called Toniq Retail Brands.
“ Opportunity is missed by most people because it is dressed in overalls and looks like work.s ”
