FISME Newsletter - Vol V, Issue 143: November 15, 2017

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  The FISME Factor  

 

President's Message
Dr. Sangam Kurade, President, FISME The economy has not yet come out of the twin shocks of demonetisation and GST. Though the normalcy is returning, it is too slow and not painless. The 23rd meeting of GST council did make efforts to smoothen the rough edges of GST by bringing many items from peak GST rate slab of 28% to that of 18% and 12%. It would bring relief to many. However, reduction in number of slabs itself and finding a way to easily and quickly set off the input tax credit remain a few sore points. MSMEs’ complain that they have to bear additional burden of financing the GST component also when billed to large buyers because of long payment cycles, has merit. A suggestion that companies having turnover above 100 Crore, could be asked to deduct GST and deposit like TDS, might alleviate their pain. The point is please don’t suffer alone. Let’s share and continue to find and suggest solutions to Government in the way of implementation of GST. "
Mr. Dinesh Chandra Tripathi, President, FISME
Vol V, Issue 143: November 15, 2017
Activities
FISME organizes 3rd Meeting of the Steering Committee of I P Facilitation Centre for MSMEs
FISME & SGCCI organized stakeholder consultation on Insolvency Rules in Surat
Business Banter: Lessons from Entrepreneurs
5 Big Mistakes Young Entrepreneurs Just Keep Making
Macro Metre
Government expects mineral auction worth Rs 50,000 crore in 4 months of this fiscal
Industrial Output rises 3.8% in September but lower than August
Domestic Digest
Big tweak in insolvency law on cards, defaulters may be barred from bidding Knowledge and News Network (KNN)
Aluminium industry raises concerns over coal shortage, writes to PMO seeking intervention
Respite for gem and jewellery industry as government revokes Prevention of Money Laundering Act
State Scan
Punjab Government plans to provide power at lower rates Knowledge and News Network (KNN)
MSME Minister Giriraj Singh lays foundation stone for extension project in Godda
BEE to help MSMEs in Andhra Pradesh to adopt energy-efficient measures
World Watch
South Australian trade minister visits Indian states for tie-ups
India - Philippines signs MOU for cooperation in MSME sector
Knowledge Store
How Nirvana Being is protecting Delhi residents from alarming levels of air pollution
...And A Lot More
Activities

FISME organizes 3rd Meeting of the Steering Committee of I P Facilitation Centre for MSMEs

The 3rd Meeting of the Intellectual Property Facilitation Centre for MSMEs,was organised recently by the Federation of Indian Micro and Small & Medium Enterprises (FISME) in the national capital. The meeting was chaired by Vijay Kumar, Director MSME Development Centre, New Delhi. Members present included Dr. P D Kaushik, Pro- Vice Chancellor, Tirthankar Mahavir University, Moradabad and Anil Bhardwaj Secretary General FISME The Committee discussed the challenges faced by MSMEs in identifying their intellectual properties and protecting them appropriately. The I P facilitation centres were promoted by the Ministry of MSME to create awareness among MSMEs about intellectual property rights, support them in protecting IPRs and also study the IP protection scenario.

FISME & SGCCI organized stakeholder consultation on Insolvency Rules in Surat

With Insolvency and Bankruptcy Board of India (IBBI), FISME and South Gujarat Chamber of Commerce & Industries organized a stakeholder consultation workshop in Surat (Gujarat) on 6th Nov 2017. Dr. Mamta Suri, Executive Director of IBBI made the presentation. The workshop was part of series of consultations FISME organized on the issue in Lucknow, Ludhiana and other places. After having finalized the Rules for Corporates, the IBBI has prepared a draft of Rules meant for individuals in business i.e. partnerships and proprietorship firms.
Business Banter: Lessons from Entrepreneurs

5 Big Mistakes Young Entrepreneurs Just Keep Making

While young founders have all the poise and promise needed to start a company, there are some experiences and information you simply cannot replace with hustle. First-time founders often have to spend a great deal of time overcoming their naivety, as they overestimate their likelihood of success while underestimating the amount of work ahead of them.
Writing on the Wall

Course correction

In a welcome and sweeping effort to rationalise tax rates, the GST Council has slashed the number of items in the 28 per cent bracket from 228 to 50, moved six items apiece from 18 per cent to 5 per cent and 5 per cent to nil, respectively, and another eight items from 12 per cent to 5 per cent. Scrapping the absurd distinction between types of restaurants, a flat 5 per cent rate will apply across categories, save five-star hotels. Consumer items such as beauty products, chocolates, detergents are among the 178 items that have been moved to the 18 per cent bracket. Strangely enough, this includes marble and granite, even as paints and cement stays in the 28 per cent category.

Media Monitor

Macro Metre

India services export flat at $14 billion in September, import grows

Services export of India remained flat at USD 13.73 billion in September year-on-year while import slightly picked up to USD 8.45 billion, showed RBI data. In September 2016, India had exported services worth USD 13.77 billion. The import grew 1.7 per cent from USD 8.30 billion last year. In August 2017, the services export was USD 13.7 billion while the import came in at USD 8.66 billion. Cumulatively, the services export during April-September read USD 80.33 billion. Import of services was valued at USD 46.74 billion in the first half of the fiscal, showed the data on India's International Trade in Services released by the Reserve Bank of India (RBI).

Industrial Output rises 3.8% in September but lower than August

India's industrial production growth slowed in September from a nine-month high in August, although the key capital goods and consumer nondurables sectors reported a healthy performance, indicating some strength in laggard areas. Output, as measured by the Index of Industrial Production (IIP), rose 3.8% in September, compared with an upward revised 4.5% in August, data released by the government showed. The preliminary estimate for August industrial growth was 4.3%.

Government expects mineral auction worth Rs 50,000 crore in 4 months of this fiscal

Minerals worth at least Rs 50,000 crore can be auctioned from 13-15 blocks in the remaining four months of the current fiscal with the upcoming proposed amendments in the auctioning rules, a top official of the Ministry of Mines said. These 13-15 mines could include limestone, iron ore, emerald and molybdenum among others. "We would like the progress to pick up. We are certainly hoping that we will easily cross the Rs one lakh crore figure for the current year, with new 13-15 blocks expected in the remaining four months of FY18," Union Mines secretary Arun Kumar said here last evening.

Domestic Digest

Big tweak in insolvency law on cards, defaulters may be barred from bidding

The government is considering amending its insolvency law to prevent existing promoters of bankrupt companies from reacquiring them during the resolution process at a steep discount. The current Insolvency and Bankruptcy Code, passed last year, does not prevent promoters from bidding for these stressed assets during the resolution process. Some owners are reported to be getting ready to stake a claim for these assets when they are put up for sale by the creditors.

Aluminium industry raises concerns over coal shortage, writes to PMO seeking intervention

The power intensive aluminium industry, facing huge coal shortages industry has sought intervention from the PMO to direct coal India and other companies to provide the committed quantity of coal. Aluminium Association of India (AAI), in a letter to PMO AAI has said that the investment of Rs.1.2 lakh crore in the aluminium sector has been holding a debt of Rs. 70,000 crore with the employment for 7.5 lakh people at a very critical risk due to coal shortage.

Respite for gem and jewellery industry as government revokes Prevention of Money Laundering Act

The lifting of PMLA (Prevention of Money Laundering Act) on 6 October has brought relief to the gems and jewellery companies and the consumers. The stock prices have soared and business have started flourishing again, All India Gems and Jewellery Trade Federation informed. Earlier on 23 August, PMLA notification was rolled out that required the dealers in precious metals, stones and other high-value goods, to maintain a record of all transaction of value exceeding Rs10 lakh and all cross-border wire transfers of more than Rs5 lakh. Also, the sale of gold above Rs.50,000 required customers to furnish PAN (permanent account number) or Aadhaar card to the jeweller.
State Scan

Punjab    

Punjab govt to announce exemption on SGST in thrust manufacturing sectors, MSMEs say sector needs more support

Punjab Chief Minister Capt. Amarinder Singh unveiled 'Punjab Industrial and Business Development Policy 2017' at 6th Invest North 2017 investment conclave and announced 100 per cent exemption from SGST in thrust sectors like high-tech manufacturing, apparel and made-ups, technical textiles, footwear and accessories, food processing, electronics, electronic service industry. The new industry policy aims to promote the MSME sector in Punjab, the key highlights of the policy include 100 crore funds to promote start ups, decrease in industry power tariff to Rs.5 per unit and simplify the business registration and licensing process.

Uttar Pradesh    

UP Institute of Design to introduce fulltime courses to promote entrepreneurship - indigenous crafts

In order to promote the handicrafts and indigenous crafts in Uttar Pradesh, state government is planning to start full-time job oriented courses in the UP Institute of Design by 2019. Kshipra Shukla, chairperson of the UP Institute of Design in a press statement said that the institute had been planning to start proper and full-time courses from the UP Institute of Design, Lucknow, by 2019. The institute would offer undergraduate degree, post-graduate degree and PG diploma courses to the students.

Jharkhand    

MSME Minister Giriraj Singh lays foundation stone for extension project in Godda

Eyeing at facilitating growth among the Micro, Small and Medium Enterprises of the region, MSME Minister Giriraj Singh recently laid the foundation stone of an extension project in Godda. The project aims to set up extended facility for the Fragrance & flavour development centre (FFDC) ,Kannauj in Godda region of Jharkhand. Also with the facility coming up, newer technology in the field is expected to bloom in the establishment , providing fresh impetus to the sector.

Andhra Pradesh    

BEE to help MSMEs in Andhra Pradesh to adopt energy-efficient measures

Bureau of Energy Efficiency (BEE) Director-General Abhay Bhakre assured the Andhra Pradesh Government that the necessary support would be extended to the government for implementing various ‘energy-efficiency programmes’ in MSME (Micro,Small and Medium Enterprises) sector. Addressing the media, Bhakre highlighted the importance of adoption of energy-efficiency technology in MSMEs and said that the MSMEs had huge potential to successfully adopt the energy efficient measures. The Director-General added that there are 4,000 MSME clusters across the country and among them 180 are energy intensive, consuming 22.7 million tonnes oil equivalent of energy.
World Watch

Canada    

India-Canada holds Dialogue on Trade and Investment held in New Delhi

The 4th India-Canada Ministerial Dialogue on Trade and Investment was concluded in New Delhi yesterday.The Indian Delegation was led by the Minister for Commerce and Industry, Suresh Prabhu while the Canadian side was headed by the Minister for International Trade, François-Philippe Champagne. During the talks, both countries recognised the potential and scope of bilateral trade and discussed issues related to investment and trade.
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Australia    

South Australian trade minister visits Indian states for tie-ups

A 70-member Australian delegation headed by Martin Hamilton-Smith, minister for investment and trade at the South Australian government, will meet with state governments in India negotiating and proposing tie-ups in water conservation, defence, technology in healthcare, premium wine and food as well as art. The first of such initiatives is likely to be a proposal for a centre of research on water conservation in Maharashtra, said Smith.
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Philippines    

India - Philippines signs MOU for cooperation in MSME sector

India and Philippines on Monday signed four Memorandum of Understanding (MoUs) in different fields to boost their bilateral relations including Micro, Small and Medium Enterprises (MSMEs). Both countries exchanged MoUs on cooperation in the field of micro small and medium enterprises,defense, agriculture and related fields and foreign services. Preeti Saran, Secretary (East) in India's Ministry of External Affairs said that four agreements has been signed between India and Philippines, including ones on defense cooperation , logistics, agriculture and on micro small and medium enterprises.
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China    

Chinese delegation expresses interest to Make In Haryana, meets CM Khattar

Eyeing at strengthening relation between the two nations, a Chinese delegation recently met Haryana Chief Minister Manoharlal Khattar showing its keen interest to invest in the fields of industrial infrastructure, steel industry, electronic and automobile projects in Haryana. Haryana has emerged as the one of the most preferred investment destinations for China in India, said the Vice-Governor, Wang Xiaodong who led a delegation from Hubei Province of China and met Haryana’s chief minister Manohar Lal Khattar.
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FISME’s official Twitter handle
@fisme
Knowledge and News Network (KNN)
KNN India’s official Twitter handle
@knnindia
Anil Bhardwaj, Secretary General
@abhardwaj_fisme
Other Events

India International Trade Fair

Date: 14-27 Nov 2017
Pragati Maidan, New Delhi
See Details

BIZ-BRIDGE - Engineering & Manufacturing Expo

Date: 15-18 Nov 2017
Venue: Howrah Indoor Stadium, Howrah
See Details

Global Spices & Nuts Conclave

Date: 17-18 Nov 2017
Venue: Pride Plaza Hotel Aerocity, New Delhi, New Delhi
See Details

Vibrant Ceramics Expo and Summit

Date: 16-19 Nov 2017
Venue: The Exhibition Centre, Gandhinagar
See Details

International Conference on Recent Trends in Engineering and Technology

Date: 19 Nov 2017
Venue: A.R Grand Hotel, Visakhapatnam
See Details

Interior & Exterior Show

Date: 18-20 Nov 2017
Venue: Chennai Trade Centre, Chennai
See Details

Envirotech Asia

Date: 22-24 Nov 2017
Venue: Bombay Convention & Exhibition Centre, Mumbai, India
See Details

India International Furniture Fair

Date: 22-24 Nov 2017
Venue: Bombay Convention & Exhibition Centre, Mumbai
See Details

Asian Textile Machinery Expo

Date: 24-27 Nov 2017
Venue: NSIC Exhibition Complex, New Delhi
See Details

Jewellery Wonder

Date: 26-27 Nov 2017
Venue: Hotel Gulmor, Ludhiana
See Details

P-Mec India

Date: 28-30 Nov 2017
Venue: Bombay Convention & Exhibition Centre
See Details
Your Views

India jumped 30 spots to 100 in World Bank's ease of doing business rankings. How do you feel it has improved at ground?

According to the FISME Factor, as India jumped 30 spots to 100 in World Bank's ease of doing business rankings, 62.5 percent of Micro, Small & Medium Enterprises feel it has improved at ground while 37.5 percent think otherwise.
Knowledge Store

HR Heuristics

“HR needs to take risks, bets, right calls & be accountable,” Rattan Chugh, CPO, Times Internet

Rattan Chugh, an engineer by design and a true HR professional by default, has close to three decades of experience with global organisations, ranging from startups to leading multinationals.

Finance Fundamentals

Kinara Capital raises funds worth $14.5 million, MSME lending on the agenda

Eyeing at facilitating credit to the Micro, Small and Medium Enterprises of the country, Kinara capital announced that it has raised funds worth $ 14.5 million to be extended to the MSMEs in the form of loans.

Marketing Mantras

Current Digital Marketing Trends that can Help Startups Scale up Their Businesses

Digital marketing has rapidly changed the way of conducting business since its introduction. It’s not an unknown fact that every company aims at creating a strong digital presence in this day and age along with rigorous traditional marketing.

Policy Polemic

Industry in Punjab demands reduction in fixed power charges

The representatives of trade and industry has urged Punjab State Power Corporation Limited (PSPCL) to cut down the fixed charge component of the two-part tariff approved by Punjab State Electricity Regulatory Commission (PSERC) for bicycle and parts manufacturing units.

SME Special

How Nirvana Being is protecting Delhi residents from alarming levels of air pollution

As winter sets in, the national capital is in the news again. Since the start of this week, the city has been covered with a thick blanket of smog as pollution levels breached permissible standards.

Success Story

Switching between B2B and B2C models, AbhiBus’ trip is in the right direction

Anyone who has lived away from home for work or study understands the hassle of booking tickets, be it bus, train or flight.

Stockpile

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, has revised the Base Year of the Consumer Price Index (CPI) from 2010=100 to 2012=100 with effect from the release of indices for the month of January 2015

Quotable Quotes

“ When everything seems to be going against you, remember that the airplane takes off against the wind, not with it. ”
– Henry Ford- an American business magnate, the founder of the Ford Motor Company
 
Country Chronicles
 
According to the FISME Factor, 57.1 percent of Micro, Small & Medium Enterprises think that RBI decision to keep the reverse repo rate unchanged (5.57%) will positively impact MSME while 22.2 percent think this decision will negatively impact MSME and 20 percent can’t say.
Starting a New Venture
 
Coming August, K J Somaiya Institute of Management Studies and Research located in Vidyavihar, Mumbai is launching a certificate programme on Creating New Ventures.
New Members

2 New Members Join FISME

During the period from 1st November 2017 to 15th November 2017 a total of 2 new MSME became members of FISME
Reader Reactions

Write and Win prize!

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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Editorial Team:
Hon. Editor: Anil Bhardwaj
Asstt. Editor: Kalpana Sharma
Types setting & websdesigning: Sanjay Sachan  
Video & Photography:  Vipul Kumar Chettry

 

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