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President's Message
" It is increasingly becoming clearer by the day that de-monetisation had a chilling effect on economy. A latest UN report estimates fall in the GDP further from 7% to 6.7% in 2017. When seen in the context of recovery in global economy, the downfall in economic growth in India becomes more serious. The report has indicated that the twin effect of demonetisation and GST on informal sector, which accounts for almost a third of India’s GDP, has been deleterious. The report highlights the need for deep reforms in the Bank sector which is saddled with bad loans to the tune of Rs.3 lac crore. Unless the capital stuck in the Banking sector is freed and is redeployed, the shortage of lendable money may choke the economic activity especially impacting the MSMEs. Bankers have already turned bearish in lending; they are not rejecting proposals but are not accepting them too. It’s time Government announced measures to augment lending to MSMEs and to self-employed people whose cash flows have already become strained under the new GST regime. "
The Northeast Information and Communication Technology (NICT), the region's leading business-technology-leadership conference, was organised by The Telegraph and FISME along with the department of information technology, Assam, at Radisson Blu from 7~8 Sept 2017 in Guwahati. This was 13th edition of the conference. The conference highlighted the enormous existing and emerging opportunities in the IT / ITES sector. More than 150 people participated most of whom were MSMEs.
India has secured the third position in the list of leading start-up hubs, following the US and the UK, as per the ‘Indian Start-up Ecosystem Maturing’ report by Nasscom-ZINNOV, released in 2016.
Given the upsurge in foreign incubators supporting these budding ventures, in addition to government policies that further encourage entrepreneurs to Make in India, there are innumerable businesses that have seen the light of day in the past few years.
Policymakers and pundits alike have been unpleasantly surprised by the sharp decline in gross domestic product (GDP) growth in the first quarter of 2017-18 (Q1 2017-18) to only 5.7%. The surprise is unwarranted because quarterly growth has in fact been steadily declining from a peak of 7.9% recorded in the first quarter of 2016-17 (Q1 2016-17). The growth decline was announced the day after the Reserve Bank of India (RBI) released data indicating that almost 99% of the demonetized notes had come back.
The government has imposed an antidumping duty of up to USD 60.35 per tonne for five years on a chemical used in fertiliser industry from four countries -- Russia, Indonesia, Georgia and Iran.
The move would help guard domestic players from below- cost imports of 'ammonium nitrate' from these countries.
Deepak Fertilizers and Petrochemicals Corporation Ltd and Smartchem Technologies Ltd had jointly filed an application before the Directorate General of Antidumping and Allied Duties (DGAD) for initiation of the antidumping investigations.
The Wholesale Price Index (WPI) for all commodities in the country registered a rise of almost 0.8 per cent in August as compared from the data of the previous year during the same period, the report from the Commerce Ministry revealed.
According to the report, August registered WPI of 114.8 (provisional) whereas the number from the same period of the previous year stood around 113.9. Commenting on the inflation statistics, the Ministry said that annual rate of inflation, based on monthly WPI, is at 3.24% (provisional) for the month of August, 2017
Hike in coal production in the last three years has helped mining major Coal India Ltd save Rs 25,900 crore in foreign exchange, interim Chairman and Managing Director Gopal Singh said today.
"Coal production has increased substantially in the last three years (fiscals), resulting in savings of Rs 25,900 crore in imports," Singh said in his address to shareholders at the company's annual general meeting here.
The commerce ministry has extended the last date of raw sugar export to the US under tariff rate quota (TRQ) till October 31.
TRQ is a quota for a volume of exports that enter the US at relatively low tariffs. Once the quota is reached, a higher tariff kicks in on additional imports.
"The last date of export of raw sugar to the US under TRQ quota for the US fiscal year 2017 (October 1, 2016 to September 30, 2017) has been extended till October 31 this year," the Directorate General of Foreign Trade (DGFT) has said in a public notice.
Eyeing at addressing the concerns of the Micro, Small and Medium Enterprises (MSMEs) in the country under the Insolvency and Bankruptcy Code (IBC), the IBC Board of India is in the process of formulating a dedicated insolvency framework for the SMEs in the country.
M.S Sahoo, Chairman of the IBBI informed about the latest development during a press interaction.
Sahoo informed that at present the IBC framework primarily focusses on corporate insolvency and there is a need to extend or to come up with alternative framework for the MSME sector.
In response to the rising number of casualties in the firecracker industry comprising of over 80 per cent of the Micro, Small and Medium Enterprises (MSMEs) in the country, the Central Institute of Tool Design (CITD) is working on technology based manufacturing machines that can help the sector.
Shujayat Khan, Principal Director of CITD in a press interview informed about the latest development.
Khan said that in a first, the CTID has developed a pneumatically operated special purpose machine for manufacturing of sparklers and automated Sparkler Dipping Machine, reducing the vulnerability of the workers in the industry.
Eyeing at increasing the tax trace of the newly implemented Goods and Services Tax (GST) in the country, Prime Minister Narendra Modi has urged the tax officials to adopt a mechanism that could bring in the small traders, especially the traders with annual turnover of less than Rs 20 lakh, under the GST regime.
PM Modi made the appeal addressing central and state tax officials at the inaugural day of the Rajasva Gyan Sangam in the national capital over weekend.
Eyeing at strengthening the domestic manufacturing in the telecom sector, Aruna Sundararajan, Telecom Secretary said that the upcoming New Telecom Policy (NTP) will be focussing on procuring from the domestic manufacturers and move away from relying in imports.
The Secretary informed that the NTP is being formulated along the ambition of bringing in internet for all and also with special focus on Make in India project of the government.
The Government of Kerala is planning to create a land bank of 5000 acres to address the question of shortage of land for industries in the state, said the State Industries Minister A C Moideen.
The Government is planning a series of steps to make to make the state investor friendly, he said. An Investor Promotions and Facilitation Act is being planned to make it easier to do business in the state, the minister said presiding over the Young Entrepreneur Summit, 2017, organised by the Kerala State Industrial Development Corporation.
West Bengal Finance Minister Amit Mitra claimed that the state has witnessed a major jump in export during Mamata Banerjee's two terms and surge in lending to micro, small and medium enterprises is one of the reasons behind this growth.
He was addressing the annual general meeting of Bengal Chamber of Commerce and Industry on Tuesday.
Mitra said export from Bengal was Rs 30,644 crore in 2010-11 when the new dispensation assumed office. The peak export was Rs 63,731 crore, which was achieved in 4 years after the new government took charge.
Karnataka Industries Department has set a target of 30,000 new units of MSMEs per year in order to boost the sector and create jobs, said Darpan Jain, Commissioner for Industrial Development and Director of Industries & Commerce.
He was speaking at an interactive session organized by Karnataka Small Scale Industries Association (KASSIA).
Addressing the gathering, Jain mentioned that the State Government was very keen on promoting investments especially by the MSMEs.
He outlined some critical areas that were crucial for the growth of industries, water and the land being very important among them.
In response to the repeated requests of the textile sector comprising of over 60 per cent of the Micro, Small and Medium Enterprises (MSMEs) in the state of Gujarat, the state government has finally announced an extension of the existing textile policy of 2012.
Talking to KNN, Dharmendra Joshi, Past President of Gujarat Chamber of Commerce & Industry informed that the decision is a welcoming move and the industry for long have been demanding the same.
Following the arrival of the Japanese Prime Minister Shinzo Abe in India, the two countries signed over 15 Memorandum of Understandings focussing on different sectors including skill development as well as fresh investment opportunities between the two countries.
With reference to the MoUs signed under the economic and commercial sector, the countries agreed upon implementing the commercial arrangement of "Cool EMS" service between the Japan Post and India Post through which fresh food can be sent from Japan to India in cool boxes to facilitate for the Japanese expatriates in India.
In a diplomatic gesture, the Indian Government will be extending an assistance of over 10 million dollars to the Micro, Small and Medium Enterprises (MSMEs) in Fiji.
The amount was announced earlier by PM Modi during his visit to Fiji.
Following which the Indian high commissioner to Fiji, Vishvas Sapkal recently handed over the instalment of the commitment, amounting to 0.58 million dollars. The high commissioner met the Minister for Industry, Industry, Trade and Tourism, Lands and Mineral Resources Faiyaz Koya and handed him the amount.
In a bid to revive the carpet industry in Afghanistan, Afghani delegations will be travelling to New Delhi to offer Indian businessmen opportunities to come and invest in Afghanistan.
Khanjan Alokozay, Deputy Head of the Afghanistan Chamber of Commerce and Industries (ACCI) in a press interview said that his country’s carpet industry is in desperate need of fresh investments.
ACCI will be trying its best to attract the Indian investors towards the Afghan carpet industry.
According to the data, carpet production in Afghanistan has dropped significantly with a loss of market, investments as well as exports.
Eyeing at accelerating trade ties between the two countries, a high level business delegation from Belarus, headed by the Deputy PM of Belarus Vladimir I. Semashko will be visiting the national capital. Prime focus of the meet includes collaborations in different sectors including food processing, manufacturing and agriculture.
The Belarus Deputy PM and the delegation will be meeting Anant Geete, Minister of Heavy Industries & Public Enterprises, Govt. of India and other officials from the government and industry bodies.
According to a press statement, the two countries will talk on ways to explore potential for collaborations in the areas of Healthcare, Agriculture & Food processing.
What is outlook for growth of GDP during rest of the year?
According to the FISME Factor, 36.4 percent of Micro, Small & Medium Enterprises think that outlook for growth of GDP during rest of the year is positive, 27.3 percent think that growth of GDP during rest of the year is negative while 36.4 percent think otherwise.
As part of our focus on health and wellbeing in the workplace, Real Business looks at the impact of absenteeism and presenteeism. When someone is absent from work, the remaining staff may take on the extra load. But when they come in to work sick, everyone is at risk of catching a cold – which is worse?
Don't Fall Victim to Fraud: 5 Tips to Protect Your Business When Dealing with Payment
Most credit card fraud prevention features are designed for “card-present” (face-to-face) payment environments. But the shift toward EMV chips, to authenticate and secure transactions, has introduced something entirely new -- and sinister.
How To Ensure That Your Digital Marketing Strategy Is A Success?
An effective digital marketing strategy is very important for your business’ growth. However, it is worth noting that digital marketing is a highly volatile area and what is trending now may not remain so after a month or two. For your business to stay relevant in the industry, it is very important that you stay abreast with the changing trends and adapt it wherever possible.
MSMEs in Northeast still struggling with financial-mental complexities of GST
Its been almost three months since the roll out of Goods and Services Tax (GST) but the Micro, Small and Medium Enterprises (MSMEs) in the North-Eastern part of the country are yet to experience ease under the new tax regime, MSME body informed.
Digital dispensaries take affordable healthcare to remote locations
Like all good entrepreneurs, Dr Syed Sabahat Azim has an excellent idea and he knows how to sell it. While at it, the IAS officer-turned-entrepreneur also hopes to solve India’s primary healthcare problem. “We call it hospital in a box,” says Dr Azim, chief executive of Kolkata based Glocal Healthcare Systems Pvt Ltd, pointing to a shiny about two-and-half-feet a-side cube.
Delhi-based Curie Labs is using AI to make our cities more energy efficient
Curie Labs, an energy analytics startup, uses sensors, cloud computation, controllers and AI to cut power consumption in large facilities by 25 percent.
The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, has released quick estimates of index of industrial production and use-based Index for the month of July, 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.
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" It is increasingly becoming clearer by the day that de-monetisation had a chilling effect on economy. A latest UN report estimates fall in the GDP further from 7% to 6.7% in 2017. When seen in the context of recovery in global economy, the downfall in economic growth in India becomes more serious. The report has indicated that the twin effect of demonetisation and GST on informal sector, which accounts for almost a third of India’s GDP, has been deleterious. The report highlights the need for deep reforms in the Bank sector which is saddled with bad loans to the tune of Rs.3 lac crore. Unless the capital stuck in the Banking sector is freed and is redeployed, the shortage of lendable money may choke the economic activity especially impacting the MSMEs. Bankers have already turned bearish in lending; they are not rejecting proposals but are not accepting them too. It’s time Government announced measures to augment lending to MSMEs and to self-employed people whose cash flows have already become strained under the new GST regime. "
The Northeast Information and Communication Technology (NICT), the region's leading business-technology-leadership conference, was organised by The Telegraph and FISME along with the department of information technology, Assam, at Radisson Blu from 7~8 Sept 2017 in Guwahati. This was 13th edition of the conference. The conference highlighted the enormous existing and emerging opportunities in the IT / ITES sector. More than 150 people participated most of whom were MSMEs.
India has secured the third position in the list of leading start-up hubs, following the US and the UK, as per the ‘Indian Start-up Ecosystem Maturing’ report by Nasscom-ZINNOV, released in 2016.
Given the upsurge in foreign incubators supporting these budding ventures, in addition to government policies that further encourage entrepreneurs to Make in India, there are innumerable businesses that have seen the light of day in the past few years.
The government has imposed an antidumping duty of up to USD 60.35 per tonne for five years on a chemical used in fertiliser industry from four countries -- Russia, Indonesia, Georgia and Iran.
The move would help guard domestic players from below- cost imports of 'ammonium nitrate' from these countries.
Deepak Fertilizers and Petrochemicals Corporation Ltd and Smartchem Technologies Ltd had jointly filed an application before the Directorate General of Antidumping and Allied Duties (DGAD) for initiation of the antidumping investigations.
The Wholesale Price Index (WPI) for all commodities in the country registered a rise of almost 0.8 per cent in August as compared from the data of the previous year during the same period, the report from the Commerce Ministry revealed.
According to the report, August registered WPI of 114.8 (provisional) whereas the number from the same period of the previous year stood around 113.9. Commenting on the inflation statistics, the Ministry said that annual rate of inflation, based on monthly WPI, is at 3.24% (provisional) for the month of August, 2017
Hike in coal production in the last three years has helped mining major Coal India Ltd save Rs 25,900 crore in foreign exchange, interim Chairman and Managing Director Gopal Singh said today.
"Coal production has increased substantially in the last three years (fiscals), resulting in savings of Rs 25,900 crore in imports," Singh said in his address to shareholders at the company's annual general meeting here.
The commerce ministry has extended the last date of raw sugar export to the US under tariff rate quota (TRQ) till October 31.
TRQ is a quota for a volume of exports that enter the US at relatively low tariffs. Once the quota is reached, a higher tariff kicks in on additional imports.
"The last date of export of raw sugar to the US under TRQ quota for the US fiscal year 2017 (October 1, 2016 to September 30, 2017) has been extended till October 31 this year," the Directorate General of Foreign Trade (DGFT) has said in a public notice.
Eyeing at addressing the concerns of the Micro, Small and Medium Enterprises (MSMEs) in the country under the Insolvency and Bankruptcy Code (IBC), the IBC Board of India is in the process of formulating a dedicated insolvency framework for the SMEs in the country.
M.S Sahoo, Chairman of the IBBI informed about the latest development during a press interaction.
Sahoo informed that at present the IBC framework primarily focusses on corporate insolvency and there is a need to extend or to come up with alternative framework for the MSME sector.
In response to the rising number of casualties in the firecracker industry comprising of over 80 per cent of the Micro, Small and Medium Enterprises (MSMEs) in the country, the Central Institute of Tool Design (CITD) is working on technology based manufacturing machines that can help the sector.
Shujayat Khan, Principal Director of CITD in a press interview informed about the latest development.
Khan said that in a first, the CTID has developed a pneumatically operated special purpose machine for manufacturing of sparklers and automated Sparkler Dipping Machine, reducing the vulnerability of the workers in the industry.
Eyeing at increasing the tax trace of the newly implemented Goods and Services Tax (GST) in the country, Prime Minister Narendra Modi has urged the tax officials to adopt a mechanism that could bring in the small traders, especially the traders with annual turnover of less than Rs 20 lakh, under the GST regime.
PM Modi made the appeal addressing central and state tax officials at the inaugural day of the Rajasva Gyan Sangam in the national capital over weekend.
Eyeing at strengthening the domestic manufacturing in the telecom sector, Aruna Sundararajan, Telecom Secretary said that the upcoming New Telecom Policy (NTP) will be focussing on procuring from the domestic manufacturers and move away from relying in imports.
The Secretary informed that the NTP is being formulated along the ambition of bringing in internet for all and also with special focus on Make in India project of the government.
The Government of Kerala is planning to create a land bank of 5000 acres to address the question of shortage of land for industries in the state, said the State Industries Minister A C Moideen.
The Government is planning a series of steps to make to make the state investor friendly, he said. An Investor Promotions and Facilitation Act is being planned to make it easier to do business in the state, the minister said presiding over the Young Entrepreneur Summit, 2017, organised by the Kerala State Industrial Development Corporation.
West Bengal Finance Minister Amit Mitra claimed that the state has witnessed a major jump in export during Mamata Banerjee's two terms and surge in lending to micro, small and medium enterprises is one of the reasons behind this growth.
He was addressing the annual general meeting of Bengal Chamber of Commerce and Industry on Tuesday.
Mitra said export from Bengal was Rs 30,644 crore in 2010-11 when the new dispensation assumed office. The peak export was Rs 63,731 crore, which was achieved in 4 years after the new government took charge.
Karnataka Industries Department has set a target of 30,000 new units of MSMEs per year in order to boost the sector and create jobs, said Darpan Jain, Commissioner for Industrial Development and Director of Industries & Commerce.
He was speaking at an interactive session organized by Karnataka Small Scale Industries Association (KASSIA).
Addressing the gathering, Jain mentioned that the State Government was very keen on promoting investments especially by the MSMEs.
He outlined some critical areas that were crucial for the growth of industries, water and the land being very important among them.
In response to the repeated requests of the textile sector comprising of over 60 per cent of the Micro, Small and Medium Enterprises (MSMEs) in the state of Gujarat, the state government has finally announced an extension of the existing textile policy of 2012.
Talking to KNN, Dharmendra Joshi, Past President of Gujarat Chamber of Commerce & Industry informed that the decision is a welcoming move and the industry for long have been demanding the same.
Following the arrival of the Japanese Prime Minister Shinzo Abe in India, the two countries signed over 15 Memorandum of Understandings focussing on different sectors including skill development as well as fresh investment opportunities between the two countries.
With reference to the MoUs signed under the economic and commercial sector, the countries agreed upon implementing the commercial arrangement of "Cool EMS" service between the Japan Post and India Post through which fresh food can be sent from Japan to India in cool boxes to facilitate for the Japanese expatriates in India.
In a diplomatic gesture, the Indian Government will be extending an assistance of over 10 million dollars to the Micro, Small and Medium Enterprises (MSMEs) in Fiji.
The amount was announced earlier by PM Modi during his visit to Fiji.
Following which the Indian high commissioner to Fiji, Vishvas Sapkal recently handed over the instalment of the commitment, amounting to 0.58 million dollars. The high commissioner met the Minister for Industry, Industry, Trade and Tourism, Lands and Mineral Resources Faiyaz Koya and handed him the amount.
In a bid to revive the carpet industry in Afghanistan, Afghani delegations will be travelling to New Delhi to offer Indian businessmen opportunities to come and invest in Afghanistan.
Khanjan Alokozay, Deputy Head of the Afghanistan Chamber of Commerce and Industries (ACCI) in a press interview said that his country’s carpet industry is in desperate need of fresh investments.
ACCI will be trying its best to attract the Indian investors towards the Afghan carpet industry.
According to the data, carpet production in Afghanistan has dropped significantly with a loss of market, investments as well as exports.
Eyeing at accelerating trade ties between the two countries, a high level business delegation from Belarus, headed by the Deputy PM of Belarus Vladimir I. Semashko will be visiting the national capital. Prime focus of the meet includes collaborations in different sectors including food processing, manufacturing and agriculture.
The Belarus Deputy PM and the delegation will be meeting Anant Geete, Minister of Heavy Industries & Public Enterprises, Govt. of India and other officials from the government and industry bodies.
According to a press statement, the two countries will talk on ways to explore potential for collaborations in the areas of Healthcare, Agriculture & Food processing.
According to the FISME Factor, 36.4 percent of Micro, Small & Medium Enterprises think that outlook for growth of GDP during rest of the year is positive, 27.3 percent think that growth of GDP during rest of the year is negative while 36.4 percent think otherwise. 
As part of our focus on health and wellbeing in the workplace, Real Business looks at the impact of absenteeism and presenteeism. When someone is absent from work, the remaining staff may take on the extra load. But when they come in to work sick, everyone is at risk of catching a cold – which is worse?
Most credit card fraud prevention features are designed for “card-present” (face-to-face) payment environments. But the shift toward EMV chips, to authenticate and secure transactions, has introduced something entirely new -- and sinister.
An effective digital marketing strategy is very important for your business’ growth. However, it is worth noting that digital marketing is a highly volatile area and what is trending now may not remain so after a month or two. For your business to stay relevant in the industry, it is very important that you stay abreast with the changing trends and adapt it wherever possible.
Its been almost three months since the roll out of Goods and Services Tax (GST) but the Micro, Small and Medium Enterprises (MSMEs) in the North-Eastern part of the country are yet to experience ease under the new tax regime, MSME body informed.
Like all good entrepreneurs, Dr Syed Sabahat Azim has an excellent idea and he knows how to sell it. While at it, the IAS officer-turned-entrepreneur also hopes to solve India’s primary healthcare problem. “We call it hospital in a box,” says Dr Azim, chief executive of Kolkata based Glocal Healthcare Systems Pvt Ltd, pointing to a shiny about two-and-half-feet a-side cube.
Curie Labs, an energy analytics startup, uses sensors, cloud computation, controllers and AI to cut power consumption in large facilities by 25 percent.
“ The strength of the team is each individual member. The strength of each member is the team. ”
