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President's Message
Promulgation of Insolvency and Bankruptcy Code 2016 has been a defining moment in India. The speed with which the RBI and banks have leveraged the Act for restructuring or winding-up defaulting companies is nothing short of a earth shattering moment in India. Assets worth Rupees two lac crore are already under its ambit. However, the experts have sounded warning against the emerging practice of using IBC as a collection tool to recover payments against supplies of goods and services. Almost one third of all cases filled with Insolvency and Bankruptcy Board of India (IBBI) pertains of sundry creditors. In a meeting organized by IBBI, its Chairman emphasized that while technically it can be used to recover delayed payments, this is not the prime objective of IBC Code: its objective remains to restructure or redeploy stressed assets. MSMEs whose payments are routinely delayed are in dilemma. While they are tempted to use the IBC window to force their buyers to pay them, they themselves are equally exposed to this new threat where even a single supplier can force insolvency on them. The best solution is that large buyers follow discipline of paying suppliers in time. That would leave IBC for what is made for winding up or restructuring of assets that are stressed. "
Setting up a business is an uphill task and, the day you decide to scale it up, the dynamics are likely to change and the going might get tougher. However, in this pursuit of yours, Entrepreneur India is always there to help.
We spoke to experienced-entrepreneurs and have jotted down five tips that can help you scale up your business.
The presentation of the annual budget on February 1, first implemented last year, has already had an impact on expenditure patterns. The objective of advancing the budget day was to complete all budget-related legislative approvals by the end of March so that the funds can be released immediately in the next financial year. Hitherto, the budget approval process got pushed into May and first quarter allocation were made on an ad-hoc basis and were limited. The salutary effect of this change is evidenced by the fact that expenditure patterns have got more front-loaded, improving both quality and efficiency of government expenditure. This year the impact of the implementation of the goods and services tax (GST) will have its own impact on budget-making
Eight core sectors grew by 6.8 per cent in November 2017, mainly helped by a robust performance in segments like refinery, steel and cement, official data showed today.
The eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- had witnessed a growth of 3.2 per cent in November 2016. As per government data released today, inflation on food articles slowed to 4.72 per cent in December, from 6.06 per cent in November 2017.
The World Economic Forum (WEF) has ranked India at 30th position on a global manufacturing index -- below China's 5th place but above other BRICS peers, Brazil, Russia and South Africa.
Japan has been found to have the best structure of production in the Geneva-based WEF's first 'Readiness for the future of production report' and is followed by South Korea, Germany, Switzerland, China, Czech Republic, the US, Sweden, Austria and Ireland in the top 10.
India's total export of finished steel in December last year jumped 28.9 per cent to 0.964 million tonnes (MT), official data showed. The country had shipped 0.748 MT finished steel in the same month in 2016.
During April-December of 2017-18, the export of finished steel increased 52.9 per cent to 7.606 MT, from 4.975 MT in the year-ago period, the Joint Plant Committee (JPC) has said in its latest report.
On the other hand, imports were down 26 per cent at 0.561 MT in December 2017 compared to 0.762 MT during the same month a year ago.
India's November factory output expanded at its fastest in just over two years, driven by robust growth in manufacturing and affirming expectations of stronger secondhalf growth in FY18. The index of industrial production (IIP) rose 8.4% from a year ago, data issued by the Central Statistics Office showed on Friday.
The numbers will bolster the government ahead of the February 1Budget after it forecast the economy would grow at its slowest in four years in FY18 at 6.5%, down from 7.1% last year. "The recovery appears to be broad-based as capital goods, intermediate goods, construction goods and consumer durables have shown good growth. Only primary goods and consumer non-durables growth was low," said Devendra Kumar Pant, chief economist at India Ratings.
With six months into the Goods and Services Tax, the collection for the month of November hit a low figure of 80.808 crores, lowest since its implementation, the data from Ministry of Finance revealed.
Dissecting the data further, in comparison to the tax collections of previous months, the tax collection in October stood at Rs 83,364, Rs 92,150 crore for the month of September.
Also earlier months including August and July, the tax collection stood relatively higher at Rs 90,669 crore and Rs 94,063 crore respectively.
There has been an increase in Textile & Apparel (T&A) exports in November 2017 after witnessing decline since May last year.
Based on data published by Directorate General of Commercial Intelligence and Statistics (DGCIS), after a brief period of decline in Textile & Apparel (T&A) exports including handicraft exports every month beginning May, June, July & October 2017, it can be observed that there is a turnaround in T&A exports, with a 20% increase in November, 2017 over October, 2017," said an official release.
The much awaited new industrial policy for the country is likely to be rolled out in the next few months, Commerce and Industry Minister Suresh Prabhu said recently.
Prabhu during an interaction with press said that the government is likely to release the industrial policy soon.
Explaining further, Prabhu said that the framework will focus on discovering ways to make India an active participant of the global supply chain.
“We have been batting to make India a part of the larger global supply chain. Also the government has proposed multilateral agencies to conduct study on where and how can India become a part of the global value and supply chain, Prabhu added.
The Union Cabinet chaired by Prime Minister Narendra recently approved the proposal to allow 100 per cent FDI through automatic route in single brand retail. The traders have termed the decision as a brutal move against the interest of domestic small and medium retailers.
The Confederation of All India Traders (CAIT) in a press statement said that the permission for a 100 per cent through the automatic route will facilitate easy entry of MNCs (multi-national companies) in retail trade.
With the Union Cabinet chaired by Prime Minister Narendra Modi giving the green signal to the new scheme for skill development scheme, textile body Tirupur Exporters Association (TEA) has welcomed the new policy saying it is to benefit the sector.
The new scheme is to have an allocation of over 1,300 crore, targeting towards jobs in the organised textile and related sectors.
Commenting over the newly passed policy, TEA in a press statements said that the outlay comes in line with the concerns that were being raised by the different stakeholders of the sector.
A month before the Uttar Pradesh government lays out the red carpet for national and international investors at the UP Investors' Summit, Chief Minister Yogi Adityanath would launch the ambitious One District, One Product (ODOP) scheme next week.ODOP is aimed at giving a major push to traditional industries synonymous with the respective districts of the state. UP is uniquely famous for product-specific traditional industrial hubs across 75 districts, including Varanasi (Banarasi silk saris), Bhadohi (carpets), Lucknow (chikan), Kanpur (leather goods), Agra (leather footwear), Aligarh (locks), Moradabad (brassware), Meerut (sports goods) and Saharanpur (wooden products).
Eyeing at assisting the Micro, Small and Medium Enterprises (MSMEs) in the defence sector, the government is to sanction Rs 20 crores for the setting up of a defence manufacturing innovation centre in Coimbatore.
Earlier, MSME body, Coimbatore District Small Scale Industries Association (CODISSIA) in a representation to the defence minister submitted a proposal for the same. The announcement of the fund comes as a response to the proposal, Defence Minister Nirmala Sitharaman said in a press interview.
With the Kerala state government planning to reintroduce the pension scheme for the Micro, Small and Medium Enterprises (MSMEs), the industry is concerned over the criteria that is to be prescribed.
Recently, A C Moideen, Minister for Industries in the Kerala government announced the plan to start pension scheme for small industrialists. Responding to the announcement, Joseph K.A, Vice President of Kerala State Small Industries Association (KSSIA) said that while the MSME pension scheme is a welcoming move, the industry has concerns over the way in which it is to be rolled out.
In a bid to promote Haryana as an ideal destination for investment in Micro, Small & Medium Enterprises (MSMEs), the state government is considering to provide power tariff subsidy of Rs 2 per unit for this industry.
This relief is to be provided to the industries situated in C & D blocks in terms of industrialization for three years from the date of release of power connection.
Talking to KNN, Rajiv Chawla, Chairman of Faridabad Small Industries Association said that the decision once implemented is certainly a positive one for the industries of the state.
In an attempt to strengthen ties between the two countries, Israeli Prime Minister Benjamin Netanyahu is on a visit to India with a 130 member delegation consisting of businessmen from 102 Israeli companies.
In a warm gesture, the Prime Minister Narendra Modi received Netanyahu at the airport, keeping aside the official protocol.
The six day visit of the Israeli Prime Minister is being seen strategic towards bilateral trade ties.
Eyeing at encouraging entrepreneurs to launch new businesses in the Small and Medium Enterprises (SME) sector, the Saudi Arabian General Investment Authority (SAGIA) announced new licensing service recently.
Under the new policy, entrepreneurs and innovators from around the globe can apply for a license and also take benefit from various business incubators, research centres and small and medium enterprises (SME) services to start their own unit in the kingdom.
The authority will be granting a license to entrepreneurs wanting to establish projects in Saudi Arabia that are approved by Saudi Universities or business incubators inside the Kingdom.
The earlier signed Pact between India and Belgium in the field of Information Communication Technology & Electronic (ICT&E) got the cabinet approval recently.
The Union Cabinet chaired by Prime Minister has been apprised of the Memorandum of Understanding (MoU) between both countries on Cooperation in the field of Information Communication Technology & Electronic (ICT&E), an official statement said.
After demonetisation and the transition glitches of the GST, do you think that India's economic growth will bounce back in the New Year 2018?
According to the FISME Factor, after demonetisation and the transition glitches of the GST, 83.3 per cent of Micro, Small & Medium Enterprises think that India's economic growth will bounce back in the New Year, 2018, while 16.7 per cent do not agree.
How HR can help build a strong workforce of the future
India is one of the world’s fastest growing major economies, recent concerns of a slowdown notwithstanding. India is also home to a young population and it is expected that by 2020, the average age in India will be 29 years.
Running a small business often means having small budget, too. With startup costs, loans and other expenses, it can be difficult to get your feet planted.
According to Annie Scranton, owner of Pace Public Relations, businesses of all sizes experience financial fluctuation, so it's important to create and stick to a stable budget plan.
10 digital marketing trends to watch out for in 2018
Is your business still practicing old techniques of digital marketing? Are you wondering why Digital marketing is not getting you the desired results?
If yes, then this article will surely give you some live examples of how you can use some of the latest developments in the industry. It will help you focus on what all can get you better results while promoting your business online.
Unstable steel prices impacting MSMEs in Ludhiana: CICU
Voicing concern over the rising steel prices, Chamber of Commercial and Industrial Undertakings (CICU) in a recent meeting raised that the unstable price of steel is adversely impacting the Micro, Small and Medium Enterprises (MSMEs) of the region.
For Purnima and Pankaj Khandelwal, their entry into the horticulture business happened by chance.
The husband and wife team had started their first venture, a consulting firm, InI Consulting, in 2003.
Keeping it contemporary: The Lohasmith is redefining home décor with metallic products
As India increasingly adopts global trends in the lifestyle space, home décor too isn’t untouched. In the last couple of years, Indian consumer choices have evolved, with contemporary minimalist homes designs gaining popularity nowadays.
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.
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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Promulgation of Insolvency and Bankruptcy Code 2016 has been a defining moment in India. The speed with which the RBI and banks have leveraged the Act for restructuring or winding-up defaulting companies is nothing short of a earth shattering moment in India. Assets worth Rupees two lac crore are already under its ambit. However, the experts have sounded warning against the emerging practice of using IBC as a collection tool to recover payments against supplies of goods and services. Almost one third of all cases filled with Insolvency and Bankruptcy Board of India (IBBI) pertains of sundry creditors. In a meeting organized by IBBI, its Chairman emphasized that while technically it can be used to recover delayed payments, this is not the prime objective of IBC Code: its objective remains to restructure or redeploy stressed assets. MSMEs whose payments are routinely delayed are in dilemma. While they are tempted to use the IBC window to force their buyers to pay them, they themselves are equally exposed to this new threat where even a single supplier can force insolvency on them. The best solution is that large buyers follow discipline of paying suppliers in time. That would leave IBC for what is made for winding up or restructuring of assets that are stressed. "
Setting up a business is an uphill task and, the day you decide to scale it up, the dynamics are likely to change and the going might get tougher. However, in this pursuit of yours, Entrepreneur India is always there to help.
We spoke to experienced-entrepreneurs and have jotted down five tips that can help you scale up your business.
Eight core sectors grew by 6.8 per cent in November 2017, mainly helped by a robust performance in segments like refinery, steel and cement, official data showed today.
The eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- had witnessed a growth of 3.2 per cent in November 2016. As per government data released today, inflation on food articles slowed to 4.72 per cent in December, from 6.06 per cent in November 2017.
The World Economic Forum (WEF) has ranked India at 30th position on a global manufacturing index -- below China's 5th place but above other BRICS peers, Brazil, Russia and South Africa.
Japan has been found to have the best structure of production in the Geneva-based WEF's first 'Readiness for the future of production report' and is followed by South Korea, Germany, Switzerland, China, Czech Republic, the US, Sweden, Austria and Ireland in the top 10.
India's total export of finished steel in December last year jumped 28.9 per cent to 0.964 million tonnes (MT), official data showed. The country had shipped 0.748 MT finished steel in the same month in 2016.
During April-December of 2017-18, the export of finished steel increased 52.9 per cent to 7.606 MT, from 4.975 MT in the year-ago period, the Joint Plant Committee (JPC) has said in its latest report.
On the other hand, imports were down 26 per cent at 0.561 MT in December 2017 compared to 0.762 MT during the same month a year ago.
India's November factory output expanded at its fastest in just over two years, driven by robust growth in manufacturing and affirming expectations of stronger secondhalf growth in FY18. The index of industrial production (IIP) rose 8.4% from a year ago, data issued by the Central Statistics Office showed on Friday.
The numbers will bolster the government ahead of the February 1Budget after it forecast the economy would grow at its slowest in four years in FY18 at 6.5%, down from 7.1% last year. "The recovery appears to be broad-based as capital goods, intermediate goods, construction goods and consumer durables have shown good growth. Only primary goods and consumer non-durables growth was low," said Devendra Kumar Pant, chief economist at India Ratings.
With six months into the Goods and Services Tax, the collection for the month of November hit a low figure of 80.808 crores, lowest since its implementation, the data from Ministry of Finance revealed.
Dissecting the data further, in comparison to the tax collections of previous months, the tax collection in October stood at Rs 83,364, Rs 92,150 crore for the month of September.
Also earlier months including August and July, the tax collection stood relatively higher at Rs 90,669 crore and Rs 94,063 crore respectively.
There has been an increase in Textile & Apparel (T&A) exports in November 2017 after witnessing decline since May last year.
Based on data published by Directorate General of Commercial Intelligence and Statistics (DGCIS), after a brief period of decline in Textile & Apparel (T&A) exports including handicraft exports every month beginning May, June, July & October 2017, it can be observed that there is a turnaround in T&A exports, with a 20% increase in November, 2017 over October, 2017," said an official release.
The much awaited new industrial policy for the country is likely to be rolled out in the next few months, Commerce and Industry Minister Suresh Prabhu said recently.
Prabhu during an interaction with press said that the government is likely to release the industrial policy soon.
Explaining further, Prabhu said that the framework will focus on discovering ways to make India an active participant of the global supply chain.
“We have been batting to make India a part of the larger global supply chain. Also the government has proposed multilateral agencies to conduct study on where and how can India become a part of the global value and supply chain, Prabhu added.
The Union Cabinet chaired by Prime Minister Narendra recently approved the proposal to allow 100 per cent FDI through automatic route in single brand retail. The traders have termed the decision as a brutal move against the interest of domestic small and medium retailers.
The Confederation of All India Traders (CAIT) in a press statement said that the permission for a 100 per cent through the automatic route will facilitate easy entry of MNCs (multi-national companies) in retail trade.
With the Union Cabinet chaired by Prime Minister Narendra Modi giving the green signal to the new scheme for skill development scheme, textile body Tirupur Exporters Association (TEA) has welcomed the new policy saying it is to benefit the sector.
The new scheme is to have an allocation of over 1,300 crore, targeting towards jobs in the organised textile and related sectors.
Commenting over the newly passed policy, TEA in a press statements said that the outlay comes in line with the concerns that were being raised by the different stakeholders of the sector.
A month before the Uttar Pradesh government lays out the red carpet for national and international investors at the UP Investors' Summit, Chief Minister Yogi Adityanath would launch the ambitious One District, One Product (ODOP) scheme next week.ODOP is aimed at giving a major push to traditional industries synonymous with the respective districts of the state. UP is uniquely famous for product-specific traditional industrial hubs across 75 districts, including Varanasi (Banarasi silk saris), Bhadohi (carpets), Lucknow (chikan), Kanpur (leather goods), Agra (leather footwear), Aligarh (locks), Moradabad (brassware), Meerut (sports goods) and Saharanpur (wooden products).
Eyeing at assisting the Micro, Small and Medium Enterprises (MSMEs) in the defence sector, the government is to sanction Rs 20 crores for the setting up of a defence manufacturing innovation centre in Coimbatore.
Earlier, MSME body, Coimbatore District Small Scale Industries Association (CODISSIA) in a representation to the defence minister submitted a proposal for the same. The announcement of the fund comes as a response to the proposal, Defence Minister Nirmala Sitharaman said in a press interview.
With the Kerala state government planning to reintroduce the pension scheme for the Micro, Small and Medium Enterprises (MSMEs), the industry is concerned over the criteria that is to be prescribed.
Recently, A C Moideen, Minister for Industries in the Kerala government announced the plan to start pension scheme for small industrialists. Responding to the announcement, Joseph K.A, Vice President of Kerala State Small Industries Association (KSSIA) said that while the MSME pension scheme is a welcoming move, the industry has concerns over the way in which it is to be rolled out.
In a bid to promote Haryana as an ideal destination for investment in Micro, Small & Medium Enterprises (MSMEs), the state government is considering to provide power tariff subsidy of Rs 2 per unit for this industry.
This relief is to be provided to the industries situated in C & D blocks in terms of industrialization for three years from the date of release of power connection.
Talking to KNN, Rajiv Chawla, Chairman of Faridabad Small Industries Association said that the decision once implemented is certainly a positive one for the industries of the state.
In an attempt to strengthen ties between the two countries, Israeli Prime Minister Benjamin Netanyahu is on a visit to India with a 130 member delegation consisting of businessmen from 102 Israeli companies.
In a warm gesture, the Prime Minister Narendra Modi received Netanyahu at the airport, keeping aside the official protocol.
The six day visit of the Israeli Prime Minister is being seen strategic towards bilateral trade ties.
Eyeing at encouraging entrepreneurs to launch new businesses in the Small and Medium Enterprises (SME) sector, the Saudi Arabian General Investment Authority (SAGIA) announced new licensing service recently.
Under the new policy, entrepreneurs and innovators from around the globe can apply for a license and also take benefit from various business incubators, research centres and small and medium enterprises (SME) services to start their own unit in the kingdom.
The authority will be granting a license to entrepreneurs wanting to establish projects in Saudi Arabia that are approved by Saudi Universities or business incubators inside the Kingdom.
The earlier signed Pact between India and Belgium in the field of Information Communication Technology & Electronic (ICT&E) got the cabinet approval recently.
The Union Cabinet chaired by Prime Minister has been apprised of the Memorandum of Understanding (MoU) between both countries on Cooperation in the field of Information Communication Technology & Electronic (ICT&E), an official statement said.
According to the FISME Factor, after demonetisation and the transition glitches of the GST, 83.3 per cent of Micro, Small & Medium Enterprises think that India's economic growth will bounce back in the New Year, 2018, while 16.7 per cent do not agree. 
India is one of the world’s fastest growing major economies, recent concerns of a slowdown notwithstanding. India is also home to a young population and it is expected that by 2020, the average age in India will be 29 years.
Running a small business often means having small budget, too. With startup costs, loans and other expenses, it can be difficult to get your feet planted.
According to Annie Scranton, owner of Pace Public Relations, businesses of all sizes experience financial fluctuation, so it's important to create and stick to a stable budget plan.
Is your business still practicing old techniques of digital marketing? Are you wondering why Digital marketing is not getting you the desired results?
If yes, then this article will surely give you some live examples of how you can use some of the latest developments in the industry. It will help you focus on what all can get you better results while promoting your business online.
Voicing concern over the rising steel prices, Chamber of Commercial and Industrial Undertakings (CICU) in a recent meeting raised that the unstable price of steel is adversely impacting the Micro, Small and Medium Enterprises (MSMEs) of the region.
For Purnima and Pankaj Khandelwal, their entry into the horticulture business happened by chance.
The husband and wife team had started their first venture, a consulting firm, InI Consulting, in 2003.
As India increasingly adopts global trends in the lifestyle space, home décor too isn’t untouched. In the last couple of years, Indian consumer choices have evolved, with contemporary minimalist homes designs gaining popularity nowadays.
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If you want to walk fast, walk alone. But if you want to walk far, walk together
”
