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President's Message
The latest economic data indicates that businesses are limping back to normalcy after twin shocks of demonetisation and GST. A very large segment of MSME sector is suffering from pile of unpaid dues much because of these two disruptions. Unfortunately, rather than being empathetic to the woes of the sector, the RBI continues to push Banks through a highly controversial Special Mention Account (SMA) rating regime. Majority of MSMEs don’t get payments before 90 days. However, under the SMA, a unit comes under watch and is marked SMA-0 even if principal or payment is overdue for more than 30 days. The account is almost freezed if the delay is over 90 days and marked SMA-2. This policy has resulted forced sickness in large number of accounts which are otherwise perfectly health but for cyclical payment delays. This distress is unnecessary and absolutely avoidable.
"
Eight Taiwanese companies met their counterparts in New Delhi on 17th June to identify the potential areas of trade and investment and for Joint Ventures on 17th May 2018. The B2B also coincided with opening of New Delhi office of Taiwan External Trade Development Council (TAITRA) by its Chairman. Prominent FISME office bearers who participated in B2B included Mr. V.K. Agarwal, M. C.S. Goel, Mr. Pankaj Bansal among a number of members.
The pace of change in today’s market is so fast and volatile that companies of all sizes, especially the startups risk their very survival unless they become more disruptive and more innovative. Without adopting the changes and following the right tactics, no startup can survive or expand the business in this volatile market.
Here are 5 surefire ways that every startup entrepreneur should follow in order to expand their business.
India seems to be gaining economic speed. Estimates for the fourth quarter, January-March, of 2017-18 by the Central Statistics Office peg GDP growth at 7.7%, the fastest rate in two years. Also, growth in Q4 seems buoyant in key sector like agriculture, manufacturing and construction. The figures suggest rising investments levels, which promise to boost the overall growth momentum in the coming fiscal. The provisional GDP growth rate for last fiscal as a whole is now put at 6.7%, mainly on account of the lacklustre growth of 5.6% posted in the April-June quarter.
After sitting on GST refunds of close to Rs 20,000 crore, the government on Tuesday promised to clear the dues after a top industry lobby group protested against holding back of funds.
Federation of Indian Export Organisations (Fieo) president Ganesh Gupta said refund of over Rs 20,000 crore was pending on account of IGST (integrated GST) and ITCNSE -0.51 % (input tax credit). “Many exporters have not been able to file the refund of ITC due to technical glitches as input tax credit and exports happened in different months,” Gupta said, reiterating a concern that exporters have expressed for over six months now.
In a bid to curb cheaper imports and protect domestic growers, the government has raised the custom duty on wheat from 20% to 30%.
The move comes in the wake of record domestic production and fear of cheaper imports from international market.
The government has raised the duty to restrict overseas purchase so that domestic prices of wheat do not come under pressure and farmers get at least the minimum support price (MSP) of Rs 1735 per quintal fixed for the 2017-18 crop year (July-June), according to media report.
The value-added pepper exporters of Karnataka are hoping that the Centre will soon take a decision on their demand for withdrawal of minimum import price (MIP) of Rs 500 per kg with the Congress-JDS coalition.
The Karnataka’s farmers had argued that the large scale imports were pushing down the prices of pepper due to which they are losing their business.
Even after introduction of MIP in December last year, value added pepper exporters who import cheaper pepper for value addition and then export the commodity, had continued to import the below the MIP by paying fines.
The labour intensive sectors which are mostly micro, small and medium enterprises (MSMEs) like Handloom, Handicraft, Leather, Sports Goods etc have been provided with duty free entitlements with effect from July 1, 2017.
With a view to expand employment opportunities, certain special focus initiatives for Handlooms, Handicraft, Leather, Marine, Sports Goods and Toys sectors are required, Directorate General of Foreign Trade (DGFT) has said.
The public sector undertakings and private partners should come together and collaborate to meet the security challenges of the country in the future, said V.M. Chamola, Director (Human Resources) of Hindustan Aeronautics Limited.
He made the above remarks at the conference on the theme “Small is Big”, organized by TexasVentures as a part of the SUBCON expo.
Inaugurating the conference and highlighting the opportunities in defence sector, he said “there are huge opportunities in the defence sector and micro, small and medium-scale enterprises (MSMEs) should tap it.
With a view to bring more units under the ambit of micro, small and medium industries (MSMEs) category to help them reap benefits of the schemes, Principal Director of MSME-Technology Development Centre in Agra R Pannerselvam said that agro-based and art-based industries would soon be brought under MSME category and Ministry of MSME would support them. He made the remarks at the ‘Subcon 2018’ fair at CODISSIA Trade Fair Complex in Coimbatore, Tamil Nadu.
To promote startups in the country and facilitate them, NITI Aayog will soon launch a new portal that will open the floodgate of public data for them.
Speaking at a conclave on artificial intelligence organized by Bennet University, the government think tank NITI Aayog’s CEO Amitabh Kant has said that the Aayog will soon launch a new portal that will allow private organizations, especially startups, to use public data available with various ministries for innovation and come up with sector-specific solutions.
With a view to extend more support to MSME sector, West Bengal Government is planning to organize synergy for the Micro, Small and Medium Enterprises and Textiles sector in the month of September.
According to a media report, a detailed discussion was held in this connection.
But final decision on the date and other aspects of the synergy will be taken in meetings to be held soon.
It has been learnt that the event is going to be held in Biswa Bangla Convention Centre. The final decision on the venue is also yet to be taken.
To promote khadi and khadi made products, Bihar industries department has decided to set up Khadi School at Manpur in Gaya.
Talking about starting a khadi school in Bihar, Industries Department's Principal Secretary S Sidharth said, “We are thinking of starting a batch consisting of 100 students from July or August this year.”
He said the minimum qualification required for admission will be either 10th or 12th certificate adding to this, he stated that the students will be trained as trainers and will be used as foot soldiers to promote khadi.
The economic advisor has been requested for the intervention in MSME policy for Jammu & Kashmir by the PHD Chamber of Kashmir.
With a view to discuss issues related to business and industry in Kashmir, Economic Advisor of Union MSME Ministry DPS Negi held meetings with business community during his state visit.
In a meeting with Kashmir chapter of PHD Chamber, Participants demanded Union Ministry of MSME's intervention for J&K in manufacturing as well as the service sectors including hospitality, handicrafts and handloom.
Promoting Honeybee farming among the farmers in state, the Odisha Government has decided to promote one lakh farmers as bee farmers with the financial and technical support from banks and Khadi and Village Industries Board (KVIB).
Being profitable small investment and eco-friendly too, honeybee farming needs to be promoted, said Odisha MSME Minister Prafulla Samal on the occasion of the World Honeybee Day held on Sunday.
The event was jointly organized by MSME Department and KVIB.
The Gujarat Government has announced 50 per cent reduction in the cost of GIDC plots for micro, small and medium enterprises (MSMEs).
The State Cabinet has decided that the plots would be allocated under the GIDC industrial estates having a size of up to 3,000 square meters.
Nitin Patel, Deputy Chief Minister, Gujarat, said the state government has changed the process of land allocation and pricing to develop industrial estates.
As developing nations, India and Argentina must focus on strengthening strategic relations and co-operation in sensible areas such as agriculture, atomic energy, space research, mining, tourism, infrastructure and traditional medicine such as AYUSH, said Daniel Chuburu, Ambassador of Republic of Argentina.
Speaking at an interactive meeting organized by World Trade Centre Mumbai on May 24, 2018 at WTC Mumbai, Chuburu said “we are working with India to diversify trade basket”.
India and Indonesia have agreed to double their efforts to boost bilateral trade to USD 50 billion by 2025, Prime Minister Narendra Modi said today after holding comprehensive talks with President Joko Widodo.
Prime Minister Modi, who arrived here last night on his first-ever official visit to Indonesia, exchanged views with President Widodo on potential areas of cooperation in areas like defence, maritime security, trade and economy.
In a bid to promote spirit of innovation and entrepreneurship, India and Netherland will jointly launch the Indo-Dutch #StartUpLink initiative which will give boost to all the sectors.
The Invest India (host to the Government of India’s initiative, ‘Startup India’ under the Ministry of Commerce and Industry) and the Dutch Government will jointly launch this initiative officially on May 25, 2018 at Taj West End Hotel, Bengaluru, according to an official release.
An international specialized exhibition of modern technologies and equipment for agriculture is being organized in Tashket, Uzbekistan from May 30-June 2, 2018.
JSS NEC Uzexpocentre, under State Committee for the investments of the Republic of Uzbekistan, is hosting the 13th edition of “Uzbekistan Agrotech Expo-2018” and “Uzbekistan Agromash Expo-2018 in Tashkent (Uzbekistan) from May 30 to June 2, 2018.
The International Monetary Fund (IMF) reaffirmed that India will be the fastest growing major economy at 7.4 per cent in 2018. Do you agree
According to the FISME Factor, 71.4 per cent Micro, Small & Medium Enterprises agree with the IMF reaffirmation that India will be the fastest growing major economy at 7.4 per cent in 2018 while 28.6 per cent of MSMEs are not agree with it.
Three things to boost the productivity of your knowledge workforce
Employers have strived since a long time to know the secret to a happy, healthy and productive workforce. It comes as no surprise that organizations invest a significant amount of time and money to understand what works best for their employees.
In this article we talked about what constitutes a good credit score. In this article, we will talk about how to ensure your credit score stays good and some of the things that you need to follow.
Social entrepreneurship is gaining pace in India and the game is more than running an NGO. Social entrepreneurs are experimenting with new age technologies like AI and IoT to helping people to make their lives better.
Bringing dignity to challenged lives is their business
Pavithra Y Sundareshan wanted to start a social enterprise, while her husband, Ashok Giri D, was keen on starting a venture that ran on commercial lines. They managed to strike a balance when they launched Vindhya e-Infomedia Pvt Ltd in 2006.
This man is trying to deliver organic products to customers on a budget
In recent years, we have seen a growing demand for organic products across households in the country. There is no doubt that the organic industry is making its way into the lifestyles of many, but expensive products are a concern.
The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation brought out the first release of employment related statistics in the formal sector in April, 2018 covering the period September 2017 to February, 2018.
“
In looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And, if they don't have the first, the other two will kill you.
”
– Warren Edward Buffett - an American business magnate
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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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 latest economic data indicates that businesses are limping back to normalcy after twin shocks of demonetisation and GST. A very large segment of MSME sector is suffering from pile of unpaid dues much because of these two disruptions. Unfortunately, rather than being empathetic to the woes of the sector, the RBI continues to push Banks through a highly controversial Special Mention Account (SMA) rating regime. Majority of MSMEs don’t get payments before 90 days. However, under the SMA, a unit comes under watch and is marked SMA-0 even if principal or payment is overdue for more than 30 days. The account is almost freezed if the delay is over 90 days and marked SMA-2. This policy has resulted forced sickness in large number of accounts which are otherwise perfectly health but for cyclical payment delays. This distress is unnecessary and absolutely avoidable.
"
Eight Taiwanese companies met their counterparts in New Delhi on 17th June to identify the potential areas of trade and investment and for Joint Ventures on 17th May 2018. The B2B also coincided with opening of New Delhi office of Taiwan External Trade Development Council (TAITRA) by its Chairman. Prominent FISME office bearers who participated in B2B included Mr. V.K. Agarwal, M. C.S. Goel, Mr. Pankaj Bansal among a number of members.
The pace of change in today’s market is so fast and volatile that companies of all sizes, especially the startups risk their very survival unless they become more disruptive and more innovative. Without adopting the changes and following the right tactics, no startup can survive or expand the business in this volatile market.
Here are 5 surefire ways that every startup entrepreneur should follow in order to expand their business.
After sitting on GST refunds of close to Rs 20,000 crore, the government on Tuesday promised to clear the dues after a top industry lobby group protested against holding back of funds.
Federation of Indian Export Organisations (Fieo) president Ganesh Gupta said refund of over Rs 20,000 crore was pending on account of IGST (integrated GST) and ITCNSE -0.51 % (input tax credit). “Many exporters have not been able to file the refund of ITC due to technical glitches as input tax credit and exports happened in different months,” Gupta said, reiterating a concern that exporters have expressed for over six months now.
In a bid to curb cheaper imports and protect domestic growers, the government has raised the custom duty on wheat from 20% to 30%.
The move comes in the wake of record domestic production and fear of cheaper imports from international market.
The government has raised the duty to restrict overseas purchase so that domestic prices of wheat do not come under pressure and farmers get at least the minimum support price (MSP) of Rs 1735 per quintal fixed for the 2017-18 crop year (July-June), according to media report.
The value-added pepper exporters of Karnataka are hoping that the Centre will soon take a decision on their demand for withdrawal of minimum import price (MIP) of Rs 500 per kg with the Congress-JDS coalition.
The Karnataka’s farmers had argued that the large scale imports were pushing down the prices of pepper due to which they are losing their business.
Even after introduction of MIP in December last year, value added pepper exporters who import cheaper pepper for value addition and then export the commodity, had continued to import the below the MIP by paying fines.
The labour intensive sectors which are mostly micro, small and medium enterprises (MSMEs) like Handloom, Handicraft, Leather, Sports Goods etc have been provided with duty free entitlements with effect from July 1, 2017.
With a view to expand employment opportunities, certain special focus initiatives for Handlooms, Handicraft, Leather, Marine, Sports Goods and Toys sectors are required, Directorate General of Foreign Trade (DGFT) has said.
The public sector undertakings and private partners should come together and collaborate to meet the security challenges of the country in the future, said V.M. Chamola, Director (Human Resources) of Hindustan Aeronautics Limited.
He made the above remarks at the conference on the theme “Small is Big”, organized by TexasVentures as a part of the SUBCON expo.
Inaugurating the conference and highlighting the opportunities in defence sector, he said “there are huge opportunities in the defence sector and micro, small and medium-scale enterprises (MSMEs) should tap it.
With a view to bring more units under the ambit of micro, small and medium industries (MSMEs) category to help them reap benefits of the schemes, Principal Director of MSME-Technology Development Centre in Agra R Pannerselvam said that agro-based and art-based industries would soon be brought under MSME category and Ministry of MSME would support them. He made the remarks at the ‘Subcon 2018’ fair at CODISSIA Trade Fair Complex in Coimbatore, Tamil Nadu.
To promote startups in the country and facilitate them, NITI Aayog will soon launch a new portal that will open the floodgate of public data for them.
Speaking at a conclave on artificial intelligence organized by Bennet University, the government think tank NITI Aayog’s CEO Amitabh Kant has said that the Aayog will soon launch a new portal that will allow private organizations, especially startups, to use public data available with various ministries for innovation and come up with sector-specific solutions.
With a view to extend more support to MSME sector, West Bengal Government is planning to organize synergy for the Micro, Small and Medium Enterprises and Textiles sector in the month of September.
According to a media report, a detailed discussion was held in this connection.
But final decision on the date and other aspects of the synergy will be taken in meetings to be held soon.
It has been learnt that the event is going to be held in Biswa Bangla Convention Centre. The final decision on the venue is also yet to be taken.
To promote khadi and khadi made products, Bihar industries department has decided to set up Khadi School at Manpur in Gaya.
Talking about starting a khadi school in Bihar, Industries Department's Principal Secretary S Sidharth said, “We are thinking of starting a batch consisting of 100 students from July or August this year.”
He said the minimum qualification required for admission will be either 10th or 12th certificate adding to this, he stated that the students will be trained as trainers and will be used as foot soldiers to promote khadi.
The economic advisor has been requested for the intervention in MSME policy for Jammu & Kashmir by the PHD Chamber of Kashmir.
With a view to discuss issues related to business and industry in Kashmir, Economic Advisor of Union MSME Ministry DPS Negi held meetings with business community during his state visit.
In a meeting with Kashmir chapter of PHD Chamber, Participants demanded Union Ministry of MSME's intervention for J&K in manufacturing as well as the service sectors including hospitality, handicrafts and handloom.
Promoting Honeybee farming among the farmers in state, the Odisha Government has decided to promote one lakh farmers as bee farmers with the financial and technical support from banks and Khadi and Village Industries Board (KVIB).
Being profitable small investment and eco-friendly too, honeybee farming needs to be promoted, said Odisha MSME Minister Prafulla Samal on the occasion of the World Honeybee Day held on Sunday.
The event was jointly organized by MSME Department and KVIB.
The Gujarat Government has announced 50 per cent reduction in the cost of GIDC plots for micro, small and medium enterprises (MSMEs).
The State Cabinet has decided that the plots would be allocated under the GIDC industrial estates having a size of up to 3,000 square meters.
Nitin Patel, Deputy Chief Minister, Gujarat, said the state government has changed the process of land allocation and pricing to develop industrial estates.
As developing nations, India and Argentina must focus on strengthening strategic relations and co-operation in sensible areas such as agriculture, atomic energy, space research, mining, tourism, infrastructure and traditional medicine such as AYUSH, said Daniel Chuburu, Ambassador of Republic of Argentina.
Speaking at an interactive meeting organized by World Trade Centre Mumbai on May 24, 2018 at WTC Mumbai, Chuburu said “we are working with India to diversify trade basket”.
India and Indonesia have agreed to double their efforts to boost bilateral trade to USD 50 billion by 2025, Prime Minister Narendra Modi said today after holding comprehensive talks with President Joko Widodo.
Prime Minister Modi, who arrived here last night on his first-ever official visit to Indonesia, exchanged views with President Widodo on potential areas of cooperation in areas like defence, maritime security, trade and economy.
In a bid to promote spirit of innovation and entrepreneurship, India and Netherland will jointly launch the Indo-Dutch #StartUpLink initiative which will give boost to all the sectors.
The Invest India (host to the Government of India’s initiative, ‘Startup India’ under the Ministry of Commerce and Industry) and the Dutch Government will jointly launch this initiative officially on May 25, 2018 at Taj West End Hotel, Bengaluru, according to an official release.
An international specialized exhibition of modern technologies and equipment for agriculture is being organized in Tashket, Uzbekistan from May 30-June 2, 2018.
JSS NEC Uzexpocentre, under State Committee for the investments of the Republic of Uzbekistan, is hosting the 13th edition of “Uzbekistan Agrotech Expo-2018” and “Uzbekistan Agromash Expo-2018 in Tashkent (Uzbekistan) from May 30 to June 2, 2018.
According to the FISME Factor, 71.4 per cent Micro, Small & Medium Enterprises agree with the IMF reaffirmation that India will be the fastest growing major economy at 7.4 per cent in 2018 while 28.6 per cent of MSMEs are not agree with it. 
Employers have strived since a long time to know the secret to a happy, healthy and productive workforce. It comes as no surprise that organizations invest a significant amount of time and money to understand what works best for their employees.
In this article we talked about what constitutes a good credit score. In this article, we will talk about how to ensure your credit score stays good and some of the things that you need to follow.
Social entrepreneurship is gaining pace in India and the game is more than running an NGO. Social entrepreneurs are experimenting with new age technologies like AI and IoT to helping people to make their lives better.
The Cashew industry in Kollam district of Kerala has been facing severe crisis from past few months which has led to closure of several units.
In recent years, we have seen a growing demand for organic products across households in the country. There is no doubt that the organic industry is making its way into the lifestyles of many, but expensive products are a concern.
“
In looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And, if they don't have the first, the other two will kill you.
”
