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President's Message
The recent amendment in the Insolvency and Bankruptcy Code has given MSME entrepreneurs a major relaxation. Now MSME entrepreneurs are allowed to submit resolution plans for their own enterprises against which an insolvency petition has been filed. This is a highly welcome step and address a long time concern of the MSME fraternity. In the original Code, all entrepreneurs were barred from participating in the resolution of their insolvent enterprises. FISME represented that that they have an umbilical cord attached with the enterprise and to separate them from the enterprise due to reasons whatsoever, will be an emotional shock. It is good that ultimately wisdom prevailed. However, some residual issues like clarifying wilful default remain, which again make an MSME ineligible to participate in the revival process. . We hope that soon IBC will come out with the detail criteria to define the much abused ‘wilful default’.
"
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 Federation of Indian Micro and Small & Medium Enterprises (FISME), the apex body for MSME associations in the country, is facilitating a meeting between the industry bodies and the newly elected Chief Minister of Karnataka, HD Kumaraswamy.
Representing the MSME sector of the state, Mohan Suresh, a leading SME leader from the state and Past President of FISME, met Kumaraswamy requesting him to meet the industry representatives.
The Chief Minister accepted his request and assured to meet them at the end of June or the first week of July.
Talking to KNN India, Suresh said, “FISME is organizing a meeting between the Chief Minister and industry associations to discuss what the new coalition government will do for the MSME sector.”
Adaptability is a great asset to have because life is so unpredictable, and things can change overnight for any of us.
Coming from Chanda Kochhar, the CEO and MD of ICICI Bank, this advice is extremely relevant, especially for startups. The journey can be long and unpredictable, with several changes along the way due to new tech trends, competition, and management issues.
The micro, small and medium enterprises (MSMEs) sector is of special significance for the Indian government, expecting it to offer higher employment opportunities by 2020. The sector forms a key component of the government's 'Make in India' and 'Skill India' programme. The advent of the Goods and Services Tax (GST), meanwhile, brought with it expectations and debate about its impact on the domestic economy.
Taking measure to give relief to micro, small and medium (MSMEs) badly affected with GST, even those not currently registered under GST regime, the Reserve Bank of India (RBI) has temporarily allowed them to delay their loan repayments up to 180 days from the due date.
The notification for this was issued in February 2018 and only MSMEs registered under GST was provided the loan repayment breather.
According to which banks and NBFCs were allowed to temporarily classify their exposures to the Goods and Services Tax (GST) registered Micro, Small and Medium Enterprises (MSMEs), having aggregate credit facilities from these lenders up to Rs 250 million, as per a 180 day past due criterion, subject to certain conditions.
The Indian Agarbatti industry has been growing manyfold since the past few years and it has touched a revenue of Rs 965 Crore in FYI 18 in exports, up from Rs 798 Crore in FY 15. Gulf, Europe and Africa are the top three leading markets for Indian Agarbattis. The driving force for this growth has been an increased inclination in these regions towards meditation, which has made usage of agarbatti an important aspect of their daily lives.
In view of an adverse impact of the goods and services tax (GST) on exports — particularly in the handicrafts, apparel and carpet sectors — the government is looking at making certain concessions in rates and allowing additional input tax credits to the industry, including a likely reduction of rates on finished carpets and expanding the list of duty-free imports of essential embellishment to make them competitive in the international market.
For faster resolution of bad loans, a Committee has been set up, which would come out with its recommendations on setting up an asset reconstruction or asset management company.
Union Finance Minster Piyush Goyal has said this after a meeting with public sector banks from western and southern region at State Bank of India's headquarters on June 8, 2018.
Goyal told the media that the committee has been formed, which over the next two weeks will come out with their recommendations to set up an asset reconstruction company (ARC) and/or an asset management company (AMC) for faster resolution of stressed assets.
The annual sale of Khadi products in the country has gone up from Rs 39,00 crore to Rs 7,000 crore now, said Union Minister for Textiles Smriti Irani.
She was speaking after inaugurating the Khadi Gramam project of the Union government at Aranmula, Kerala on Monday.
She said the Khadi Gramam was part of the government project aimed at making the heritage village of Aranmula self-reliant through the production and sale of Khadi products.
Further, she added that the Mudra loan project launched by the Modi government was a big hit and a large number of unemployed youth had benefited from it.
The ordinance amending the Insolvency and Bankruptcy Code (IBC) 2018 has been approved by President Ram Nath Kovind.
The Ordinance provides significant relief to home buyers by recognizing their status as financial creditors.
According to government release, the provisions of amended IBC codes would give them due representation in the Committee of Creditors and make them an integral part of the decision making process.
It will also enable home buyers to invoke Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 against errant developers,” a government release has said.
To make adequate loans available to micro and small enterprises (MSEs), the government has tripled its corpus of credit guarantee scheme to Rs 8,000 crore.
To remove the major deadlock that was stopping the NBFCs from extending loan services to MSEs, the government has allowed non-banking financial companies (NBFCs), along with banks, to avail official guarantees to extend credit to such units, MSME Secretary Arun Kumar Panda told the media.
Jammu and Kashmir Deputy Chief Minister Kavinder Gupta has said that the KVIC programs could generate millions of jobs in the valley, through Prime Minister’s ‘Make in India’ mission.
This Honey Mission of KVIC will certainly script a new chapter of development in Jammu and Kashmir as this apiary (beekeeping) sector has the huge potential to generate employment avenues for the youth, he said. The deputy chief minister made these remarks while addressing a function organized by Khadi and Village Industries Commission (KVIC) in Kupwara in association with the Indian Army.
A consultation-cum-interactive session was held with various stakeholders in Gurgaon to formulate a dedicated and comprehensive logistics, warehousing and retail policy to promote and project Haryana as the logistic hub of north India.
The meeting was chaired by Haryana Industries and Commerce Minister Vipul Goel and the session was attended by various senior officials and others. The interaction was organized to size up the concerns of the various industry players and accordingly design the policy framework to address them and achieve the desired objectives.
The Odisha Government has recently approved 5 proposals, including one for registering 3 new institutions as nodal centers for Start-ups.
Chairing a meeting of the Start-up Council, Chief Secretary Aditya Padhi also approved the proposals for providing financial assistance to technology business incubators in National Institute of Technology (NIT), Rourkela and KIIT, Bhubaneswar.
The three institutes which got the approval to function as nodal centers for Start-up are Institute of Hotel Management, Bhubaneswar, Sri Sri University, Cuttack and National Institute of Science and Technology (NIST), Berhampur.
At an inaugural session of “Bamboo Conclave”, Bihar deputy chief minister Sushil Kumar Modi announced to come out with a “Bamboo Policy” for the state.
Speaking at the conclave, Modi said “We will constitute a task force and formulate a bamboo policy for Bihar.”
He said that the farmers, artisans and entrepreneurs will be sent from here to Assam, Tripura and Mizoram for studies and training in bamboo cultivation, product manufacturing and establishing industries dependent on it.
The bamboo conclave was organized for the first time by the state environment and forest department in Patna.
Tamil Nadu government has announced a slew of sops for various sectors including the Micro, Small and Medium Enterprises (MSME) under which it would be setting up an agency to attract foreign investment and cooperation in state MSMEs.
Besides getting foreign cooperation for MSME units, the proposed agency will work towards attracting investment, said Chief Minister K Palaniswami.
According to media reports, in a suo motu statement, he said, "It will function as a coordinating agency for providing single window clearance for MSMEs in Tamil Nadu, to enter into agreements with trade and industry bodies and those proposing investment policies.”
With a view to enhance two sided benefit from trade among small and medium enterprises of India and Indonesia, Indonesian envoy Sidharto R. Suryodipuro emphasized on better connectivity between the two nations.
Stressing on the need to create better connectivity, he said that the small and medium enterprises need time and cost effective convenient way of travel to boost trade. Further, he added that the enhancement in business between the two nations necessitates direct connectivity and for import and export of perishable goods, availability of direct flights would be convenient.
India's cotton exporters have signed contracts to ship 500,000 bales (85,000 tonnes) of their new season harvest to China as the world's biggest consumer of the fibre looks to raise its imports in the next crop year, industry officials told Reuters.
Exporters in India, the world's biggest producer of cotton, usually start selling new season cotton from end-August, after estimating the nation's crop size. But robust demand from China and higher prices have prompted Indian exporters to sign deals in advance, the officials said.
With a view to forge business partnership worldwide, many Vietnamese firms are set to participate in the Vibrant Tamil Nadu Expo and Summit to be held in Madurai from August 12 to August 15, 2018.
This expo will showcase varieties of highly innovative value added food products of Tamil Nadu under one roof.
Speaking at the meeting held in HCM city of Vietnam, Jeevan Kandpal the Indian consul in the city, said the food industry-focused expo would provide “opportunities to forge business partnerships world-wide.” This Expo will bring together all the stakeholders from “farm to fork” viz. farmers, food processors, manufacturers, traders, exporters and importers – both domestic and international – and consumers to a unique platform to harness the export opportunity of farmers and food processors in Tamil Nadu for their foray into national and international markets, he added.
As Indian Economy achieve impressive 7.7 per cent growth in the March quarter, do you think economy has left the pain of demonetisation and GST implementation behind?
As Indian Economy achieve impressive 7.7 per cent growth in the March quarter, according to FISME factor 100 per cent of MSME thinks that the economy still suffering with the pain of demonetisation and GST inplementation.
“An engaged employee is more productive.” You heard it here first.
‘Employee engagement’ has been a hot topic and one often hears about it in almost every HR meet, conference and forum.
Financial Forecasting: Why it is still about being roughly right than precisely wrong s
Business Planning is one of the most critical functions for a business, irrespective of size, and forecasting is an essential part of this. Any business owner would need to make financial forecasts in order to identify many aspects - hurdles or bottlenecks for growth, amount of cash availability, value of the business, capital requirements, etc.
Trust is a complex subject. Yet for brands and businesses, it’s one of the most desired and discussed constructs. There are two specific notions about trust that we need to reconsider. The first is the time view of trust: that it takes ages to build. In fact, it’s the frequency and quality of experiences that builds trust, not the time elapsed.
Hard-pressed MSME units of Koraput district of Odisha struggling for subsidy to save their units from closure
Because of lack of subsidies and government support, at least 13 MSME industries that have been functioning in the tribal-dominated Koraput district of Odisha are on the verge of closure as they are unable to pay their loan.
This business analyst also runs a micro-enterprise supporting Indian handicrafts
The handicraft sector in India is growing at a rate of about 10-15% every year, said Poonam Gupta Maheshwari. More demand provides jobs and economic empowerment, while enabling better self-expression for rural artisans, she explained.
With contextual NLP conversations, Pune-based company’s homegrown tech is helping global enterprises innovate
Artificial Intelligence (AI), Natural Language Processing (NLP), Deep Learning, Machine Learning -- we’ve been overwhelmed by these terms over the past couple of years. Almost everyone in the ecosystem is announcing an AI project in some form or the other.
The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has released the quick estimates of Index of Industrial Production and use-based index for the month of April, 2018 (base 2011-12=100)
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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The recent amendment in the Insolvency and Bankruptcy Code has given MSME entrepreneurs a major relaxation. Now MSME entrepreneurs are allowed to submit resolution plans for their own enterprises against which an insolvency petition has been filed. This is a highly welcome step and address a long time concern of the MSME fraternity. In the original Code, all entrepreneurs were barred from participating in the resolution of their insolvent enterprises. FISME represented that that they have an umbilical cord attached with the enterprise and to separate them from the enterprise due to reasons whatsoever, will be an emotional shock. It is good that ultimately wisdom prevailed. However, some residual issues like clarifying wilful default remain, which again make an MSME ineligible to participate in the revival process. . We hope that soon IBC will come out with the detail criteria to define the much abused ‘wilful default’.
"
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 Federation of Indian Micro and Small & Medium Enterprises (FISME), the apex body for MSME associations in the country, is facilitating a meeting between the industry bodies and the newly elected Chief Minister of Karnataka, HD Kumaraswamy.
Representing the MSME sector of the state, Mohan Suresh, a leading SME leader from the state and Past President of FISME, met Kumaraswamy requesting him to meet the industry representatives.
The Chief Minister accepted his request and assured to meet them at the end of June or the first week of July.
Talking to KNN India, Suresh said, “FISME is organizing a meeting between the Chief Minister and industry associations to discuss what the new coalition government will do for the MSME sector.”
Adaptability is a great asset to have because life is so unpredictable, and things can change overnight for any of us.
Coming from Chanda Kochhar, the CEO and MD of ICICI Bank, this advice is extremely relevant, especially for startups. The journey can be long and unpredictable, with several changes along the way due to new tech trends, competition, and management issues.
Taking measure to give relief to micro, small and medium (MSMEs) badly affected with GST, even those not currently registered under GST regime, the Reserve Bank of India (RBI) has temporarily allowed them to delay their loan repayments up to 180 days from the due date.
The notification for this was issued in February 2018 and only MSMEs registered under GST was provided the loan repayment breather.
According to which banks and NBFCs were allowed to temporarily classify their exposures to the Goods and Services Tax (GST) registered Micro, Small and Medium Enterprises (MSMEs), having aggregate credit facilities from these lenders up to Rs 250 million, as per a 180 day past due criterion, subject to certain conditions.
The Indian Agarbatti industry has been growing manyfold since the past few years and it has touched a revenue of Rs 965 Crore in FYI 18 in exports, up from Rs 798 Crore in FY 15. Gulf, Europe and Africa are the top three leading markets for Indian Agarbattis. The driving force for this growth has been an increased inclination in these regions towards meditation, which has made usage of agarbatti an important aspect of their daily lives.
In view of an adverse impact of the goods and services tax (GST) on exports — particularly in the handicrafts, apparel and carpet sectors — the government is looking at making certain concessions in rates and allowing additional input tax credits to the industry, including a likely reduction of rates on finished carpets and expanding the list of duty-free imports of essential embellishment to make them competitive in the international market.
For faster resolution of bad loans, a Committee has been set up, which would come out with its recommendations on setting up an asset reconstruction or asset management company.
Union Finance Minster Piyush Goyal has said this after a meeting with public sector banks from western and southern region at State Bank of India's headquarters on June 8, 2018.
Goyal told the media that the committee has been formed, which over the next two weeks will come out with their recommendations to set up an asset reconstruction company (ARC) and/or an asset management company (AMC) for faster resolution of stressed assets.
The annual sale of Khadi products in the country has gone up from Rs 39,00 crore to Rs 7,000 crore now, said Union Minister for Textiles Smriti Irani.
She was speaking after inaugurating the Khadi Gramam project of the Union government at Aranmula, Kerala on Monday.
She said the Khadi Gramam was part of the government project aimed at making the heritage village of Aranmula self-reliant through the production and sale of Khadi products.
Further, she added that the Mudra loan project launched by the Modi government was a big hit and a large number of unemployed youth had benefited from it.
The ordinance amending the Insolvency and Bankruptcy Code (IBC) 2018 has been approved by President Ram Nath Kovind.
The Ordinance provides significant relief to home buyers by recognizing their status as financial creditors.
According to government release, the provisions of amended IBC codes would give them due representation in the Committee of Creditors and make them an integral part of the decision making process.
It will also enable home buyers to invoke Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 against errant developers,” a government release has said.
To make adequate loans available to micro and small enterprises (MSEs), the government has tripled its corpus of credit guarantee scheme to Rs 8,000 crore.
To remove the major deadlock that was stopping the NBFCs from extending loan services to MSEs, the government has allowed non-banking financial companies (NBFCs), along with banks, to avail official guarantees to extend credit to such units, MSME Secretary Arun Kumar Panda told the media.
Jammu and Kashmir Deputy Chief Minister Kavinder Gupta has said that the KVIC programs could generate millions of jobs in the valley, through Prime Minister’s ‘Make in India’ mission.
This Honey Mission of KVIC will certainly script a new chapter of development in Jammu and Kashmir as this apiary (beekeeping) sector has the huge potential to generate employment avenues for the youth, he said. The deputy chief minister made these remarks while addressing a function organized by Khadi and Village Industries Commission (KVIC) in Kupwara in association with the Indian Army.
A consultation-cum-interactive session was held with various stakeholders in Gurgaon to formulate a dedicated and comprehensive logistics, warehousing and retail policy to promote and project Haryana as the logistic hub of north India.
The meeting was chaired by Haryana Industries and Commerce Minister Vipul Goel and the session was attended by various senior officials and others. The interaction was organized to size up the concerns of the various industry players and accordingly design the policy framework to address them and achieve the desired objectives.
The Odisha Government has recently approved 5 proposals, including one for registering 3 new institutions as nodal centers for Start-ups.
Chairing a meeting of the Start-up Council, Chief Secretary Aditya Padhi also approved the proposals for providing financial assistance to technology business incubators in National Institute of Technology (NIT), Rourkela and KIIT, Bhubaneswar.
The three institutes which got the approval to function as nodal centers for Start-up are Institute of Hotel Management, Bhubaneswar, Sri Sri University, Cuttack and National Institute of Science and Technology (NIST), Berhampur.
At an inaugural session of “Bamboo Conclave”, Bihar deputy chief minister Sushil Kumar Modi announced to come out with a “Bamboo Policy” for the state.
Speaking at the conclave, Modi said “We will constitute a task force and formulate a bamboo policy for Bihar.”
He said that the farmers, artisans and entrepreneurs will be sent from here to Assam, Tripura and Mizoram for studies and training in bamboo cultivation, product manufacturing and establishing industries dependent on it.
The bamboo conclave was organized for the first time by the state environment and forest department in Patna.
Tamil Nadu government has announced a slew of sops for various sectors including the Micro, Small and Medium Enterprises (MSME) under which it would be setting up an agency to attract foreign investment and cooperation in state MSMEs.
Besides getting foreign cooperation for MSME units, the proposed agency will work towards attracting investment, said Chief Minister K Palaniswami.
According to media reports, in a suo motu statement, he said, "It will function as a coordinating agency for providing single window clearance for MSMEs in Tamil Nadu, to enter into agreements with trade and industry bodies and those proposing investment policies.”
With a view to enhance two sided benefit from trade among small and medium enterprises of India and Indonesia, Indonesian envoy Sidharto R. Suryodipuro emphasized on better connectivity between the two nations.
Stressing on the need to create better connectivity, he said that the small and medium enterprises need time and cost effective convenient way of travel to boost trade. Further, he added that the enhancement in business between the two nations necessitates direct connectivity and for import and export of perishable goods, availability of direct flights would be convenient.
India's cotton exporters have signed contracts to ship 500,000 bales (85,000 tonnes) of their new season harvest to China as the world's biggest consumer of the fibre looks to raise its imports in the next crop year, industry officials told Reuters.
Exporters in India, the world's biggest producer of cotton, usually start selling new season cotton from end-August, after estimating the nation's crop size. But robust demand from China and higher prices have prompted Indian exporters to sign deals in advance, the officials said.
With a view to forge business partnership worldwide, many Vietnamese firms are set to participate in the Vibrant Tamil Nadu Expo and Summit to be held in Madurai from August 12 to August 15, 2018.
This expo will showcase varieties of highly innovative value added food products of Tamil Nadu under one roof.
Speaking at the meeting held in HCM city of Vietnam, Jeevan Kandpal the Indian consul in the city, said the food industry-focused expo would provide “opportunities to forge business partnerships world-wide.” This Expo will bring together all the stakeholders from “farm to fork” viz. farmers, food processors, manufacturers, traders, exporters and importers – both domestic and international – and consumers to a unique platform to harness the export opportunity of farmers and food processors in Tamil Nadu for their foray into national and international markets, he added.
As Indian Economy achieve impressive 7.7 per cent growth in the March quarter, according to FISME factor 100 per cent of MSME thinks that the economy still suffering with the pain of demonetisation and GST inplementation. 
“An engaged employee is more productive.” You heard it here first.
‘Employee engagement’ has been a hot topic and one often hears about it in almost every HR meet, conference and forum.
Business Planning is one of the most critical functions for a business, irrespective of size, and forecasting is an essential part of this. Any business owner would need to make financial forecasts in order to identify many aspects - hurdles or bottlenecks for growth, amount of cash availability, value of the business, capital requirements, etc.
Trust is a complex subject. Yet for brands and businesses, it’s one of the most desired and discussed constructs. There are two specific notions about trust that we need to reconsider. The first is the time view of trust: that it takes ages to build. In fact, it’s the frequency and quality of experiences that builds trust, not the time elapsed.
Because of lack of subsidies and government support, at least 13 MSME industries that have been functioning in the tribal-dominated Koraput district of Odisha are on the verge of closure as they are unable to pay their loan.
The handicraft sector in India is growing at a rate of about 10-15% every year, said Poonam Gupta Maheshwari. More demand provides jobs and economic empowerment, while enabling better self-expression for rural artisans, she explained.
Artificial Intelligence (AI), Natural Language Processing (NLP), Deep Learning, Machine Learning -- we’ve been overwhelmed by these terms over the past couple of years. Almost everyone in the ecosystem is announcing an AI project in some form or the other.
