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President's Message
Former Deputy Chairman of NITI Aayog Arvind Parangriya has recently noted, “for India to achieve double digit growth the country needs major reforms in labour and land acquisition laws. It also needs significant privatization and a major reform of civil service which is quite not sufficient to handle the large economy that is India now”. In a super compressed form he has narrated the gist of his experience at the apex of India’s policy set-up. Anybody who has stake in India’s economic growth needs to push the governments around these priorities for reforms. All of these roadblocks are created by the political parties in their narrow self-interests which now put a huge drag on economic competitiveness. Therefore, chambers and associations have a duty to build public opinion for reforms emboldening the politicians to compete for carrying out reforms. An election year is the best times to develop and push an argument for reforms to be placed before the political parties. FISME is continuously making efforts by engaging directly with government at highest level as well as through indirectly with the help of experts and opinion makers. I had made some specific suggestions on social security before the Finance Minister during pre-budget consultations. In continuation to these efforts, a brainstorming session was held with former Labour Secretary (GoI) and labour experts recently at FISME. With the help of associated associations we shall work towards developing a comprehensive agenda for MSMEs’ growth in 2018-19. "
Towards up scaling the industrial infrastructure for Micro, Small and Medium Enterprises (MSMEs) in the national capital, the Federation of Indian Micro and Small & Medium Enterprises (FISME) along with MSME Development Institute (MSME-DI) held a workshop under the theme “Industrial Eco-system in Delhi”.
Speaking at the event, Ram Mohan Mishra, Additional Secretary and Development Commissioner, Ministry of MSME highlighted the need to have a more conducive ecosystem for MSMEs in Delhi considering the fact that Delhi helps produce “Demonstration Effect”.
A roundtable was organized at FISME office on 19th January, 2018, to brainstorm on liberalisation of labour laws towards easing of regulatory compliances by MSMEs. Senior members of FISME and labour law experts attended the Roundtable discussion. Briefing the Group about the agenda of the Government in liberalizing labour Laws, Mr. Shankar Agarwal, Past Secretary, Ministry of Labour, Government of India, mentioned that the Government is interested in capturing all labour laws under for codes on i) wage; ii) Industrial Relations; iii) Social Security and iv) safety and Security. However, bringing convergence of all interest groups on theses codes is a major challenge. FISME President reiterated FISME’s long standing demand of charging of a lumpsum 10% of the workers’ wages from MSMEs as social security charges and scrapping of the EPF by bringing the workers under the Universal Healthcare programme of the Government.
A meeting of the Central executive Committee of FISME was held at FISME office on 19th January, 2018.
At the meeting the ensuing Budget and FISME’s representation to the Government on the same was discussed by the members.
FISME President mentioned about the issue of employment incentives to MSMEs raised by him at the meeting with the Finance Minister.
Other issues discussed at the meeting were Government’s commitment on liberalising of labour laws, simplification of GST and reluctance of the banks to finance MSME projects.
The CEC also brainstormed on approaching the Government for providing an enabling environment for incubation of new manufacturing MSMEs.
Emerging as an Emperor It is said that with the era of digital disruption, two-thirds of the Fortune 500 companies will no longer exist. And this is what keeps the CEOs of most companies awake at night as they grapple to achieve the growth and ambitious targets set forth by their boards. What should they do to ensure that their companies not only remain relevant tomorrow, but take advantage of the digital opportunities?
Nearly every company today is embracing a transformation journey enabled by the convergence of technologies.
The new Economic Survey written by the team of finance ministry economists led by Arvind Subramanian provides compelling evidence of how the Indian economy is becoming more formalized. The reason this shift is important is not just because of the possibility of higher tax revenues for the government to spend; it is also about a profoundly different social contract between citizens and the state. There are four key shifts that are mentioned in different parts of the Economic Survey.
First, the introduction of the goods and services tax (GST) has brought more firms into the tax net. The number of enterprises paying indirect taxes has gone up by 3.4 million, an increase of 50%.
India has been ranked sixth in the list of wealthiest countries with total wealth of USD 8,230 billion, while the United States topped the chart, says a report.
According to a report by New World Wealth, the United States is the wealthiest country in the world as the total wealth held in 2017 amounted to USD 64,584 billion, followed by China at the second place with USD 24,803 billion and Japan with USD 19,522 billion at third.
Total wealth, refers to the private wealth held by all the individuals living in each country/city. It includes all their assets (property, cash, equities, business interests) less any liabilities. The report, however, excludes government funds from its figures.
The government is likely to rein in the fiscal deficit at the targeted level of 3.2% of gross domestic product (GDP) in the current financial year (2017-18), despite worries that it may breach the limit.
Indications emerging from sources show that the government will signal its "strong commitment" to fiscal consolidation in the Budget. In all Budget speeches since 2014-15, FM Arun Jaitley has reiterated his commitment to fiscal consolidation. Last year, he overcame pressure from several quarters to step up spending to boost growth and adhered to the fiscal goal. Financial markets, however, expect a minor slippage in meeting the target.
Agriculture income may fall by up to 25% in the medium term because climate change will hit crop yields, making it imperative to replace power and fertiliser subsidies by direct income support and to drastically expand irrigation, the Economic Survey said.
Agriculture accounts for 16% of gross domestic product and 49% of employment in India, making it crucial in the overall economy, the survey said. "Poor agricultural performance can lead to inflation, farmer distress and unrest, ..
The Goods and Services Tax (GST) implementation has increased indirect taxpayer base by more than 50 per cent with 34 lakh businesses coming into the tax net, the Economic Survey said today.
The Survey, authored by Chief Economic Advisor Arvind Subramanian said, preliminary analysis of data shows GST registrants rose mainly on account of large increase in voluntary registrations, especially by small enterprises that buy from large enterprises and want to avail themselves of input ..
The government has reduced the minimum export price (MEP) of onion by USD 150 per tonne with prices of the kitchen staple moderating.
The MEP for onion, the floor price below which exports are not allowed, has been reduced to USD 700 per tonne from USD 850 fixed in November, as per the commerce ministry.
Onion MEP was scrapped in December 2015 but brought back in November 2017 with an aim to check rising prices which were ruling at Rs 50-65 per kg in most cities.
Government e Marketplace (GeM) 3.0, an upgraded version of the National Procurement Portal of India, has been launched by the government.
GeM 3.0 has been launched to keep pace with ever-evolving technological challenges and stake holder aspirations.
"The GeM 2.0 was launched as a pilot in August 2016 and its success led to this massive transformation program - GeM 3.0 which would offer standardised and enriched catalogue management, powerful search engine, real time price comparison, template-based Bid and RA creation, demand aggregation, e-EMD, e-PBG, user rating, advanced MIS and analytics and more," said the Finance Ministry in a statement.
Tea Board of India has initiated the process of issuance of Identity card with QR code to the small tea growers of Assam and the first batch of cards was distributed on 20-01-2018 at Bongaigaon District in presence of the Executive Director, North East and the members of the small tea growers association of Bongaigaon district.
The issue of identification is a long standing demand of small tea growers and the process of reaching out to the small tea growers and providing them wit ..
With the Goods and Services Tax (GST) Council meeting for the 25th time, the council announced revision of tax rates on over 29 goods and 53 services.
With regard to the issue of bringing petrol, diesel and other items exempted from GST did not appear before the GST Council today, but they might be taken up during the next meeting, Finance Minister Arun Jaitley said during a press interaction after the meeting.
Also Bihar Finance Minister Sushil Modi who is a part of the GST panel said the Council is likely to look at brining the sectors including real estate, electric duty, petroleum products under GST.
The government has identified eight more mineral blocks with a cumulative reserve of 1,133 million tonnes (MT) in Rajasthan, Chhattisgarh and Jharkhand to be auctioned by mid-march.
So far, a total of 88 mineral blocks have been notified by 9 states for auction, of which 33 blocks have been successfully auctioned with an estimated revenue of Rs 1.28 lakh crore over the lease period to the states.
Of the eight mines, six are of lime stone - five in Rajasthan and on ..
The government and the World Bank on Wednesday signed a $100 million loan agreement to support producer organisations and enterprises, especially women entrepreneurs in Tamil Nadu. This is expected to promote rural enterprises, facilitate their access to finance, and create employment opportunities for youth, particularly women, in selected blocks of Tamil Nadu across 26 districts, directly benefitting over 400,000 people.
The recently launched One District One Project (ODOP) scheme is likely to help generate over 20 lakh jobs in next three years, UP Chief Minister Yogi Adityanath recently said.
Yogi made the comment at the concluding session of the MSME Industrial Sammelan.
The Chief Minister further said that the ODOP is unique scheme under which each district have something or the other to showcase to the world. The scheme becomes all the more pertinent since many districts in UP have more than one product to market, therefore these are likely to fetch good business, CM added.
Commenting over the importance of the Micro, Small and Medium Enterprises (MSME) sector, the CM said that the MSMEs are well known for generating employment, the newly launched ODOP scheme will further help generation of employment.
The Andhra Pradesh IT Minister Nara Lokesh, while addressing a business session in Davos, said the state is strategically utilizing Vizag - Chennai and Chennai - Bangalore industrial corridors for industrial development of the state by implementing clusters model.
Lokesh participated in the "Industrial Corridors in India" business session along with global CEOs held by Confederation of Indian Industry (CII) and PricewaterhouseCoopers (PwC) here on Tuesday.
In a move that would cut 75% of the total value paid by the industries as land transfer charges, the Maharashtra Government has decided to charge only just 25% of the total value of land as transfer charges payable on the sale of plots leased out by the Maharashtra Industrial Development Corporation (MIDC).
According to a report on Mint, the state government made the decision on 17 January post which the buyers would now have to pay just 25% of the total value of land as transfer charges as against the earlier norm of paying 100%. However, this is only applicable if the land parcel is being used for industrial purposes.
The Maharashtra chief minister Devendra Fadnavis, who also holds the urban development portfolio, told the leading daily Mint that the idea was to facilitate industrial use of vacant plots of land or those plots where the manufacturing units have turned sick.
Odisha will soon have a new export strategy which will help exporters do business with ease and help them boost exports, state MSME Minister Prafulla Samal has said.
Samal, during the inauguration of Raptani Bhawan here, said Odisha may touch an export turnover of Rs 1 trillion before 2025.
The Minister revealed that the state is going to have a new export strategy soon which is being prepared in consultation with FIEO (Federation of Indian Export Organisation), Government of India.
“With opening and shifting of all export-related organisations under a single roof, exporters will be able to get services at a common point, which in turn, will help to further the growth of exports’, he said.
India and Cambodia clinch a deal to work towards a Bilateral Investment Treaty which provides financial help to Southeast Asian nations.
The Prime Minister of Cambodia Hun Sen invited Indian Investments and Indian Companies to analyze the opportunities of collaboration in the areas of Information and technology, pharmaceuticals, agriculture and horticulture, infrastructure and small and medium enterprises.
Saudi Aramco, the state oil company of Saudi Arabia, is considering entering India as part of its Asian expansion, Nikkei said on Tuesday, citing Aramco's CEO who said that plans for an Indian refinery are crystallising.
"Saudi Aramco is looking at additional investments in China, and India is also a very important destination which we are giving great consideration, and (where we are) currently in discussion with some companies," Aramco CEO Amin Nasser told the Nikkei Asian Review in an interview.
Eyeing at strengthening relations, the Ministry of Micro, Small and Medium Enterprises (MSMEs) signed an MoU with the SME Corporation Malaysia for exchange of information and cooperation in the SME sector.
The National Small Industries Corporation (NSIC) under the Ministry of Micro, Small and Medium Enterprises (MSMEs) on Thursday signed an MoU with SME Corporation Malaysia for exchange of information and cooperation in areas such as policies to aid development of small and medium businesses (SMBs) in the two countries, a release from the Ministry informed.
Does November IIP growth rise to 17-month high of 8.4% indicate recovery?
According to the FISME Factor, 100 per cent of Micro, Small & Medium Enterprises feel that November IIP growth rise to 17-month high of 8.4% indicate recovery.
How to deal with new-age workforce and business transformations in 2018
The current times and those to come will see the role of leadership becoming more critical, complex and people driven. With changing people dynamics, and technology making inroads into almost every aspect of our lives, the ways of working are also altering.
Aye Finance raises Rs. 40 cr from IFMR to improve lending to MSMEs
A move which would improve credit flow to the MSME sector, Aye Finance raised Rs. 40 crore as term loan for better disbursal of loans to this sector. It raised the finance as Term Loan from IFMR Capital to use the fresh capital to expand its online lending offerings in the MSME sector.
IFMR Capital, the investor, aims to provide efficient and reliable access to capital markets for institutions like Aye Finance to further fund the crucial sectors.
Brands must seamlessly integrate their online and offline channels
By Dr. Renuka Kamath
As the year was slipping by, queer yet expected things were happening! Just like us, brands were living a life of their own. Some in slumber, some in denial, yet a few energetically doing somersaults, but all trying to differentiate. But right through, there was a strange movement- brands were following the consumer who had begun her explorative shoppin ..
MSME sector faces major problem in availing credit: Survey
India's MSME sector faces a major problem in terms of getting adequate credit for expansion of business activities, the Economic Survey said today.
The survey tabled in Parliament by Finance Minister Arun Jaitley pointed out that the micro, small and medium enterprises (MSME) received only 17.4% of the total credit outstanding.
120 employees, 5 districts, Rs 2.5 Cr annual turnover - Kozhikode-based Green Worms is turning trash into money
Jabir Karat grew up in the town of Thamarassery in Kozhikode district of Kerala. Son of a plantain leaf supplier to local eateries, Jabir left for Delhi after school, to pursue graduate and post-graduate studies. After graduation, inspired by the likes of environmentalist Sunderlal Bahuguna, Jabir decided to take part in green causes.
Why this duo’s startup was awarded by PM Narendra Modi and the French government
Success stories of businesses started by college student are plenty. These include the journeys of biggies like Facebook and Google, and other smaller ones across the world. On the Indian front, there are OYO and Freecharge, which were started by college dropouts.
But Shikhil Sharma and Ananda Krishna’s story is one of the lesser known ones. The talented ethical hackers joined hands to set up Czar Securities and make websites more secure.
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.
“
When I think about parallels between myself and an Olympian, I believe that success in the world of business is underpinned by very similar principles of perseverance and hard work.
”
– Lakshmi Niwas Mittal-An Indian steel magnate, chairman and CEO of ArcelorMittal.
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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Former Deputy Chairman of NITI Aayog Arvind Parangriya has recently noted, “for India to achieve double digit growth the country needs major reforms in labour and land acquisition laws. It also needs significant privatization and a major reform of civil service which is quite not sufficient to handle the large economy that is India now”. In a super compressed form he has narrated the gist of his experience at the apex of India’s policy set-up. Anybody who has stake in India’s economic growth needs to push the governments around these priorities for reforms. All of these roadblocks are created by the political parties in their narrow self-interests which now put a huge drag on economic competitiveness. Therefore, chambers and associations have a duty to build public opinion for reforms emboldening the politicians to compete for carrying out reforms. An election year is the best times to develop and push an argument for reforms to be placed before the political parties. FISME is continuously making efforts by engaging directly with government at highest level as well as through indirectly with the help of experts and opinion makers. I had made some specific suggestions on social security before the Finance Minister during pre-budget consultations. In continuation to these efforts, a brainstorming session was held with former Labour Secretary (GoI) and labour experts recently at FISME. With the help of associated associations we shall work towards developing a comprehensive agenda for MSMEs’ growth in 2018-19. "
Towards up scaling the industrial infrastructure for Micro, Small and Medium Enterprises (MSMEs) in the national capital, the Federation of Indian Micro and Small & Medium Enterprises (FISME) along with MSME Development Institute (MSME-DI) held a workshop under the theme “Industrial Eco-system in Delhi”.
Speaking at the event, Ram Mohan Mishra, Additional Secretary and Development Commissioner, Ministry of MSME highlighted the need to have a more conducive ecosystem for MSMEs in Delhi considering the fact that Delhi helps produce “Demonstration Effect”.
A roundtable was organized at FISME office on 19th January, 2018, to brainstorm on liberalisation of labour laws towards easing of regulatory compliances by MSMEs. Senior members of FISME and labour law experts attended the Roundtable discussion. Briefing the Group about the agenda of the Government in liberalizing labour Laws, Mr. Shankar Agarwal, Past Secretary, Ministry of Labour, Government of India, mentioned that the Government is interested in capturing all labour laws under for codes on i) wage; ii) Industrial Relations; iii) Social Security and iv) safety and Security. However, bringing convergence of all interest groups on theses codes is a major challenge. FISME President reiterated FISME’s long standing demand of charging of a lumpsum 10% of the workers’ wages from MSMEs as social security charges and scrapping of the EPF by bringing the workers under the Universal Healthcare programme of the Government.
A meeting of the Central executive Committee of FISME was held at FISME office on 19th January, 2018.
At the meeting the ensuing Budget and FISME’s representation to the Government on the same was discussed by the members.
FISME President mentioned about the issue of employment incentives to MSMEs raised by him at the meeting with the Finance Minister.
Other issues discussed at the meeting were Government’s commitment on liberalising of labour laws, simplification of GST and reluctance of the banks to finance MSME projects.
The CEC also brainstormed on approaching the Government for providing an enabling environment for incubation of new manufacturing MSMEs.
Emerging as an Emperor It is said that with the era of digital disruption, two-thirds of the Fortune 500 companies will no longer exist. And this is what keeps the CEOs of most companies awake at night as they grapple to achieve the growth and ambitious targets set forth by their boards. What should they do to ensure that their companies not only remain relevant tomorrow, but take advantage of the digital opportunities?
Nearly every company today is embracing a transformation journey enabled by the convergence of technologies.
India has been ranked sixth in the list of wealthiest countries with total wealth of USD 8,230 billion, while the United States topped the chart, says a report.
According to a report by New World Wealth, the United States is the wealthiest country in the world as the total wealth held in 2017 amounted to USD 64,584 billion, followed by China at the second place with USD 24,803 billion and Japan with USD 19,522 billion at third.
Total wealth, refers to the private wealth held by all the individuals living in each country/city. It includes all their assets (property, cash, equities, business interests) less any liabilities. The report, however, excludes government funds from its figures.
The government is likely to rein in the fiscal deficit at the targeted level of 3.2% of gross domestic product (GDP) in the current financial year (2017-18), despite worries that it may breach the limit.
Indications emerging from sources show that the government will signal its "strong commitment" to fiscal consolidation in the Budget. In all Budget speeches since 2014-15, FM Arun Jaitley has reiterated his commitment to fiscal consolidation. Last year, he overcame pressure from several quarters to step up spending to boost growth and adhered to the fiscal goal. Financial markets, however, expect a minor slippage in meeting the target.
Agriculture income may fall by up to 25% in the medium term because climate change will hit crop yields, making it imperative to replace power and fertiliser subsidies by direct income support and to drastically expand irrigation, the Economic Survey said.
Agriculture accounts for 16% of gross domestic product and 49% of employment in India, making it crucial in the overall economy, the survey said. "Poor agricultural performance can lead to inflation, farmer distress and unrest, ..
The Goods and Services Tax (GST) implementation has increased indirect taxpayer base by more than 50 per cent with 34 lakh businesses coming into the tax net, the Economic Survey said today.
The Survey, authored by Chief Economic Advisor Arvind Subramanian said, preliminary analysis of data shows GST registrants rose mainly on account of large increase in voluntary registrations, especially by small enterprises that buy from large enterprises and want to avail themselves of input ..
The government has reduced the minimum export price (MEP) of onion by USD 150 per tonne with prices of the kitchen staple moderating.
The MEP for onion, the floor price below which exports are not allowed, has been reduced to USD 700 per tonne from USD 850 fixed in November, as per the commerce ministry.
Onion MEP was scrapped in December 2015 but brought back in November 2017 with an aim to check rising prices which were ruling at Rs 50-65 per kg in most cities.
Government e Marketplace (GeM) 3.0, an upgraded version of the National Procurement Portal of India, has been launched by the government.
GeM 3.0 has been launched to keep pace with ever-evolving technological challenges and stake holder aspirations.
"The GeM 2.0 was launched as a pilot in August 2016 and its success led to this massive transformation program - GeM 3.0 which would offer standardised and enriched catalogue management, powerful search engine, real time price comparison, template-based Bid and RA creation, demand aggregation, e-EMD, e-PBG, user rating, advanced MIS and analytics and more," said the Finance Ministry in a statement.
Tea Board of India has initiated the process of issuance of Identity card with QR code to the small tea growers of Assam and the first batch of cards was distributed on 20-01-2018 at Bongaigaon District in presence of the Executive Director, North East and the members of the small tea growers association of Bongaigaon district.
The issue of identification is a long standing demand of small tea growers and the process of reaching out to the small tea growers and providing them wit ..
With the Goods and Services Tax (GST) Council meeting for the 25th time, the council announced revision of tax rates on over 29 goods and 53 services.
With regard to the issue of bringing petrol, diesel and other items exempted from GST did not appear before the GST Council today, but they might be taken up during the next meeting, Finance Minister Arun Jaitley said during a press interaction after the meeting.
Also Bihar Finance Minister Sushil Modi who is a part of the GST panel said the Council is likely to look at brining the sectors including real estate, electric duty, petroleum products under GST.
The government has identified eight more mineral blocks with a cumulative reserve of 1,133 million tonnes (MT) in Rajasthan, Chhattisgarh and Jharkhand to be auctioned by mid-march.
So far, a total of 88 mineral blocks have been notified by 9 states for auction, of which 33 blocks have been successfully auctioned with an estimated revenue of Rs 1.28 lakh crore over the lease period to the states.
Of the eight mines, six are of lime stone - five in Rajasthan and on ..
The government and the World Bank on Wednesday signed a $100 million loan agreement to support producer organisations and enterprises, especially women entrepreneurs in Tamil Nadu. This is expected to promote rural enterprises, facilitate their access to finance, and create employment opportunities for youth, particularly women, in selected blocks of Tamil Nadu across 26 districts, directly benefitting over 400,000 people.
The recently launched One District One Project (ODOP) scheme is likely to help generate over 20 lakh jobs in next three years, UP Chief Minister Yogi Adityanath recently said.
Yogi made the comment at the concluding session of the MSME Industrial Sammelan.
The Chief Minister further said that the ODOP is unique scheme under which each district have something or the other to showcase to the world. The scheme becomes all the more pertinent since many districts in UP have more than one product to market, therefore these are likely to fetch good business, CM added.
Commenting over the importance of the Micro, Small and Medium Enterprises (MSME) sector, the CM said that the MSMEs are well known for generating employment, the newly launched ODOP scheme will further help generation of employment.
The Andhra Pradesh IT Minister Nara Lokesh, while addressing a business session in Davos, said the state is strategically utilizing Vizag - Chennai and Chennai - Bangalore industrial corridors for industrial development of the state by implementing clusters model.
Lokesh participated in the "Industrial Corridors in India" business session along with global CEOs held by Confederation of Indian Industry (CII) and PricewaterhouseCoopers (PwC) here on Tuesday.
In a move that would cut 75% of the total value paid by the industries as land transfer charges, the Maharashtra Government has decided to charge only just 25% of the total value of land as transfer charges payable on the sale of plots leased out by the Maharashtra Industrial Development Corporation (MIDC).
According to a report on Mint, the state government made the decision on 17 January post which the buyers would now have to pay just 25% of the total value of land as transfer charges as against the earlier norm of paying 100%. However, this is only applicable if the land parcel is being used for industrial purposes.
The Maharashtra chief minister Devendra Fadnavis, who also holds the urban development portfolio, told the leading daily Mint that the idea was to facilitate industrial use of vacant plots of land or those plots where the manufacturing units have turned sick.
Odisha will soon have a new export strategy which will help exporters do business with ease and help them boost exports, state MSME Minister Prafulla Samal has said.
Samal, during the inauguration of Raptani Bhawan here, said Odisha may touch an export turnover of Rs 1 trillion before 2025.
The Minister revealed that the state is going to have a new export strategy soon which is being prepared in consultation with FIEO (Federation of Indian Export Organisation), Government of India.
“With opening and shifting of all export-related organisations under a single roof, exporters will be able to get services at a common point, which in turn, will help to further the growth of exports’, he said.
India and Cambodia clinch a deal to work towards a Bilateral Investment Treaty which provides financial help to Southeast Asian nations.
The Prime Minister of Cambodia Hun Sen invited Indian Investments and Indian Companies to analyze the opportunities of collaboration in the areas of Information and technology, pharmaceuticals, agriculture and horticulture, infrastructure and small and medium enterprises.
Saudi Aramco, the state oil company of Saudi Arabia, is considering entering India as part of its Asian expansion, Nikkei said on Tuesday, citing Aramco's CEO who said that plans for an Indian refinery are crystallising.
"Saudi Aramco is looking at additional investments in China, and India is also a very important destination which we are giving great consideration, and (where we are) currently in discussion with some companies," Aramco CEO Amin Nasser told the Nikkei Asian Review in an interview.
Eyeing at strengthening relations, the Ministry of Micro, Small and Medium Enterprises (MSMEs) signed an MoU with the SME Corporation Malaysia for exchange of information and cooperation in the SME sector.
The National Small Industries Corporation (NSIC) under the Ministry of Micro, Small and Medium Enterprises (MSMEs) on Thursday signed an MoU with SME Corporation Malaysia for exchange of information and cooperation in areas such as policies to aid development of small and medium businesses (SMBs) in the two countries, a release from the Ministry informed.
According to the FISME Factor, 100 per cent of Micro, Small & Medium Enterprises feel that November IIP growth rise to 17-month high of 8.4% indicate recovery. 
The current times and those to come will see the role of leadership becoming more critical, complex and people driven. With changing people dynamics, and technology making inroads into almost every aspect of our lives, the ways of working are also altering.
A move which would improve credit flow to the MSME sector, Aye Finance raised Rs. 40 crore as term loan for better disbursal of loans to this sector. It raised the finance as Term Loan from IFMR Capital to use the fresh capital to expand its online lending offerings in the MSME sector.
IFMR Capital, the investor, aims to provide efficient and reliable access to capital markets for institutions like Aye Finance to further fund the crucial sectors.
By Dr. Renuka Kamath
As the year was slipping by, queer yet expected things were happening! Just like us, brands were living a life of their own. Some in slumber, some in denial, yet a few energetically doing somersaults, but all trying to differentiate. But right through, there was a strange movement- brands were following the consumer who had begun her explorative shoppin ..
India's MSME sector faces a major problem in terms of getting adequate credit for expansion of business activities, the Economic Survey said today.
The survey tabled in Parliament by Finance Minister Arun Jaitley pointed out that the micro, small and medium enterprises (MSME) received only 17.4% of the total credit outstanding.
Jabir Karat grew up in the town of Thamarassery in Kozhikode district of Kerala. Son of a plantain leaf supplier to local eateries, Jabir left for Delhi after school, to pursue graduate and post-graduate studies. After graduation, inspired by the likes of environmentalist Sunderlal Bahuguna, Jabir decided to take part in green causes.
Success stories of businesses started by college student are plenty. These include the journeys of biggies like Facebook and Google, and other smaller ones across the world. On the Indian front, there are OYO and Freecharge, which were started by college dropouts.
But Shikhil Sharma and Ananda Krishna’s story is one of the lesser known ones. The talented ethical hackers joined hands to set up Czar Securities and make websites more secure.
“
When I think about parallels between myself and an Olympian, I believe that success in the world of business is underpinned by very similar principles of perseverance and hard work.
”
