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  The FISME Factor  

 

President's Message
Dr. Sangam Kurade, President, FISMENow that the dust is slowly settling over the debates on the Budget 2018-19, it’s time to get to the basics. For the exporters, the delay in refunds of Input Tax Credit and the IGST is now reaching alarming proportions. The delay has hit the MSMEs the most as it has starved them of working capital. After a spate of trade credit scandals, Bank credit is paralyzed. Not only about the current loss of business, but MSMEs are worried about loss of reputation also. Another huge irritant is about on going suspense on Credit Linked Capital Subsidy (CLCS) Scheme as to whether the scheme stands scrapped or is to be continued. As pending claims mount, Banks are not accepting new application under the scheme. It is the only scheme which supports MSMEs for technical upgradation by allowing them access to loans san interest cost. There is no traction again on bringing down cost of social security for employing workers. Organizations such as FISME have been demanding to cap it 10% for MSMEs. It is sad that during the recently held meeting of the National MSME Board none of these issues found the recognition they deserved. That would prove costly. "
Mr. Dinesh Chandra Tripathi, President, FISME
Vol VI, Issue 150: March 1, 2018
Activities
FISME raises issues of high social security cost, CLCSS in National MSME Board
Business Banter: Lessons from Entrepreneurs
Be More Efficient in Your Business With These 4 Tips
Macro Metre
India's December quarter GDP growth likely to be 7%
AIIB may invest $200 mn in India's sovereign wealth fund
Domestic Digest
PM Modi has introduced several schemes to make MSME sector stress free: Giriraj to KNN Knowledge and News Network (KNN)
National Tech Centre for Ports, Waterways & Coasts at will give technological support to ports and maritime sector
New version of GST return allows rectification of tax liability before submission of the return
State Scan
Bihar is national topper in FY17 growth, with 10.3 pc Knowledge and News Network (KNN)
UP government signs MoU with National Stock Exchange to boost MSMEs
Maharashtra gets Rs 12.1 trillion investment commitments from 3-day summit
World Watch
India ready for business, a free destination for Enterprise : PM Modi at India Korea Business Summit
FICCI sings MoU with Iran chamber to boost trade and investment
Knowledge Store
Steradian Semi is building a high resolution 4D radar for all-weather vision for autonomous vehicles and drones
...And A Lot More

 

Activities

FISME raises issues of high social security cost, CLCSS in National MSME Board

The 16th Meeting of National MSME Bard was held in New Delhi on 26th Feb 2016. While the sector by and large seemed upbeat after Budget pronouncements concerning MSME sector, FISME raised a few important issues during the meet. Mr. Pankaj Bansal, Treasurer, FISME highlighted the urgency of bringing down the cost of social security- which is greater than 25~3% of wages to not more than 10%. He also demanded that the suspense on Credit Linked Capital Subsidy Scheme (CLCSS) should end and Government should categorically spell out about the fate of the highly popular CLCSS scheme used for technological upgradation by MSMEs.
Business Banter: Lessons from Entrepreneurs

Be More Efficient in Your Business With These 4 Tips

Jeff Bezos is worth billions of dollars, yet he has the same 24 hours available to him every single day that we all have. Ironically, time is essentially the only thing Amazon doesn't sell -- for now, at least. So, how does Bezos or any successful entrepreneur accomplish more than the average person? Many entrepreneurs make mistakes in the beginning, don't have laser-sharp focus and simply get beaten by their competition. It happens, and honestly, you should be prepared to take a few losses before you taste victory.
Writing on the Wall

Signs of growth recovery after GST, note ban impact

The Indian economy is starting to recover from the negative impact of demonetisation and disruption caused by the roll out of Goods & Services Tax (GST), Moody’s Investors Service has said in its global growth forecast for 2018 and 2019. The international rating agency, however, kept the growth forecast for India in the calendar year 2018 unchanged at 7.6% and at 7.5% for 2019 The international rating agency, however, kept the growth forecast for India in the calendar year 2018 unchanged at 7.6% and at 7.5% for 2019. In its forecast, Moody’s noted that the Budget for fiscal year beginning April 1 (2018-19) includes some measures to stabilise the rural economy hit by the scrapping of high denomination Rs 500 and Rs 1,000 notes in 2016.

Media Monitor

Macro Metre

India's December quarter GDP growth likely to be 7%

India's economic recovery is expected to have gathered momentum and GDP growth is likely to grow at its fastest pace at 7 per cent in the December quarter as consumers, businesses and the government stepped up spending, say two reports from Morgan Stanley and Reuters poll. The reports suggest that disruptions from a shock ban on high-value currency notes in November 2016 and the chaotic launch of a goods and services tax (GST) in July are fading.

AIIB may invest $200 mn in India's sovereign wealth fund

Asian Infrastructure Investment Bank is likely to invest around USD 200 million in India's first sovereign wealth fund NIIF, AIIB president Jin Liqun said here today. Beijing-based AIIB, which started functioning in 2016, has committed over USD 1 billion in five infrastructure projects in India and proposes to take up 12 more, envisaging assistance of USD 3.5 billion. Talking to PTI, Jin said the bank will focus on funding infrastructure projects in road, energy and transport sectors.

3 major Karnataka PSUs incurred loss of Rs 981 crore in 2016-17: CAG

Three major public sector units, including Karnataka Neeravari Nigam Limited, incurred loss of Rs 981 crore to the state exchequer during 2016-17, according to a Comptroller and Auditor General report. The report, which was made public today, said the working state PSUs earned a profit of Rs 1,420.49 crore in the aggregate and incurred a loss of Rs 1,265.37 crore as per their latest finalised accounts at the end of September 2017.The report, which was made public today, said the working state PSUs earned a profit of Rs 1,420.49 crore in the aggregate and incurred a loss of Rs 1,265.37 crore as per their latest finalised accounts at the end of September 2017.

Domestic Digest

PM Modi has introduced several schemes to make MSME sector stress free: Giriraj to KNN

Prime Minister Narendra Modi has introduced various schemes to make stress free eco-system for MSMEs be it extension of NPA date, allocation of funds in guarantee scheme or procurement measures, said Minister of State (I/C) Giriraj Singh in an interview to KNN. The National Board for Micro Small and Medium Enterprises (NBMSME) held its 16th meeting today to discuss on important policies and issues concerning the sector. The meeting was being chaired by the MSME Minister.

National Tech Centre for Ports, Waterways & Coasts at will give technological support to ports and maritime sector

The setting up of National Technology Centre for Ports, Waterways and Coasts (NTCPWC), foundation stone of which was laid today, would give a boost to the development of indigenous technology relevant to the port and maritime sector in India. Nitin Gadkari, Minister for Road Transport & Highways, Shipping and Water Resources, River Development & Ganga Rejuvenation laid the foundation stone for setting up of NTCPWC, at IIT Chennai today.

New version of GST return allows rectification of tax liability before submission of the return

Simplifying the version of GSTR-3B, the Goods & Services Tax Network (GSTN) has made certain changes in the process of filing the GSTR 3B and henceforth making it more user friendly. The simplified version can likely be used even beyond March 31. According to a note prepared by PwC, GSTN has made changes in sections like challan generation, download facility of draft return, auto-fil of tax amount etc. According to PwC, the key changes are: -- Tax payment section, earlier, a taxpayer was required to Submit the return to ascertain the tax liability amount. Post submission, no changes were allowed. Now, the tax liability to be paid in cash/ credit will be shown before submitting the return.

Railway Ministry reiterates it is committed towards MSMEs, sector say things still 'complicated'

In a bid to reassure that the government is committed towards facilitating public procurement benefits to the Micro, Small and Medium Enterprises (MSMEs), the Railway Ministry during ‘Suppliers Samvad’ said that it will continue to focus on increasing participation of MSMEs. “Indian Railways’ efforts are not limited to just digitizing its Supply Chain, but has taken various initiatives for development of indigenous vendors and the MSME sector. It will keep focusing towards increasing participation of indigenous suppliers especially MSMEs. It is very prompt in implementing any policy that envisions benefits to vendors”, the Ministry said in a release.
State Scan

Bihar    

Bihar is national topper in FY17 growth, with 10.3 pc

Bihar clocked a growth rate of 10.3 per cent in 2016-2017 as against 7.5 per cent in the corresponding fiscal a year ago, riding largely on the back of the services sector, according to the latest Economic Survey tabled in the state Assembly today. Bihar's growth rate is higher than that of the national average of 7.0 per cent, the 12th Economic Survey of Bihar said. The state has consistently been revenue surplus, which increased from Rs 5,101 crore in 2012-13 to Rs 10,819 crore in 2016-17, Bihar Deputy CM Sushil Kumar Modi told reporters after tabling the survey on the first day of the Budget Session.

Uttar Pradesh    

UP government signs MoU with National Stock Exchange to boost MSMEs

In a bid to boost startups and Small and Medium Enterprises (SMEs), Uttar Pradesh government has taken another major move by signing a Memorandum of Understanding (MoU) in conjunction with National Stock Exchange (NSE). The purpose of signing MoU with NSE is to foster UP startups and Small and Medium Enterprises and to make them aware about the opportunities to access capital, SME exchange guidelines, listing processes, compliances with listing agreement and regulatory mechanism by listing them on NSE SME platform called “NSE Emerge”.

On day one of Investors Summit, UP signs MoU worth Rs 4.28 lk cr

On day one of the Uttar Pradesh Investors’ Summit, MoUs worth Rs 4.28 lakh crore have already been signed, Chief Minister Yogi Adityanath has said. He said it is a matter of pride for the state that fortune-500 companies are participating in this summit. “I want to tell you all that till now we have signed 1,045 MoUs worth Rs 4.28 lakh crore," Adityanath said. He assured to oversee that the MoUs signed are executed, and those who are coming to invest in the state get all the facilities.

Maharashtra    

Maharashtra gets Rs 12.1 trillion investment commitments from 3-day summit

Maharashtra chief minister Devendra Fadnavis said the state has signed as many as 4,106 investment proposals worth Rs 12.10 trillion in the three-day global investor summit that concluded here today. Besides, the state has also signed 104 proposals with the Centre worth Rs 3.90 trillion for investments in various infrastructure projects, he said. Among the key sectors, close to 3,516 proposals worth Rs 5.48 trillion were signed for industry projects, with big names such as Reliance Industries, Virgin Group and JSW Electrical Vehicles, among others showing interest.
World Watch

South Korea    

India ready for business, a free destination for Enterprise : PM Modi at India Korea Business Summit

Eyeing at attracting investments, Prime Minister Narendra Modi in his speech at India Korea Business Summit 2018 said that the country is ready for business and is now transformed as a free destination for enterprise. PM Modi made these remarks at the Second India-Korea Business Summit organized by the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce & Industry, in partnership with ChosunILbo, KOTRA, Confederation of Indian Industry (CII) and Invest India in the national capital.
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Canada    

India-Canada trade likely to double in three years: PHD Chamber of Commerce

Trade between India and Canada is expected to double to USD 10 billion in the next three years, PHD Chamber of Commerce and Industry said today. The statement comes in the backdrop of Canadian Prime Minister Justin Trudeau's ongoing visit to India. India's bilateral trade with Canada grew from USD 1.09 billion in 2001 to USD 5.62 billion in 2016, PHD Chamber President Anil Khaitan said. India's imports from Canada stood at USD 3.65 billion in 2016 whereas India's exports to Canada stood at USD 1.97 billion in 2016, he added.India can enhance its export trajectory to Canada by increasing its exports basket to products like pharmaceutical products, furniture, natural pearls and semi precious stones, plastic articles, among others, said Khaitan.
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Iran    

FICCI sings MoU with Iran chamber to boost trade and investment

In a bid to boost ties between the two countries, Federation of Indian Chambers of Commerce and Industry of India (FICCI) and the visiting delegation from Iran held an interaction in New Delhi. During the interaction, Dr. Masoud Karbasian, Minister of Economic Affairs and Finance of the Islamic Republic of Iran, said here today that enforcement of the double taxation avoidance agreement and extension of preferential tariff would give a fillip to trade and investment between Iran and India. The Iranian Minister said his country has always been a reliable and safe provider of petroleum and natural gas to Indian oil companies and expressed confidence that the Trilateral Transit and Transport Agreement between Iran, India and Afghanistan will give a fillip to Iran-India trade and investment.
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FISME’s official Twitter handle
@fisme
Knowledge and News Network (KNN)
KNN India’s official Twitter handle
@knnindia
Anil Bhardwaj, Secretary General
@abhardwaj_fisme
Other Events

International Conference on Electrical Electronics and Data Communication

Date: 04 Mar 2018
Venue: The Presidency, Bhubaneswar
See Details

The Trousseau Show

Date: 07 Mar 2018
Venue: Blue Sea Banquets, Mumbai
See Details

Convergence India - International Exhibition & Conference

Date: 07-09 Mar 2018
Venue: Pragati Maidan, New Delhi
See Details

Indian Ceramics

Date: 07-09 Mar 2018
Venue: Gujarat University Exhibition Hall, Ahmedabad
See Details

India Carpet Expo-New Delhi

Date: 08-11 Mar 2018
Venue: NSIC, New Delhi
See Details

Fabrics & Accessories Trade Show

Date: 09-11 Mar 2018
Venue: Karnataka Trade Promotion Organisation, Bengaluru
See Details

Garfab-TX Surat

Date: 09-11 Mar 2018
Venue: Sarsana Convension Center, Surat
See Details

India Wood

Date: 08-12 Mar 2018
Venue: BIEC Bengaluru International Exhibition Centre, Bengaluru
See Details

PackPlus South

Date: 09-12 Mar 2018
Venue: Hitex Exhibition Center, Hyderabad
See Details

ELECRAMA

Date: 10-14 Mar 2018
Venue: India Exposition Mart, Greater Noida
See Details

Conference on Automotive R&D Trends

Date: 14 Mar 2018 ( remind me )
Venue: ITC GRAND CHOLA, Chennai
See Details

AAHAR - International Food & Hospitality Fair

Date: 13-17 Mar 2018
Venue: Pragati Maidan, New Delhi
See Details
Your Views

Union Budget has reduced the corporate tax rate 25% for companies with an annual turnover of up to Rs 250 crore. How will it affect Indian MSMEs?

As Union Budget has reduced the corporate tax rate 25% for companies with an annual turnover of up to Rs 250 crore. According to the FISME Factor, 100 per cent of Micro, Small & Medium Enterprises think that it will affect Indian MSMEs positively.
Knowledge Store

HR Heuristics

These Ingredients are Instrumental for the Growth of a Business

Every growing business needs good people who will shoulder more and more responsibilities and grow with the business. I would say a simple need, but in reality, we hardly find such good employees.

Finance Fundamentals

Happy Loans disburses over 20 crore in loan to MSMEs

Happy Loans, a digital micro-lending venture has disbursed more than 7200 loans worth of Rs 20 crore to MSMEs and the company has also spread its wings to geographical boundaries to provide micro lending solutions to 26 states across the country.

Marketing Mantras

Tips for Selling from Business to Business

Running a business-to-business (B2B) operation is naturally different than selling directly to consumers. Many of the lessons learned in the consumer market simply don't apply, but B2B entrepreneurs may not know exactly how to tailor their sales approach to a business customer. Here are some tips to help your B2B company thrive, including some common mistakes to avoid.

Policy Polemic

Handicraft exports likely to dip in 2017-18: EPCH

Problems related to refund of goods and services tax (GST) and slow demand in global markets would impact exports of handicrafts and may lead to decline in shipments by about 3.5 per cent in the current fiscal, EPCH said.

SME Special

Steradian Semi is building a high resolution 4D radar for all-weather vision for autonomous vehicles and drones

Steradian’s proprietary technology is transforming the radar from a simple obstacle detection to an all-weather 4D mapping device. It has developed world’s most compact 28nm milli-metre wave imaging radar chip to maximise the pixel per sqmm. Their solution enables a very large number of antenna sensors which brings 4D imaging through radar to reality.

Success Story

Gaurav Mehta and the Story behind Coin Watch

Gaurav's fascination for watches began at a very young age. The first watch he owned was an HMT, a gift from his father at the age of 12. The childlike enchantment with the watch made him open up the machinery and reassemble it, which soon turned into a hobby. He started doing this with all his watches.

Stockpile

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has released the Second Advance estimates of national income at constant (2011-12) and current prices for the financial year 2017-18.

Quotable Quotes

“ The future of any corporation is as good as the value system of the leaders and followers in the organization. ”
– N. R. Narayana Murthy- an Indian IT industrialist and the co-founder of Infosys
 
Country Chronicles
 
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:
Starting a New Venture
 
Coming August, K J Somaiya Institute of Management Studies and Research located in Vidyavihar, Mumbai is launching a certificate programme on Creating New Ventures.
New Members

1 New Member Join FISME

1 New Members Join FISME during 15th February 2018 to 28th February 2018
Reader Reactions

Write and Win prize!

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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Editorial Team:
Hon. Editor: Anil Bhardwaj
Asstt. Editor: Kalpana Sharma
Types setting & websdesigning: Sanjay Sachan  
Video & Photography:  Vipul Kumar Chettry

 

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