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  The FISME Factor  

 

President's Message
Mr Animesh SaxenaThe latest sector to report negative sales growth is Auto sector- a sector which has performed consistently well for a long time. Now it is increasingly becoming evident that economy is slipping into a grip of secular economic slowdown. The Economic Survey hinted at the challenges and the Union Budget did respond by committing a huge outlay for infrastructure to kick-start the economy. However, carrying out a broad-based recovery necessitates implementing pending reforms which have been on table for long: reducing cost of social security for labour, banking reforms, reducing friction at ports in importing and exporting etc. Contrary to what is needed sometimes different arms of Government seem going in reverse direction. The way provident fund authorities hounded companies that availed Prime Minister Rojgar Protsahan Yojna (PMRPY) to employ new workers, is a grim reminder of a long way that India has to travel to implement ease of doing business at ground. "
Mr Animesh Saxena, President, FISME
Vol VII, Issue 183: July 15, 2019
Activities
INFOCOM 2019 held to address business development needs in the country
Business Banter: Lessons from Entrepreneurs
New Age Business Mantra: Start, Scale, Sustain!
Macro Metre
WPI inflation eases to 2.02%; lowest in 2 years
Domestic Digest
Govt sets up TDF to encourage participation of MSMEs in defence sector: MoS Defence Knowledge and News Network (KNN)
Exemption to handloom sector from GST
Rs 15 lakh being provided to Micro & Small Enterprises for technology up gradation under CLCS-TUS
State Scan
AP govt allocates Rs 200 crore in its Budget for infrastructure development of MSMEs Knowledge and News Network (KNN)
Gujarat Govt launches scheme for rehabilitation of viable sick MSMEs & large enterprises
Meghalaya MSMEs now have an online platform to sell local products
World Watch
India, Russia to promote infra, banking & digital partnership
India and UAE aim to enhance bilateral trade by 60%
Knowledge Store
MSME Schemes: Using the Credit Guarantee Scheme to fund your business
...And A Lot More
Activities

INFOCOM 2019 held to address business development needs in the country

INFOCOM 2019 held to address business development needs in the country New Delhi, July 11 (KNN) To address business development needs by using technology, bringing potential partners together and helping the industry connect with associates and customers, INFOCOM 2019 was held here today. INFOCOM 2019 was organized with the support of Jharkhand, Madhya Pradesh and Bihar Governments with FISME as MSME partner. Minister of State for Social Justice and Empowerment, Ramdas Athawale inaugurated the event. Addressing the participants, he said, “Indian economy is growing and foreign countries are also collaborating with us. Initially, we have to strengthen the manpower to strengthen the country. Employment generation is the goal of government and government wants to employ every citizen."
Business Banter: Lessons from Entrepreneurs

New Age Business Mantra: Start, Scale, Sustain!

With the wave of entrepreneurship sweeping over the world, becoming an entrepreneur has definitely become the ‘in’ thing. As they say, with great power comes great responsibility- starting a business venture is still relatively less complex when compared to sustaining it. With the speed at which the world is changing today, keeping up with the dynamics of society can be a complex task. But the very same complexity is what makes it exciting for the constantly changing playing field means more opportunities to excel and expand your initial idea. As an entrepreneur, one is not expected to just conceive an idea and get it started, but the pressure is always on to sustain, grow and innovate.
Writing on the Wall

Stifling taxes can hurt the economy

It is disconcerting that the Budget should ramp up revenue collection from surcharge and cess, despite their being objectionable on a number of counts. Ironically enough, the ‘direct taxes code’, which is all about streamlining rates and doing way with complicated clauses which only incentivise evasion, is supposed to be out anytime soon Even so, the amount budgeted to be raised through surcharge and health and education cess on the direct taxes side (corporate and personal income tax), and through levies on petrol and diesel amount to over ₹3 lakh crore, out of about a total projected tax revenue of ₹16.5 lakh crore for 2019-20. ....

Media Monitor

Macro Metre

WPI inflation eases to 2.02%; lowest in 2 years

The annual rate of inflation based on monthly Wholesale Price Index (WPI) declined for the second consecutive month to its 23-month low of 2.02 per cent in June as compared to 2.45% (provisional) for the previous month and 5.68% during the corresponding month of the previous year. The decline was witnessed due to decline in prices of vegetables as well as fuel and power items, according to official data released. WPI inflation in manufacturing fell to 0.94 per cent in June 2019, which was 1.28 per cent in the previous month.

Union Cabinet approves a bill to merge 13 central labour laws into a single code

For the welfare of workers, the Union Cabinet approved a bill that seeks to merge 13 central labour laws into a single code which would apply on all establishments employing 10 or more workers. Among the four labour codes that the centre has planned to draft as proposed by Finance Minister during the Budget 2019, the second code covers 13 labour laws, Labour minister Santosh Gangwar said in a press conference at Shastri Bhawan here. The proposed Code on Occupational Safety, Health and Working Conditions Bill, 2019, would enhance the coverage of workers manifold, an official release said.

Indian garments makers flag concerns over rising imports from Bangladesh

A huge jump in duty free garment imports from Bangladesh under the free trade agreement has put the domestic industry under stress. This comes amidst slowing domestic demand and banks curtailing credit to MSMEs in the sector. “The domestic industry is feeling a threat from the import of garments from Bangladesh. The domestic industries have started sourcing from Bangladesh,” said Animesh Saxena, Managing Director of Neete Clothing Pvt Ltd told KNN India. He is also the President of Federation of Indian Micro and Small & Medium Enterprises (FISME).

Domestic Digest

Govt sets up TDF to encourage participation of MSMEs in defence sector: MoS Defence

Government has set up a Technology Development Fund (TDF) to encourage participation of public/private industries especially Micro, Small and Medium Enterprises (MSMEs), through provision of grants, so as to create an eco-system for enhancing cutting edge technology capability for defence applications, said Shripad Naikin, Minister of State for Defence. Government has taken several steps towards simplifying the rules and promotion of research and innovation in respect of MSMEs in Defence Industry, he was quoted as saying in written reply to a question in Rajya Sabha.

Exemption to handloom sector from GST

Turnover of most of the weavers does not exceed Rs 20 Lakh and therefore they do not require registration under the Goods and Service Tax (GST), said Union Minister of Textiles, Smriti Zubin Irani. In a written reply to Lok Sabha, she said GST is implemented through an Act of Parliament with states as equal partners in GST Council with Government of India. GST has been introduced by the Government of India to rationalize multiple taxes on goods & services and to bring transparency in the taxation system. It is applicable to the textile sectors also, including handlooms, Minister added.

Rs 15 lakh being provided to Micro & Small Enterprises for technology up gradation under CLCS-TUS

Under Credit Linked Capital Subsidy (CLCS), up to Rs. 15 Lakh is provided to Micro and Small Enterprises (MSEs) for accessing modern technology, said Union Minister for Micro, Small and Medium Enterprises (MSMEs) Nitin Gadkari. CLCS is a component under the Credit Linked Capital Subsidy and Technology Up-gradation Scheme (CLCS-TUS) in order to support SMEs in accessing latest technologies. Lack of access to latest technologies affects the capability of Small and Medium Enterprises to compete in the global market, the Minister said.
State Scan

Andhra Pradesh    

AP govt allocates Rs 200 crore in its Budget for infrastructure development of MSMEs

Andhra Pradesh Finance Minister Buggana Rajendranath Reddy presented the YSRCP government's maiden Budget in the Legislative Assembly today. The budget had an outlay of 2,27,974.99 crores in which Rs 200 crore has just been allocated for infrastructure development of MSMEs along with several other sops. In the budget, the state finance minister proposed that the AP Government will simplify unnecessary regulations and processes for all industries with special emphasis on the micro, small and medium enterprises (MSMEs).

Gujarat    

Gujarat Govt launches scheme for rehabilitation of viable sick MSMEs & large enterprises

For the rehabilitation of viable Micro, Small and Medium Enterprises (MSMEs) and large enterprises in Gujarat, the State Government launched a scheme titled ‘Relief and concessions to the viable Sick Industrial Enterprises’. Under the scheme the State Government provides relief and concessions by way of one time settlement of outstanding dues of State Government departments/offices with waiver of interest, penal interest and penalty; reimbursement of electricity duty for the period of 3 to 5 years at 100%, 75%, 50% respectively.

Kerala    

Kochi to invest Rs 140 crore for MSME technology center

Kochi would soon be a home to MSME-Technology Center that would provide the micro, small and medium enterprises (MSMEs) with much needed stimulus by improving the quality of their products through testing and calibration. “The facility would be coming up at 14 acres owned by the Kerala State corporation at Kalamassery," said Biju K, Director of the Department of Industries and Commerce. “The total investment is around Rs 140 crore. Small and Medium Enterprises can use the testing facility to improve the quality of their products through testing and calibration," he said.

Meghalaya    

Meghalaya MSMEs now have an online platform to sell local products

Meghalaya Chief Minister Conrad K Sangma earlier this week launched an online platform Meghamart to ease the sale of products of local Micro, Small and Medium Enterprises (MSMEs) and entrepreneurs. While launching the website, he said that the initiative is to develop the entire entrepreneurial ecosystem in the state and it is an effort of the government to help entrepreneurs market their products. The objective is to provide a digital platform for local entrepreneurs and businesses of the entire north east to reach out to global markets.
World Watch

Russia    

India, Russia to promote infra, banking & digital partnership

The Second India-Russia Strategic Economic Dialogue (IRSED) was held here on Wednesday with a eye on partnership in six areas including infrastructure, connectivity, banking and digital world. The IRSED was held under the chairmanship of Dr. Rajiv Kumar, Vice-Chairman, National Institution for Transforming India (NITI) Aayog and Timur Maksimov, Deputy Minister of the Economic Development of Russia. The Second meeting of the IRSED shall be focussing on six core areas of cooperation, namely, Development of Transport Infrastructure and Technologies; Development of Agriculture and Agro-Processing sector; Small and Medium Business support; Digital Transformation and Frontier Technologies; Cooperation in Trade, Banking, Finance, and Industry; and Tourism & Connectivity.
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United States of Emirates    

India and UAE aim to enhance bilateral trade by 60%

India and UAE are jointly aiming to enhance bilateral trade by 60% in the next five years, said Hamad Buamim, President & CEO, Dubai Chamber. He said, “There are several strategic bilateral agreements that have been signed in recent years which aim to boost cooperation between the two countries in several economic sectors and fields such as manufacturing, IT, renewable energy, infrastructure and finance.” As Dubai and India expand economic cooperation in the future, this trend will result in boosting bilateral non-oil trade beyond the $31.4 billion accounted for in 2018, he said.
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Singapore    

CAIT delegation visits Singapore to boost bilateral trade relations

A delegation of the Confederation of All India Traders (CAIT) visited Singapore to create an Indo-Singapore Business Corridor for SMEs to boost bilateral trade between two countries and digitalising 7 crore Indian traders and SMEs by partnering under Business Sans Borders Program. This plan was announced at the Singapore Fintech Festival 2018 which was also addressed by Prime Minister Narendra Modi. The CAIT delegation led by its Secretary General Praveen Khandelwal comprised of other CAIT senior officials as well.
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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

National Garment Fair

Date: 15-18 Jul 2019
Venue: Bombay Exhibition Centre (BEC), Mumbai
See Details

Indian Pharma Expo

Date: 16-18 Jul 2019
Venue: Pragati Maidan, New Delhi
See Details

Industry 4.0 - Smart Manufacturing

Date: 19 Jul 2019
Venue: V Club, Gurgaon
See Details

FIRE, SAFETY & DISASTER MANAGEMENT EXPO (FSD EXPO)

Date: 19-20 Jul 2019
Venue: Pragati Maidan, New Delhi
See Details

Gifts World Expo - Delhi

Date: 26-28 Jul 2019
Venue: Pragati Maidan, New Delhi
See Details

Cosmo Tech Expo

Date: 22-23 Jul 2019
Venue: Pragati Maidan, New Delhi
See Details
Your Views

Do you think that merger of 12% and 18% GST slabs will be a good decision for Indian MSMEs?

According to FISME factor 85.7 % MSMEs think that merger of 12% and 18% GST slabs will be a good decision for Indian MSMEs while 14.3 % can’t say.
Knowledge Store

HR Heuristics

Here’s why you should gamify employee engagement

All work and no play has never worked, especially, when it comes to employee engagement! The word ‘engagement’ itself suggests ‘being in it’ and when infused with play, engagement efforts are sure to become more effective. While games are all about having fun and gamification of employee engagement is about making engagement more interesting, the process of doing is a serious one that needs to be thought out well. But before that, organisations need to believe in the power of gamification, especially in employee engagement.

Finance Fundamentals

MSME Schemes: Using the Credit Guarantee Scheme to fund your business

Businesses, especially MSMEs, require a steady source of finance if they are to meet the hiccups of kick-starting their business and growing it. Whether it is the working capital needs of the business, buying the required equipment for production or infusing additional capital, funds are required for varied needs.

Marketing Mantras

Digital Marketing 101 for Entrepreneurs

In today’s times, Digital Marketing tools like Google Analytics enable us to trace the rate of conversion on each page of the website. There are also platforms like Google AdWords and Facebook Ads enable us to bid for the sales and leads.

Policy Polemic

MSMEs should be given different incentives rather than a subsidy

The Micro, Small and Medium Enterprises (MSME) sector of India has been undergoing a lot of difficulties in the past few years. There was lot of hope rested on the Budget for the year 2019-2020 which was presented by Nirmala Sitharaman, Union Minister of India on July 5, 2019.

SME Special

This Chennai-based startup combines healthcare and lifestyle needs to cater to senior citizens

Among the crop of products and services that are catering to the needs of young India stand out startups like Chennai-based Athulya Assisted Living serving senior citizens, who may form a niche audience now, but not for long.

Success Story

Meet the Delhi teenagers who want their hyperlocal delivery startup to be the 'Dunzo for SMBs'

Most teens are content with securing admission into a good college, but Delhi-based Tanmaay Khurana, 17, and Lakshay Chhabra, 18, wanted more. The duo decided to embrace entrepreneurship while pursuing their degree course. Their hyperlocal delivery startup, Jhutpat, offers instant pickup and delivery across Delhi-NCR for small and medium businesses that need anywhere between five and 100 deliveries a day.

Stockpile

The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation is releasing CPI (Rural, Urban, Combined) on Base 2012=100 for the month of June 2019

Quotable Quotes

“ There are many things that, if I have to relive, maybe I will do it another way. But I would not like to look back and think what I have not been able to. ”
– Ratan Tata- An Indian Industrialist
 
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:
New Members

2 New Members Join FISME

2 new MSME became members of FISME during the period from 15th June 2019 to 30th June 2019
Reader Reactions

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Editorial Team:
Hon. Editor: Anil Bhardwaj
Asstt. Editor: Kalpana Sharma
Types setting & websdesigning: Sanjay Sachan  
Video & Photography:  Subhan Khan

 

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