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President's Message
Because of several disruptions in the last couple of years, MSME sector has been undergoing a prolonged period of stress due to liquidity crunch in the market, which were further exacerbated by rigid NPA norms, NBFC crisis and accumulation of bad debts emanating from IBC resolution process of over 1500 large corporates. To bring fiscal reforms to check liquidity crisis faced by the Micro Small and Medium Enterprises (MSMEs), FISME has suggested numerous measures to Hon'ble Finance Minister Nirmala Sitharaman for incorporating in the Union Budget. We have proposed a set of interventions that could be done through budget. Suggestions basically revolve around trade credit, direct and indirect taxes, land reforms, securing dues of MSMEs during corporate insolvency resolution process, unilateral increase in claim period of BGs by banks and skill development.
"
The Union Finance Minister held a pre-budget meeting on 11 June 2019 with industry associations in North Block. Plagued with various issues related to availability of timely credit, Non-Performing Assets (NPAs) and limited access to markets, FISME submitted a pre-budget memorandum to the Finance Minister for incorporating in the Union Budget to be presented next month. FISME proposed the Government to create a multi-stake holder Agency on the lines of Credit Bureau (under Governmentt control). The Agency may be provided access to big data of GST, bank transactions and ROC filings based on which it would automatically create credibility report of companies.
Becoming a successful business owner or let's say a well-known entrepreneur is a dream, everybody, work all their lives but have you ever thought if you really have it all that it takes to become what you desire?
You may browse the internet for such habits and routine that will take you there, but the truth is that only a few of you have those skills to influence the world with ideas that have never brought into execution.
Finance minister Nirmala Sitharaman will soon present her first budget in unusual circumstances. There hasn’t been an occasion in recent memory when so little is known about the actual state of the economy. Former chief economic adviser Arvind Subramanian joined the growing crowd of sceptics who believe India’s official GDP exaggerates economic health.
The Directorate General of Foreign Trade (DGFT) has enhanced the minimum import price for whole and broken cashew kernel.
As per the DGFT notification, the import price for broken cashew has been increased to Rs 680 per Kg from Rs 288 per kg. Similarly for whole cashew, it has been enhanced to Rs 720 per kg from Rs 400 per kg earlier. Below these prices, imports of the commodity is prohibited. However, import is free if CIF value is above these prices.
The Central Government withdrew the Merchandise Exports from India Scheme (MEIS) benefits given for the export of "fresh or chilled" onions with immediate effect to lower domestic prices of onion.
Wholesale prices have shot up at the country's largest wholesale market for onions in Lasalgaon in Maharashtra's Nashik district.
The price of the vegetable was quoted around Rs 1,300 per 100 kg, up from Rs 900 on a month-on-month basis.
Accordingly, the Director General of Foreign Trade (DGFT) withdrew the MEIS benefit.
The Gems and Jewellery Export Promotion Council (GJEPC) has asked for a reduction in import duty on Cut and Polished Diamonds & Precious and Semi-Precious Gemstones from 7.5% to 2.5% and on Gold from 10% to 4%.
Chairman of GJEPC, Pramod Agrawal made a presentation to the Joint Meeting of the Board of Trade and the Council of Trade Development and Promotion, focusing on some of the critical issues and trade bottlenecks faced by the gem and jewellery export trade.
To facilitate the flow of credit to Micro Small and Medium Enterprises (MSMEs) for investing in machineries, Small industrial Development Bank of India (SIDBI) has recently launched the new scheme called SIDBI-Loan for Purchase of Equipment for Enterprise Development (SPEED) for machinery purchase from Original Equipment Manufacturers (OEMs) on competitive rate of interest.
Under this scheme, financial assistance of up to Rs 1 crore will be provided to new borrowers to SIDBI, whereas assistance of up to Rs 2 crore will be provided to its existing borrowers for the purchase of equipment for the development of enterprises.
MSME Development Institute (MSME DI), Kolkata under the Ministry of Micro Small and Medium Enterprises (MSME) has urged the entrepreneurs from the region to avail the benefits of revised Intellectual Property (IP) scheme.
It said, for acquiring patent, Trademarks, GI registration, Government of India will provide financial assistance to MSMEs as per below:
-- Patent (Domestic) -- Actual expenditure or maximum Rs 1.0 lakh
-- Patent (International) -- Actual expenditure or maximum Rs 5.0 lakh
-- Trade Mark - - Actual expenditure or maximum Rs 0.10 lakh
-- GI registration -- Actual expenditure or maximum Rs 2.0 lakh
Plagued with various issues related to availability of timely credit, Non-Performing Assets (NPAs) and limited access to markets, Micro Small and Medium Enterprises (MSMEs) want elimination of middlemen and bureaucratic red-tape which mainly cause delays in procurement.
Sharing the expectations of MSMEs from the new Modi government for the persual, Serial Entrepreneur, Business Coach and International Author, Rajiv Talreja said “The arrival of the newly elected government; Modi 2.0 looks hopeful for the MSME sector. While it has had its focus on the development of MSMEs and assisting homegrown entrepreneurs during its previous tenure, we hope it will continue its efforts for the current term as well.”
To make industries safer and less hazardous for residents in neighborhood along with the factory workers, the Kerala Government is establishing a Remote Sensing enabled Online Chemical Emergency Response System (ROCERS).
Kochi has a number of hazardous chemical factories and to support the operations of the Chemical Emergency Response Centre, ROCERS has been designed. The system is equipped with space based technologies with information and communication technology to provide possible time of disaster monitoring and its analysis for chemical emergency management.
Earlier this week the Meghalaya Cabinet approved 25 policies including ‘with an aim to grow the entrepreneurs.
The long term aim of this policy is to emerge as one of the leading startup hubs in India by 2023 and to meet this goal, the government has planned strategic partnerships, facilitative ecosystem, investments and policy interventions.
Under the policy, the government will develop an application and a startup portal which will have all the information about the policy, their benefits and procedure to employ them.
The state government will develop the quality infrastructure in the state keeping an eye on the facilities to be given for the entrepreneurs.
Approved institutions will be eligible for a one-time grant of 75 per cent of capital cost (cost of building, equipment, connectivity) up to a maximum of Rs. 5 crore to set up an incubator.
The Rajasthan government earlier this week has notified an ordinance, according to which an Micro Small and Medium Enterprises (MSME) entrepreneur in the state can start his/ her project without any approvals or clearances for three years.
Rajasthan has taken several such initiatives in the past to boost investment.
The Micro, Small & Medium Enterprise (Facilitation of Establishment & Operation) Ordinance, 2019, will allow a businessman to start a new enterprise with mere self-declaration, without the need for seeking an approval or inspection of any department for the next three years.
The Himachal Pradesh Government has introduced a system of self-certification for Micro Small and Medium Enterprises in the state.
Under this system, government has allowed entrepreneurs setting up micro, small and medium enterprises in the state to implement their projects through a system of self-certification for up to two years.
The move aims to liberate the MSMEs from the clutches of multiple formalities like clearances that are required at the time of initiating a project.
In addition, interest subsidy and financial aid for e-marketing, promotion, insurance and transit will be provided to them.
The Jai Ram Thakur government has also decided to ease the norms for purchase and leasing of land for industrial purposes with a view to make the process hassle free and reduce the time taken to set up projects.
Speaking with KNN India, the President of Baddi Barootiwala Nalagarh Industries Association, Shailesh Aggarwal said “We welcome this move as this will facilitate MSMEs in a big way and promote ease of doing business in state.”
Looking towards increasing the Indian trade volume with Korea by multiple times, the Korean government has called upon its business and trade community to see emerging opportunities in India.
Addressing the gathering at ‘Korean Self Employed & MSME in India 2019’ workshop organized jointly by Korean Association in India and Korean Embassy in India here, the Ambassador of Korea to India, Shin Bong-kil said “Exerting towards this goal, Korea has already started working on making an ecosystem for the MSMEs in India.”
Referring to an article ’The idea of Modi’ published in a weekend special recently, he said that national development strategy rests on the East Asian growth model, which is largely Korea and Singapore.
The number of Korean SMEs doing business in India is increasing but we want more to come to India. However, many Korean companies in India are successful but others are facing hardship and need our assistance and we want to make them successful, said Euy Don Park, the Chairman of the Korean Association in India.
Piyush Goyal, Union Minister of Commerce and Industry, is leading the Indian delegation for the G20 Ministerial meeting on Trade and Digital Economy to be held on 8th to 9th June, 2019 in Tsukuba city, Japan. It will be the first time when more than 50 Trade and Digital Economy Ministers will get together to discuss how G20 economies can promote trade and investment and maximize benefits from the development of the digital economy and technologies to ensure sustainable growth of the global economy. After resuming the charge, Commerce Minister will hold bilateral meetings on the sidelines of G20 in order to sensitize India’s core interests in trade and investment issues and build coalition with likeminded countries for defending the interests of developing countries. It is hoped that this meeting will play a positive role in fostering economic opportunity and addressing challenges in the global landscape. Trade and investment are the important factors of the unprecedented global economic growth and poverty reduction of recent time.
How much adverse impact will US decision of terminating preferential trade status for India under GSP have on Indian Exports?
According to FISME factor 100 percent of MSMEs think that there will be no adverse impact on Indian export of US decision to terminating preferential trade status for India under GSP.
Customised learning is the key to unlocking your employees’ true potential
It’s a known fact that the quality of the talent pool separates the great organisations from the good. The pace of change is palpable and businesses across the globe are striving to transform themselves in order to stay relevant and profitable in this digital age.
MSME Schemes: Making use of the Marketing Assistance Scheme
An MSME business can grow if it is marketed properly. The Ministry of MSME offers the Marketing Assistance Scheme which helps businesses amp up their promotion and increase their market presence in national and international markets.
Operational cost of Manesar CETP for industries raised; Charge on the basis of nature of industry not area, demand MSMEs
The micro, small and medium entrepreneurs (MSMEs) from the region have objected to Gurugram Metropolitan Development Authority’s (GMDA’s) decision to collect operation charges of CETP in Manesar from industries based on their land areas rather than the nature of the industries.
Ahmedabad-based startup Mybyk is wheeling in change with its bicycle-sharing service
When Arjit Soni was doing his articleship at PricewaterhouseCoopers (PwC) in Mumbai from 2007 to 2010, his commute worsened the daily grind. His hostel was in Andheri; the workplace was in Dadar.
How this Chandigarh-based firm knocks the socks off entrepreneur Mukesh Bansal and the sheikhs of Dubai
The sharply dressed men of Wall Street in their dark and dapper suits grabbed Pritika Mehta’s attention during her four years stint in the US. They also got her thinking. What if the attire had a dash of colour, courtesy some cool and vibrant socks?
The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has released the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 for the month of April 2019.
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Study successful people and businesses, then do what they did to become successful while making slight modifications to fit your life style, your values, your business model & your goals.
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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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Because of several disruptions in the last couple of years, MSME sector has been undergoing a prolonged period of stress due to liquidity crunch in the market, which were further exacerbated by rigid NPA norms, NBFC crisis and accumulation of bad debts emanating from IBC resolution process of over 1500 large corporates. To bring fiscal reforms to check liquidity crisis faced by the Micro Small and Medium Enterprises (MSMEs), FISME has suggested numerous measures to Hon'ble Finance Minister Nirmala Sitharaman for incorporating in the Union Budget. We have proposed a set of interventions that could be done through budget. Suggestions basically revolve around trade credit, direct and indirect taxes, land reforms, securing dues of MSMEs during corporate insolvency resolution process, unilateral increase in claim period of BGs by banks and skill development.
"
The Union Finance Minister held a pre-budget meeting on 11 June 2019 with industry associations in North Block. Plagued with various issues related to availability of timely credit, Non-Performing Assets (NPAs) and limited access to markets, FISME submitted a pre-budget memorandum to the Finance Minister for incorporating in the Union Budget to be presented next month. FISME proposed the Government to create a multi-stake holder Agency on the lines of Credit Bureau (under Governmentt control). The Agency may be provided access to big data of GST, bank transactions and ROC filings based on which it would automatically create credibility report of companies.
Becoming a successful business owner or let's say a well-known entrepreneur is a dream, everybody, work all their lives but have you ever thought if you really have it all that it takes to become what you desire?
You may browse the internet for such habits and routine that will take you there, but the truth is that only a few of you have those skills to influence the world with ideas that have never brought into execution.
The Directorate General of Foreign Trade (DGFT) has enhanced the minimum import price for whole and broken cashew kernel.
As per the DGFT notification, the import price for broken cashew has been increased to Rs 680 per Kg from Rs 288 per kg. Similarly for whole cashew, it has been enhanced to Rs 720 per kg from Rs 400 per kg earlier. Below these prices, imports of the commodity is prohibited. However, import is free if CIF value is above these prices.
The Central Government withdrew the Merchandise Exports from India Scheme (MEIS) benefits given for the export of "fresh or chilled" onions with immediate effect to lower domestic prices of onion.
Wholesale prices have shot up at the country's largest wholesale market for onions in Lasalgaon in Maharashtra's Nashik district.
The price of the vegetable was quoted around Rs 1,300 per 100 kg, up from Rs 900 on a month-on-month basis.
Accordingly, the Director General of Foreign Trade (DGFT) withdrew the MEIS benefit.
The Gems and Jewellery Export Promotion Council (GJEPC) has asked for a reduction in import duty on Cut and Polished Diamonds & Precious and Semi-Precious Gemstones from 7.5% to 2.5% and on Gold from 10% to 4%.
Chairman of GJEPC, Pramod Agrawal made a presentation to the Joint Meeting of the Board of Trade and the Council of Trade Development and Promotion, focusing on some of the critical issues and trade bottlenecks faced by the gem and jewellery export trade.
To facilitate the flow of credit to Micro Small and Medium Enterprises (MSMEs) for investing in machineries, Small industrial Development Bank of India (SIDBI) has recently launched the new scheme called SIDBI-Loan for Purchase of Equipment for Enterprise Development (SPEED) for machinery purchase from Original Equipment Manufacturers (OEMs) on competitive rate of interest.
Under this scheme, financial assistance of up to Rs 1 crore will be provided to new borrowers to SIDBI, whereas assistance of up to Rs 2 crore will be provided to its existing borrowers for the purchase of equipment for the development of enterprises.
MSME Development Institute (MSME DI), Kolkata under the Ministry of Micro Small and Medium Enterprises (MSME) has urged the entrepreneurs from the region to avail the benefits of revised Intellectual Property (IP) scheme.
It said, for acquiring patent, Trademarks, GI registration, Government of India will provide financial assistance to MSMEs as per below:
-- Patent (Domestic) -- Actual expenditure or maximum Rs 1.0 lakh
-- Patent (International) -- Actual expenditure or maximum Rs 5.0 lakh
-- Trade Mark - - Actual expenditure or maximum Rs 0.10 lakh
-- GI registration -- Actual expenditure or maximum Rs 2.0 lakh
Plagued with various issues related to availability of timely credit, Non-Performing Assets (NPAs) and limited access to markets, Micro Small and Medium Enterprises (MSMEs) want elimination of middlemen and bureaucratic red-tape which mainly cause delays in procurement.
Sharing the expectations of MSMEs from the new Modi government for the persual, Serial Entrepreneur, Business Coach and International Author, Rajiv Talreja said “The arrival of the newly elected government; Modi 2.0 looks hopeful for the MSME sector. While it has had its focus on the development of MSMEs and assisting homegrown entrepreneurs during its previous tenure, we hope it will continue its efforts for the current term as well.”
To make industries safer and less hazardous for residents in neighborhood along with the factory workers, the Kerala Government is establishing a Remote Sensing enabled Online Chemical Emergency Response System (ROCERS).
Kochi has a number of hazardous chemical factories and to support the operations of the Chemical Emergency Response Centre, ROCERS has been designed. The system is equipped with space based technologies with information and communication technology to provide possible time of disaster monitoring and its analysis for chemical emergency management.
Earlier this week the Meghalaya Cabinet approved 25 policies including ‘with an aim to grow the entrepreneurs.
The long term aim of this policy is to emerge as one of the leading startup hubs in India by 2023 and to meet this goal, the government has planned strategic partnerships, facilitative ecosystem, investments and policy interventions.
Under the policy, the government will develop an application and a startup portal which will have all the information about the policy, their benefits and procedure to employ them.
The state government will develop the quality infrastructure in the state keeping an eye on the facilities to be given for the entrepreneurs.
Approved institutions will be eligible for a one-time grant of 75 per cent of capital cost (cost of building, equipment, connectivity) up to a maximum of Rs. 5 crore to set up an incubator.
The Rajasthan government earlier this week has notified an ordinance, according to which an Micro Small and Medium Enterprises (MSME) entrepreneur in the state can start his/ her project without any approvals or clearances for three years.
Rajasthan has taken several such initiatives in the past to boost investment.
The Micro, Small & Medium Enterprise (Facilitation of Establishment & Operation) Ordinance, 2019, will allow a businessman to start a new enterprise with mere self-declaration, without the need for seeking an approval or inspection of any department for the next three years.
The Himachal Pradesh Government has introduced a system of self-certification for Micro Small and Medium Enterprises in the state.
Under this system, government has allowed entrepreneurs setting up micro, small and medium enterprises in the state to implement their projects through a system of self-certification for up to two years.
The move aims to liberate the MSMEs from the clutches of multiple formalities like clearances that are required at the time of initiating a project.
In addition, interest subsidy and financial aid for e-marketing, promotion, insurance and transit will be provided to them.
The Jai Ram Thakur government has also decided to ease the norms for purchase and leasing of land for industrial purposes with a view to make the process hassle free and reduce the time taken to set up projects.
Speaking with KNN India, the President of Baddi Barootiwala Nalagarh Industries Association, Shailesh Aggarwal said “We welcome this move as this will facilitate MSMEs in a big way and promote ease of doing business in state.”
Looking towards increasing the Indian trade volume with Korea by multiple times, the Korean government has called upon its business and trade community to see emerging opportunities in India.
Addressing the gathering at ‘Korean Self Employed & MSME in India 2019’ workshop organized jointly by Korean Association in India and Korean Embassy in India here, the Ambassador of Korea to India, Shin Bong-kil said “Exerting towards this goal, Korea has already started working on making an ecosystem for the MSMEs in India.”
Referring to an article ’The idea of Modi’ published in a weekend special recently, he said that national development strategy rests on the East Asian growth model, which is largely Korea and Singapore.
The number of Korean SMEs doing business in India is increasing but we want more to come to India. However, many Korean companies in India are successful but others are facing hardship and need our assistance and we want to make them successful, said Euy Don Park, the Chairman of the Korean Association in India.
Piyush Goyal, Union Minister of Commerce and Industry, is leading the Indian delegation for the G20 Ministerial meeting on Trade and Digital Economy to be held on 8th to 9th June, 2019 in Tsukuba city, Japan. It will be the first time when more than 50 Trade and Digital Economy Ministers will get together to discuss how G20 economies can promote trade and investment and maximize benefits from the development of the digital economy and technologies to ensure sustainable growth of the global economy. After resuming the charge, Commerce Minister will hold bilateral meetings on the sidelines of G20 in order to sensitize India’s core interests in trade and investment issues and build coalition with likeminded countries for defending the interests of developing countries. It is hoped that this meeting will play a positive role in fostering economic opportunity and addressing challenges in the global landscape. Trade and investment are the important factors of the unprecedented global economic growth and poverty reduction of recent time.
According to FISME factor 100 percent of MSMEs think that there will be no adverse impact on Indian export of US decision to terminating preferential trade status for India under GSP. 
It’s a known fact that the quality of the talent pool separates the great organisations from the good. The pace of change is palpable and businesses across the globe are striving to transform themselves in order to stay relevant and profitable in this digital age.
Indian economy is likely to be a $5 trillion economy by 2025 and the MSME sector is expected to play an important role in this growth story.
An MSME business can grow if it is marketed properly. The Ministry of MSME offers the Marketing Assistance Scheme which helps businesses amp up their promotion and increase their market presence in national and international markets.
The micro, small and medium entrepreneurs (MSMEs) from the region have objected to Gurugram Metropolitan Development Authority’s (GMDA’s) decision to collect operation charges of CETP in Manesar from industries based on their land areas rather than the nature of the industries.
When Arjit Soni was doing his articleship at PricewaterhouseCoopers (PwC) in Mumbai from 2007 to 2010, his commute worsened the daily grind. His hostel was in Andheri; the workplace was in Dadar.
The sharply dressed men of Wall Street in their dark and dapper suits grabbed Pritika Mehta’s attention during her four years stint in the US. They also got her thinking. What if the attire had a dash of colour, courtesy some cool and vibrant socks?
