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President's Message
The spectre of continued economic slide has galvanized the top brass of the Government to take up the cudgels. The Prime Minister Modi himself held a series of meetings last week with representatives of key economic sectors including MSME. FISME was invited and we presented a set of short and medium & long term measures before the PM that the Government might take to alleviate the pains of MSMEs allowing them contribute to revival. A long tradition of annual pre-budget consultations in the Finance Ministry also is an important occasion for the Union Finance Minister to listen to different sections of society. As President FISME I too had the occasion to present views of MSME sector before the FM. The mood was sombre as economic slowdown was all around us. Government looked for both short and medium/long term solutions to the problems holding back growth. FISME has been highlighting for quite sometime that there is limited policy space in the hands of Government post WTO to intervene in markets. However, one policy instrument that could still be effectively used is Public Procurement because India is not signatory to the Plurilateral agreement in WTO. The size of government purchase is mind boggling in India and is estimated to be close to US$ One Trillion. If used judiciously it could help prop-up domestic manufacturing and create jobs significantly. FISME also suggested whole set of suggestions to address problems faced by MSMEs on account of shortage of working capital, IBC code, ease in doing business etc.
As the year 2019 comes to an end, a new decade of hope dawns before us. We have to make this the decade for India: our last chance to cash our demographic dividend by allowing millions to contribute economically through enterprises and jobs. Wish you all a happy 2020.
"
Representatives from several industry bodies met Finance Minister Nirmala Sitharaman and suggested ways to boost industry here on Tuesday.
Federation of Indian Micro & Small and Medium Enterprises (FISME) was also invited for the meeting.
FISME President Animesh Saxena highlighted the key issues and demands of the Micro, Small and Medium Enterprises (MSME) sector. While talking to KNN India, Saxena said FISME has emphasized on fund availability, investment and other related problems in the MSME sector.
''We had discussions on challenges faced by MSMEs and issues which are being faced by the MSME which are stopping them from flourishing. In this regard what can be done in the coming budget were also discussed,'' Saxena said.
With continued sluggishness in Indian economy, Prime Minister Narendra Modi seems to have taken the cudgels himself to change course.
In a series of meetings with leaders of key sectors, PM Modi met representatives from MSME, FMCG and renewable energy sectors on 27th Dec 2019 at his residence in New Delhi.
Representing MSME sector, Anil Bhardwaj Secretary General of Federation of Indian Micro and Small & Medium Enterprises (FISME) highlighted before the PM a series of short and long term intervention to rejuvenate MSMEs.
Barriers in creativity or creative blocks are described as incapability to explore inner creativity. People— such as writers, designers, musicians, artists, performers and entrepreneurs—who are in creative fields are affected by creative blocks which can last for many days, months and in some cases even years, and it directly affects your work, performance and mental health as well. There are various reasons that might cause creative blocks, such as fear of rejection, anxiety, criticism, lack of financial support and self-doubt, among various others.
An exclusive report by BusinessLine on the fresh ‘strategy’ drawn up by the Finance Ministry to boost tax collections for the rest of this fiscal year makes for bemusing reading. Concerned about indirect tax collections falling well short of ambitious targets set out in the July Budget, the Finance Ministry is said to have called a joint meeting of all senior tax officials from the CBIC (Central Board of Indirect Taxes and Customs) and CBDT (Central Board of Direct Taxes) to exhort them to meet their revenue targets for this fiscal.
International Monetary Fund (IMF) Chief Economist Dr Gita Gopinath on Friday said that the country needs to strengthen its financial sector and fix the credit supply problem to reverse the ongoing economic downturn.
Speaking at FICCI’s 92nd Annual Convention themed ‘India: Roadmap to a 5 Trillion Economy’, Dr Gopinath said that there has been a sharp decline in private investment in the last two quarters and the core problem lies with the financial sector. She also said that at present the high frequency indicators are signaling that the economy may not revive anytime soon and pointed out that business sentiment in 2014-15 was better than in 2019, and sectors dependent on government have taken a hit.
Ministry of Statistics and Programme Implementation (MoSPI) is conducting the 7th Economic Census w.e.f December 13th for which it has requested the concern enterprises to extend their full cooperation.
''Ministry of Statistics and Programme Implementation (MoSPI) is conducting the 7th Economic Census under the collection of Statistics Act 2008 to collect information regarding the various economic activities being undertaken by the enterprises all over the country,'' the Ministry said in a communication. The ministry further informed that CSC e-Governance services India limited, Ministry of Information Technology and GOI will conduct the field work of the survey through enumerators/supervisors appointed on short term contract basis.
Finance Minister Nirmala Sitharaman on Monday said that the government has released Rs 35,298 crore Goods and Services Tax (GST) compensation to states.
Speaking at the India Economic Conclave event of the Times Network, Sitharaman, acknowledged the delay in payment of compensation on account of shortfall in GST collection. However, she assured that the government at the Centre and the states are working to increase the GST revenue.
She also informed that the shortfall is due to extension granted in filing of returns to flood-hit states and slowdown in consumption faced by certain sectors.
The micro, small and medium enterprises (MSMEs) sector representatives have proposed small-ticket tenders so that they could participate in bidding.
According to Federation of Indian Micro and Small & Medium Enterprises (FISME), smaller firms are getting elbowed out from public procurement as orders are generally bundled up making their size very large.
"The government is increasingly getting projects executed on turn-key basis through large corporates which do not fall under public private partnership (PPP) for the MSMEs," FISME added.
Union Finance Minister Nirmala Sitharaman on Saturday said that the government has launched Micro Small and Medium Enterprises (MSME) 'Outreach Initiative' for restructuring of stressed standard assets.
''In order to address the working capital needs of MSMEs on account of stress arising frm delayed payments, PSBs are offering up to 25% enhancement in working capital limits for standard MSME accounts as a Standby Line of Credit and have launched a MSME Outreach Initiative for restructuring of stressed standard assets as needed on priority and in a timely manner, besides providing new term loans, payment solutions for delayed receivables, bill discounting and trade finance,'' said the Finance ministry in a statement.
The Department for Promotion of Industry and Internal Trade (DPIIT) has said that 11 inspecting authorities have been recognised by the Central Boilers Board (CBB), to simplify procedure of inspection of boilers.
‘’Eleven third party inspecting authorities have been recognized by the Central Boilers Board (CBB) to work in the country employing competent persons to carry out inspection of boilers and boiler components during manufacture and use, in addition to Chief Inspector/ Director of Boilers,’’ the Commerce and Industry Ministry on Thursday said.
Union Finance Minister Nirmala Sitharaman has said that stressed Micro, Small and Medium Enterprises (MSME) can be restructured without being declared as NPAs.
Speaking at the annual conference of ASSOCHAM here, on Friday, Sitharaman said, "We make sure that stressed MSMEs will not be declared as NPAs. They can be restructured without NPAs."
"We will also make sure that MSME get an additional term loans and additional liquidity through their working capital requirement. Between December 7 and January 7, they can approach any public sector bank and sort out their finances," she added.
The government of Karnataka has allowed all shops and commercial establishments in the state, employing ten or more persons, to be open on 24x7 basis on all days of the year for a period of three years.
''In exercise of the powers conferred by Sub-Section (1) of Section 11 read with Sub Section (2) of Section 12 of the Karnataka Shops and Commercial Establishment Act, 1961 (Karnataka Act 08 of 1962), and in partial modification of notifications issued in this behalf the Government of Karnataka hereby permits all Shops and Commercial Establishments in the State employing ten or more persons to be open on 24 X 7 basis on all days of the year for a period of three years from the date of publication of this notification in the Official Gazette Subject to the provisions of Sub Section (3) of Section 12 and the following conditions, mentioned in the notification,'' said the notification.
In order to help entrepreneurs improve their standards to meet international competition, the district administration has identified about 20 acres of land to set up Micro Small and Medium Enterprises (MSME) technology centre in Sulur.
The union ministry of MSME had sanctioned Rs 200 crore to set up the centre in the district under the scheme ‘establishment of new technology centres’. “The chosen land is fulfilling the specifications, including a non-residential area and with adequate transportation facilities, that are required to set up the centre. A team of MSME officials from New Delhi is expected to inspect the land within a week or two, ‘said R Vijayakumar, assistant director in-charge of MSME Development Institute, Coimbatore.
The UP government has asked for Rs 70,000 crore loan from banks for the Micro Small and Medium Enterprises (MSME) sector in the state, which will include Chief Minister Yogi Adityanath 's flagship One District One Product (ODOP) programme.
So far, in September, this year, the MSME sector has registered a substantial increase of Rs 40741.95 crore in September 2019 compared to Rs 29,782.46 crore in 2018. MSME Principal Secretary, Navneet Sehgal met Bank of Baroda general manager Ramjas Yadav to apprise him of the growing demand for loans in the MSME sector in the state, according to a media report.
The revenue department under Haryana state has recorded a growth rate of 33 per cent in the month of November, 2019 over the corresponding month of the previous financial year.
The overall growth of the collections under State GST up to the month of November 2019 in the current financial year is 18 per cent over the corresponding period of the previous financial year.
''The return compliance of the State has also shown marked improvement in the month of November, 2019. It stands at 78 per cent, which is 4 per cent higher than the national average,'' informed in a review meeting on Friday held via Video Conferencing of all DETC’s (ST) of Haryana under the Chairmanship of Excise and Taxation Commissioner, Dr Amit Kumar Agrawal.
United Arab Emirates Prime Minister Sheikh Mohammed Bin Rashid Al Maktoum has invited The Federation of Indian Micro and Small & Medium Enterprises (FISME) in the Tenth edition of the Annual Investment Meeting.
The World’s leading Investment platform themed "Investing for the Future: Shaping Global Investment Strategies" scheduled from March 24th to 26th in Dubai, United Arab Emirates. AIM 2020 would have five pillars namely Foreign Direct Investment, Startups, Future Cities, Small and Medium Scale Enterprises and Foreign Portfolio Investment; and a special event on 'One Road, One Belt'.
National Small Industries Corporation (NSIC), in association with Small and Medium Business Corporation (SBC) of South Korea has set-up an India-Korea Technology Exchange Centre (IKTEC) at NSIC’s Technical Service Centre at Okhla, here.
NSIC has also signed a Memorandum of Understanding (MoU) with SBC (Now known as KOSME), South Korea for enhancing cooperation between Micro Small and Medium Enterprises (MSMEs) of both the countries.
Under IKTEC platform, MSMEs from both India and Korea will be assisted to identify and exchange latest technologies, Machineries, Product development, Technology applications for productive development and share management expertise etc. amongst themselves.
Government has instructed GST department to clear pending claims of MSMEs on priority. Has it translated on ground?
Government has instructed GST department to clear pending claims of MSMEs on priority. According to FISME factor 50% MSMEs think that it has translated on ground while 50% think it has not.
Steps to building an effective employee experience
Human resources and learning & development (L&D) experts are upskilling in design thinking to create effective people processes. A significant aspect of this is shifting to a designer's mindset and architecting practical employee experiences for their organisations. What makes this so relevant now as opposed to five to ten years ago? Earlier, there was higher employee tenure.
During an economic slowdown, small and medium enterprises (SMEs) are among the worst hit due to liquidity crisis in the market. Such is the case right now where SMEs are finding it difficult to raise business loans from banks and other non-banking financial companies (NBFCs) for their business needs.
At the water cooler, my colleague Zia frowned at me. ‘So, I read your article on business storytelling and I tend to agree with it’, she started. ‘How do I create a compelling brand story? I have all these great stories of the work that we have done for our clients, but I just don’t know where and how to begin. It’s the beginning of the story where I falter.’
Zia was working on a client pitch and needed a third-person perspective on making a ‘not-so-obvious’ sales pitch. This got me thinking.
25,000 MSMEs stuck in companies under CIRP, says FISME
The apex association of small scale industries, i.e. the Federation of Indian Micro and Small & Medium Enterprises (FISME) is of the view that the small scale vendors affected by the insolvency resolution process could be at least 25,000 contrary to the Insolvency and Bankruptcy Board of India (IBBI) which has admitted around 3,200 cases so far.
The dues of 25,000 MSMEs could be stuck in companies that are under the Corporate Insolvency Resolution Process (CIRP) and another 75,000 could be affected soon, FISME indicated.
How this Delhi-based startup makes construction projects easier to deliver
In construction, project delays mean only two things: more interest payments and irate customers. The process of tracking projects and their various elements to make sure things don’t go off the rails would be made much easier and streamlined with the use of technology. To facilitate project managers and contractors to take to technology and data science to manage projects, startup Tracecost was founded in 2019.
This bootstrapped mattress startup by ex-Paytm exec is cracking the sleep game
They say, sitting is the new smoking. Our corporate jobs are not 9 to 5 anymore, and sitting in odd and awkward positions for long hours has only given rise to more health problems, including back pain. This was something Tarun Chugh faced too. “I ended up spending close to Rs 50,000 on the mattresses and cushions, but it didn’t help. I then started my research and found that many things lead to back pain. We started doing research in the beginning of 2017, and by mid-2017, we saw an opportunity in the space,” says Tarun.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation has been bringing out the employment related statistics in the formal sector covering the period September 2017 onwards.
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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This Newsletter is edited by the FISME Secretariat. We welcome contributions as well as comments and suggestions. Please write to newsletter@fisme.org.in
The spectre of continued economic slide has galvanized the top brass of the Government to take up the cudgels. The Prime Minister Modi himself held a series of meetings last week with representatives of key economic sectors including MSME. FISME was invited and we presented a set of short and medium & long term measures before the PM that the Government might take to alleviate the pains of MSMEs allowing them contribute to revival. A long tradition of annual pre-budget consultations in the Finance Ministry also is an important occasion for the Union Finance Minister to listen to different sections of society. As President FISME I too had the occasion to present views of MSME sector before the FM. The mood was sombre as economic slowdown was all around us. Government looked for both short and medium/long term solutions to the problems holding back growth. FISME has been highlighting for quite sometime that there is limited policy space in the hands of Government post WTO to intervene in markets. However, one policy instrument that could still be effectively used is Public Procurement because India is not signatory to the Plurilateral agreement in WTO. The size of government purchase is mind boggling in India and is estimated to be close to US$ One Trillion. If used judiciously it could help prop-up domestic manufacturing and create jobs significantly. FISME also suggested whole set of suggestions to address problems faced by MSMEs on account of shortage of working capital, IBC code, ease in doing business etc.
As the year 2019 comes to an end, a new decade of hope dawns before us. We have to make this the decade for India: our last chance to cash our demographic dividend by allowing millions to contribute economically through enterprises and jobs. Wish you all a happy 2020.
"
Representatives from several industry bodies met Finance Minister Nirmala Sitharaman and suggested ways to boost industry here on Tuesday.
Federation of Indian Micro & Small and Medium Enterprises (FISME) was also invited for the meeting.
FISME President Animesh Saxena highlighted the key issues and demands of the Micro, Small and Medium Enterprises (MSME) sector. While talking to KNN India, Saxena said FISME has emphasized on fund availability, investment and other related problems in the MSME sector.
''We had discussions on challenges faced by MSMEs and issues which are being faced by the MSME which are stopping them from flourishing. In this regard what can be done in the coming budget were also discussed,'' Saxena said.
With continued sluggishness in Indian economy, Prime Minister Narendra Modi seems to have taken the cudgels himself to change course.
In a series of meetings with leaders of key sectors, PM Modi met representatives from MSME, FMCG and renewable energy sectors on 27th Dec 2019 at his residence in New Delhi.
Representing MSME sector, Anil Bhardwaj Secretary General of Federation of Indian Micro and Small & Medium Enterprises (FISME) highlighted before the PM a series of short and long term intervention to rejuvenate MSMEs.
Barriers in creativity or creative blocks are described as incapability to explore inner creativity. People— such as writers, designers, musicians, artists, performers and entrepreneurs—who are in creative fields are affected by creative blocks which can last for many days, months and in some cases even years, and it directly affects your work, performance and mental health as well. There are various reasons that might cause creative blocks, such as fear of rejection, anxiety, criticism, lack of financial support and self-doubt, among various others.
International Monetary Fund (IMF) Chief Economist Dr Gita Gopinath on Friday said that the country needs to strengthen its financial sector and fix the credit supply problem to reverse the ongoing economic downturn.
Speaking at FICCI’s 92nd Annual Convention themed ‘India: Roadmap to a 5 Trillion Economy’, Dr Gopinath said that there has been a sharp decline in private investment in the last two quarters and the core problem lies with the financial sector. She also said that at present the high frequency indicators are signaling that the economy may not revive anytime soon and pointed out that business sentiment in 2014-15 was better than in 2019, and sectors dependent on government have taken a hit.
Ministry of Statistics and Programme Implementation (MoSPI) is conducting the 7th Economic Census w.e.f December 13th for which it has requested the concern enterprises to extend their full cooperation.
''Ministry of Statistics and Programme Implementation (MoSPI) is conducting the 7th Economic Census under the collection of Statistics Act 2008 to collect information regarding the various economic activities being undertaken by the enterprises all over the country,'' the Ministry said in a communication. The ministry further informed that CSC e-Governance services India limited, Ministry of Information Technology and GOI will conduct the field work of the survey through enumerators/supervisors appointed on short term contract basis.
Finance Minister Nirmala Sitharaman on Monday said that the government has released Rs 35,298 crore Goods and Services Tax (GST) compensation to states.
Speaking at the India Economic Conclave event of the Times Network, Sitharaman, acknowledged the delay in payment of compensation on account of shortfall in GST collection. However, she assured that the government at the Centre and the states are working to increase the GST revenue.
She also informed that the shortfall is due to extension granted in filing of returns to flood-hit states and slowdown in consumption faced by certain sectors.
The micro, small and medium enterprises (MSMEs) sector representatives have proposed small-ticket tenders so that they could participate in bidding.
According to Federation of Indian Micro and Small & Medium Enterprises (FISME), smaller firms are getting elbowed out from public procurement as orders are generally bundled up making their size very large.
"The government is increasingly getting projects executed on turn-key basis through large corporates which do not fall under public private partnership (PPP) for the MSMEs," FISME added.
Union Finance Minister Nirmala Sitharaman on Saturday said that the government has launched Micro Small and Medium Enterprises (MSME) 'Outreach Initiative' for restructuring of stressed standard assets.
''In order to address the working capital needs of MSMEs on account of stress arising frm delayed payments, PSBs are offering up to 25% enhancement in working capital limits for standard MSME accounts as a Standby Line of Credit and have launched a MSME Outreach Initiative for restructuring of stressed standard assets as needed on priority and in a timely manner, besides providing new term loans, payment solutions for delayed receivables, bill discounting and trade finance,'' said the Finance ministry in a statement.
The Department for Promotion of Industry and Internal Trade (DPIIT) has said that 11 inspecting authorities have been recognised by the Central Boilers Board (CBB), to simplify procedure of inspection of boilers.
‘’Eleven third party inspecting authorities have been recognized by the Central Boilers Board (CBB) to work in the country employing competent persons to carry out inspection of boilers and boiler components during manufacture and use, in addition to Chief Inspector/ Director of Boilers,’’ the Commerce and Industry Ministry on Thursday said.
Union Finance Minister Nirmala Sitharaman has said that stressed Micro, Small and Medium Enterprises (MSME) can be restructured without being declared as NPAs.
Speaking at the annual conference of ASSOCHAM here, on Friday, Sitharaman said, "We make sure that stressed MSMEs will not be declared as NPAs. They can be restructured without NPAs."
"We will also make sure that MSME get an additional term loans and additional liquidity through their working capital requirement. Between December 7 and January 7, they can approach any public sector bank and sort out their finances," she added.
The government of Karnataka has allowed all shops and commercial establishments in the state, employing ten or more persons, to be open on 24x7 basis on all days of the year for a period of three years.
''In exercise of the powers conferred by Sub-Section (1) of Section 11 read with Sub Section (2) of Section 12 of the Karnataka Shops and Commercial Establishment Act, 1961 (Karnataka Act 08 of 1962), and in partial modification of notifications issued in this behalf the Government of Karnataka hereby permits all Shops and Commercial Establishments in the State employing ten or more persons to be open on 24 X 7 basis on all days of the year for a period of three years from the date of publication of this notification in the Official Gazette Subject to the provisions of Sub Section (3) of Section 12 and the following conditions, mentioned in the notification,'' said the notification.
In order to help entrepreneurs improve their standards to meet international competition, the district administration has identified about 20 acres of land to set up Micro Small and Medium Enterprises (MSME) technology centre in Sulur.
The union ministry of MSME had sanctioned Rs 200 crore to set up the centre in the district under the scheme ‘establishment of new technology centres’. “The chosen land is fulfilling the specifications, including a non-residential area and with adequate transportation facilities, that are required to set up the centre. A team of MSME officials from New Delhi is expected to inspect the land within a week or two, ‘said R Vijayakumar, assistant director in-charge of MSME Development Institute, Coimbatore.
The UP government has asked for Rs 70,000 crore loan from banks for the Micro Small and Medium Enterprises (MSME) sector in the state, which will include Chief Minister Yogi Adityanath 's flagship One District One Product (ODOP) programme.
So far, in September, this year, the MSME sector has registered a substantial increase of Rs 40741.95 crore in September 2019 compared to Rs 29,782.46 crore in 2018. MSME Principal Secretary, Navneet Sehgal met Bank of Baroda general manager Ramjas Yadav to apprise him of the growing demand for loans in the MSME sector in the state, according to a media report.
The revenue department under Haryana state has recorded a growth rate of 33 per cent in the month of November, 2019 over the corresponding month of the previous financial year.
The overall growth of the collections under State GST up to the month of November 2019 in the current financial year is 18 per cent over the corresponding period of the previous financial year.
''The return compliance of the State has also shown marked improvement in the month of November, 2019. It stands at 78 per cent, which is 4 per cent higher than the national average,'' informed in a review meeting on Friday held via Video Conferencing of all DETC’s (ST) of Haryana under the Chairmanship of Excise and Taxation Commissioner, Dr Amit Kumar Agrawal.
United Arab Emirates Prime Minister Sheikh Mohammed Bin Rashid Al Maktoum has invited The Federation of Indian Micro and Small & Medium Enterprises (FISME) in the Tenth edition of the Annual Investment Meeting.
The World’s leading Investment platform themed "Investing for the Future: Shaping Global Investment Strategies" scheduled from March 24th to 26th in Dubai, United Arab Emirates. AIM 2020 would have five pillars namely Foreign Direct Investment, Startups, Future Cities, Small and Medium Scale Enterprises and Foreign Portfolio Investment; and a special event on 'One Road, One Belt'.
National Small Industries Corporation (NSIC), in association with Small and Medium Business Corporation (SBC) of South Korea has set-up an India-Korea Technology Exchange Centre (IKTEC) at NSIC’s Technical Service Centre at Okhla, here.
NSIC has also signed a Memorandum of Understanding (MoU) with SBC (Now known as KOSME), South Korea for enhancing cooperation between Micro Small and Medium Enterprises (MSMEs) of both the countries.
Under IKTEC platform, MSMEs from both India and Korea will be assisted to identify and exchange latest technologies, Machineries, Product development, Technology applications for productive development and share management expertise etc. amongst themselves.
Government has instructed GST department to clear pending claims of MSMEs on priority. According to FISME factor 50% MSMEs think that it has translated on ground while 50% think it has not. 
Human resources and learning & development (L&D) experts are upskilling in design thinking to create effective people processes. A significant aspect of this is shifting to a designer's mindset and architecting practical employee experiences for their organisations. What makes this so relevant now as opposed to five to ten years ago? Earlier, there was higher employee tenure.
During an economic slowdown, small and medium enterprises (SMEs) are among the worst hit due to liquidity crisis in the market. Such is the case right now where SMEs are finding it difficult to raise business loans from banks and other non-banking financial companies (NBFCs) for their business needs.
At the water cooler, my colleague Zia frowned at me. ‘So, I read your article on business storytelling and I tend to agree with it’, she started. ‘How do I create a compelling brand story? I have all these great stories of the work that we have done for our clients, but I just don’t know where and how to begin. It’s the beginning of the story where I falter.’
Zia was working on a client pitch and needed a third-person perspective on making a ‘not-so-obvious’ sales pitch. This got me thinking.
The apex association of small scale industries, i.e. the Federation of Indian Micro and Small & Medium Enterprises (FISME) is of the view that the small scale vendors affected by the insolvency resolution process could be at least 25,000 contrary to the Insolvency and Bankruptcy Board of India (IBBI) which has admitted around 3,200 cases so far.
The dues of 25,000 MSMEs could be stuck in companies that are under the Corporate Insolvency Resolution Process (CIRP) and another 75,000 could be affected soon, FISME indicated.
In construction, project delays mean only two things: more interest payments and irate customers. The process of tracking projects and their various elements to make sure things don’t go off the rails would be made much easier and streamlined with the use of technology. To facilitate project managers and contractors to take to technology and data science to manage projects, startup Tracecost was founded in 2019.
They say, sitting is the new smoking. Our corporate jobs are not 9 to 5 anymore, and sitting in odd and awkward positions for long hours has only given rise to more health problems, including back pain. This was something Tarun Chugh faced too. “I ended up spending close to Rs 50,000 on the mattresses and cushions, but it didn’t help. I then started my research and found that many things lead to back pain. We started doing research in the beginning of 2017, and by mid-2017, we saw an opportunity in the space,” says Tarun.
