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  The FISME Factor  

 

President's Message
Mr Animesh SaxenaCoronavirus (COVID-19) has arrived in India too. Multiple cases are being reported from different parts of the country. Within no time the number of people affected would rise exponentially. While there have been discussions about the impact of COVID-19 in India during last one month, the impact on imports from China on Pharma and Electronics sectors dominated these discussions. With cases starting in India, MSMEs need to urgently take important precautionary steps as their workers are not well trained and the working conditions leave much to be desired. There is need to sensitize people about right behaviour and observe discipline to contain spread of virus. It may also require provisioning of masks and sanitizers and readiness for treatment under medical emergencies. Government also need to extend a helping hand in taking such measures especially creation of additional beds and ensuring adequate stock of medicines in ESI Hospitals. The condition of most of ESI Hospitals is very bad and this crisis should be used to spruce up their capacity. Till we have an effective vaccination against the COVID-19, it is through precautions that we can ourselves. Let’s remember the chain is as strong as its weakest link. If virus enters the office or factory almost all stand exposed. Therefore, leave no one out of your readiness drive. "
Animesh Saxena, President, FISME
Vol VII, Issue 198: March 1, 2020
Business Banter: Lessons from Entrepreneurs
Moving from the startup phase to a growth phase
Macro Metre
MCA exempts MSMEs with paid up share capital of Rs 5 crore from appointing Company Secretary
Govt is working to rank states on the basis of their efforts to promote MSMEs
Domestic Digest
MSME sector has helped boost Chhattisgarh and generated employment Knowledge and News Network (KNN)
MSME loans restructuring to be completed by March 15, says FM
T-Hub with Wadhwani Foundation to empower 30 incubators in India
State Scan
Textiles traders in Surat demand MSME status Knowledge and News Network (KNN)
UP got 346,000 new MSMEs in last 3 years
Rajasthan Assembly passes GST Amendment bill
World Watch
India-US to make big trade deals to boost economies
Delegation from Australia arrives in India as a part of the Australia-India Business Exchange (AIB-X) Ministerial Business Mission to India
Knowledge Store
This Bengaluru-based startup focuses on safety with self-defence products
...And A Lot More

Business Banter: Lessons from Entrepreneurs

Moving from the startup phase to a growth phase

There are clear tell-tale signs when your startup moves towards the growth phase. At this stage, your business should be generating a consistent source of income and regularly taking on new customers. You will notice that your profits and cash flow have improved. With the teething problems gone, now is the time for steady focus and discipline on how to expand your business towards maturity. To shift gears into the growth phase, a startup needs to change its strategies. It will be a whole new ballgame with a new set of issues demanding your attention. What you need now is more formal processes and systems in place that will help you manage more complicated tasks.
Writing on the Wall

With WHO warning of Covid-19’s “pandemic potential”, India and other world nations mustn’t be caught napping

The rapid spread of the novel coronavirus (Covid-19) is disrupting the global economy like no other calamity in recent years. With fresh cases being reported from other countries and the Chinese share beginning to plummet, challenges on several fronts, especially in mobilising healthcare facilities and remedying commodity shortages, await national governments. China has faced both these issues which have already spilled over to other countries because it is a vital link in global supply chains.

Media Monitor

Macro Metre

MCA exempts MSMEs with paid up share capital of Rs 5 crore from appointing Company Secretary

The Ministry of Corporates Affairs (MCA) has exempted the Micro, Small and Medium Enterprise (MSME) from appointing a whole time Company Secretary whose paid up share capital is Rs 5 crore, said a notification. ''It is informed that MCA has now issued a notification no.G.S.R. 13 (E) dated 03.01.2020 conveying that every private company which has paid up share capital of 10 crore or more (instead of rs 5 crore or more) shall have a whole time company secretary,'' said the ministry in its notification dated 03/1/2020. ''The MSME ministry has received references from MSME associations regarding the problems face by them in particular for the mandatory requirement of whole time company secretary by each private company with a paid up share capital of rs 5 crore or more,'' the notification read further. The matter was examined and same was taken up with the MCA keeping in view the problems faced by MSEs which are mostly in the category of either proprietorship or partnership firm, exemption may be considered, irrespective of capital structures for mandatory engagement of a full time company secretary.

Govt is working to rank states on the basis of their efforts to promote MSMEs

While lauding the contribution of Micro, Small and Medium Enterprises (MSMEs), in the country's Gross Domestic Product (GDP) Dr. Arun Kumar Panda, MSME Secretary, has said that the government is working to rank States on the basis of their efforts to promote the later. Speaking at the National MSME Awards ceremony here on Wednesday, Panda asserted that ''we will rank states on the basis of 4 E's. Employment generation, for enterprise creation, third, exports, and fourth for ease of doing business. Further, he also informed the gatherings that the ministry is developing a platform for providing a consolidated database of export-related information for MSMEs.

28,000 start-ups registered with DPIIT, says Commerce Minister

Union Commerce Minister Piyush Goyal has said that over 28,000 start-ups are registered with the Department for Promotion of Industry and Internal Trade (DPIIT). These registered start-ups can avail different tax and other benefits being offered by the government. "We have now 28,000 plus start-ups who are registered with DPIIT. I am also told that in the last eight months, seven new unicorns have achieved the USD 1 billion bench mark valuation," he said here at the ''EY Entrepreneur of the Year'' award event on Wednesday. Launched in 2016, the Startup India programme has been credited as one of the major factors which have fuelled the country’s startup ecosystem. Under this programme, government registered startups receive numerous benefits such as tax exemptions, funding opportunities, etc. Union Commerce Minister Piyush Goyal has said that over 28,000 start-ups are registered with the Department for Promotion of Industry and Internal Trade (DPIIT).

Domestic Digest

MSME sector has helped boost Chhattisgarh and generated employment

Apart from contributing to India's Gross Domestic Product (GDP), the Micro Small and Medium Enterprises (MSMEs) are also flourishing states like Chhattisgarh by generating a large number of employment opportunities. According to the National Sample Survey conducted by Government of India’s MSME Ministry, the state presently has nearly 8.48 lakh micro, small and medium units where more than 71,000 women entrepreneurs have their participation in these units.

MSME loans restructuring to be completed by March 15, says FM

Union Finance Minister Nirmala Sitharaman has said that the restructuring of Micro, Small and Medium Enterprise (MSME) loans by banks will be done by March 15. The Finance Minister, while briefing media after a meeting with Public Sector Undertaking (PSU) Banks in Delhi, on Wednesday, said, "So far, a total of 5.53 lakh MSME accounts have been identified and out of which 5.28 lakh entities have been restructured and by March 15, every MSME request must be cleared.

DGFT relaxes submission of hard copy of applications for claiming assistance under TMA for Specified Agriculture Products Scheme

The government has released a notification wherein, it has allowed a one-time relaxation for submission of hard copy of applications for claiming assistance under ‘Transport and Marketing Assistance (TMA) for Specified Agriculture Product Scheme. This comes amid several grievances received by the Directorate General of Foreign Trade (DGFT) where it was stated that many applicants did not submit a physical copy of the application to Regional Authorities (RA) because of the following message on the acknowledgement slip: “Application successfully submitted.

T-Hub with Wadhwani Foundation to empower 30 incubators in India

Hyderabad-based startup incubator, T-Hub has said that it has won the Startup India and Department for Promotion of Industry and Internal Trade’s (DPIIT) bid to lead a capacity-building programme for 30 incubators in India. The objective is to enable and empower incubators to design a world-class entrepreneur support programme that covers all aspects of incubation.T-Hub, along with Wadhwani Foundation, will lead a programme to provide continued support and mentorship, it said in a statement on Tuesday.
State Scan

Gujarat    

Textiles traders in Surat demand MSME status

Federation of Surat Textile Traders’ Association (FOSTTA) has urged Union Ministry of Micro, Small and Medium Enterprises (MSME) to treat the textile traders in the city as MSMEs. In a recent meeting held with the Development Commissioner of MSME, Ram Mohan Mishra, who was on a day’s visit to the city on Friday, FOSTTA office-bearers urged Mishra to provide status of MSME to Textiles traders. Apart from putting their long-pending demand of providing MSME status to textile traders, the traders’ body also raised several issues which they are facing. “Textile trading business involves 60 per cent job work on cloth, which passes from more than 12 different types of processes. However, traders are also manufacturers and that they should be given the status of MSME,” said FOSTTA, Joint Secretary, Purshottam Agarwal. Traders also requested MSME development commissioner to set up a skill development centre for women. “We raised an important issue with MSME development commissioner for setting up a skill development centre for women doing hand-embroidery on saris and dress material. After GST implementation, hundreds of women have been rendered jobless,” FOSTTA president Manoj Agarwal added.

Uttar Pradesh    

UP got 346,000 new MSMEs in last 3 years

Uttar Pradesh has set up of more than 346,000 new Micro, Small and Medium Enterprises (MSME) in the last three years, said Industrial Development Minister Satish Mahana. Replying to a question in the UP legislative Assembly on Friday, Mahana said, 346,995 new units had come up in the state MSME sector since 2017.'' He also informed, that of the 1,045 memorandum of understanding (MoU) signed with the public and private sector companies at the UP Investors Summit in February 2018, and the production has already started in 90 projects. Meanwhile, the MSMEs accounted for 80 per cent of UP’s exports worth Rs 1.14 trillion in 2018-19. The MSMEs generate nearly 60 per cent of the industrial output and ranks second after agriculture in highest employment generation in the state. The state has implemented one district, once product (ODOP) scheme to boost the MSME sector by promoting the indigenous traditional industries and handicrafts of the state. In November, last year, UP Chief Minister Yogi Adityanath had also suggested that the Commercial Tax Department should conduct an awareness drive to help traders in filing returns and applying for refunds.

Rajasthan    

Rajasthan Assembly passes GST Amendment bill

Rajasthan Assembly has passed the Rajasthan Goods & Service Tax (Amendment) bill, 2020 by voice vote. Parliamentary Affairs Minister Shanti Kumar Dhariwal introduced the Bill in the House. In view of the special circumstances and urgent needs, an ordinance was brought in this regard on December 28, 2019. Shanti Kumar Dhariwal during a discussion on the bill said, “Only the amendments made in GST by Parliament have been done through this Bill”. He further said, “The Centre had implemented GST in hurry and the mistakes are needed to be fixed repeatedly”. He also informed that the tax collection of the central government will be Rs 2.5 lakh crore less than the target in the current fiscal year. Shanti Kumar Dhariwal informed the House that the state government’s share of GST compensation of Rs 2,600 crore and CST (central sales tax) of Rs 4,100 crore is pending with the Centre. Dhariwal referred to anti-invasion actions and said, “During the last five years of the previous government, Rs 25 crore was recovered by checking 900 vehicles in the state, whereas the present government took effective action in only one year”.
World Watch

United States of America    

India-US to make big trade deals to boost economies

US President Donald Trump along with the first lady of America arrived India today on a 2-day state visit. Trump while addressing over 1 lakh people in the Motera stadium spoke about how America and India will soon mark a fantastic trade deal in a bid to boost economies. The US President said, “Prime Minister Modi and I will be making some very big trade deal to boost our countries economy. I am sure that we can reach a good trade but Modi is a tough negotiator”. Trump further said, “A booming America is great for India and the world. Modi has made some significant reforms in India. The world wants to see more reforms”.
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Australia    

Delegation from Australia arrives in India as a part of the Australia-India Business Exchange (AIB-X) Ministerial Business Mission to India

A 120-strong delegation from Australia is currently in India as part of the Australia-India Business Exchange (AIB-X) Ministerial Business Mission to India, February 23-28, 2020. The delegation which consists of different industry streams including, Resources, Smart Infrastructure and Education is being led by Simon Birmingham, Australian Minister for Trade, Tourism and Investment. John Madew, Senior Trade and investment Commissioner at the Australian Trade and Investment Commission (Austrade) said delegation is keen on leveraging business opportunities in India in light of the growing significance of India -Australian economic relations. Apart from manufacturing, it is also looking at growing prospect of retail and lifestyle products like Australian wine and foods in India. Indian students form the second largest group in Australia after China and the India diaspora Down ..
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Other Events

Indian Ceramics Asia

Date: 03 - 05 Mar 2020
Venue: The Exhibition Centre, Gandhinagar
See Details

AAHAR - International Food & Hospitality Fair

Date: 03 - 07 Mar 2020
Venue: Pragati Maidan, New Delhi
See Details

India Pharma

Date: 05 - 07 Mar 2020
Venue: Mahatma Mandir Exhibition Hall, Gandhinagar
See Details

PharmaTech Expo

Date: 04 - 06 Mar 2020
Venue: Bombay Exhibition Centre (BEC), Mumbai
See Details

Panacea Natural Products Expo India

Date: 05 - 07 Mar 2020
Venue: World Trade Centre, Mumbai
See Details

SGCCI Food & Agritech

Date: 06 - 08 Mar 2020
Venue: Surat International Exhibition and Convention Centre, Surat
See Details

Unique Gems and Jewellery International Show

Date: 07 - 09 Mar 2020
Venue: Auto Cluster Exhibition Center, Pune
See Details
Your Views

What will be the impact of Coronavirus on Indian economy?

According to FISME factor 50% MSMEs think that it will be a nominal impact of Coronavirus on Indian economy while 50% think that it will be a significant impact.
Knowledge Store

HR Heuristics

Evolved HR practices for the future ready organisation

In 2019, workplace developments focused majorly on improving productivity and employee experience. This year, organisations worldwide and in India will continue to advance the business needs of driving greater human effectiveness, poised for an HR (human resource) transformation.

Finance Fundamentals

7 Tips for Early Stage Fundraising From a Venture Capitalist

For early-stage founders, fundraising is a crucial, nuanced process. To help dispel some of the myths and shed light on what goes on when pitching investors, here are a few tips and best practices that can help demystify the process.

Marketing Mantras

4 Startup Branding Trends That Are Finding Success

The 2010s were defined by tech-based startups, think Uber and Airbnb, that shook up major industries like transportation and hospitality. While their products were revolutionary, at the end of the day it was their cutting-edge branding that really took these businesses to the next level. As we enter 2020, it’s important to strive towards branding that’s just as compelling and striking as the brands that dominated the last decade.

Policy Polemic

MSMEs in Coimbatore seek disparity between the fine percentages of GST

The Micro Small and Medium Enterprises (MSMEs) in the city have said that the disparity between the fine percentages should be eliminated, ahead of the implementation of new GST format in April this year.

SME Special

How a farmer’s son is fixing the farm-to-fork supply chain with his agritech startup

Karan Hon grew up in a family of marginal farmers in Maharashtra’s Ahmednagar district. While in middle school, he would accompany his father to the local mandi in the evenings to sell fruits and vegetables.

Success Story

This Bengaluru-based startup focuses on safety with self-defence products

Vishal Saurav was always keen to solve real-world issues. Women-related crimes dominated the news and social media when he was contemplating the idea of starting up. After a lot of research, he felt there was a huge void in the self-defence space and awareness among the people was “highly disappointing”.

Stockpile

The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation has released the Second Advance Estimates of National Income, 2019-20as well as Quarterly Estimates of GDP for the quarter October-December (Q3), 2019-20 along with the corresponding quarterly estimates of expenditure components of GDP both at Constant (2011-12) and Current Prices.

Quotable Quotes

“ The people you meet in this life, all won’t be good to you. Some will criticize, some will de-motivate and some will try to pull you down. All you have to do is ignore them and move on. You don’t need to explain them your journey nor let them control your dreams. This is your life, live as you want. ”
– - Ratan Naval Tata - Indian industrialist a former chairman of Tata Sons
 
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 16th February 2020 to 29th February 2020
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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