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President's Message
It is heartening that economy seems clearly in a rebound mode thanks to push from pent-up demand and festive season. A spurt in Government spending might also have given a fillip to economic growth which is visible through increased levels of GST collections. However, there is need to exercise caution. During festive season and elections rallies it is increasingly observed that people have become complacent about taking care of precautions against Covid. Disregard of masks and social distancing could prove fatal. If cases rise once again post festive period, India might have to face a double whammy of lockdowns and blow to economic revival.
"
Companies looking at changing their models to adapt to the Covid-19 crisis have been using the term "pivoting" extensively. We already know that a pivot is a hinge point that allows you to exert less force to move a heavy object. In business, allows you to develop laterally in the market. Several well-known enterprises have successfully pivoted during the pandemic, demonstrating that it can be done quite successfully once a company has a plan. Extending a business's capabilities with the aim of long-term profitability and sustainability is what has driven so many enterprises to consider pivoting into related markets.
Retail sales of consumer merchandise and automobiles have seen a sharp spike in the recent past. Influenced primarily by the ongoing festive season, the data heralds good news after a woeful start to the current financial year. In addition to festival related sales, the trend is also likely to have been influenced by a gradual restoration of normalcy after the lockdown in April and May, and the kharif harvest. The larger question the data raises is about the durability of the current trend. Is the economy in the midst of a ‘V’ shaped recovery?
Despite having the low market share (0.3 per cent) in electronic exports, the marginal share of India in the world market implies that there is still untapped potential for India to mass produce and export these electronic goods to the world market.
According to data by the United Nations Conference on Trade and Development (UNCTAD) India has USD 2.7 trillion untapped export potential in electronic exports. India’s share in world exports of key electronic products stands at hardly 0.3 per cent, while the corresponding figure for Malaysia and Vietnam is estimated at 3 per cent, and that for Thailand is 2 per cent, shows the latest data from UNCTAD.
Ministry of Finance on Saturday extended the due date for filing Annual Return (FORM GSTR-9/GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) for Financial Year 2018-19 from 31st October 2020 to 31st December 2020.
The Government has been receiving a number of representations regarding the need to extend due date for filing Annual Return (FORM GSTR-9) and Reconciliation Statement (FORM GSTR-9C) for 2018-19 on the grounds that on account of the COVID-19 pandemic related lockdown and restrictions, normal operation of businesses have still not been possible in several parts of the country.
The Central Government has borrowed and transferred Rs 6,000 crores as first tranche on account of GST compensation to 16 States namely Andhra Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Pradesh, Maharashtra, Meghalaya, Odisha, Tamil Nadu, Tripura, Uttar Pradesh, Uttarakhand and two Union Territories including UT of Delhi and UT of Jammu and Kashmir.
Out of these, five States did not have any shortfall on account of GST compensation.
As the Centre aiming to double the number of Micro, Small and Medium Enterprises (MSMEs) in the defence and aerospace sectors in the next four to five years, the industrial eco system and MSMEs here should now enter the sectors, said Defence Secretary Ajay Kumar.
Reportedly, he said this while chairing a meeting to kick-start the defence activities through the CODISSIA Defence Innovation and Atal Incubation Centre (CDIIC) here at a virtual meet on Wednesday.
After receiving several suggestions and comments received fr0m the industry, the Union Department of Pharmaceuticals under Ministry of Chemicals and fertilizers on Thursday revised the Production Linked Incentive (PLI) Schemes for promoting domestic manufacturing of bulk drugs and medical devices.
Accordingly, the ‘minimum threshold’ investment requirement has been replaced by ‘committed investment’ taking into account availability of technology choices which varies fr0m product to product.
To give an impetus to the diversification of the jute industry, the Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi has approved extension of mandatory jute packaging norms for food grains & sugar.
The cabinet stated that 100% of the foodgrains and 20% of the sugar shall be mandatorily packed in diversified jute bags. This decision mandates that initially 10% of the indents of jute bags for packing foodgrains would be placed through reverse auction on the Gem portal. This will gradually usher in a regime of price discovery.
Aiming to boost the domestic capability and ensure participation in the global economy of the MSMEs in Haryana, Union Minister of Micro, Small and Medium Enterprises (MSMEs), Nitin Gadkari on Tuesday launched the first 'e-Institute' to be set up in Panipat city under the ‘Walmart Vriddhi Digital Learning Platform’ through video conferencing.
Speaking on the occasion, the union minister said that this 'e-Institute' will impart training to more than 2,000 MSMEs in the next two years.
Odisha Chief Minister Naveen Patnaik has urged bankers to focus on credit flow to farmers, self-help groups and Micro, Small and Medium Enterprises (MSMEs) to revive the state's economy.
While addressing a State Level Bankers' Committee (SLBC) meeting here on Thursday, the chief minister also said he would closely monitor loan advances to the three crucial sectors and review the progress with collectors and bankers jointly by the end of November.
Telangana Government has partnered with BSE (Bombay Stock Exchange) to enable MSMEs of the state get access to equity finance.
Telangana Government has invited MSMEs to get on to a special purpose group, where they can understand the importance, benefits of listing on BSE. BSE team will answer their queries regarding equity finance. This special purpose forum created to empower business owners and entrepreneurs with knowledge resources and tips for listing on BSE (Bombay Stock Exchange) for SMEs. Over the past 7 years, 329 companies have raised INR ₹3,374.88 Crore on BSE SME platform.
Aiming to cover more workers under the Employees' State Insurance (ESI) Scheme, the centre has extended the ESI Scheme for the first time to Arunachal Pradesh, with effect from 1 November 2020.
A notification has been issued by the government for notifying the district of Papum Pare, under ESI Scheme. All factories located in the district of Papum Pare of Arunachal Pradesh employing 10 or more persons shall become eligible for coverage under ESI Act 1948. Under the ESI Scheme, the facility of online registration is available on the website www.esic.in and also on the “Shram Suvidha Portal” of the Ministry of Labour and Employment, Government of India. No physical documents are required to be submitted for registration under the ESI Act.
The Karnataka government has constituted a committee involving Karnataka Small Scale Industries Association (KASSIA), District Institute for Education and Training (DIET) and Regional Directorate of Skill Development and Entrepreneurship (RDSDE) and other skill development entities to implement the dual system in the state.
In this regard on Wednesday, KASSIA organised an interaction with the Commissioner and Director, Industrial training and employment, Government of Karnataka to discuss modalities and plan of action to implement the Dual System of Training (DST) of ITI graduates with the active involvement of industry in the state.
Aiming to boost bilateral cooperation in the field of Information and Communication Technologies (ICTs), the Union Cabinet, chaired by the Prime Minister, Narendra Modi has given its approval for signing Memorandum of Cooperation (MoC) between India and Japan on bilateral cooperation in the field of Information and Communication Technologies (ICTs).
The MoC will contribute in strengthening bilateral cooperation and mutual understanding in the field of communications and will serve as a strategic initiative for India as Japan is an important partner with “Special Strategic and Global Partnership” status.
The ninth session of the India-Oman Joint Commission Meeting (JCM) was held on Monday through the virtual platform. The meeting was co-chaired by Hardeep Singh Puri, Minister of State for Commerce and Industry and H.E. Mr. Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion of the Sultanate of Oman. It was attended by representatives of various government departments/ministries from both sides.
7 Employee Engagement Strategies to Adopt Post Lockdown Period
The ongoing pandemic has pushed many businesses into a state of turmoil. Several countries had to initiate lockdown procedures to stop the spread of the virus and it disrupted the entire business ecosystem. In this period, many organizations also came tumbling down affecting the employment status of millions of employees. And a few others had to allow their employees to work from home in order to keep their business going. Amidst all these, the usual work culture took a major hit and the notion of employee engagement was set on the back foot.
Starting a Business With No Money? Here's How to Do It.
Let's make it clear from the start: Can you or can't you start a business without money?
Yes you can, however, it is not a path that everyone wants to travel. These stories of great companies emerging from nowhere in penthouses have many for minor that are not told to make the entrepreneurial path seem more romantic. However, all these companies required years of effort, shortcomings, a lot of nested work and are only a handful of the thousands of companies that are created every year in the world.
Many people relate marketing with advertising and promotions, the activities that happen once the product is ready. But, the father of modern marketing, Philip Kotler, once said, “Marketing is the homework that we do before we have a product.”
J&K MSMEs face difficulties in transferring EPF contribution
To discuss the issue in respect of problems being faced by Industrial Workers for non transfer of Provident Fund balance as on 31-10-2019 to Employees Provident Fund organization Govt. of India by State Provident Fund Department, Bari Brahmana Industries Association (BBIA) Jammu held meeting on Tuesday under Chairmanship of Lalit Mahajan Chairman, Federation of Industries, Jammu & President BBIA in the presence of Tarun Singla, Sr. Vice President, Ajay Langer Vice President, Viraaj Malhotra General Secretary, Rajesh Jain Secretary, Vivek Singhal Treasurer of BBIA.
This agritech startup is helping farmers reduce the cost and effort of removing weeds
Weed is known to be a cause of trouble for most farmers in India. The growth of these undesirable plants diminishes the yield as well as the quality of crops to a great extent. According to a study published by the International Journal of Weed Biology, the crop losses caused by weeds is about 32 percent, and is way higher than those spawned by pests (18 percent) or pathogens (15 percent). Hence, farmers tend to spend a lot of time and money on weeding (removing weeds) regularly.
Mumbai startup Zeuva Automotive's batteries can reduce cost and increase life cycles of EVs
While growing up in Bokaro Steel City in the 90s, and later, pursuing engineering at IIT-Kharagpur in the 2000s, he set his eyes firmly on entrepreneurship.
After a brief stint as the CTO of MyGlamm (beauty startup), which allowed Nishant to shore up his finances, he founded Zeuva Automotive in 2016, with the mission of building and popularising electric motorcycles.
Since April 2018 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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It is heartening that economy seems clearly in a rebound mode thanks to push from pent-up demand and festive season. A spurt in Government spending might also have given a fillip to economic growth which is visible through increased levels of GST collections. However, there is need to exercise caution. During festive season and elections rallies it is increasingly observed that people have become complacent about taking care of precautions against Covid. Disregard of masks and social distancing could prove fatal. If cases rise once again post festive period, India might have to face a double whammy of lockdowns and blow to economic revival.
"
Companies looking at changing their models to adapt to the Covid-19 crisis have been using the term "pivoting" extensively. We already know that a pivot is a hinge point that allows you to exert less force to move a heavy object. In business, allows you to develop laterally in the market. Several well-known enterprises have successfully pivoted during the pandemic, demonstrating that it can be done quite successfully once a company has a plan. Extending a business's capabilities with the aim of long-term profitability and sustainability is what has driven so many enterprises to consider pivoting into related markets.
Despite having the low market share (0.3 per cent) in electronic exports, the marginal share of India in the world market implies that there is still untapped potential for India to mass produce and export these electronic goods to the world market.
According to data by the United Nations Conference on Trade and Development (UNCTAD) India has USD 2.7 trillion untapped export potential in electronic exports. India’s share in world exports of key electronic products stands at hardly 0.3 per cent, while the corresponding figure for Malaysia and Vietnam is estimated at 3 per cent, and that for Thailand is 2 per cent, shows the latest data from UNCTAD.
Ministry of Finance on Saturday extended the due date for filing Annual Return (FORM GSTR-9/GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) for Financial Year 2018-19 from 31st October 2020 to 31st December 2020.
The Government has been receiving a number of representations regarding the need to extend due date for filing Annual Return (FORM GSTR-9) and Reconciliation Statement (FORM GSTR-9C) for 2018-19 on the grounds that on account of the COVID-19 pandemic related lockdown and restrictions, normal operation of businesses have still not been possible in several parts of the country.
The Central Government has borrowed and transferred Rs 6,000 crores as first tranche on account of GST compensation to 16 States namely Andhra Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Pradesh, Maharashtra, Meghalaya, Odisha, Tamil Nadu, Tripura, Uttar Pradesh, Uttarakhand and two Union Territories including UT of Delhi and UT of Jammu and Kashmir.
Out of these, five States did not have any shortfall on account of GST compensation.
As the Centre aiming to double the number of Micro, Small and Medium Enterprises (MSMEs) in the defence and aerospace sectors in the next four to five years, the industrial eco system and MSMEs here should now enter the sectors, said Defence Secretary Ajay Kumar.
Reportedly, he said this while chairing a meeting to kick-start the defence activities through the CODISSIA Defence Innovation and Atal Incubation Centre (CDIIC) here at a virtual meet on Wednesday.
After receiving several suggestions and comments received fr0m the industry, the Union Department of Pharmaceuticals under Ministry of Chemicals and fertilizers on Thursday revised the Production Linked Incentive (PLI) Schemes for promoting domestic manufacturing of bulk drugs and medical devices.
Accordingly, the ‘minimum threshold’ investment requirement has been replaced by ‘committed investment’ taking into account availability of technology choices which varies fr0m product to product.
To give an impetus to the diversification of the jute industry, the Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi has approved extension of mandatory jute packaging norms for food grains & sugar.
The cabinet stated that 100% of the foodgrains and 20% of the sugar shall be mandatorily packed in diversified jute bags. This decision mandates that initially 10% of the indents of jute bags for packing foodgrains would be placed through reverse auction on the Gem portal. This will gradually usher in a regime of price discovery.
Aiming to boost the domestic capability and ensure participation in the global economy of the MSMEs in Haryana, Union Minister of Micro, Small and Medium Enterprises (MSMEs), Nitin Gadkari on Tuesday launched the first 'e-Institute' to be set up in Panipat city under the ‘Walmart Vriddhi Digital Learning Platform’ through video conferencing.
Speaking on the occasion, the union minister said that this 'e-Institute' will impart training to more than 2,000 MSMEs in the next two years.
Odisha Chief Minister Naveen Patnaik has urged bankers to focus on credit flow to farmers, self-help groups and Micro, Small and Medium Enterprises (MSMEs) to revive the state's economy.
While addressing a State Level Bankers' Committee (SLBC) meeting here on Thursday, the chief minister also said he would closely monitor loan advances to the three crucial sectors and review the progress with collectors and bankers jointly by the end of November.
Telangana Government has partnered with BSE (Bombay Stock Exchange) to enable MSMEs of the state get access to equity finance.
Telangana Government has invited MSMEs to get on to a special purpose group, where they can understand the importance, benefits of listing on BSE. BSE team will answer their queries regarding equity finance. This special purpose forum created to empower business owners and entrepreneurs with knowledge resources and tips for listing on BSE (Bombay Stock Exchange) for SMEs. Over the past 7 years, 329 companies have raised INR ₹3,374.88 Crore on BSE SME platform.
Aiming to cover more workers under the Employees' State Insurance (ESI) Scheme, the centre has extended the ESI Scheme for the first time to Arunachal Pradesh, with effect from 1 November 2020.
A notification has been issued by the government for notifying the district of Papum Pare, under ESI Scheme. All factories located in the district of Papum Pare of Arunachal Pradesh employing 10 or more persons shall become eligible for coverage under ESI Act 1948. Under the ESI Scheme, the facility of online registration is available on the website www.esic.in and also on the “Shram Suvidha Portal” of the Ministry of Labour and Employment, Government of India. No physical documents are required to be submitted for registration under the ESI Act.
The Karnataka government has constituted a committee involving Karnataka Small Scale Industries Association (KASSIA), District Institute for Education and Training (DIET) and Regional Directorate of Skill Development and Entrepreneurship (RDSDE) and other skill development entities to implement the dual system in the state.
In this regard on Wednesday, KASSIA organised an interaction with the Commissioner and Director, Industrial training and employment, Government of Karnataka to discuss modalities and plan of action to implement the Dual System of Training (DST) of ITI graduates with the active involvement of industry in the state.
Aiming to boost bilateral cooperation in the field of Information and Communication Technologies (ICTs), the Union Cabinet, chaired by the Prime Minister, Narendra Modi has given its approval for signing Memorandum of Cooperation (MoC) between India and Japan on bilateral cooperation in the field of Information and Communication Technologies (ICTs).
The MoC will contribute in strengthening bilateral cooperation and mutual understanding in the field of communications and will serve as a strategic initiative for India as Japan is an important partner with “Special Strategic and Global Partnership” status.
The ninth session of the India-Oman Joint Commission Meeting (JCM) was held on Monday through the virtual platform. The meeting was co-chaired by Hardeep Singh Puri, Minister of State for Commerce and Industry and H.E. Mr. Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion of the Sultanate of Oman. It was attended by representatives of various government departments/ministries from both sides.
According to FISME factor 50% MSMEs don’t think that post Covid world present significant export opportunities to India, while 50% can’t say. 
The ongoing pandemic has pushed many businesses into a state of turmoil. Several countries had to initiate lockdown procedures to stop the spread of the virus and it disrupted the entire business ecosystem. In this period, many organizations also came tumbling down affecting the employment status of millions of employees. And a few others had to allow their employees to work from home in order to keep their business going. Amidst all these, the usual work culture took a major hit and the notion of employee engagement was set on the back foot.
Let's make it clear from the start: Can you or can't you start a business without money?
Yes you can, however, it is not a path that everyone wants to travel. These stories of great companies emerging from nowhere in penthouses have many for minor that are not told to make the entrepreneurial path seem more romantic. However, all these companies required years of effort, shortcomings, a lot of nested work and are only a handful of the thousands of companies that are created every year in the world.
Many people relate marketing with advertising and promotions, the activities that happen once the product is ready. But, the father of modern marketing, Philip Kotler, once said, “Marketing is the homework that we do before we have a product.”
To discuss the issue in respect of problems being faced by Industrial Workers for non transfer of Provident Fund balance as on 31-10-2019 to Employees Provident Fund organization Govt. of India by State Provident Fund Department, Bari Brahmana Industries Association (BBIA) Jammu held meeting on Tuesday under Chairmanship of Lalit Mahajan Chairman, Federation of Industries, Jammu & President BBIA in the presence of Tarun Singla, Sr. Vice President, Ajay Langer Vice President, Viraaj Malhotra General Secretary, Rajesh Jain Secretary, Vivek Singhal Treasurer of BBIA.
Weed is known to be a cause of trouble for most farmers in India. The growth of these undesirable plants diminishes the yield as well as the quality of crops to a great extent. According to a study published by the International Journal of Weed Biology, the crop losses caused by weeds is about 32 percent, and is way higher than those spawned by pests (18 percent) or pathogens (15 percent). Hence, farmers tend to spend a lot of time and money on weeding (removing weeds) regularly.
While growing up in Bokaro Steel City in the 90s, and later, pursuing engineering at IIT-Kharagpur in the 2000s, he set his eyes firmly on entrepreneurship.
After a brief stint as the CTO of MyGlamm (beauty startup), which allowed Nishant to shore up his finances, he founded Zeuva Automotive in 2016, with the mission of building and popularising electric motorcycles.
“ Everything comes to us that belongs to us if we create the capacity to receive it.
”
