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President's Message
These days one issue has occupied everybody’s attention: nature of economic growth. Some would say it is going to be ‘V’ shape (after sharp dip, a sharp rise), some say ‘W’ shape (dip and rise and dip again with second wave of corona cases and then rise ) and some are predicting ‘U’ shape recovery which is kind of tapered V shape. Realities at ground are more sombre though. Supply chains remain disrupted for exporters. manufacturers who use imported material which is the case for a large number of manufactured products today. Domestic markets are also not fully functional as States struggle with rising cases of corona. A few sectors are particularly affected due to shortages of parts/ components and inputs such as engineering, electrical, electronics, pharmaceuticals among others. Demand also remain substantially subdued both in domestic and international markets. Our feedback therefore is that recovery is going to be slower than expected. Which means Government would have even lesser taxes and therefore fiscal room for spending its way to create demand. Creation of demand and a spurt in the economy is still feasible with reforms and privatization. We hope Government would bite the silver bullet finally.
"
Crises are like washing machines, they toss and turn everything in one go. This is precisely what the world has been experiencing since the outbreak of the global coronavirus pandemic. The health disaster led to an economic fallout which resulted in the IMF declaring a recession as bad as, or worse, than in 2009.
Against this backdrop, conglomerates faced massive challenges to sustain, survive and adapt to the new world order. Many among them paused operations or invoked their business continuity plans. But those who managed to stay afloat, despite the sectoral doldrums, created a niche for themselves, by switching to digital-based models. They not only sustained but are now flourishing as operations and logistics ease around the world.
India’s GDP contracted by 23.9% in the quarter ending June 2020. The government has argued that a V-shaped recovery is underway in the economy. But almost all institutional and private forecasts do not support this claim. The Asian Development Bank (ADB) expects the Indian economy to contract by 9% in 2020-21. ADB had projected a 4% contraction in June. On September 14, S&P projected a contraction of 9% for the economy, from its earlier forecast of a 5% contraction. Most experts also warn that even the sequential recovery in the economy cannot be taken for granted.
Reacting over the appeal made by various stakeholders, the Ministry of Corporate Affairs (MCA) has relaxed the additional fees and extended the last date of filing of Cost Audit Report (CRA) for FY 2019-20 under the companies Act, 2013.
''In view of the extraordinary disruption caused due to pandemic, it has been decided that if cost audit report for financial year 2019-20 by the cost auditor to the board of directors of companies is submitted by 30th November, 2020 then the same would not viewed as violation of rule 6(5) of companies (cost records and audit) Rules, 2014,'' a circular dated September 10th read.
The Union Ministry of Finance has said that the gross Goods and Services Tax (GST) revenue collected in August 2020, stood at Rs 86,449 crore of which CGST is Rs 15,906 crore, SGST is Rs 21,064 crore, IGST is Rs 42,264 crore (including Rs 19,179 crore collected on import of goods) and Cess is Rs 7,215 crore (including Rs 673 crore collected on import of goods).
The government has settled Rs 18,216 crore to CGST and Rs. 14,650 crore to SGST from IGST as regular settlement.
Union Minister of Micro, Small, and Medium Enterprises (MSME) Nitin Gadkari has sought investment by international institutions and bodies in the MSME sectors.
According to a statement, he said this while addressing the Indo-Australian Chamber of Commerce and Women Innovator on Trade Investment and collaborations in road infrastructure and MSMEs on Wednesday.
The minister further said that the government is concentrating on village, agricultural and tribal sectors for providing employment opportunities there.
India’s premier R&D institution Bhabha Atomic Research Centre (BARC) has developed a range of technologies suitable for deployment by Micro and Small & Medium Enterprises (MSMEs).
The technology spinoffs in BARC are being offered under Advanced Knowledge and Rural Technology Implementation (AKRUTI) scheme.
The technologies on offer include Domestic Water Purifier, Nano-composite Ultrafiltration Membrane Device for domestic drinking water purification
In another major step towards payment of MSME dues by different sectors, Union Ministry of Micro, Small and Medium Enterprises (M/o MSMEs) has now impressed upon the private sector enterprises of the country to take measures for release of payment of MSME dues on priority.
During the announcement of AtmaNirbhar Package, it was desired that the MSME receivables and dues should be paid in 45 days. Accordingly Ministry of MSME took up the matter aggressively with Central Ministries, their departments and Central Public Sector Enterprises (CPSEs).
Banks have sanctioned loans to Micro, Small and Medium Enterprises (MSMEs) worth Rs 1,61,017.68 under Emergency Credit Line Guarantee Scheme (ECLGS) till September 3rd.
Finance Minister Nirmala Sitharaman on Monday took to the micro-blogging site twitter and said, '' As of 03 Sept 2020, the total amount sanctioned under the 100 per cent Emergency Credit Line Guarantee Scheme by #PSBs and private banks stands at Rs 1,61,017.68 crore, of which Rs 1,13,713.15 crore has already been disbursed.''
The Consulting Engineers Association of India (CEAI) in a letter to Union Minister of Micro, Small and Medium Enterprises (MSME) Nitin Gadkari has drawn his attention towards flouting of the MSME tendering norms by the powerful foreign companies.
CEAI alleged that these foreign companies are enjoying the benefits meant for the Indian companies. Amitabha Ghosal, President, CEAI said that the union government had recently changed the tendering system to benefit the small and medium enterprises in the country by limiting tenders below Rs 200 crore for Indian companies only.
Small Industries Development Bank of India (SIDBI), the principal financial institution engaged in the promotion, financing and development of Micro, Small and Medium Enterprises (MSME), has entered a Memorandum of Understanding (MoU) with the Rajasthan government to develop the MSME ecosystem in the State.
The MoU was signed by Archana Singh, IAS, Commissioner Industries, Government of Rajasthan and Balbir Singh, General Manager, SIDBI in the presence of Parsadi Lal Meena, Cabinet Minister for Industries and State Enterprises, Government of Rajasthan andShri Naresh Pal Gangwar, IAS, Principal Secretary, Industries and MSME, Government of Rajasthan.
The Unlock 4, which opened economic activities in India from September 1 might have brought relief for the people across the country as well as for retailers and others, but Micro, Small and Medium Enterprises (MSMEs) in Assam are still at a crawling stage.
The unprecedented lockdown has created havoc across India and has brought businesses to a standstill, especially MSMEs who are almost on the verge of closure, in the state as they are encountering a number of bottlenecks.
In a bid to provide a marketing platform to the Micro, Small and Medium Enterprises (MSME) sector and connect it to the international marketing network, the Uttar Pradesh (UP) government has announced to organise a five-day global virtual exhibition next month.
Buyers from 50 countries will be connected to the virtual platform, which will also promote the One District, One Product (ODOP) scheme that aims at promoting the state’s indigenous and traditional handicraft and industries.
Amid worsening pandemic situation, the Micro, Small and Medium Enterprises (MSMEs) have urged the government to extend the moratorium on repayment of loans till March 31st, 2021.
''We are deeply worried about the state of MSMEs in the face of the apparently worsening pandemic situation and the steep economic decline as a consequence of this,'' said Karnataka Small Scale Industries Association (KASSIA) on Thursday.
Covid-19 has prompted Japanese companies to diversify their supply chain and the Indian textile sector has the potential to serve the sector-specific need, said Ambassador of India to Japan Sanjay Kumar Verma on Friday.
He said this while inaugurating the 7th edition of India Tex Trend Fair (ITTF), a physical-cum-virtual fair, at Tokyo (Japan) on Thursday, Ambassador Verma said that China continues to be the main supplier of textiles to Japan along with Italy, Vietnam, South Korea and United States.
Employees become red-circled whenever their pay rate is above the maximum salary identified for the position. These workers are at the top of the compensation structure, going by their role, and can create financial problems for the organisation including affecting employee morale.
How do employees enter the red circle?
There are multiple reasons why employees may enter the red circle. It can become a frequent occurrence if the organisation does not set clear definitions of minimum and maximum compensation for each unique job family. If the job evaluation system is not upgraded periodically and the correct market price for a role is not updated, then salary overlaps can occur across roles.
Thriving without investments in the post-COVID era
Startups raising big funds over the years and collective months have become a major point of celebration. Startups that have raised funds have been put under the spotlight and are at the centre of conversations and major headlines. Too often, the fundraising element of a startup’s journey is given so much applause that it often masquerades the desired outcome of that startup, which is building a successful business, constant innovation of their products, and building a profitable and sustainable business model.
A sales follow-up email is for more than just confirming an order: It’s a powerful sales tool that can turn customers into lifelong supporters. After all, it’s not your product that turns customers into supporters and fans. It’s the relationship you develop with customers that does it. The follow-up email keeps the lines of communication open when you’re not busy trying to sell.
MSME exporters facing huge liquidity challenges due to stoppage of MEIS benefits of over Rs 10k cr: FIEO
The Federation of Indian Export Organisations (FIEO) has said that MSME exporters are facing huge liquidity challenges due to the stoppage of MEIS benefits of over Rs 10,000 crore from April 1 and IGST refunds.
The Merchandise Export from India Scheme (MEIS), introduced in April 2015, will be wound up by December 31, 2020, and the government has already announced the Remission of Duty or Taxes on Export Products (RoDTEP) scheme to replace MEIS.
This Indore-Based Agritech Startup Helps Farmers Increase Yield Upto 40%
Despite understanding the importance of agriculture, little has been done in agronomics. Lack of understanding of soil, excessive use of fertilizers, poor guidance and inferior quality products, among others, have degraded the rich nutritious soil of resulting in lower production.
In order to tackle these pain points, an Indore-based agritech startup is on a mission to deliver agronomic solutions to the country’s farmers and help them to increase produce while reducing the cost of cultivation.
Technology has changed the way every industry operates, and pharma is no exception. While B2B and B2B pharma startups proliferate across the country, Vadodara-based pharma e-marketplace PharmaCupboard stands out due to its business model: helping businesses trade surplus inventory. Meet Founder Suresh Purohit , who launched his venture in 2016. The startup is a pan-India e-marketplace for inventory liquidation and helps pharmaceutical, biopharmaceutical, chemical, and all other allied industries to trade their excess inventories.
The National Statistical Office (NSO) and Ministry of Statistics and Programme Implementation has released Consumer Price Index (CPI) on Base 2012=100 for Rural (R), Urban (U) and Combined (C) for the month of August 2020 (Provisional)
“ In looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And, if they don't have the first, the other two will kill you.
”
– - Warren Buffett- American Business Tycoon & Chairman of Berkshire Hathaway
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:
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These days one issue has occupied everybody’s attention: nature of economic growth. Some would say it is going to be ‘V’ shape (after sharp dip, a sharp rise), some say ‘W’ shape (dip and rise and dip again with second wave of corona cases and then rise ) and some are predicting ‘U’ shape recovery which is kind of tapered V shape. Realities at ground are more sombre though. Supply chains remain disrupted for exporters. manufacturers who use imported material which is the case for a large number of manufactured products today. Domestic markets are also not fully functional as States struggle with rising cases of corona. A few sectors are particularly affected due to shortages of parts/ components and inputs such as engineering, electrical, electronics, pharmaceuticals among others. Demand also remain substantially subdued both in domestic and international markets. Our feedback therefore is that recovery is going to be slower than expected. Which means Government would have even lesser taxes and therefore fiscal room for spending its way to create demand. Creation of demand and a spurt in the economy is still feasible with reforms and privatization. We hope Government would bite the silver bullet finally.
"
Crises are like washing machines, they toss and turn everything in one go. This is precisely what the world has been experiencing since the outbreak of the global coronavirus pandemic. The health disaster led to an economic fallout which resulted in the IMF declaring a recession as bad as, or worse, than in 2009.
Against this backdrop, conglomerates faced massive challenges to sustain, survive and adapt to the new world order. Many among them paused operations or invoked their business continuity plans. But those who managed to stay afloat, despite the sectoral doldrums, created a niche for themselves, by switching to digital-based models. They not only sustained but are now flourishing as operations and logistics ease around the world.
Reacting over the appeal made by various stakeholders, the Ministry of Corporate Affairs (MCA) has relaxed the additional fees and extended the last date of filing of Cost Audit Report (CRA) for FY 2019-20 under the companies Act, 2013.
''In view of the extraordinary disruption caused due to pandemic, it has been decided that if cost audit report for financial year 2019-20 by the cost auditor to the board of directors of companies is submitted by 30th November, 2020 then the same would not viewed as violation of rule 6(5) of companies (cost records and audit) Rules, 2014,'' a circular dated September 10th read.
The Union Ministry of Finance has said that the gross Goods and Services Tax (GST) revenue collected in August 2020, stood at Rs 86,449 crore of which CGST is Rs 15,906 crore, SGST is Rs 21,064 crore, IGST is Rs 42,264 crore (including Rs 19,179 crore collected on import of goods) and Cess is Rs 7,215 crore (including Rs 673 crore collected on import of goods).
The government has settled Rs 18,216 crore to CGST and Rs. 14,650 crore to SGST from IGST as regular settlement.
Union Minister of Micro, Small, and Medium Enterprises (MSME) Nitin Gadkari has sought investment by international institutions and bodies in the MSME sectors.
According to a statement, he said this while addressing the Indo-Australian Chamber of Commerce and Women Innovator on Trade Investment and collaborations in road infrastructure and MSMEs on Wednesday.
The minister further said that the government is concentrating on village, agricultural and tribal sectors for providing employment opportunities there.
India’s premier R&D institution Bhabha Atomic Research Centre (BARC) has developed a range of technologies suitable for deployment by Micro and Small & Medium Enterprises (MSMEs).
The technology spinoffs in BARC are being offered under Advanced Knowledge and Rural Technology Implementation (AKRUTI) scheme.
The technologies on offer include Domestic Water Purifier, Nano-composite Ultrafiltration Membrane Device for domestic drinking water purification
In another major step towards payment of MSME dues by different sectors, Union Ministry of Micro, Small and Medium Enterprises (M/o MSMEs) has now impressed upon the private sector enterprises of the country to take measures for release of payment of MSME dues on priority.
During the announcement of AtmaNirbhar Package, it was desired that the MSME receivables and dues should be paid in 45 days. Accordingly Ministry of MSME took up the matter aggressively with Central Ministries, their departments and Central Public Sector Enterprises (CPSEs).
Banks have sanctioned loans to Micro, Small and Medium Enterprises (MSMEs) worth Rs 1,61,017.68 under Emergency Credit Line Guarantee Scheme (ECLGS) till September 3rd.
Finance Minister Nirmala Sitharaman on Monday took to the micro-blogging site twitter and said, '' As of 03 Sept 2020, the total amount sanctioned under the 100 per cent Emergency Credit Line Guarantee Scheme by #PSBs and private banks stands at Rs 1,61,017.68 crore, of which Rs 1,13,713.15 crore has already been disbursed.''
The Consulting Engineers Association of India (CEAI) in a letter to Union Minister of Micro, Small and Medium Enterprises (MSME) Nitin Gadkari has drawn his attention towards flouting of the MSME tendering norms by the powerful foreign companies.
CEAI alleged that these foreign companies are enjoying the benefits meant for the Indian companies. Amitabha Ghosal, President, CEAI said that the union government had recently changed the tendering system to benefit the small and medium enterprises in the country by limiting tenders below Rs 200 crore for Indian companies only.
Small Industries Development Bank of India (SIDBI), the principal financial institution engaged in the promotion, financing and development of Micro, Small and Medium Enterprises (MSME), has entered a Memorandum of Understanding (MoU) with the Rajasthan government to develop the MSME ecosystem in the State.
The MoU was signed by Archana Singh, IAS, Commissioner Industries, Government of Rajasthan and Balbir Singh, General Manager, SIDBI in the presence of Parsadi Lal Meena, Cabinet Minister for Industries and State Enterprises, Government of Rajasthan andShri Naresh Pal Gangwar, IAS, Principal Secretary, Industries and MSME, Government of Rajasthan.
The Unlock 4, which opened economic activities in India from September 1 might have brought relief for the people across the country as well as for retailers and others, but Micro, Small and Medium Enterprises (MSMEs) in Assam are still at a crawling stage.
The unprecedented lockdown has created havoc across India and has brought businesses to a standstill, especially MSMEs who are almost on the verge of closure, in the state as they are encountering a number of bottlenecks.
In a bid to provide a marketing platform to the Micro, Small and Medium Enterprises (MSME) sector and connect it to the international marketing network, the Uttar Pradesh (UP) government has announced to organise a five-day global virtual exhibition next month.
Buyers from 50 countries will be connected to the virtual platform, which will also promote the One District, One Product (ODOP) scheme that aims at promoting the state’s indigenous and traditional handicraft and industries.
Amid worsening pandemic situation, the Micro, Small and Medium Enterprises (MSMEs) have urged the government to extend the moratorium on repayment of loans till March 31st, 2021.
''We are deeply worried about the state of MSMEs in the face of the apparently worsening pandemic situation and the steep economic decline as a consequence of this,'' said Karnataka Small Scale Industries Association (KASSIA) on Thursday.
Covid-19 has prompted Japanese companies to diversify their supply chain and the Indian textile sector has the potential to serve the sector-specific need, said Ambassador of India to Japan Sanjay Kumar Verma on Friday.
He said this while inaugurating the 7th edition of India Tex Trend Fair (ITTF), a physical-cum-virtual fair, at Tokyo (Japan) on Thursday, Ambassador Verma said that China continues to be the main supplier of textiles to Japan along with Italy, Vietnam, South Korea and United States.
According to FISME factor 100% MSMEs think that the measures announced by RBI will help to stabilize the Indian economy? 
Employees become red-circled whenever their pay rate is above the maximum salary identified for the position. These workers are at the top of the compensation structure, going by their role, and can create financial problems for the organisation including affecting employee morale.
How do employees enter the red circle?
There are multiple reasons why employees may enter the red circle. It can become a frequent occurrence if the organisation does not set clear definitions of minimum and maximum compensation for each unique job family. If the job evaluation system is not upgraded periodically and the correct market price for a role is not updated, then salary overlaps can occur across roles.
Startups raising big funds over the years and collective months have become a major point of celebration. Startups that have raised funds have been put under the spotlight and are at the centre of conversations and major headlines. Too often, the fundraising element of a startup’s journey is given so much applause that it often masquerades the desired outcome of that startup, which is building a successful business, constant innovation of their products, and building a profitable and sustainable business model.
A sales follow-up email is for more than just confirming an order: It’s a powerful sales tool that can turn customers into lifelong supporters. After all, it’s not your product that turns customers into supporters and fans. It’s the relationship you develop with customers that does it. The follow-up email keeps the lines of communication open when you’re not busy trying to sell.
The Federation of Indian Export Organisations (FIEO) has said that MSME exporters are facing huge liquidity challenges due to the stoppage of MEIS benefits of over Rs 10,000 crore from April 1 and IGST refunds.
The Merchandise Export from India Scheme (MEIS), introduced in April 2015, will be wound up by December 31, 2020, and the government has already announced the Remission of Duty or Taxes on Export Products (RoDTEP) scheme to replace MEIS.
Despite understanding the importance of agriculture, little has been done in agronomics. Lack of understanding of soil, excessive use of fertilizers, poor guidance and inferior quality products, among others, have degraded the rich nutritious soil of resulting in lower production.
In order to tackle these pain points, an Indore-based agritech startup is on a mission to deliver agronomic solutions to the country’s farmers and help them to increase produce while reducing the cost of cultivation.
Technology has changed the way every industry operates, and pharma is no exception. While B2B and B2B pharma startups proliferate across the country, Vadodara-based pharma e-marketplace PharmaCupboard stands out due to its business model: helping businesses trade surplus inventory. Meet Founder Suresh Purohit , who launched his venture in 2016. The startup is a pan-India e-marketplace for inventory liquidation and helps pharmaceutical, biopharmaceutical, chemical, and all other allied industries to trade their excess inventories.
“ In looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And, if they don't have the first, the other two will kill you.
”
