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President's Message
India is experiencing a second wave of Covid. It is suspected that mutations of Covid virus are the cause behind the new wave. So far it looks the new variants are more infectious but less lethal. Whatever be the cause, the disruption the rapid rise in cases is real. Lockdowns and night curfews are back in a few states. They are likely to spread. So disruption in business has begun. The entertainment and service industry which was limping back to normalcy is again going to take the first hit. It would be grave mistake to ignore the new avalanche of cases and continue with thinking of business as usual. The interventions that Government announced last year to help MSMEs and businesses get on their feet may be needed again. There is a need to evaluate for extension of loan moratorium. There is also a need for banks to adopt liberal approach towards businesses. The framework for assigning NPAs in such turbulent times on the basis of a rigid framework established during normal times would be erroneous and may result in declaring every second business an NPA. Emergency is again knocking at the doors.
"
The Internet and social media have been amazing for entrepreneurs but have also created a shortsighted view of what it means to build a business. The online spaces tend to scoff at a formal business education because of the availability of software, technology, and access entrepreneurs utilize to develop a business.
You can create a sales funnel around an offer, runs ads to that funnel, and start getting sales. But what happens when the revenue comes in? It’s not uncommon for that revenue to flow to an entrepreneur’s personal bank account to pay bills with no thought about taxes, savings, and investing back into the business.
When India went into one of the harshest lockdowns in the world on March 25 last year, the impact on businesses was so grave that the economy went into recession, for the first time in 40 years. Now, as the country battles a second wave of Covid-19, with active cases rising sharply by the day (552,566 cases as on March 31), there is heightened fear that whatever economic recovery has been achieved in the past six months could be wiped out. Reserve Bank of India (RBI) governor Shaktikanta Das, on March 25, expressed confidence that the second wave of Covid will not impede ...
The Central Board of Indirect Taxes and Customs (CBIC) has issued clarifications on Goods and Services Tax (GST) refund related issues.
''Various representations have been received seeking clarification on some of the issues relating to GST refunds. The issues have been examined and to ensure uniformity in the implementation of the provisions of law across the field formations, the Board, in exercise of its powers conferred by section 168 (1) of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as “CGST Act”), has issued various clarification,'' CBIC said in a circular dated March 12, 2021.
Retailers Association of India (RAI) has recommended that Foreign Direct Investment (FDI) rules for products should be the same for all channels with no special rules or dispensation for any channel.
The Department for Promotion of Industry and Internal Trade (DPIIT) invited the Retailers body for a meeting on March 17, 2021 to discuss issues pertaining to the Foreign Direct Investment (FDI) in the e-commerce sector.
Apparel Export Promotion Council (AEPC) has sought urgent intervention of Textiles Minister Smriti Zubin Irani for imposing quantitative restrictions and export duty on export of cotton yarn from India.
In a letter to the Minister, AEPC Chairman Dr A Sakthivel said that despite several efforts by the government to reduce the price of cotton yarn, it has consistently increased in the last four months and was affecting the entire value chain.
PHD Chamber of Commerce and Industry has projected 545 billion dollars exports with a double-digit exports growth rate of 12 per cent in 2021-22.
''Relief measures provided by the Government have significantly benefited the exporters to resume a normal exports growth trajectory and we project USD 545 billion exports with a double-digit exports growth rate of 12 per cent in 2021-22,'' said Sanjay Aggarwal, President, PHD Chamber in a statement issued on Friday.
Tribal Co-operative Marketing Federation of India (TRIFED) under Ministry of Tribal Affairs has exchanged a Memorandum of Understanding (MoU) with the Administration of Dadra and Nagar Haveli and Daman & Diu for the implementation of the MSP for MFP Scheme and the Van Dhan Yojana.
The Dadra and Nagar Haveli, Daman and Diu Scheduled Caste / Scheduled Tribes and Other Backward Classes and Minorites Financial and Development Corporation Limited has been appointed as the State Implementing Agency.
The government has sanctioned 23.24 lakh loans of which 18.54 lakh loans have been disbursed to the beneficiaries under the Pradhan Mantri Street Vendors, Atma Nirbhar Nidhi Scheme (PM SVANidhi) till March 15th, 2021.
This was stated by Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Lok Sabha on Monday. The Minister stated that The Ministry of Housing and Urban Affairs (MoHUA) launched PM SVANidhi on June 1, 2020, with the objective to facilitate collateral free working capital loan up to Rs 10,000 of one year tenure,
Fintech player Recordent and credit bureau Equifax have partnered to help businesses particularly MSMEs to make better credit decisions before offering credit against goods and services by providing a consent based comprehensive credit report of potential customers.
''One of the key challenges faced by MSMEs and businesses are collecting dues from customers as the latter is highly dependent on loans/ credits. Increasing cost factor and pandemic has also resulted in rising customer debts for MSMEs.
The Ministry of Micro, Small and Medium Enterprises (MSME) has issued a circular for much awaited submission of subsidy claims under special Credit Linked Capital Subsidy Scheme (SCLCSS) for Quarter 1, 2 and 3 of FY 2020-21.
''All the concerned nodal banks and agencies are hereby notified that fresh subsidy claims under SCLCSS for Quarter 1, 2 and 3 of FY 2020-21 i.e. reference date - 1 Apr 2020 to 31 Dec 2020 are to be submitted through existing Online Application and Tracking System of 0/o DC-MSME i.e. https://clcss.dcmsme.gov.in,'' the Ministry said in its circular dated March 16, 2021.
The Punjab Small Industries and Export Corporation (PSIEC) Limited which was set up in 1962 to help the small-scale industry to grow in Punjab has failed miserably to accelerate industrial growth, promotion of exports and job creation in the state, said the Comptroller and Auditor General (CAG) of India in its report.
''Timely implementation of industrial projects is a prerequisite for development of industries in the State and consequential employment and revenue generation. Through scrutiny of project reports of 3336 projects at nine out of 24 selected IFPs, it was observed that these projects envisaged turnover of 3,710.95 crore and providing employment to 4,062 persons.
Uttar Pradesh (UP) Chief Minister Yogi Adityanath has said that the state has emerged as the first choice of investors in recent times.
During a programme on Friday, the UP CM said that after coming to power in March 2017, the government has worked with planning and the areas which could increase the income of the state were identified and established a new dimension in the economy of the state. 'For the purpose of industrial expansion, we also provided an environment for ease of doing business in the state which took the state’s rankings in Ease of Doing Business to 14th position in 2015-16, is now in second place,'' he added.
The Karnataka Small Scale Industries Association (KASSIA) has urged Bruhat Bengaluru Mahanagara Palike (BBMP) to complete civics project on time.
KASSIA welcomes the many initiatives in the offing by BBMP such as the proposed simplification of public services like providing Khata, payment of property tax, business license, which will be delivered in online mode, replacement of all street-lights in Bengaluru with LED bulbs, up-gradation of 12 high-density corridors, to extend the metro routes and sub-urban rails for facilitating integrated traffic management system, fast-tracking the completion of projects that are in progress like Grade Separators, Smart City Roads, White Topping, and tender sure projects, an official statement said on Saturday.
According to you the impact on industries of Haryana's new law asking private sector to reserve 75% jobs for local youth will be
According to the FISME factor, 50% of MSMEs think that the impact on industries of Haryana's new law asking private sector to reserve 75% jobs for local youth will be negative while 50% can’t say.
What to do when employees resist disruption or change?
‘Change is the only constant’ is the oft-used sentence to explain why it is inevitable. Evolution is nothing but gradual and recurring changes leading to growth and development. Disruption is also change, but more like something that interrupts the normal course of an activity or process.
If you're just getting your feet wet in business, there are many things that can be overwhelming. One of the biggest sources of overwhelm, however, is finances. With so many numbers to track, livelihoods to be responsible for and rules to follow, business finances can quickly become too much for new entrepreneurs to handle.
However, following a few key steps and having a basic plan can go a long way to simplifying the entire financial process.
Ignoring These 4 Marketing Trends Could Cost You in the Long Run
Although the pandemic made executing marketing plans and 2020 goals a chaotic process, the good news is that we have a fairly good idea of what you shouldn't ignore in your marketing campaigns. Now you have the chance to implement new strategies and be several steps ahead in 2021.
Whatever you do, don’t reduce your marketing budget. It might look like you’re saving money, but you’re losing it in the long run. Marketing your business is how you’re going to increase sales and keep your business thriving. Cutting costs in your marketing budget is going to short circuit your business.
Punjab industries seek access to un-interrupted quality power supply
The Chamber of Industrial & Commercial Undertakings (CICU) has demanded Punjab State Power Corporation Limited (PSPCL) to provide quality power supply round-the-clock without any power cuts.
During a meeting with Punjab State Electricity Regulatory Commission (PSERC) on March 17th, the industrial body demanded the same.
With generic drugs, Ahmedabad-based Medkart aims to lower your medical bills
A move to help people lower their medical bills by enabling access to generic versions of costly branded drugs led Ankur Agarwal to establish Medkart Pharmacy in Ahmedabad with Parasharan Chari and Parthiv Shah. The medtech startup was set up in September 2014 to raise awareness about cheap generic drugs certified by the World Health Organization’s Good Medical Practices (WHO GMP) and make them available to patients.
How this Delhi startup is solving the charging problem for e-rickshaws by partnering with small stores
About 80 percent of all electric vehicles in India today are e-rickshaws, as an increasing number of rickshaw pullers are shifting to affordable and cheaper means of clean transportation. However, e-rickshaws come with their own set of challenges, including a battery charging time of up to 10 hours, limited revenues, and investment in expensive new batteries.
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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India is experiencing a second wave of Covid. It is suspected that mutations of Covid virus are the cause behind the new wave. So far it looks the new variants are more infectious but less lethal. Whatever be the cause, the disruption the rapid rise in cases is real. Lockdowns and night curfews are back in a few states. They are likely to spread. So disruption in business has begun. The entertainment and service industry which was limping back to normalcy is again going to take the first hit. It would be grave mistake to ignore the new avalanche of cases and continue with thinking of business as usual. The interventions that Government announced last year to help MSMEs and businesses get on their feet may be needed again. There is a need to evaluate for extension of loan moratorium. There is also a need for banks to adopt liberal approach towards businesses. The framework for assigning NPAs in such turbulent times on the basis of a rigid framework established during normal times would be erroneous and may result in declaring every second business an NPA. Emergency is again knocking at the doors.
"
The Internet and social media have been amazing for entrepreneurs but have also created a shortsighted view of what it means to build a business. The online spaces tend to scoff at a formal business education because of the availability of software, technology, and access entrepreneurs utilize to develop a business.
You can create a sales funnel around an offer, runs ads to that funnel, and start getting sales. But what happens when the revenue comes in? It’s not uncommon for that revenue to flow to an entrepreneur’s personal bank account to pay bills with no thought about taxes, savings, and investing back into the business.
The Central Board of Indirect Taxes and Customs (CBIC) has issued clarifications on Goods and Services Tax (GST) refund related issues.
''Various representations have been received seeking clarification on some of the issues relating to GST refunds. The issues have been examined and to ensure uniformity in the implementation of the provisions of law across the field formations, the Board, in exercise of its powers conferred by section 168 (1) of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as “CGST Act”), has issued various clarification,'' CBIC said in a circular dated March 12, 2021.
Retailers Association of India (RAI) has recommended that Foreign Direct Investment (FDI) rules for products should be the same for all channels with no special rules or dispensation for any channel.
The Department for Promotion of Industry and Internal Trade (DPIIT) invited the Retailers body for a meeting on March 17, 2021 to discuss issues pertaining to the Foreign Direct Investment (FDI) in the e-commerce sector.
Apparel Export Promotion Council (AEPC) has sought urgent intervention of Textiles Minister Smriti Zubin Irani for imposing quantitative restrictions and export duty on export of cotton yarn from India.
In a letter to the Minister, AEPC Chairman Dr A Sakthivel said that despite several efforts by the government to reduce the price of cotton yarn, it has consistently increased in the last four months and was affecting the entire value chain.
PHD Chamber of Commerce and Industry has projected 545 billion dollars exports with a double-digit exports growth rate of 12 per cent in 2021-22.
''Relief measures provided by the Government have significantly benefited the exporters to resume a normal exports growth trajectory and we project USD 545 billion exports with a double-digit exports growth rate of 12 per cent in 2021-22,'' said Sanjay Aggarwal, President, PHD Chamber in a statement issued on Friday.
Tribal Co-operative Marketing Federation of India (TRIFED) under Ministry of Tribal Affairs has exchanged a Memorandum of Understanding (MoU) with the Administration of Dadra and Nagar Haveli and Daman & Diu for the implementation of the MSP for MFP Scheme and the Van Dhan Yojana.
The Dadra and Nagar Haveli, Daman and Diu Scheduled Caste / Scheduled Tribes and Other Backward Classes and Minorites Financial and Development Corporation Limited has been appointed as the State Implementing Agency.
The government has sanctioned 23.24 lakh loans of which 18.54 lakh loans have been disbursed to the beneficiaries under the Pradhan Mantri Street Vendors, Atma Nirbhar Nidhi Scheme (PM SVANidhi) till March 15th, 2021.
This was stated by Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Lok Sabha on Monday. The Minister stated that The Ministry of Housing and Urban Affairs (MoHUA) launched PM SVANidhi on June 1, 2020, with the objective to facilitate collateral free working capital loan up to Rs 10,000 of one year tenure,
Fintech player Recordent and credit bureau Equifax have partnered to help businesses particularly MSMEs to make better credit decisions before offering credit against goods and services by providing a consent based comprehensive credit report of potential customers.
''One of the key challenges faced by MSMEs and businesses are collecting dues from customers as the latter is highly dependent on loans/ credits. Increasing cost factor and pandemic has also resulted in rising customer debts for MSMEs.
The Ministry of Micro, Small and Medium Enterprises (MSME) has issued a circular for much awaited submission of subsidy claims under special Credit Linked Capital Subsidy Scheme (SCLCSS) for Quarter 1, 2 and 3 of FY 2020-21.
''All the concerned nodal banks and agencies are hereby notified that fresh subsidy claims under SCLCSS for Quarter 1, 2 and 3 of FY 2020-21 i.e. reference date - 1 Apr 2020 to 31 Dec 2020 are to be submitted through existing Online Application and Tracking System of 0/o DC-MSME i.e. https://clcss.dcmsme.gov.in,'' the Ministry said in its circular dated March 16, 2021.
The Punjab Small Industries and Export Corporation (PSIEC) Limited which was set up in 1962 to help the small-scale industry to grow in Punjab has failed miserably to accelerate industrial growth, promotion of exports and job creation in the state, said the Comptroller and Auditor General (CAG) of India in its report.
''Timely implementation of industrial projects is a prerequisite for development of industries in the State and consequential employment and revenue generation. Through scrutiny of project reports of 3336 projects at nine out of 24 selected IFPs, it was observed that these projects envisaged turnover of 3,710.95 crore and providing employment to 4,062 persons.
Uttar Pradesh (UP) Chief Minister Yogi Adityanath has said that the state has emerged as the first choice of investors in recent times.
During a programme on Friday, the UP CM said that after coming to power in March 2017, the government has worked with planning and the areas which could increase the income of the state were identified and established a new dimension in the economy of the state. 'For the purpose of industrial expansion, we also provided an environment for ease of doing business in the state which took the state’s rankings in Ease of Doing Business to 14th position in 2015-16, is now in second place,'' he added.
The Karnataka Small Scale Industries Association (KASSIA) has urged Bruhat Bengaluru Mahanagara Palike (BBMP) to complete civics project on time.
KASSIA welcomes the many initiatives in the offing by BBMP such as the proposed simplification of public services like providing Khata, payment of property tax, business license, which will be delivered in online mode, replacement of all street-lights in Bengaluru with LED bulbs, up-gradation of 12 high-density corridors, to extend the metro routes and sub-urban rails for facilitating integrated traffic management system, fast-tracking the completion of projects that are in progress like Grade Separators, Smart City Roads, White Topping, and tender sure projects, an official statement said on Saturday.
According to the FISME factor, 50% of MSMEs think that the impact on industries of Haryana's new law asking private sector to reserve 75% jobs for local youth will be negative while 50% can’t say. 
‘Change is the only constant’ is the oft-used sentence to explain why it is inevitable. Evolution is nothing but gradual and recurring changes leading to growth and development. Disruption is also change, but more like something that interrupts the normal course of an activity or process.
If you're just getting your feet wet in business, there are many things that can be overwhelming. One of the biggest sources of overwhelm, however, is finances. With so many numbers to track, livelihoods to be responsible for and rules to follow, business finances can quickly become too much for new entrepreneurs to handle.
However, following a few key steps and having a basic plan can go a long way to simplifying the entire financial process.
Although the pandemic made executing marketing plans and 2020 goals a chaotic process, the good news is that we have a fairly good idea of what you shouldn't ignore in your marketing campaigns. Now you have the chance to implement new strategies and be several steps ahead in 2021.
Whatever you do, don’t reduce your marketing budget. It might look like you’re saving money, but you’re losing it in the long run. Marketing your business is how you’re going to increase sales and keep your business thriving. Cutting costs in your marketing budget is going to short circuit your business.
The Chamber of Industrial & Commercial Undertakings (CICU) has demanded Punjab State Power Corporation Limited (PSPCL) to provide quality power supply round-the-clock without any power cuts.
During a meeting with Punjab State Electricity Regulatory Commission (PSERC) on March 17th, the industrial body demanded the same.
A move to help people lower their medical bills by enabling access to generic versions of costly branded drugs led Ankur Agarwal to establish Medkart Pharmacy in Ahmedabad with Parasharan Chari and Parthiv Shah. The medtech startup was set up in September 2014 to raise awareness about cheap generic drugs certified by the World Health Organization’s Good Medical Practices (WHO GMP) and make them available to patients.
About 80 percent of all electric vehicles in India today are e-rickshaws, as an increasing number of rickshaw pullers are shifting to affordable and cheaper means of clean transportation. However, e-rickshaws come with their own set of challenges, including a battery charging time of up to 10 hours, limited revenues, and investment in expensive new batteries.
