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President's Message
The second wave of Covid has hit like a Tsunami. I have no hesitation in saying that neither Government, nor businesses nor public was prepared for anything like this. The result is that this wave has overwhelmed availability of hospital beds to oxygen to medicine. Because of very high infection rate this time around, the mortality rates also have went out of spiral. Now we are entering into a period of extreme uncertainties. We do not know when the peak is going to be hit and how much time would it take to achieve the normal. And, by that time, how much devastation it would have caused to life and economy. A lot of pain points are reappearing: payment delays, excessive rise in raw material shortages and price hikes, fear of getting their accounts classified as NPAs, exodus of migrant workers etc. FISME is contemplating to hold a consultation with MSME associations to discuss the emerging situation. As captains of industry, may I urge you to share the situation at ground and suggest what could be done to alleviate the pain. Take care and stay safe.
"
Federation of Indian Micro and Small & Medium Enterprises (FISME) in association with SIPI organised a webinar for MSMEs to elucidate the ‘Pre-packaged Insolvency Resolution Process (PIRP)’ and the role of key stakeholders in the PIRP, on 16th April 2021.
During the webinar, one of the authority on Insolvency in India- Mr. Sumant Batra demystified the PIRP and Mr. Pulkit Gupta- Partner E&Y explained the roles of various stakeholders in this regard.
The government has issued an Ordinance for ‘Pre-packaged Insolvency Resolution Process (PIRP)’ for MSMEs. The new scheme provides a mechanism for orderly restructuring or winding up of a stressed account and provides protection to entrepreneurs against recovery proceedings.
Entrepreneurs are, by their very nature, positive, confident, and sure of their business. These are great qualities to have when promoting your venture, but when things don’t happen as planned and the business begins to go sideways, those same traits can work against you.
Entrepreneurs can get so busy reading their own press that they don’t see what’s really happening around them and may not react to danger signs soon enough.
A new double mutant coronavirus variant has been detected in several Indian states, triggering fear that India’s “second wave” could be more dangerous than the first.
In addition, authorities have reported several other variants in at least 18 states amid a surge in coronavirus infections across the country. The Indian SARS-CoV-2 Consortium on Genomics (INSACOG) is carrying out genomic sequencing on the latest samples of the double mutant variant. So far, a total of 736 cases of the variant first discovered...
The net indirect tax collections in 2020-21 has registered a growth of 12.3 per cent as the collection stood at Rs 10.71 lakh crore as compared to the previous fiscal year, thereby exceeding the target set in revised estimates.
“Provisional Net Indirect Tax collections (GST & Non-GST) for the Financial Year 2020-21 show growth of more than 12 per cent compared to actual Revenue Receipts in FY 2019-20. Net Indirect Tax collections represent 108.2 per cent of the Revised Estimates of RS 9.89 lakh crore of Indirect Taxes for the FY 2020-21,” a statement issued by the Finance Ministry said on Tuesday.
In a major relief to traders and industries, government has allowed NABL accredited Testing Labs also to certify weights and measures besides the State Metrology Departments.
The Department of Consumer Affairs, Ministry of Consumer Affairs and Public Administration has issued the Legal Metrology (Govt approved Testing Center) Amendment Rules 2021 dated 1st Feb 2021. Government has amended Rule 5 of the Legal Metrology (Govt approved Testing Center) Rules , 2013 and the following sub-rule has been inserted : “The National Accreditation Board for Testing and Calibration Labs /ISO:IEC 17025 : 2017 accredited
In a major relief to exporters across the country, the Delhi High Court has directed the Central Board of Indirect Taxes and Customs (CBIC) to grant the refund of the Integrated Goods and Services Tax (IGST) paid on export of goods by exporters.
The said refund was denied to the exporters on the ground that Duty Drawback was claimed by the exporters under columns A of the Drawback Schedule. However, it was contested by the exporters before the High Court that the said denial is ultra vires the provisions of the CGST Act, IGST Act and the Constitution, and thus the said IGST should be refunded to the exporters at the earliest.
The newly launched DGFT Trade Facilitation Mobile App will create international trade opportunities for Micro, Small and Medium Enterprises (MSMEs) and foreign players, said Commerce & Industry Minister Piyush Goyal.
''Mobile India creates international trade opportunities for MSMEs and Foreign players as it will enable creation of a quality conscious and cost-competitive domestic industry. Further, it will significantly contribute to the export target of 1 Trillion dollars by 2025 and GDP target of 5 Trillion dollars,'' an official statement on Monday from the Ministry of Commerce & Industry quoted Goyal as saying.
The Insurance Regulatory & Development Authority of India (IRDAI) has issued draft guidelines for general insurance companies to come up with trade credit insurance products with customised covers for Small and Medium Enterprises (SMEs) and Micro, Small, and Medium Enterprises (MSMEs).
The latest guidelines will enable general insurers to offer trade credit insurance covers to licensed banks and other financial institutions.
The government has set the minimum default threshold of Rs 10 lakh for initiation of pre-packaged insolvency resolution process by a Micro, Small and Medium Enterprises (MSME) corporate debtor.
While taking to micro-blogging site twitter on Wednesday, the Finance Ministry said, ‘‘The Central Government has decided minimum threshold default of Rs 10 lakh for initiation of pre-pack insolvency resolution process by MSME corporate debtor.''
The Telangana government is all set to formulate a policy for Micro, Small and Medium Enterprises (MSMEs) to facilitate them in the Information and Technology (IT) sector, said the state IT and Industries department principal secretary Jayesh Ranjan.
While speaking at the 2nd edition of BizSummit organised by the Hyderabad Software Enterprises Association (HYSEA), on Friday, he advised, ''IT MSMEs must expand their horizons and look at unexplored geographies to provide their services.''
Karnataka Small Scale Industries Association (KASSIA) has urged the State government to take steps to ensure the industries are not adversely affected due to night curfew.
''The night curfew announced in Bengaluru and several other districts in Karnataka to arrest the surge in corona cases will put a spanner in the functioning of industries operating in night shift, and the state government must also take concurrent steps to ensure the industries are not adversely affected,'' said KASSIA in a statement.
The Punjab government has scrapped 479 compliances which were required earlier for seeking various approvals and renewals by industrialists, said Chief Secretary Vini Mahajan.
She said this, on Monday, while chairing a high-level meeting with the administrative secretaries and added, ''These compliances were part of a total 541 age-old mandatory approvals identified to be scrapped under Phase-I of reducing compliance burden by various departments. She further informed that the state government submitted its action plan on the Union Government’s Department for Promotion of Industry and Internal Trade (DPIIT) portal on March 31, after doing away with this unnecessary paperwork.
The Department for Promotion of Industry and Internal Trade (DPIIT) has notified general operational guidelines for the registration of units under the new central scheme for industrial development in Jammu and Kashmir (J&K).
As per the guidelines, registration under the scheme has commenced from April 1 and will continue till September 30, 2024. “The applicant unit willing to avail incentive(s) under the scheme has to apply for registration through online portal jknis.Dipp.Gov.In,” the notification dated April 1st said. It further said that certain documents need to be enclosed that includes a detailed project report, bank loan sanction letter, land paper, PAN, and GSTIN certificate.
Ambassador of India to the Republic of Croatia, Raj Kumar Srivastava has said that even though Croatia is an European Union (EU) country, it is yet to be a Eurozone economy. This transition period of the next two to three years provides an opportunity for India to utilise Croatia as a gateway towards Europe.
Addressing the India-Croatia Business Forum organised by FICCI, Srivastava, spoke about four Ts – trade, technology, talent, and tourism, as potential areas of growth for India-Croatia bilateral ties in future.
Turkey is considering a major trade and economic partnership with India as in times of pandemic, they are focussing on virtual trade delegation programs to maintain engagement with India.
Turkish Exporters Assembly (TIM) apex body of exporters from Turkey recently concluded a virtual business mission with India to reduce the effects of COVID-19 on exports. The India virtual trade delegation program, organized by TİM under the coordination of the Ministry of Trade, was opened by Deputy Minister of Trade Gonca Yılmaz Batur, Turkish Ambassador to New Delhi Şakir Özkan Torunlar, TİM Chairman İsmail Gülle.
3 Strategies That Will Keep Your Employees Engaged So They Don't Jump Ship
Let’s imagine that the unicorn you hired recently is delivering on his potential and leading the organization to new levels. Now the question becomes: How do you keep him from jumping ship? As a people leader, you have to know what motivates your direct reports.
5 Decisions All Responsible Entrepreneurs Make En Route to Financial Security
Entrepreneurship inherently involves financial risk. That doesn’t mean, however, that entrepreneurs can’t become financially secure. Remember, your personal finances and business finances are not the same. Responsible entrepreneurs aren’t just focused on making their business succeed. They also take steps to achieve financial security in their personal life.
If you run a startup, marketing your business is key to your growth—and how you’ll set yourself apart from your competition.
In this marketing for startups guide, we’ll discuss how to market your startup—from developing a strategy and connecting with your audience to making adjustments and measuring your success.
Apparel exporters cry for help from global MMF fabric suppliers
Indian apparel exporters, aspiring to have a slice of 200 billion dollars global manmade fibre (MMF) garment trade, have sought help from international MMF fabric suppliers to overcome the shortage of the fabric, in the short run, and also to improve the quality of local production of the fabric eventually.
How this entrepreneur is ensuring access to safe drinking water to the masses
Started by MV Ramaswamy in 2019, InstaPure has licensed a water purification chemical compound that can purify 5000 litres of drinking water for just Rs 2,500 a year. The health and economic burdens of poor drinking water are enormous. According to World Bank estimates, about 21 percent of communicable diseases in India are water-related. A UNICEF report shows that waterborne diseases have an economic burden of approximately $600 million a year in India.
Patna-based Hanuman is working to ensure emergency healthcare reaches patients in time
The pandemic outbreak has helped us realise the need to strengthen India’s emergency care ecosystem. Dr Niraj Jha, who received training in the emergency care segment, says the emergency care system is weak across the country. For example, we mostly find junior doctors in the emergency care section, but we need the most senior doctors in place because one doesn’t know what case would come in.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) is releasing All India Consumer Price Index (CPI) on Base 2012=100 and corresponding Consumer Food Price Index (CFPI) for Rural (R), Urban (U) and Combined (C) for the month of March2021(Provisional) in this press note.
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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The second wave of Covid has hit like a Tsunami. I have no hesitation in saying that neither Government, nor businesses nor public was prepared for anything like this. The result is that this wave has overwhelmed availability of hospital beds to oxygen to medicine. Because of very high infection rate this time around, the mortality rates also have went out of spiral. Now we are entering into a period of extreme uncertainties. We do not know when the peak is going to be hit and how much time would it take to achieve the normal. And, by that time, how much devastation it would have caused to life and economy. A lot of pain points are reappearing: payment delays, excessive rise in raw material shortages and price hikes, fear of getting their accounts classified as NPAs, exodus of migrant workers etc. FISME is contemplating to hold a consultation with MSME associations to discuss the emerging situation. As captains of industry, may I urge you to share the situation at ground and suggest what could be done to alleviate the pain. Take care and stay safe.
"
Federation of Indian Micro and Small & Medium Enterprises (FISME) in association with SIPI organised a webinar for MSMEs to elucidate the ‘Pre-packaged Insolvency Resolution Process (PIRP)’ and the role of key stakeholders in the PIRP, on 16th April 2021.
During the webinar, one of the authority on Insolvency in India- Mr. Sumant Batra demystified the PIRP and Mr. Pulkit Gupta- Partner E&Y explained the roles of various stakeholders in this regard.
The government has issued an Ordinance for ‘Pre-packaged Insolvency Resolution Process (PIRP)’ for MSMEs. The new scheme provides a mechanism for orderly restructuring or winding up of a stressed account and provides protection to entrepreneurs against recovery proceedings.
Entrepreneurs are, by their very nature, positive, confident, and sure of their business. These are great qualities to have when promoting your venture, but when things don’t happen as planned and the business begins to go sideways, those same traits can work against you.
Entrepreneurs can get so busy reading their own press that they don’t see what’s really happening around them and may not react to danger signs soon enough.
The net indirect tax collections in 2020-21 has registered a growth of 12.3 per cent as the collection stood at Rs 10.71 lakh crore as compared to the previous fiscal year, thereby exceeding the target set in revised estimates.
“Provisional Net Indirect Tax collections (GST & Non-GST) for the Financial Year 2020-21 show growth of more than 12 per cent compared to actual Revenue Receipts in FY 2019-20. Net Indirect Tax collections represent 108.2 per cent of the Revised Estimates of RS 9.89 lakh crore of Indirect Taxes for the FY 2020-21,” a statement issued by the Finance Ministry said on Tuesday.
In a major relief to traders and industries, government has allowed NABL accredited Testing Labs also to certify weights and measures besides the State Metrology Departments.
The Department of Consumer Affairs, Ministry of Consumer Affairs and Public Administration has issued the Legal Metrology (Govt approved Testing Center) Amendment Rules 2021 dated 1st Feb 2021. Government has amended Rule 5 of the Legal Metrology (Govt approved Testing Center) Rules , 2013 and the following sub-rule has been inserted : “The National Accreditation Board for Testing and Calibration Labs /ISO:IEC 17025 : 2017 accredited
In a major relief to exporters across the country, the Delhi High Court has directed the Central Board of Indirect Taxes and Customs (CBIC) to grant the refund of the Integrated Goods and Services Tax (IGST) paid on export of goods by exporters.
The said refund was denied to the exporters on the ground that Duty Drawback was claimed by the exporters under columns A of the Drawback Schedule. However, it was contested by the exporters before the High Court that the said denial is ultra vires the provisions of the CGST Act, IGST Act and the Constitution, and thus the said IGST should be refunded to the exporters at the earliest.
The newly launched DGFT Trade Facilitation Mobile App will create international trade opportunities for Micro, Small and Medium Enterprises (MSMEs) and foreign players, said Commerce & Industry Minister Piyush Goyal.
''Mobile India creates international trade opportunities for MSMEs and Foreign players as it will enable creation of a quality conscious and cost-competitive domestic industry. Further, it will significantly contribute to the export target of 1 Trillion dollars by 2025 and GDP target of 5 Trillion dollars,'' an official statement on Monday from the Ministry of Commerce & Industry quoted Goyal as saying.
The Insurance Regulatory & Development Authority of India (IRDAI) has issued draft guidelines for general insurance companies to come up with trade credit insurance products with customised covers for Small and Medium Enterprises (SMEs) and Micro, Small, and Medium Enterprises (MSMEs).
The latest guidelines will enable general insurers to offer trade credit insurance covers to licensed banks and other financial institutions.
The government has set the minimum default threshold of Rs 10 lakh for initiation of pre-packaged insolvency resolution process by a Micro, Small and Medium Enterprises (MSME) corporate debtor.
While taking to micro-blogging site twitter on Wednesday, the Finance Ministry said, ‘‘The Central Government has decided minimum threshold default of Rs 10 lakh for initiation of pre-pack insolvency resolution process by MSME corporate debtor.''
The Telangana government is all set to formulate a policy for Micro, Small and Medium Enterprises (MSMEs) to facilitate them in the Information and Technology (IT) sector, said the state IT and Industries department principal secretary Jayesh Ranjan.
While speaking at the 2nd edition of BizSummit organised by the Hyderabad Software Enterprises Association (HYSEA), on Friday, he advised, ''IT MSMEs must expand their horizons and look at unexplored geographies to provide their services.''
Karnataka Small Scale Industries Association (KASSIA) has urged the State government to take steps to ensure the industries are not adversely affected due to night curfew.
''The night curfew announced in Bengaluru and several other districts in Karnataka to arrest the surge in corona cases will put a spanner in the functioning of industries operating in night shift, and the state government must also take concurrent steps to ensure the industries are not adversely affected,'' said KASSIA in a statement.
The Punjab government has scrapped 479 compliances which were required earlier for seeking various approvals and renewals by industrialists, said Chief Secretary Vini Mahajan.
She said this, on Monday, while chairing a high-level meeting with the administrative secretaries and added, ''These compliances were part of a total 541 age-old mandatory approvals identified to be scrapped under Phase-I of reducing compliance burden by various departments. She further informed that the state government submitted its action plan on the Union Government’s Department for Promotion of Industry and Internal Trade (DPIIT) portal on March 31, after doing away with this unnecessary paperwork.
The Department for Promotion of Industry and Internal Trade (DPIIT) has notified general operational guidelines for the registration of units under the new central scheme for industrial development in Jammu and Kashmir (J&K).
As per the guidelines, registration under the scheme has commenced from April 1 and will continue till September 30, 2024. “The applicant unit willing to avail incentive(s) under the scheme has to apply for registration through online portal jknis.Dipp.Gov.In,” the notification dated April 1st said. It further said that certain documents need to be enclosed that includes a detailed project report, bank loan sanction letter, land paper, PAN, and GSTIN certificate.
Ambassador of India to the Republic of Croatia, Raj Kumar Srivastava has said that even though Croatia is an European Union (EU) country, it is yet to be a Eurozone economy. This transition period of the next two to three years provides an opportunity for India to utilise Croatia as a gateway towards Europe.
Addressing the India-Croatia Business Forum organised by FICCI, Srivastava, spoke about four Ts – trade, technology, talent, and tourism, as potential areas of growth for India-Croatia bilateral ties in future.
Turkey is considering a major trade and economic partnership with India as in times of pandemic, they are focussing on virtual trade delegation programs to maintain engagement with India.
Turkish Exporters Assembly (TIM) apex body of exporters from Turkey recently concluded a virtual business mission with India to reduce the effects of COVID-19 on exports. The India virtual trade delegation program, organized by TİM under the coordination of the Ministry of Trade, was opened by Deputy Minister of Trade Gonca Yılmaz Batur, Turkish Ambassador to New Delhi Şakir Özkan Torunlar, TİM Chairman İsmail Gülle.
According to the FISME factor, 100% MSMEs think that Indian economy better is prepared this time to handle the second wave of COVID-19. 
Let’s imagine that the unicorn you hired recently is delivering on his potential and leading the organization to new levels. Now the question becomes: How do you keep him from jumping ship? As a people leader, you have to know what motivates your direct reports.
Entrepreneurship inherently involves financial risk. That doesn’t mean, however, that entrepreneurs can’t become financially secure. Remember, your personal finances and business finances are not the same. Responsible entrepreneurs aren’t just focused on making their business succeed. They also take steps to achieve financial security in their personal life.
If you run a startup, marketing your business is key to your growth—and how you’ll set yourself apart from your competition.
In this marketing for startups guide, we’ll discuss how to market your startup—from developing a strategy and connecting with your audience to making adjustments and measuring your success.
Indian apparel exporters, aspiring to have a slice of 200 billion dollars global manmade fibre (MMF) garment trade, have sought help from international MMF fabric suppliers to overcome the shortage of the fabric, in the short run, and also to improve the quality of local production of the fabric eventually.
Started by MV Ramaswamy in 2019, InstaPure has licensed a water purification chemical compound that can purify 5000 litres of drinking water for just Rs 2,500 a year. The health and economic burdens of poor drinking water are enormous. According to World Bank estimates, about 21 percent of communicable diseases in India are water-related. A UNICEF report shows that waterborne diseases have an economic burden of approximately $600 million a year in India.
The pandemic outbreak has helped us realise the need to strengthen India’s emergency care ecosystem. Dr Niraj Jha, who received training in the emergency care segment, says the emergency care system is weak across the country. For example, we mostly find junior doctors in the emergency care section, but we need the most senior doctors in place because one doesn’t know what case would come in.
