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President's Message
The ominous clouds of Omicron variant of Corona are gathering. While it is not clear yet how devastating the new variant could be, but the early trends suggest that it is far more infectious than Delta variant of Covid-19 which razed India in spring and summer of 2021. We should not commit our earlier mistake of taking the threat lightly. We paid a heavy price both in terms of human and economic loss. The stock markets seem to have sensed it and are plummeting worldwide. Crude is down. Industry especially MSMEs should also start gearing up for the new challenge. For the first, ensure your workers are vaccinated both with first and second dose. (I have ensured in my factory that each and every worker is vaccinated doubly. Not only that we organized camp in our factory for vaccination of family members of workers too). Secondly, the Covid protocol needs to be followed and enforced diligently inside the factory. As the variant is more transmittable precautions will help contain spread. Businesswise, it would be prudent not to leverage too much. Living within means will help you tide over the rough sea. We will always be ready to listen and act on your observations and suggestions. Let’s keep the communication lines open.
"
Entrepreneurship is a difficult journey, but it can also be extremely rewarding. Many entrepreneurs have found themselves and their path along this journey.
Unfortunately, the pandemic was a massive roadblock that derailed many entrepreneurs from their paths. In this difficult situation, unprepared businesses failed while the prepared ones prevailed. Some leaders were able to turn this difficult circumstance into an opportunity and took their business to the next level. Here are lessons that we can take from the pandemic that can make you and your business better.
The second quarter (Q2, 2021-22) gross domestic product (GDP) figures were released on November 30, 2021. They testify that the Indian economy is now recovering from its steep decline at the start of the pandemic in March-April 2020. This is a happy augury. However, the official claims are not borne out by a deeper analysis of the data.
For example, growth of 8.4% is projected over Q2 of last year (2020-21), but if we compare the GVA (gross value added) figures with the same period of 2019-20, it was Rs 32.71 lakh crore then and in 2021-22 it is now Rs 32.88 lakh crore.
The Reserve Bank of India (RBI) monetary policy committee (MPC) decided to keep the repo rate and reverse repo rate unchanged due to concerns over new variant Omnicron.
This is the 9th consecutive time that the Central Bank has maintained the current rates.
It has showed bigger concerns for growth than inflation, while GDP projection retained at 9.5% and marginal standing facility (MSF) is at 4.25 per cent. For interest rate, MPC decided to keep it unchanged and agreed on continuation with accommodative stance.
As of October 2021, 61 companies has raised a total of INR 52, 759 crore, Niramala Sitharaman told Lok Sabha during the ongoing parliamentary session on Monday.
She informed that out of those 61 companies, 34 entities were small and medium enterprises (SMEs), and states that large number of manufacturing and service sector companies are coming up for listing, as published in Mint.
An SME IPO is a way for a privately owned Small and medium enterprises (SME) company to sell its shares to the public for the first time and gets listed at BSE SME or NSE Emerge platform.
The Union Cabinet chaired by Prime Minister Narendra Modi has approved the comprehensive program for the development of sustainable semiconductor and display ecosystem in the country.
The program envisions to enter a new era in electronics manufacturing by providing a globally competitive incentive package to companies in semiconductors and it will give an impetus to semiconductor and display manufacturing by facilitating capital support and technological collaborations, said the press release.
Defence Research & Development Organisation (DRDO) has launched the third edition of the Dare to Dream Innovation Contest.
In light of India's vision of an 'Atmanirbhar Bharat, DRDO is looking for technically competent startups and individuals with futuristic ideas to help make India self-reliant in defence production. DRDO, in partnership with Invest India, has invited individuals and startups with expertise in the following problems to submit their proposals on Remote Detection & Protection from CBRNE Agents and Underwater Communication System.
The Emergency Credit Line Guarantee Scheme (ECLGS) which is supposed to end on 31st March, 2022 is expected to receive an extension of one more financial year due to the emerging uncertainty of variant omicron.
It has been successful in providing liquidity support to more than 10 million enterprises, protecting about 54.5 million jobs, as published in Mint. A government official told the media house that, the extension of ECLGS with certain modifications is under consideration, and an announcement to this effect is possible in the budget as a corpus of about INR 1.6 trillion is still available under the scheme.
National Small Industries Corporation Limited (NSIC) has signed a Memorandum of Understanding with JINDAL STAINLESS STEELWAY LIMITED (JSSL) on Tuesday.
It aims for the supply of Stainless Steel products to MSMEs all across India under the NSIC Raw Material Distribution scheme. The MoU will facilitate MSME in getting quality Stainless Steel material at competitive prices.
The association will create a platform to ensure ease of buying Stainless steel by various MSME’s across the country.
The office bearers of the Federation of Solar Industry has submitted an application to the Collectorate on Monday with a demand to start capital and interest subsidy for MSME units.
As per a gujarati news daily, Sanj Samachar President of Federation of Solar Industries Kishore Singh Zala and Secretary Parthivbhai Dave have stated that Power Purchase Agreement was signed with MSMEs from all over Gujarat till May 2021.
The credit lending for businesses in the MSME sector of West Bengal has seen an increase of 5.74 per cent in the first six months of the current fiscal.
When compared to the last fiscal year, there has been a visible growth in credit lending, as published in Millennium Post.
According to the state government's data, the credit lending to MSMEs in the first six months of the current fiscal till September was INR 46,000 crore across West Bengal and around INR 87,000 crore and INR 70,000 crore during 2020-21 and 2019-20 fiscal respectively.
The state of Uttar Pradesh is showcasing its diverse business ecosystem along with vast investment opportunities across key sectors such as food processing, tourism, textiles, healthcare and the MSMEs at the India Pavilion in Expo 2020 Dubai.
It will be promoting its key sectors, government initiatives and cultural heritage with various business focused sessions and performances till 23rd December, which started on 10th December with a recorded inaugural address by the Chief Minister of UP Yogi Adityanath, as published in TradeArabia.
India has proposed a free trade agreement on more than 1,000 products across sectors, including textiles & garments, gem & jewellery, leather, spices, engineering goods, chemicals and poultry, where it wants duty concessions from the UAE under a proposed free trade agreement (FTA), sources told Financial Express.
New Delhi and Abu Dhabi held the third round of FTA negotiations from 6th to 10th December, 2021. It would be the first free trade agreement to be signed by India after a decade.
From 23rd September, 2021 both sides started formal negotiations for a comprehensive economic partnership agreement (CEPA), as the FTA is formally called. They aim to wrap up talks by December and sign a deal by March 2022 following due processes of principal approval.
One of the America’s leading fashion brand, Patagonia, has purchased nearly 30,000 meters of Khadi Denim Fabric worth INR 1.08 crore from Arvind Mills in Gujarat for making Denim apparels.
In July 2017, Khadi and Village Industries Commission (KVIC) signed an agreement with Arvind mills Limited, Ahmadabad, to trade Khadi Denim products around the world. Since then, Arvind Mills has been purchasing a large quantity of Khadi Denim fabric every year from KVIC-certified Khadi institutions of Gujarat, said the press release.
Prime Minister Narendra Modi welcomed Russian President Vladimir Putin yesterday at Hyderabad house in New Delhi for the inaugural meeting of the 21st India-Russia Annual Summit along with high level delegation.
This marks President Putin’s first visit to India since the covid-19 pandemic started, said the press release. Prime Minister Narendra Modi said, the year 2021 is of prime importance for our bilateral relations in many ways. This year marks five decades of the 1971 Treaty of Peace, Friendship and Cooperation and two decades of our Strategic Partnership.
In the world of ‘expect the unexpected’, leaders, managers, and thought leaders need to aim for clarity, be agile with ‘emotional intelligence’, and have a ‘coaching perspective’ to handle this world’s changing times.
If you are a startup you should know that doing a financial analysis and therefore a plan, is of vital importance for your company. According to a study by CB Insights , one of the 20 reasons startups fail is running out of cash.
7 Marketing Trends That Will Define Success in 2022
In the past, marketing was about getting your name out there. In 2022 though, it will be about creating an effective brand, compelling storytelling and measuring the success of that story. It's no longer enough to create a brand and expect it to sell.
50,000 MSMEs to shut operations in Coimbatore on 20 Dec to protest against rising raw material prices
As per several media reports, for about 50,000 MSMEs will be observing one-day closure of industries on 20th December, 2021 in the Coimbatore district of Tamil Nadu.
The aim of the protest is to call the Central government on issues concerning MSMEs and mainly continuous increase of raw material prices.
From a small paan shop in Amreli to a food manufacturing company eyeing Rs 300 crore turnover
Founders of SCPL prove that a person is stronger than his challenge. Starting from a small paan counter, brothers Jagdish, Bhupat, Dinesh and Sanjay Bhuva, have built a publicly-listed food manufacturing company that aims to make Rs 300 crore turnover by the next fiscal year.
Why this journalist decide to bootstrap a D2C beauty brand that focuses on organic products
A journalist by profession, Paridhi Goel realised that the world of news and everyday work wasn’t her cup of tea. Keen to do something new and different, Paridhi started learning Spanish and continued for the next two years.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released the Quick Estimates of Index of Industrial Production (IIP) and Use-based Index for the month of October, 2021 (Base 2011-12=100).
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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This Newsletter is edited by the FISME Secretariat. We welcome contributions as well as comments and suggestions. Please write to newsletter@fisme.org.in
The ominous clouds of Omicron variant of Corona are gathering. While it is not clear yet how devastating the new variant could be, but the early trends suggest that it is far more infectious than Delta variant of Covid-19 which razed India in spring and summer of 2021. We should not commit our earlier mistake of taking the threat lightly. We paid a heavy price both in terms of human and economic loss. The stock markets seem to have sensed it and are plummeting worldwide. Crude is down. Industry especially MSMEs should also start gearing up for the new challenge. For the first, ensure your workers are vaccinated both with first and second dose. (I have ensured in my factory that each and every worker is vaccinated doubly. Not only that we organized camp in our factory for vaccination of family members of workers too). Secondly, the Covid protocol needs to be followed and enforced diligently inside the factory. As the variant is more transmittable precautions will help contain spread. Businesswise, it would be prudent not to leverage too much. Living within means will help you tide over the rough sea. We will always be ready to listen and act on your observations and suggestions. Let’s keep the communication lines open.
"
Entrepreneurship is a difficult journey, but it can also be extremely rewarding. Many entrepreneurs have found themselves and their path along this journey.
Unfortunately, the pandemic was a massive roadblock that derailed many entrepreneurs from their paths. In this difficult situation, unprepared businesses failed while the prepared ones prevailed. Some leaders were able to turn this difficult circumstance into an opportunity and took their business to the next level. Here are lessons that we can take from the pandemic that can make you and your business better.
The Reserve Bank of India (RBI) monetary policy committee (MPC) decided to keep the repo rate and reverse repo rate unchanged due to concerns over new variant Omnicron.
This is the 9th consecutive time that the Central Bank has maintained the current rates.
It has showed bigger concerns for growth than inflation, while GDP projection retained at 9.5% and marginal standing facility (MSF) is at 4.25 per cent. For interest rate, MPC decided to keep it unchanged and agreed on continuation with accommodative stance.
As of October 2021, 61 companies has raised a total of INR 52, 759 crore, Niramala Sitharaman told Lok Sabha during the ongoing parliamentary session on Monday.
She informed that out of those 61 companies, 34 entities were small and medium enterprises (SMEs), and states that large number of manufacturing and service sector companies are coming up for listing, as published in Mint.
An SME IPO is a way for a privately owned Small and medium enterprises (SME) company to sell its shares to the public for the first time and gets listed at BSE SME or NSE Emerge platform.
The Union Cabinet chaired by Prime Minister Narendra Modi has approved the comprehensive program for the development of sustainable semiconductor and display ecosystem in the country.
The program envisions to enter a new era in electronics manufacturing by providing a globally competitive incentive package to companies in semiconductors and it will give an impetus to semiconductor and display manufacturing by facilitating capital support and technological collaborations, said the press release.
Defence Research & Development Organisation (DRDO) has launched the third edition of the Dare to Dream Innovation Contest.
In light of India's vision of an 'Atmanirbhar Bharat, DRDO is looking for technically competent startups and individuals with futuristic ideas to help make India self-reliant in defence production. DRDO, in partnership with Invest India, has invited individuals and startups with expertise in the following problems to submit their proposals on Remote Detection & Protection from CBRNE Agents and Underwater Communication System.
The Emergency Credit Line Guarantee Scheme (ECLGS) which is supposed to end on 31st March, 2022 is expected to receive an extension of one more financial year due to the emerging uncertainty of variant omicron.
It has been successful in providing liquidity support to more than 10 million enterprises, protecting about 54.5 million jobs, as published in Mint. A government official told the media house that, the extension of ECLGS with certain modifications is under consideration, and an announcement to this effect is possible in the budget as a corpus of about INR 1.6 trillion is still available under the scheme.
National Small Industries Corporation Limited (NSIC) has signed a Memorandum of Understanding with JINDAL STAINLESS STEELWAY LIMITED (JSSL) on Tuesday.
It aims for the supply of Stainless Steel products to MSMEs all across India under the NSIC Raw Material Distribution scheme. The MoU will facilitate MSME in getting quality Stainless Steel material at competitive prices.
The association will create a platform to ensure ease of buying Stainless steel by various MSME’s across the country.
The office bearers of the Federation of Solar Industry has submitted an application to the Collectorate on Monday with a demand to start capital and interest subsidy for MSME units.
As per a gujarati news daily, Sanj Samachar President of Federation of Solar Industries Kishore Singh Zala and Secretary Parthivbhai Dave have stated that Power Purchase Agreement was signed with MSMEs from all over Gujarat till May 2021.
The credit lending for businesses in the MSME sector of West Bengal has seen an increase of 5.74 per cent in the first six months of the current fiscal.
When compared to the last fiscal year, there has been a visible growth in credit lending, as published in Millennium Post.
According to the state government's data, the credit lending to MSMEs in the first six months of the current fiscal till September was INR 46,000 crore across West Bengal and around INR 87,000 crore and INR 70,000 crore during 2020-21 and 2019-20 fiscal respectively.
The state of Uttar Pradesh is showcasing its diverse business ecosystem along with vast investment opportunities across key sectors such as food processing, tourism, textiles, healthcare and the MSMEs at the India Pavilion in Expo 2020 Dubai.
It will be promoting its key sectors, government initiatives and cultural heritage with various business focused sessions and performances till 23rd December, which started on 10th December with a recorded inaugural address by the Chief Minister of UP Yogi Adityanath, as published in TradeArabia.
India has proposed a free trade agreement on more than 1,000 products across sectors, including textiles & garments, gem & jewellery, leather, spices, engineering goods, chemicals and poultry, where it wants duty concessions from the UAE under a proposed free trade agreement (FTA), sources told Financial Express.
New Delhi and Abu Dhabi held the third round of FTA negotiations from 6th to 10th December, 2021. It would be the first free trade agreement to be signed by India after a decade.
From 23rd September, 2021 both sides started formal negotiations for a comprehensive economic partnership agreement (CEPA), as the FTA is formally called. They aim to wrap up talks by December and sign a deal by March 2022 following due processes of principal approval.
One of the America’s leading fashion brand, Patagonia, has purchased nearly 30,000 meters of Khadi Denim Fabric worth INR 1.08 crore from Arvind Mills in Gujarat for making Denim apparels.
In July 2017, Khadi and Village Industries Commission (KVIC) signed an agreement with Arvind mills Limited, Ahmadabad, to trade Khadi Denim products around the world. Since then, Arvind Mills has been purchasing a large quantity of Khadi Denim fabric every year from KVIC-certified Khadi institutions of Gujarat, said the press release.
Prime Minister Narendra Modi welcomed Russian President Vladimir Putin yesterday at Hyderabad house in New Delhi for the inaugural meeting of the 21st India-Russia Annual Summit along with high level delegation.
This marks President Putin’s first visit to India since the covid-19 pandemic started, said the press release. Prime Minister Narendra Modi said, the year 2021 is of prime importance for our bilateral relations in many ways. This year marks five decades of the 1971 Treaty of Peace, Friendship and Cooperation and two decades of our Strategic Partnership.
According to the FISME factor, MSMEs think that withdrawal of farm laws will make carrying out further economic reforms more difficult. 
In the world of ‘expect the unexpected’, leaders, managers, and thought leaders need to aim for clarity, be agile with ‘emotional intelligence’, and have a ‘coaching perspective’ to handle this world’s changing times.
If you are a startup you should know that doing a financial analysis and therefore a plan, is of vital importance for your company. According to a study by CB Insights , one of the 20 reasons startups fail is running out of cash.
In the past, marketing was about getting your name out there. In 2022 though, it will be about creating an effective brand, compelling storytelling and measuring the success of that story. It's no longer enough to create a brand and expect it to sell.
As per several media reports, for about 50,000 MSMEs will be observing one-day closure of industries on 20th December, 2021 in the Coimbatore district of Tamil Nadu.
The aim of the protest is to call the Central government on issues concerning MSMEs and mainly continuous increase of raw material prices.
Founders of SCPL prove that a person is stronger than his challenge. Starting from a small paan counter, brothers Jagdish, Bhupat, Dinesh and Sanjay Bhuva, have built a publicly-listed food manufacturing company that aims to make Rs 300 crore turnover by the next fiscal year.
A journalist by profession, Paridhi Goel realised that the world of news and everyday work wasn’t her cup of tea. Keen to do something new and different, Paridhi started learning Spanish and continued for the next two years.
“A leader is best when people barely know he exists, when his work is done, his aim fulfilled, they will say: we did it ourselves.
”
