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President's Message
Like its predecessor, the second wave of Covid-II, also devastated businesses. Many businesses were crippled because of subdued demand due to lockdowns and also because of sharp rise in prices of almost all commodities. It is heartening that Government has announced ECLGS 4.0 scheme by expanding the guarantee portfolio from Rs. 3 lac crore to Rs 4.5 lac crore. The outcome of ECLGS scheme has been impressive: so far Rs. 2.7 lac crore have already sanctioned and Rs. 2.25 lac crore disbursed. Further, the number of beneficiaries has crossed 1.10 crore! Therefore, on all parameters the scheme could be termed as a success. But the announcement of ECLGS 4.0 has been followed by rather patchy information. There are questions about the eligibility and sectoral coverage. FISME intends to organize a webinar during next two weeks to get the answers on these questions.
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It’s no secret that many businesses fail in the first few years of inception. As an entrepreneur, it’s easy to encounter pitfalls and experience growing pains despite being focused, strategic and well-intentioned in your approach.
When I joined Asset Living, the property-management firm I currently run, I worked shoulder-to-shoulder with my father for over a decade. We experienced our fair share of ups and downs as we worked to grow the business 10 times over the course of 11 years. My role at the company evolved many times as we grew. I had to adapt from finance and sales to operations and senior leadership. It’s similar to going from rookie to all-star to team captain to coach and, ultimately, owner.
In a bid to revive the economy, Union Finance Minister Nirmala Sitharaman has expanded the Emergency Credit Line Guarantee Scheme (ECLGS) by 50 per cent to Rs 4.5 lakh crore for the MSME sector facing liquidity crunch.
The ECLGS scheme was launched as part of Aatma Nirbhar Bharat Package in May, 2020 promising guarantees worth Rs. 3 lac crore. The major industry body representing Micro, Small & Medium Enterprises (FISME) has welcomed the move. “The additional funds being made available under ECLGS 4.0 can be quite useful ...
Retail inflation for industrial workers rose marginally to 5.24 per cent in May 2021 from 5.14 per cent in April mainly influenced by rise in prices of certain food items and petroleum products and also because of higher mobile phone charges.
''Year-on-year inflation for the month stood at 5.24 per cent compared to 5.14 per cent for the previous month and 5.10 per cent during the corresponding month and year before. Similarly, Food inflation stood at 5.26 per cent against 4.78 per cent of the previous month and 5.88 per cent during the corresponding month and year ago,'' the Ministry of Labour & Employment said in a statement on Wednesday.
India has attracted a total Foreign Direct Investments (FDI) inflow of 6.24 billion dollars in April, up by 38 per cent year-on-year.
According to data released by the Department for Promotion of Industry and Internal Trade (DPIIT) on Wednesday, the total FDI includes equity capital of unincorporated bodies, reinvest earnings and other capital. FDI equity inflow grew 60 per cent to 4.44 billion dollars in April.
In the wake of the impact of the COVID-19 pandemic, the government has further extended deadlines for various income tax compliances.
''In view of the impact of the COVID-19 pandemic, taxpayers are facing inconvenience in meeting certain tax compliances and also in filing responses to various notices. In order to ease compliances to be made by taxpayers during this difficult time, reliefs are being provided through Notifications nos. 74/2021 & 75/2021 dated 25th June, 2021 Circular no. 12/2021 dated 25th June, 2021,'' an official statement said on Friday.
Vedanta Limited, India’s leading producer of metals and oil & gas, has rolled out an attractive promotional scheme for Micro, Small and Medium Enterprises (MSMEs) in the manufacturing industry in celebration of the World MSME Week.
According to a statement, under the company’s Vedanta Saathi programme, MSMEs can avail a discount of Rs 500 per tonne on the first 500 tonnes of purchase in Aluminium, Zinc, Lead, Silver, Steel and Pig Iron, on first come first served basis. The scheme will be live for this week, ending on July 3rd, 2021
The Union Cabinet has approved the additional funding up to Rs 1.50 lakh crore under the Emergency Credit Line Guarantee Scheme (ECLGS) to support businesses amid the pandemic.
The scheme would be applicable to all eligible loans sanctioned under Guaranteed Emergency Credit Line (GECL) till September 30, 2021, or till an amount of Rs 4.50 lakh crore is sanctioned under the GECL, whichever is earlier. Further, on account of the disruptions caused by the second wave of COVID-19, especially on healthcare sector, the Union Cabinet has approved Loan Guarantee Scheme for Covid Affected Sectors (LGSCAS) enabling funding to the tune of Rs 50,000 crore to provide financial guarantee cover for brownfield expansion and greenfield projects related to health or medical infrastructure.
Union Minister of Micro, Small and Medium Enterprises (MSME) Nitin Gadkari has launched the integrated services of Udyam Registration Portal with Common Service Centre (CSC) Portal to increase penetration of benefits of various government schemes amongst MSMEs in far-flung areas.
He launched the same during a virtual conference on ''Indian MSMEs as Growth Engines to Economy'' on the occasion of International MSME Day on Monday.
Haryana State Industrial & Infrastructure Development corporation (HSIIDC) has extended One Time Settlement Schemes (OTSS) from June 30 to July 31, 2021.
''In view of prevalent conditions due to the second wave of COVID-19, it has been decided to extend the last date of aforesaid OTS Schemes from 30.06.2021 to 31.07.2021. All other terms & conditions of the OTSS shall remain unchanged,'' a circular from HSIIDC said on Wednesday.
The Uttar Pradesh government has sought suggestions from the industry body Indian Industries Association (IIA) regarding the implementation of Divisional Facilitation Council which was constituted in the month of September 2020 as a result of the efforts of IIA and the Government.
According to a statement shared by the IIA, suggestions were sought during a meeting which was organized by IIA on Tuesday online under the chairmanship of Navneet Sehgal, Additional Chief Secretary, MSME.
The central government has sanctioned an amount of Rs 1,536 crore for the Micro, Small and Medium Enterprises (MSMEs) in Assam under Aatmanirbhar Bharat Abhiyan to help the sector hit by COVID pandemic.
Industry Minister Chandra Mohan Patowary said this while speaking during a webinar organized by the Industries and Commerce Department on the occasion of 'International MSME Day' on Sunday.
The Kerala government has announced a special package of Rs 1416 crore for Micro, Small and Medium-sized Enterprises (MSMEs) amid COVID-induced economic crisis.
P Rajeev, Minister for Industries and Law, Kerala made the exciting announcement on the World MSME Day. ''The scheme is introduced to support enterprises that are struggling due to COVID-19 regulations and a lockdown and the government aims to help them back on their feet,'' he added.
India and Fiji signed a Memorandum of Understanding (MoU) for cooperation in the field of Agriculture and allied sectors on Tuesday.
Union Minister for Agriculture & Farmers Welfare, Narendra Singh Tomar and Fiji’s Minister of Agriculture, Waterways & Environment, Dr. Mahendra Reddy signed the agreement in a virtual meeting on Tuesday, according to an official statement. The union minister said that India believes in the spirit of 'Vasudhaiv Kutumbakam'. India has helped all the countries in the same spirit even during the Corona pandemic under the leadership of Prime Minister, Narendra Modi.
Do you think that the measures announced by the GST council will ease compliance burden to help restart businesses?
According to the FISME factor, 100% of MSMEs can't say that RBI's recently announced monetary policy will help India to deal with Covid led economic contraction.
How to Create a Workflow That'll Get Employees to Reach Your Business Goals
Setting good business goals is easy. Implementing a plan to get your employees working towards actually reaching those goals is a completely different story. It can be one of the most challenging issues entrepreneurs face when it comes to leading employees while working toward business objectives.
Filing business-related taxes can often be a time-consuming and complicated process, especially for new entrepreneurs. Small business owners need a good understanding of the federal, state, and local taxes required to file. The types of taxes can range from income, employment, excise, and sales.
Over the past few years, social media has grown exponentially from something only the geeky boys and girls in college spent time on to something that’s now a ubiquitous aspect of life across the world.
For businesses, it’s clear that social media can be a goldmine of leads and conversions, if handled correctly.
MSME body urges govt to allow import of all steel materials
The All India Council of Association (AICA) of MSMEs has urged the government to allow import of all steel materials based on cost and quality requirements and also ban export of iron ore and steel products.
In a representation to the Prime Minister Narendra Modi on Wednesday, the umbrella body for Micro, Small and Medium Enterprises (MSME), AICA also sought immediate intervention of the Prime Minister on rising prices of raw materials such as steel, iron ore, aluminium, copper, plastics and paper.
Meet Sakshi Bakshi, who is bringing healthy and tasty meals to your doorstep
After working with several pharma companies, Sakshi Bakshi realised that a lot of health conditions, especially metabolic disorders, can be managed with dietary and lifestyle management.
However, it is not easy for most people to stick to a diet plan in the long term as they either get bored of it or crave certain tastes and food.
How PharmEasy closed Thyrocare deal in less than a month
The month of June has been a mad rush for PharmEasy co-founders Siddharth Shah, Dharmil Sheth, Dhaval Shah, Harsh Parekh, and Hardik Dedhia.
API Holdings, the parent company of healthtech unicorn PharmEasy, acquired 66.1 percent stake in Thyrocare from Dr A Velumani and affiliates at a price of Rs 1,300 per share, aggregating to Rs 4,546 crore.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) 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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Like its predecessor, the second wave of Covid-II, also devastated businesses. Many businesses were crippled because of subdued demand due to lockdowns and also because of sharp rise in prices of almost all commodities. It is heartening that Government has announced ECLGS 4.0 scheme by expanding the guarantee portfolio from Rs. 3 lac crore to Rs 4.5 lac crore. The outcome of ECLGS scheme has been impressive: so far Rs. 2.7 lac crore have already sanctioned and Rs. 2.25 lac crore disbursed. Further, the number of beneficiaries has crossed 1.10 crore! Therefore, on all parameters the scheme could be termed as a success. But the announcement of ECLGS 4.0 has been followed by rather patchy information. There are questions about the eligibility and sectoral coverage. FISME intends to organize a webinar during next two weeks to get the answers on these questions.
"
It’s no secret that many businesses fail in the first few years of inception. As an entrepreneur, it’s easy to encounter pitfalls and experience growing pains despite being focused, strategic and well-intentioned in your approach.
When I joined Asset Living, the property-management firm I currently run, I worked shoulder-to-shoulder with my father for over a decade. We experienced our fair share of ups and downs as we worked to grow the business 10 times over the course of 11 years. My role at the company evolved many times as we grew. I had to adapt from finance and sales to operations and senior leadership. It’s similar to going from rookie to all-star to team captain to coach and, ultimately, owner.
Retail inflation for industrial workers rose marginally to 5.24 per cent in May 2021 from 5.14 per cent in April mainly influenced by rise in prices of certain food items and petroleum products and also because of higher mobile phone charges.
''Year-on-year inflation for the month stood at 5.24 per cent compared to 5.14 per cent for the previous month and 5.10 per cent during the corresponding month and year before. Similarly, Food inflation stood at 5.26 per cent against 4.78 per cent of the previous month and 5.88 per cent during the corresponding month and year ago,'' the Ministry of Labour & Employment said in a statement on Wednesday.
India has attracted a total Foreign Direct Investments (FDI) inflow of 6.24 billion dollars in April, up by 38 per cent year-on-year.
According to data released by the Department for Promotion of Industry and Internal Trade (DPIIT) on Wednesday, the total FDI includes equity capital of unincorporated bodies, reinvest earnings and other capital. FDI equity inflow grew 60 per cent to 4.44 billion dollars in April.
In the wake of the impact of the COVID-19 pandemic, the government has further extended deadlines for various income tax compliances.
''In view of the impact of the COVID-19 pandemic, taxpayers are facing inconvenience in meeting certain tax compliances and also in filing responses to various notices. In order to ease compliances to be made by taxpayers during this difficult time, reliefs are being provided through Notifications nos. 74/2021 & 75/2021 dated 25th June, 2021 Circular no. 12/2021 dated 25th June, 2021,'' an official statement said on Friday.
Vedanta Limited, India’s leading producer of metals and oil & gas, has rolled out an attractive promotional scheme for Micro, Small and Medium Enterprises (MSMEs) in the manufacturing industry in celebration of the World MSME Week.
According to a statement, under the company’s Vedanta Saathi programme, MSMEs can avail a discount of Rs 500 per tonne on the first 500 tonnes of purchase in Aluminium, Zinc, Lead, Silver, Steel and Pig Iron, on first come first served basis. The scheme will be live for this week, ending on July 3rd, 2021
The Union Cabinet has approved the additional funding up to Rs 1.50 lakh crore under the Emergency Credit Line Guarantee Scheme (ECLGS) to support businesses amid the pandemic.
The scheme would be applicable to all eligible loans sanctioned under Guaranteed Emergency Credit Line (GECL) till September 30, 2021, or till an amount of Rs 4.50 lakh crore is sanctioned under the GECL, whichever is earlier. Further, on account of the disruptions caused by the second wave of COVID-19, especially on healthcare sector, the Union Cabinet has approved Loan Guarantee Scheme for Covid Affected Sectors (LGSCAS) enabling funding to the tune of Rs 50,000 crore to provide financial guarantee cover for brownfield expansion and greenfield projects related to health or medical infrastructure.
Union Minister of Micro, Small and Medium Enterprises (MSME) Nitin Gadkari has launched the integrated services of Udyam Registration Portal with Common Service Centre (CSC) Portal to increase penetration of benefits of various government schemes amongst MSMEs in far-flung areas.
He launched the same during a virtual conference on ''Indian MSMEs as Growth Engines to Economy'' on the occasion of International MSME Day on Monday.
Haryana State Industrial & Infrastructure Development corporation (HSIIDC) has extended One Time Settlement Schemes (OTSS) from June 30 to July 31, 2021.
''In view of prevalent conditions due to the second wave of COVID-19, it has been decided to extend the last date of aforesaid OTS Schemes from 30.06.2021 to 31.07.2021. All other terms & conditions of the OTSS shall remain unchanged,'' a circular from HSIIDC said on Wednesday.
The Uttar Pradesh government has sought suggestions from the industry body Indian Industries Association (IIA) regarding the implementation of Divisional Facilitation Council which was constituted in the month of September 2020 as a result of the efforts of IIA and the Government.
According to a statement shared by the IIA, suggestions were sought during a meeting which was organized by IIA on Tuesday online under the chairmanship of Navneet Sehgal, Additional Chief Secretary, MSME.
The central government has sanctioned an amount of Rs 1,536 crore for the Micro, Small and Medium Enterprises (MSMEs) in Assam under Aatmanirbhar Bharat Abhiyan to help the sector hit by COVID pandemic.
Industry Minister Chandra Mohan Patowary said this while speaking during a webinar organized by the Industries and Commerce Department on the occasion of 'International MSME Day' on Sunday.
The Kerala government has announced a special package of Rs 1416 crore for Micro, Small and Medium-sized Enterprises (MSMEs) amid COVID-induced economic crisis.
P Rajeev, Minister for Industries and Law, Kerala made the exciting announcement on the World MSME Day. ''The scheme is introduced to support enterprises that are struggling due to COVID-19 regulations and a lockdown and the government aims to help them back on their feet,'' he added.
India and Fiji signed a Memorandum of Understanding (MoU) for cooperation in the field of Agriculture and allied sectors on Tuesday.
Union Minister for Agriculture & Farmers Welfare, Narendra Singh Tomar and Fiji’s Minister of Agriculture, Waterways & Environment, Dr. Mahendra Reddy signed the agreement in a virtual meeting on Tuesday, according to an official statement. The union minister said that India believes in the spirit of 'Vasudhaiv Kutumbakam'. India has helped all the countries in the same spirit even during the Corona pandemic under the leadership of Prime Minister, Narendra Modi.
According to the FISME factor, 100% of MSMEs can't say that RBI's recently announced monetary policy will help India to deal with Covid led economic contraction. 
Setting good business goals is easy. Implementing a plan to get your employees working towards actually reaching those goals is a completely different story. It can be one of the most challenging issues entrepreneurs face when it comes to leading employees while working toward business objectives.
Filing business-related taxes can often be a time-consuming and complicated process, especially for new entrepreneurs. Small business owners need a good understanding of the federal, state, and local taxes required to file. The types of taxes can range from income, employment, excise, and sales.
Over the past few years, social media has grown exponentially from something only the geeky boys and girls in college spent time on to something that’s now a ubiquitous aspect of life across the world.
For businesses, it’s clear that social media can be a goldmine of leads and conversions, if handled correctly.
The All India Council of Association (AICA) of MSMEs has urged the government to allow import of all steel materials based on cost and quality requirements and also ban export of iron ore and steel products.
In a representation to the Prime Minister Narendra Modi on Wednesday, the umbrella body for Micro, Small and Medium Enterprises (MSME), AICA also sought immediate intervention of the Prime Minister on rising prices of raw materials such as steel, iron ore, aluminium, copper, plastics and paper.
After working with several pharma companies, Sakshi Bakshi realised that a lot of health conditions, especially metabolic disorders, can be managed with dietary and lifestyle management.
However, it is not easy for most people to stick to a diet plan in the long term as they either get bored of it or crave certain tastes and food.
The month of June has been a mad rush for PharmEasy co-founders Siddharth Shah, Dharmil Sheth, Dhaval Shah, Harsh Parekh, and Hardik Dedhia.
API Holdings, the parent company of healthtech unicorn PharmEasy, acquired 66.1 percent stake in Thyrocare from Dr A Velumani and affiliates at a price of Rs 1,300 per share, aggregating to Rs 4,546 crore.
“ The fire that warms us can also consume us; it is not the fault of the fire.
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