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President's Message |
Prime Minister Modi carried out a massive reshuffle in the Cabinet. 43 new Ministers have been inducted and several portfolios have been changed. Ministry of MSME has a new political heavyweight from Maharashtra-Mr. Narayan Tatu Rane. Having a powerful Minister is important as the voice of MSMEs can be raised forcefully in the Cabinet. Political pundits have analyzed the development from various angles. We feel, through the reshuffle the party has rewarded performance, punished slackness, discouraged propensity for avoidable controversies and put premium on economic Ministries. On can’t miss the desire and will of the Government to push reforms and privatization. With Railways having been assigned to a full time Minister, Mr. Piyush Goyal would be able to focus on Commerce and industry to kick start the process of economic revival. While trying to make a fine political balance or regions and other interest groups, PM Modi’s has brought in outside talent to improve delivery in key areas. FISME wishes the new Cabinet all success.
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Animesh Saxena, President, FISME
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Vol VIV, Issue 232: July 15, 2021 |
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Business Banter: Lessons from Entrepreneurs |
No one is born a success. "Greatness is not this wonderful, esoteric, elusive God-like feature that only the special will ever taste," actor Will Smith once said. "It's something that truly exists in all of us."
Practice and preparation are foundational amongst successful people. Along my journey as an entrepreneur and advisor, I have uncovered eight simple and practical mandates for growth that will support you through your journey. There is an abundance of research that directly relates a growth mindset to success.
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Writing on the Wall |
This Cabinet reshuffle was huge and the timing was appropriate. It came after 15 months of COVID-19 that hurt India and Indians. During this period, many have been pushed into poverty, many have lost jobs and their purchasing power. Lockdown saved lives, but devastated the economy. Now, in the next three years, there is a need for a robust economy that can grow at 8-9 percent, create massive jobs, increase the income of citizens, boost consumption and give people hope.This means the Narendra Modi government has to push the economic agenda in a very big way. ...
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Media Monitor |
Macro Metre |
The International Financial Services Centres Authority (IFSCA) has released a framework for setting up and operating an international trade finance services platform (ITFS) to provide trade finance services at international financial services centres (IFSCs).
''The framework will enable exporters and importers to avail various types of trade finance facilities at competitive terms, for their international trade transactions through a dedicated electronic platform ITFS,'' an official statement said on Monday.
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The Wholesale Price Index (WPI) of India remained low from last month's record high as it rose 12.07 per cent in June 2021 due to low base effect and rise in prices of mineral oils viz. petrol, diesel (HSD), naphtha, ATF, furnace oil etc, and manufactured products like basic metal, food products, chemical products etc.
The WPI contracted by 1.8 per cent in June 2020 in the light of pandemic & lockdown restrictions. The index has softened from previous month's high of 12.94 per cent but is still elevated due to a low base recorded last year.
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The Retail inflation remained nearly flat at 6.26 per cent in June compared to 6.3 per cent in the previous month.
According to an official data released on Monday also showed that Inflation based on the Consumer Price Index (CPI) remained above the Reserve Bank's comfort level for the second month in row.
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Ministry of Consumer Affairs, Food & Public Distribution has clarified that Stock limits imposed on Pulses vide Order dated 2.7.21 have not been removed and are being enforced.
There is a WhatsApp message being circulated that stock limits on pulses have been removed. In this regard, it is clarified that Stock limits imposed on Pulses vide Order dated 2.7.21 have not been removed and are being enforced, the ministry said in a statement on Thursday.
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Union Minister Narayan Tatu Rane assumed his charge as Minister of Micro, Small and Medium Enterprises on Thursday.
He was formerly Chief Minister of Maharashtra and has also served as a Cabinet Minister for Industry, Port, Employment and Self-employment in the Government of Maharashtra. He has been in public service across different capacities for over 35 years. A Five-time Lok Sabha MP, Bhanu Pratap Singh Verma also took charge as Minister of State in the Ministry. As an MP, he was a member of the Committee on Welfare of Scheduled Castes and Scheduled Tribes.
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The Union Cabinet chaired by the Prime Minister, Narendra Modi has given its approval for continuation of Rebate of State and Central taxes and Levies (RoSCTL) with the same rates as notified by Ministry of Textiles vide Notification dated March 8th, 2019, on exports of Apparel/Garments (Chapters-61 & 62) and Made-ups (Chapter-63) in exclusion from Remission of Duties and Taxes on Exported Products (RoDTEP) scheme for these chapters.
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As various states eased COVID-19 related restrictions, India vehicle sales grew 23 per cent to 1.21 million units in June as compared to May, said automobile dealers' body FADA said on Thursday.
However, when compared to June 2019, a regular pre-COVID month, the automobile retail sales are still down by 28.32 per cent. According to data provided by the Federation of Automobile Dealers Association (FADA), passenger vehicle sales during June jumped 43 per cent to 184,134 units compared to the same month last year.
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State Scan |
Tamil Nadu
Canara Bank has inaugurated ‘MSME Sulabh’ at its regional office in Palayamkottai to handle the MSME credit proposals.
According to an official statement issued by the bank on Monday, the ‘MSME Sulabh’ is a business model of the bank for centralised processing of MSME credit proposals. "It will undertake end-to-end processing, sanctioning and disbursement of credit requirements of MSME entrepreneurs thereby reducing the turn around time to the minimum level," the statement added.
Telangana
Telangana IT and Industries Minister KT Rama Rao has launched Indian Bank's flagship 'Business Mentoring Programme’ MSME Prerana, in the state.
The program has been designed in collaboration with Poornatha and Co. to empower entrepreneurs in driving business more efficiently by optimizing value and capacity.
Rajasthan
The percentage of farmers doing organic farming has risen to 23 per cent fr0m 19 per cent fr0m the same set of farmers in 2017, which is a pleasant outcome, said a study by CUTS International.
However, as per the study, 97.4 per cent consumers were found aware of the fact that chemical input-based food products are harmful for health compared to 86 per cent of the same set of consumers in 2017. ''The above results are some of the key highlights of the study, which has shown deep impact with tremendous results. Conducted by the consumer advocacy group of CUTS International under its project ProOrganic,
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FISME’s official Twitter handle @fisme |
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KNN India’s official Twitter handle @knnindia |
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Your Views |
Will ECLGS 4.0 address the credit needs of Covid affected MSMEs?
According to the FISME factor, 100% MSMEs think that ECLGS 4.0 will address the credit needs of Covid affected MSMEs.
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Knowledge Store |
HR Heuristics
How early-stage startups can attract and retain the right talent
It is a known fact that businesses are run on people. Irrespective of their size or scale, most companies understand this and increasingly focus on building robust hiring and people strategies to ensure they have the right talent.
Building a solid team is especially critical for early-stage startups. The challenge lies not in finding the talent but finding individuals with the right skills but who also share the same zeal and enthusiasm to join you on your mission.
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Finance Fundamentals
Accounts Receivable Financing, An Option for Businesses in Times of COVID-19
Despite the fact that the economic reopening has started, the uncertainty, as well as the scope and duration of the crisis, are still a question for companies in the country and the world.
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Marketing Mantras
5 tips to boost your small business using the power of social media
Social media is our go-to space for recommendations — where to eat, how to dress, what to do, or which movie to watch next.
In this digital era, it is critical for a customer-facing business to get its social media strategy in place to take on the competition and make an indelible impression, keeping in mind your target audience’s fleeting attention span.
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Policy Polemic
MSME metal container Mfrs urge Govt to defer BIS order till March 2022 to ease import prices
Micro, Small and Medium Enterprises (MSMEs) engaged in metal container manufacturing have urged the government to drop the steel and steel products Quality Control Order (QCO) for now.
QCO issued by the ministry of steel to impose mandatory BIS certification.
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SME Special
Spice Girls of India: How a mother and her seven daughters are running a business in Jodhpur against all odds
In the bustling Sardar Market in Jodhpur, the Spice Girls of India greet tourists from around the world, offering a cup of their trademark masala-scented chai at their MV Spices store.
A well-known and popular brand among the tourists who visit the city from all over the world, it has been fondly talked about by international travel companies and individual bloggers alike.
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Success Story
This man built India’s largest solar business despite competition from China; is now clocking Rs 2,000 Cr revenue
When Hitesh Doshi started a thermal equipment trading business in Mumbai in 1989, he was simply looking to make ends meet and earn a living. Launching Mahavir Thermo Equip with a borrowed capital of Rs 5,000, Hitesh began trading temperature and pressure gauges.
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Stockpile
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 May, 2021.
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Quotable Quotes
“ Concentrate all your thoughts upon the work in hand. The sun's rays do not burn until brought to a focus.
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– - Alexander Graham Bell- Scottish-born inventor, scientist and engineer
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Country Chronicles |
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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Reader Reactions |
Write and Win prize!
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.
send mail to: newsletter@fisme.org.in
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Editorial Team: |
Hon. Editor: Anil Bhardwaj
Asstt. Editor: Kalpana Sharma
Types setting & websdesigning: Sanjay Sachan
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