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President's Message
The monetary policy announced by RBI has failed to take cognizance of the current challenges faced by MSMEs. All expectations like across the board moratorium on all repayments of loans and suspension of the crippling SMA norms are belied. The announcement regarding allocation of a soft loan of Rs 16000 crore to SIDBI comes without details. Traditionally, with weakening of State financial Corporations, SIDBI onlends such funds to NBFCs and net cost of borrowing increases further for MSMEs. FISME in its representation to the RBI Governor had asked for suspension of the external credit rating, doing away with the SMA classifications etc. which would not have any monetary implications but could have made life of the small entrepreneurs easier. We shall, however, continue to work through Ministry of MSME bring about these desired changes.
"
GIZ- the German Agency for International Cooperation in association with Federation of Indian Micro and Small & Medium Enterprises (FISME) and PHD Chamber organised two day Public Workshop to share MSME-INNO project learnings with Industry associations on 15th and 16th June 2021.
FISME coordinated the inaugural session of the event: Learnings and Best Practices by BMOs and Industry-Academia Partnership on 15th June 2021. In the event, associations shared their experiences and learnings from interventions carried out
It was a two-day closing event of ‘Programme for Modernisation and Innovation Promotion in MSMEs in India (MSME INNO)’ implemented by GIZ with Ministry of MSME since 2015 to enable the development of an innovative ecosystem for the Indian MSME sector.
The project focused to bridge the gap between industry and academia, the ecosystem for incubation and start-up ecosystem and strengthening BMOs/ Industry associations.
Working for an entrepreneur can be one of the most rewarding experiences you can have in the business world, especially if you're thinking about branching out on your own eventually. Every successful entrepreneur breaks the mold in some way, creating something exciting and innovative.
An entrepreneur is likely to personally teach you efficient methods as well as some core basics about sales, marketing, business and project management. Like any one person, the entrepreneur has both strengths and weaknesses. All entrepreneurs are different, but they do share some characteristics you should be aware of when you're thinking about working with one.
The bi-monthly briefing of the RBI Governor Shaktikanta Das on the meeting of the monetary policy committee turned out to be a damp squib, said the Federation of Indian Micro and Small & Medium Enterprises (FISME).
It further said that though it was known that the committee has almost no scope to tweak the interest rates, businesses particularly the MSMEs were expecting further easing of the credit environment to tide over the crisis caused by the 2nd attack of the pandemic. ''The least expected was a across the board moratorium on all repayments of loans and suspension of the crippling SMA norms.
The Wholesale Price Index (WPI) based inflation in May hit an all-time high of 12.94 per cent owing to rising crude oil prices and manufactured products.
This is the fifth consecutive month when WPI breached the higher levels. Earlier it was at 10.49 per cent level in April, which was a 11-year high. "The high rate of inflation in May 2021 is primarily due to low base effect and rise in prices of crude petroleum, mineral oils i.e. petrol, diesel, naphtha and furnace oil among other things as well as manufactured products as compared to the corresponding month of the previous year," the Commerce and Industry Ministry said on Monday.
India's index of industrial production (IIP) rose a whopping 134.44 per cent year-on-year to 126.6 in April due to a very low base in the same month last year, said a data by the Ministry of Statistics & Programme Implementation (MoSPI).
"For April 2021, the quick estimates of IIP, with base 2011-12, stands at 126.6," the ministry said on Friday. IIP for the mining, manufacturing and electricity sectors for April stood at 108, 125.1 and 174, respectively. As per Use-based classification, the indices for primary goods stood at 126.7; 82.4 for capital goods; 137.9 for intermediate goods; and 134.8 for infrastructure/construction goods.
The World Bank’s Board of Executive Directors has approved a 500 million dollars program to support the Government of India’s nationwide initiative to revitalize the MSME sector, which has been heavily impacted by the COVID-19 crisis.
The program targets improvements in the performance of 555,000 MSMEs and is expected to mobilize financing of 15.5 billion dollars, as part of the government’s 3.4 billion dollars MSME Competitiveness – A Post-COVID Resilience and Recovery Programme (MCRRP).
The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry had set up a control room to monitor the issues of internal trade, manufacturing, delivery and logistics of essential commodities during COVID-19 pandemic is now being extended beyond June 14th, 20201.
''Based on a review of the number of calls/complaints/grievances received, it has been decided that the control room will remain operational from 10.00 AM to 5.30 PM w.e.f 14.06.2021,'' an order from the DPIIT said on Monday.
Defence Minister Rajnath Singh has approved the budgetary support of Rs 498.8 crore to Innovations for Defence Excellence (iDEX) by Defence Innovation Organisation (DIO) for the next five years.
The scheme is aimed at providing financial support to nearly 300 start-ups, MSMEs, individual innovators and 20 partner incubators under the DIO framework. ''It will support increased awareness in the Indian innovation ecosystem about defence needs and, conversely, in the Indian Defence establishment about the potential of the Indian innovation eco-system to deliver innovative solutions to meet their needs,'' an official statement from the Defence Ministry said on Sunday.
Export of agriculture and allied products during 2020-21 jumped to 41.25 billion dollars, indicating an increase of 17.34 per cent, said Dr Anup Wadhawan, Secretary, Department of Commerce.
During the media interaction, on Thursday, he informed that after remaining stagnant for the past three years (38.43 billion dollars in 2017-18, 38.74 billion dollars in 2018-19 and 35.16 billion dollars 2019-20), the export of agriculture and allied products including marine and plantation products during 2020-21 jumped to 41.25 billion dollars, indicating an increase of 17.34 per cent.
In order to facilitate farmers by providing location specific ‘Demand Based Tele Agriculture Advisories’, the Indian Council of Agricultural Research (ICAR) and Digital India Corporation (DIC) has signed an initial pact to provide location specific farm tele-advisories.
''The objective of the MoU is to integrate the existing Interactive Information Dissemination System (IIDS) platform of DIC with the proposed KisanSarathi program of ICAR and its implementation through ICAR network to reach a large number of farmers across the country,'' said an official statement on Wednesday.
Tamil Nadu Chief Minister M K Stalin has written to 12 Chief Ministers urging them to come together to press for a moratorium on loan repayment for MSMEs and small businesses impacted by the COVID-19 pandemic.
Reportedly, Stalin, on Tuesday, wrote Chief Ministers of Andhra Pradesh, Bihar, Chhattisgarh, Delhi, Jharkhand, Kerala, Maharashtra, Odisha, Punjab, Rajasthan, Telangana, and West Bengal where he said that in April-May last year, when the nationwide lockdown was announced by the Centre, a moratorium was offered on repayment of loans for such borrowers.
In the new Jharkhand Industrial and Investment Promotion policy the government has increased the incentives including the capital subsidy which will benefit the MSME sector as well, said Jitender Kumar Singh, Director, Department of Industries, Government of Jharkhand.
Addressing the webinar on ‘Impact of COVID-19 on Jharkhand’s Economy’, organized by FICCI, Singh said that in order to attract more investment in the state and revive the industry in Jharkhand, the state government has taken few measures including the New Jharkhand Industrial and Investment Promotion policy.
Uttar Pradesh Chief Minister Yogi Adityanath has given instructions for speedy establishment of MSME units in the state under the MSME (Establishment and Operation Simplification) Act 2020.
The Chief Minister on Tuesday while reviewing the establishment of industries, also directed officials to ensure all possible help to industries which are reeling under the impact of the ongoing pandemic.
Taking to micro-blogging site twitter, the Chief Minister (CM) office said, '' Yogi Adityanath ji has given instructions for speedy establishment of MSME units in the state under the Micro, Small and Medium Enterprises Act.
Micro, Small and Medium Enterprises (MSMEs) urged the Karnataka government to consider their workers as frontline workers and get them vaccinated.
Reportedly, this was put forward during a meeting called by Karnataka Government with the leaders and office-bearers from the leading industry bodies to discuss the issues concerning the businesses amid COVID-19 pandemic.
The meeting was chaired by Chief Secretary P Ravikumar on Thursday.
The meeting touched upon issues impacting their businesses due to COVID lockdown, suggestions for solutions and relief from the Government and measures for restarting the economy post the lockdown.
Three Indian S&T led SMEs / Start-ups viz. Ananya Technologies Private Limited, Bengaluru; Prantae Solutions Private Limited, Bhubaneswar and Jayon Implants Private Limited, Palakkad have been selected to undertake joint R&D and technology transfer projects under the India-Russia Joint Technology Assessment and Accelerated Commercialization Program.
The program is a joint initiative of the Department of Science & Technology (DST), Government of India, and Foundation for Assistance to Small Innovative Enterprises (FASIE). Federation of Indian Chambers of Commerce & Industry (FICCI) is implementing the program on behalf of the Department of Science & Technology.
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 think that the measures announced by the GST council will not ease the compliance burden to help restart businesses.
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Entrepreneurs are obsessed with productivity, and for good reason. Most startups work with small teams on short timelines, which means they need every member contributing at their highest level.
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.
15 Ways CEOs Can Effectively Support Their Marketing Teams
When you are the chief executive of a company, there’s no way to be well-informed on every project and initiative being undertaken by every team in the organization. However, there are some areas where the CEO’s involvement can have an outsized impact and accelerate results. Marketing is one of these areas.
MSME engaged in engineering exports seeks PM intervention on rising steel prices
Micro, Small and Medium Enterprises (MSMEs) engaged in engineering exports have urged Prime Minister Narendra Modi to intervene on rising steel prices.
BonAyu Lifesciences aims to disrupt drug-delivery using thin strips, raises $1.3 M
Founded in 2015, the startup’s breakthrough innovation is increasing the dosage limit per strip from just 40 mg to 500 mg, opening greater scope for convenient drug delivery.
Startups fight COVID-19: How this Mumbai startup re-engineered its product to fight the pandemic
The COVID-19 outbreak posed several challenges to the Indian startup ecosystem. However, there have been a few positive outcomes as well, as the pandemic has been a catalyst for many companies to refocus and reimagine the way they work.
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 May2021(Provisional)
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 monetary policy announced by RBI has failed to take cognizance of the current challenges faced by MSMEs. All expectations like across the board moratorium on all repayments of loans and suspension of the crippling SMA norms are belied. The announcement regarding allocation of a soft loan of Rs 16000 crore to SIDBI comes without details. Traditionally, with weakening of State financial Corporations, SIDBI onlends such funds to NBFCs and net cost of borrowing increases further for MSMEs. FISME in its representation to the RBI Governor had asked for suspension of the external credit rating, doing away with the SMA classifications etc. which would not have any monetary implications but could have made life of the small entrepreneurs easier. We shall, however, continue to work through Ministry of MSME bring about these desired changes.
"
GIZ- the German Agency for International Cooperation in association with Federation of Indian Micro and Small & Medium Enterprises (FISME) and PHD Chamber organised two day Public Workshop to share MSME-INNO project learnings with Industry associations on 15th and 16th June 2021.
FISME coordinated the inaugural session of the event: Learnings and Best Practices by BMOs and Industry-Academia Partnership on 15th June 2021. In the event, associations shared their experiences and learnings from interventions carried out
It was a two-day closing event of ‘Programme for Modernisation and Innovation Promotion in MSMEs in India (MSME INNO)’ implemented by GIZ with Ministry of MSME since 2015 to enable the development of an innovative ecosystem for the Indian MSME sector.
The project focused to bridge the gap between industry and academia, the ecosystem for incubation and start-up ecosystem and strengthening BMOs/ Industry associations.
Working for an entrepreneur can be one of the most rewarding experiences you can have in the business world, especially if you're thinking about branching out on your own eventually. Every successful entrepreneur breaks the mold in some way, creating something exciting and innovative.
An entrepreneur is likely to personally teach you efficient methods as well as some core basics about sales, marketing, business and project management. Like any one person, the entrepreneur has both strengths and weaknesses. All entrepreneurs are different, but they do share some characteristics you should be aware of when you're thinking about working with one.
The Wholesale Price Index (WPI) based inflation in May hit an all-time high of 12.94 per cent owing to rising crude oil prices and manufactured products.
This is the fifth consecutive month when WPI breached the higher levels. Earlier it was at 10.49 per cent level in April, which was a 11-year high. "The high rate of inflation in May 2021 is primarily due to low base effect and rise in prices of crude petroleum, mineral oils i.e. petrol, diesel, naphtha and furnace oil among other things as well as manufactured products as compared to the corresponding month of the previous year," the Commerce and Industry Ministry said on Monday.
India's index of industrial production (IIP) rose a whopping 134.44 per cent year-on-year to 126.6 in April due to a very low base in the same month last year, said a data by the Ministry of Statistics & Programme Implementation (MoSPI).
"For April 2021, the quick estimates of IIP, with base 2011-12, stands at 126.6," the ministry said on Friday. IIP for the mining, manufacturing and electricity sectors for April stood at 108, 125.1 and 174, respectively. As per Use-based classification, the indices for primary goods stood at 126.7; 82.4 for capital goods; 137.9 for intermediate goods; and 134.8 for infrastructure/construction goods.
The World Bank’s Board of Executive Directors has approved a 500 million dollars program to support the Government of India’s nationwide initiative to revitalize the MSME sector, which has been heavily impacted by the COVID-19 crisis.
The program targets improvements in the performance of 555,000 MSMEs and is expected to mobilize financing of 15.5 billion dollars, as part of the government’s 3.4 billion dollars MSME Competitiveness – A Post-COVID Resilience and Recovery Programme (MCRRP).
The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry had set up a control room to monitor the issues of internal trade, manufacturing, delivery and logistics of essential commodities during COVID-19 pandemic is now being extended beyond June 14th, 20201.
''Based on a review of the number of calls/complaints/grievances received, it has been decided that the control room will remain operational from 10.00 AM to 5.30 PM w.e.f 14.06.2021,'' an order from the DPIIT said on Monday.
Defence Minister Rajnath Singh has approved the budgetary support of Rs 498.8 crore to Innovations for Defence Excellence (iDEX) by Defence Innovation Organisation (DIO) for the next five years.
The scheme is aimed at providing financial support to nearly 300 start-ups, MSMEs, individual innovators and 20 partner incubators under the DIO framework. ''It will support increased awareness in the Indian innovation ecosystem about defence needs and, conversely, in the Indian Defence establishment about the potential of the Indian innovation eco-system to deliver innovative solutions to meet their needs,'' an official statement from the Defence Ministry said on Sunday.
Export of agriculture and allied products during 2020-21 jumped to 41.25 billion dollars, indicating an increase of 17.34 per cent, said Dr Anup Wadhawan, Secretary, Department of Commerce.
During the media interaction, on Thursday, he informed that after remaining stagnant for the past three years (38.43 billion dollars in 2017-18, 38.74 billion dollars in 2018-19 and 35.16 billion dollars 2019-20), the export of agriculture and allied products including marine and plantation products during 2020-21 jumped to 41.25 billion dollars, indicating an increase of 17.34 per cent.
In order to facilitate farmers by providing location specific ‘Demand Based Tele Agriculture Advisories’, the Indian Council of Agricultural Research (ICAR) and Digital India Corporation (DIC) has signed an initial pact to provide location specific farm tele-advisories.
''The objective of the MoU is to integrate the existing Interactive Information Dissemination System (IIDS) platform of DIC with the proposed KisanSarathi program of ICAR and its implementation through ICAR network to reach a large number of farmers across the country,'' said an official statement on Wednesday.
Tamil Nadu Chief Minister M K Stalin has written to 12 Chief Ministers urging them to come together to press for a moratorium on loan repayment for MSMEs and small businesses impacted by the COVID-19 pandemic.
Reportedly, Stalin, on Tuesday, wrote Chief Ministers of Andhra Pradesh, Bihar, Chhattisgarh, Delhi, Jharkhand, Kerala, Maharashtra, Odisha, Punjab, Rajasthan, Telangana, and West Bengal where he said that in April-May last year, when the nationwide lockdown was announced by the Centre, a moratorium was offered on repayment of loans for such borrowers.
In the new Jharkhand Industrial and Investment Promotion policy the government has increased the incentives including the capital subsidy which will benefit the MSME sector as well, said Jitender Kumar Singh, Director, Department of Industries, Government of Jharkhand.
Addressing the webinar on ‘Impact of COVID-19 on Jharkhand’s Economy’, organized by FICCI, Singh said that in order to attract more investment in the state and revive the industry in Jharkhand, the state government has taken few measures including the New Jharkhand Industrial and Investment Promotion policy.
Uttar Pradesh Chief Minister Yogi Adityanath has given instructions for speedy establishment of MSME units in the state under the MSME (Establishment and Operation Simplification) Act 2020.
The Chief Minister on Tuesday while reviewing the establishment of industries, also directed officials to ensure all possible help to industries which are reeling under the impact of the ongoing pandemic.
Taking to micro-blogging site twitter, the Chief Minister (CM) office said, '' Yogi Adityanath ji has given instructions for speedy establishment of MSME units in the state under the Micro, Small and Medium Enterprises Act.
Micro, Small and Medium Enterprises (MSMEs) urged the Karnataka government to consider their workers as frontline workers and get them vaccinated.
Reportedly, this was put forward during a meeting called by Karnataka Government with the leaders and office-bearers from the leading industry bodies to discuss the issues concerning the businesses amid COVID-19 pandemic.
The meeting was chaired by Chief Secretary P Ravikumar on Thursday.
The meeting touched upon issues impacting their businesses due to COVID lockdown, suggestions for solutions and relief from the Government and measures for restarting the economy post the lockdown.
Three Indian S&T led SMEs / Start-ups viz. Ananya Technologies Private Limited, Bengaluru; Prantae Solutions Private Limited, Bhubaneswar and Jayon Implants Private Limited, Palakkad have been selected to undertake joint R&D and technology transfer projects under the India-Russia Joint Technology Assessment and Accelerated Commercialization Program.
The program is a joint initiative of the Department of Science & Technology (DST), Government of India, and Foundation for Assistance to Small Innovative Enterprises (FASIE). Federation of Indian Chambers of Commerce & Industry (FICCI) is implementing the program on behalf of the Department of Science & Technology.
According to the FISME factor, 100% of MSMEs think that the measures announced by the GST council will not ease the compliance burden to help restart businesses. 
Entrepreneurs are obsessed with productivity, and for good reason. Most startups work with small teams on short timelines, which means they need every member contributing at their highest level.
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.
When you are the chief executive of a company, there’s no way to be well-informed on every project and initiative being undertaken by every team in the organization. However, there are some areas where the CEO’s involvement can have an outsized impact and accelerate results. Marketing is one of these areas.
Micro, Small and Medium Enterprises (MSMEs) engaged in engineering exports have urged Prime Minister Narendra Modi to intervene on rising steel prices.
Founded in 2015, the startup’s breakthrough innovation is increasing the dosage limit per strip from just 40 mg to 500 mg, opening greater scope for convenient drug delivery.
The COVID-19 outbreak posed several challenges to the Indian startup ecosystem. However, there have been a few positive outcomes as well, as the pandemic has been a catalyst for many companies to refocus and reimagine the way they work.
“ Wise men speak because they have something to say; fools because they have to say something.
”
