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President's Message
It is heartening that economy has rebound in the black territory. It is expected to grow in double digits next year. It seems that scourge of Covid on the economy is behind us. The Covid vaccination has started and expanding at rapid pace. After a prolonged period of subdued economic activity, the vaccination has kindled hope globally and stock markets are booming everywhere. However, euphoria needs to be tempered. The virus is mutating and new variants are infecting more people. Cases are rising. Several European countries have been forced to announce lockdowns once again. New Zealand, which was considered as a success story against Covid, has returned to lockdowns as well. In India cases are being reported from newer areas besides highly affected States like Maharashtra and Kerala. It is a stern reminder that the Covid remains a risk and cannot be taken lightly. In our factories and business premises the protocols have got relaxed over last few weeks. We need to continue to adhere to these Covid protocols religiously. Secondly, we need to allay the fears against vaccination and encourage our staff to get vaccinated with the first available opportunity. If we can afford, we should generously fund vaccination for our staff and their family members. On the one hand, it would reduce burden on public health system and leave more vaccines for poor, on the other hand, it would save time for employees. And, the goodwill such a gesture would generate is a bonus worth redeeming.
"
Doing everything is not only exhausting, it is hurting your business.
In a recent conversation with one of my vendors, he commented that business was great! He has been a one-man-show for many years and his business has arrived at the transition point of needing more talent. Yay for him! Except the associate he hired to help wasn’t, well, him. The partner, while competent, didn’t respond as quickly, take as much time with prospective clients nor cared if the project landed or fell apart. The outcome was lost business and the opposite of my vendor's goal for growth.
India’s gross domestic product (GDP) expanded 0.4% from a year earlier in the October-December quarter, or the third quarter of 2020-21, according to data released by the statistics ministry on Friday. With this, our economy has emerged from a technical recession that it tumbled into when its output plummeted by 24.4% and 7.3%, respectively, in the first and second quarters. Agriculture and construction showed buoyancy, with a 3.9% and 6.2% expansion, respectively. This is heartening, given the ongoing protests by farmers, and also suggests that a large group of workers displaced by the lockdown has returned to urban work. ...
The Finance ministry has extended the last date for filing annual goods and service tax (GST) return for the financial year 2019-20 till 31st March, from the existing date of February 28.
The due date for furnishing of the Annual returns (GSTR-9 and GSTR-9C) specified under section 44 of the CGST Act read with rule 80 of the CGST rules for the financial year 2019-20 was earlier extended from 31.12.2020 to 28.02.2021, the ministry of finance said in a statement on Monday.
Under the aegis of the Government’s Emergency Credit Line Guarantee Scheme (ECLGS), commercial credit enquiries surged 58 per cent year-on-year (YoY) in June’20 and stabilised towards the end of the year, up around 13 per cent (YoY) as of December’20, which is similar to pre-COVID-19 growth levels.
According to Transunion Cibil report, the total on-balance-sheet commercial lending exposure in India stood at Rs 71.25 lakh crores on September 20, clocking a growth rate of 2.1 per cent YoY. For the MSME segment, credit exposure stood at Rs 19.09 lakh crores as of September’20, showing YoY growth of 5.7 per cent. This credit growth is observed across all the sub-segments of MSME lending.
The rate of inflation, based on the monthly Wholesale Price Index (WPI), stood at 2.03 per cent in January from a rise of 1.22 per cent in December.
In contrast, the January inflation rate last month was lower on a year-on-year basis. "The rate of inflation, based on monthly WPI, stood at (2.03 per cent) (provisional) for the month of January, 2021 (over January, 2020) as compared to 3.52 per cent during the corresponding month of the previous year," an official statement from the Ministry of Commerce and Industry said on Monday.
The Indian Institute of Technology (IIT) Varanasi (BHU) has signed a Memorandum of Understanding (MoU) with the Ministry of Micro, Small and Medium Enterprise (MSME) under Credit Linked Capital Subsidy and Technology Up-gradation Scheme (CLCS-TUS) to provide design expertise to manufacturing MSME sector.
The IIT (BHU) has been incorporated as one of the implementation agencies and would facilitate the smooth running of this scheme, which would be implemented through the office of the Development Commissioner (MSME).
Aiming to support traditional craft artisans, Union Minister for MSME & Road Transport & Highways, Nitin Gadkari inaugurated 50 artisan-based SFURTI clusters, spread over 18 States on Monday.
Over 42,000 artisans have been supported in the traditional segments of muslin, khadi, coir, handicraft, handlooms, woodcraft, leather, pottery, carpet weaving, bamboo, agro-processing, tea, etc., according to an official statement.
Indian Bank has entered into Mutual of Understanding (MoU) with Society for Innovation and Development (SID) for extending exclusive credit facility to start-ups and MSMEs.
As per the MoU, SID will identify the start-ups and MSMEs based on their credentials and past experience and will refer to the list of such members who require financial assistance to the Bank. The initiative is a part of the bank’s scheme “Ind Spring Board for financing Start-ups” and will empower start-ups and MSMEs to realise their research efforts powered by financial support from the bank and backed by incubation facilities offered by SID.
Aiming to increase the farmers’ income and create employment at the local level, the ministry of food processing industries has approved the proposal of 20 food processing projects worth Rs. 363.4 crore.
Union Minister of Food Processing industries Narendra Singh Tomar chaired two Inter-Ministerial Approval Committee (IMAC) meetings through video conference on Tuesday to consider the proposals received under the Scheme for Creation for Infrastructure for Agro-Processing Cluster (APC) and the scheme for Creation / Expansion of Food Processing and Preservation Capacities (CEFPPC) under Pradhan Mantri Kisan Sampada Yojana (PMKSY).
Luring Vietnam of easing tax compliance for setting up MSME units in the state, the Uttar Pradesh (UP) government has invited the latter to invest in agriculture, textile.
Additional. Chief Secretary, MSME, UP government, Navneet Sehgal during a virtual discussion on India -Vietnam Trade and Investment Connect on Thursday organised by Indian Industries Association (IIA) said that the UP has liberalized the policies and brought many changes in the ecosystem and there are various potential growth areas for tie-ups.
Two industrial clusters fr0m Haryana named Rai Industries Association, Sonipat, and Integrated Association of Micro Small and Medium Enterprise of India, Faridabad have been selected under the Skills Strengthening for Industrial Value Enforcement (STRIVE), a new World Bank funded project that has been approved by Expenditure Finance Committee (EFC) in November 2016 for a total cost of Rs 2200 crore (318 million dollars).
Bank of Maharashtra (BoM) has entered into a strategic partnership with Vayana Network, India’s largest Supply Chain Financing (SCF) platform to offer financial support to the MSME sector.
Through this association, Bank of Maharashtra will provide short term credit to meet funding requirements of dealers/ vendors of reputed corporates through “Mahabank Channel Financing Scheme” launched by the bank, through Vayana Network’s expertise in this segment.
Indian ambassador to Colombia Sanjiv Ranjan said that there is a huge potential for Indian apparel exporters in Colombia, particularly in its “resilient and innovative” fashion industry with domestic sales of about US 7 billion dollars.
Speaking at ‘India-Colombia Synergies in Apparel and Textiles’, a virtual B2B meeting organized by Apparel Export Promotion Council (AEPC) and Embassy of India, Bogota, Colombia, on Monday evening, Mr Ranjan said that the readymade garment exports from India were limited to around US 21 million dollars in 2019.
To build strong relations with Europion Union, the 11th India-EU Macroeconomic dialogue was held on Friday through video conferencing. Tarun Bajaj, Secretary, Economic Affairs, led the Indian delegation. The delegation from European Union was led by Maarten Verwey, Director General, Economic & Financial Affairs (ECFIN), European Commission.
The Indian delegation included representatives from Department of Economic Affairs, Department of Revenue and Ministry of External Affairs.
The union cabinet has approved the signing of the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) between India and Mauritius, according to an official statement.
This agreement will cover trade in goods, rules of origin, trade in services, technical barriers to trade (TBT), sanitary and phytosanitary (SPS) measures, dispute settlement, movement of natural persons, telecom, financial services, customs procedures and cooperation in other areas.
How are organisations mapping talent in the era of AI?
Talent mapping in a large organisation with thousands of employees is almost like hunting for a needle in a haystack. To map the right talent with a certain skill or to identify an adaptable person to fit the new role is probably one of the biggest challenges for the HR and talent executives of large organisations. Any mistake may cost a lot for the upcoming assignments or functions.
MSMEs are the backbone and growth accelerators of the Indian economy. The survival and growth of the MSMEs itself are dependent on their access to credit. Every business needs capital to grow. Apart from managing the daily working capital needs, a business owner always strives to grow and expand his enterprise. Securing the right funding helps in sustainability and longevity of any business.
How to Build a Successful Influence Marketing Campaign
It’s time to move from strategy to action, but there still remains a world of preparation. Planning influence marketing campaigns is far more than just deciding we want to use influence partners and here’s the goal we’re going to shoot for. People who skim the surface of preparation aren’t Winfluencing. Remember that online influence partners care about their goals, so building offers and opportunities for them need to integrate what they want with what you want.
Karnataka MSMEs express dissatisfaction over power tariff hike
Micro, Small and Medium Enterprises (MSME) in Karnatka have expressed their dissatisfaction over the Chamundeshwari Electricity Supply Corporation (CESC) appeal of increasing power tariff.
At a public hearing organised by the KERC at the Court Hall of the Deputy Commissioner’s (DC) Office on Wednesday morning, along with Mysuru Industries Association (MIA) representatives of various bodies
This Bhagalpur agritech startup's Preservator helps farmers reduce produce wastage
Bhagalpur-headquartered agritech startup Saptkrishi has developed Sabjikothi or Preservator, a wheel-mountable, microclimate-based storage solution that is cost-effective, portable, and extends the shelf life of fruits and vegetables from three days to 30 days.
Rourkela-based Greenhive is offering sustainable, plastic-free alternatives for daily use items
Founded in 2020, Greenhive sells eco-friendly and sustainable daily-use products such as bamboo toothbrushes and steel straws among others. The startup claims to record transactions worth Rs 30,000-40,000 per month.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation has released the Second Advance Estimates of National Income, 2020-21 as well as Quarterly Estimates of GDP for the quarter October-December (Q3), 2020-21along with the corresponding quarterly estimates of expenditure components of GDP both at Constant (2011-12) and Current Prices.
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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It is heartening that economy has rebound in the black territory. It is expected to grow in double digits next year. It seems that scourge of Covid on the economy is behind us. The Covid vaccination has started and expanding at rapid pace. After a prolonged period of subdued economic activity, the vaccination has kindled hope globally and stock markets are booming everywhere. However, euphoria needs to be tempered. The virus is mutating and new variants are infecting more people. Cases are rising. Several European countries have been forced to announce lockdowns once again. New Zealand, which was considered as a success story against Covid, has returned to lockdowns as well. In India cases are being reported from newer areas besides highly affected States like Maharashtra and Kerala. It is a stern reminder that the Covid remains a risk and cannot be taken lightly. In our factories and business premises the protocols have got relaxed over last few weeks. We need to continue to adhere to these Covid protocols religiously. Secondly, we need to allay the fears against vaccination and encourage our staff to get vaccinated with the first available opportunity. If we can afford, we should generously fund vaccination for our staff and their family members. On the one hand, it would reduce burden on public health system and leave more vaccines for poor, on the other hand, it would save time for employees. And, the goodwill such a gesture would generate is a bonus worth redeeming.
"
Doing everything is not only exhausting, it is hurting your business.
In a recent conversation with one of my vendors, he commented that business was great! He has been a one-man-show for many years and his business has arrived at the transition point of needing more talent. Yay for him! Except the associate he hired to help wasn’t, well, him. The partner, while competent, didn’t respond as quickly, take as much time with prospective clients nor cared if the project landed or fell apart. The outcome was lost business and the opposite of my vendor's goal for growth.
The Finance ministry has extended the last date for filing annual goods and service tax (GST) return for the financial year 2019-20 till 31st March, from the existing date of February 28.
The due date for furnishing of the Annual returns (GSTR-9 and GSTR-9C) specified under section 44 of the CGST Act read with rule 80 of the CGST rules for the financial year 2019-20 was earlier extended from 31.12.2020 to 28.02.2021, the ministry of finance said in a statement on Monday.
Under the aegis of the Government’s Emergency Credit Line Guarantee Scheme (ECLGS), commercial credit enquiries surged 58 per cent year-on-year (YoY) in June’20 and stabilised towards the end of the year, up around 13 per cent (YoY) as of December’20, which is similar to pre-COVID-19 growth levels.
According to Transunion Cibil report, the total on-balance-sheet commercial lending exposure in India stood at Rs 71.25 lakh crores on September 20, clocking a growth rate of 2.1 per cent YoY. For the MSME segment, credit exposure stood at Rs 19.09 lakh crores as of September’20, showing YoY growth of 5.7 per cent. This credit growth is observed across all the sub-segments of MSME lending.
The rate of inflation, based on the monthly Wholesale Price Index (WPI), stood at 2.03 per cent in January from a rise of 1.22 per cent in December.
In contrast, the January inflation rate last month was lower on a year-on-year basis. "The rate of inflation, based on monthly WPI, stood at (2.03 per cent) (provisional) for the month of January, 2021 (over January, 2020) as compared to 3.52 per cent during the corresponding month of the previous year," an official statement from the Ministry of Commerce and Industry said on Monday.
The Indian Institute of Technology (IIT) Varanasi (BHU) has signed a Memorandum of Understanding (MoU) with the Ministry of Micro, Small and Medium Enterprise (MSME) under Credit Linked Capital Subsidy and Technology Up-gradation Scheme (CLCS-TUS) to provide design expertise to manufacturing MSME sector.
The IIT (BHU) has been incorporated as one of the implementation agencies and would facilitate the smooth running of this scheme, which would be implemented through the office of the Development Commissioner (MSME).
Aiming to support traditional craft artisans, Union Minister for MSME & Road Transport & Highways, Nitin Gadkari inaugurated 50 artisan-based SFURTI clusters, spread over 18 States on Monday.
Over 42,000 artisans have been supported in the traditional segments of muslin, khadi, coir, handicraft, handlooms, woodcraft, leather, pottery, carpet weaving, bamboo, agro-processing, tea, etc., according to an official statement.
Indian Bank has entered into Mutual of Understanding (MoU) with Society for Innovation and Development (SID) for extending exclusive credit facility to start-ups and MSMEs.
As per the MoU, SID will identify the start-ups and MSMEs based on their credentials and past experience and will refer to the list of such members who require financial assistance to the Bank. The initiative is a part of the bank’s scheme “Ind Spring Board for financing Start-ups” and will empower start-ups and MSMEs to realise their research efforts powered by financial support from the bank and backed by incubation facilities offered by SID.
Aiming to increase the farmers’ income and create employment at the local level, the ministry of food processing industries has approved the proposal of 20 food processing projects worth Rs. 363.4 crore.
Union Minister of Food Processing industries Narendra Singh Tomar chaired two Inter-Ministerial Approval Committee (IMAC) meetings through video conference on Tuesday to consider the proposals received under the Scheme for Creation for Infrastructure for Agro-Processing Cluster (APC) and the scheme for Creation / Expansion of Food Processing and Preservation Capacities (CEFPPC) under Pradhan Mantri Kisan Sampada Yojana (PMKSY).
Luring Vietnam of easing tax compliance for setting up MSME units in the state, the Uttar Pradesh (UP) government has invited the latter to invest in agriculture, textile.
Additional. Chief Secretary, MSME, UP government, Navneet Sehgal during a virtual discussion on India -Vietnam Trade and Investment Connect on Thursday organised by Indian Industries Association (IIA) said that the UP has liberalized the policies and brought many changes in the ecosystem and there are various potential growth areas for tie-ups.
Two industrial clusters fr0m Haryana named Rai Industries Association, Sonipat, and Integrated Association of Micro Small and Medium Enterprise of India, Faridabad have been selected under the Skills Strengthening for Industrial Value Enforcement (STRIVE), a new World Bank funded project that has been approved by Expenditure Finance Committee (EFC) in November 2016 for a total cost of Rs 2200 crore (318 million dollars).
Bank of Maharashtra (BoM) has entered into a strategic partnership with Vayana Network, India’s largest Supply Chain Financing (SCF) platform to offer financial support to the MSME sector.
Through this association, Bank of Maharashtra will provide short term credit to meet funding requirements of dealers/ vendors of reputed corporates through “Mahabank Channel Financing Scheme” launched by the bank, through Vayana Network’s expertise in this segment.
Indian ambassador to Colombia Sanjiv Ranjan said that there is a huge potential for Indian apparel exporters in Colombia, particularly in its “resilient and innovative” fashion industry with domestic sales of about US 7 billion dollars.
Speaking at ‘India-Colombia Synergies in Apparel and Textiles’, a virtual B2B meeting organized by Apparel Export Promotion Council (AEPC) and Embassy of India, Bogota, Colombia, on Monday evening, Mr Ranjan said that the readymade garment exports from India were limited to around US 21 million dollars in 2019.
To build strong relations with Europion Union, the 11th India-EU Macroeconomic dialogue was held on Friday through video conferencing. Tarun Bajaj, Secretary, Economic Affairs, led the Indian delegation. The delegation from European Union was led by Maarten Verwey, Director General, Economic & Financial Affairs (ECFIN), European Commission.
The Indian delegation included representatives from Department of Economic Affairs, Department of Revenue and Ministry of External Affairs.
The union cabinet has approved the signing of the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) between India and Mauritius, according to an official statement.
This agreement will cover trade in goods, rules of origin, trade in services, technical barriers to trade (TBT), sanitary and phytosanitary (SPS) measures, dispute settlement, movement of natural persons, telecom, financial services, customs procedures and cooperation in other areas.
According to FISME factor, 100% of MSMEs think that privatization of PSUs will help to revive the economy. 
Talent mapping in a large organisation with thousands of employees is almost like hunting for a needle in a haystack. To map the right talent with a certain skill or to identify an adaptable person to fit the new role is probably one of the biggest challenges for the HR and talent executives of large organisations. Any mistake may cost a lot for the upcoming assignments or functions.
MSMEs are the backbone and growth accelerators of the Indian economy. The survival and growth of the MSMEs itself are dependent on their access to credit. Every business needs capital to grow. Apart from managing the daily working capital needs, a business owner always strives to grow and expand his enterprise. Securing the right funding helps in sustainability and longevity of any business.
It’s time to move from strategy to action, but there still remains a world of preparation. Planning influence marketing campaigns is far more than just deciding we want to use influence partners and here’s the goal we’re going to shoot for. People who skim the surface of preparation aren’t Winfluencing. Remember that online influence partners care about their goals, so building offers and opportunities for them need to integrate what they want with what you want.
Micro, Small and Medium Enterprises (MSME) in Karnatka have expressed their dissatisfaction over the Chamundeshwari Electricity Supply Corporation (CESC) appeal of increasing power tariff.
At a public hearing organised by the KERC at the Court Hall of the Deputy Commissioner’s (DC) Office on Wednesday morning, along with Mysuru Industries Association (MIA) representatives of various bodies
Bhagalpur-headquartered agritech startup Saptkrishi has developed Sabjikothi or Preservator, a wheel-mountable, microclimate-based storage solution that is cost-effective, portable, and extends the shelf life of fruits and vegetables from three days to 30 days.
Founded in 2020, Greenhive sells eco-friendly and sustainable daily-use products such as bamboo toothbrushes and steel straws among others. The startup claims to record transactions worth Rs 30,000-40,000 per month.
“ Success is walking from failure to failure with no loss of enthusiasm.
”
