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President's Message
Haryana is the latest State to have implemented the job quota for locals in private sector. State after State there seems to be race to bottom in announcing these quotas ranging from 50% (Tamil Nadu) to 80% (Maharashtra), 85% (Gurjarat) to 100% for blue color workers in (Karnataka). In most States like Gujarat, it was just a political announcement and never meant to be enforced. The State was pragmatic enough to know that its industry and business would crumble if they do. So is the case in most States. The quota for locals ended up becoming another nuisance for industry for warding off officials in justifying employment of migrants hence increasing cost of doing business. Why quotas are bad? They take away the competitive advantage that India can harness by tapping the labour at more competitive prices from economically disadvantaged States. Can Tirupur- India’s single largest cluster accounting for 80% of knit exports, compete with Bangladesh without labour from eastern States by purely relying on labour from the rich state Tamil Nadu. Inter State migration is a boon for Indian exporters. By blocking this natural movement of migration, everybody would be worse off.
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Only after we overcome struggles does it become clear that success can come as a direct result. In fact, dealing with obstacles of varying degrees and urgency is a requirement to succeed in both life and business. Once you get through enough, you realize that even the worst-case scenario can have a positive solution. It may have taken me a few years to understand, but now, I see obstacles as opportunities, and without them, I wouldn’t be where I am today.
The Haryana government’s notification last week of the Employment of Local Candidates Act, 2020 has triggered alarm bells. The law mandates reservation for local residents of up to 75 per cent for private sector jobs that offer a salary of less than ₹30,000 a month. Industry bodies have warned that the enactment may push businesses to migrate, as their skilled workforce is not sufficiently ‘local’. Migration, however, is easier said than done. The smaller entities may find it difficult to carry on, once the new law comes into force from January 15, 2022.
Nirmala Sitharaman, the Union Minister of Finance will meet the heads of banks and financial institutions next week to deliberate and work towards removal of friction in credit flow.
The agenda is set for the productive sectors of the economy which were drastically impacted by Covid-19 pandemic.
It is a two-day conference, starting on 17th November, 2021. The event will see participant from all public sector banks and financial institutions (FIs). CEOs of leading six private sector lenders and non-banking financial companies (NBFCs), including HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Cholamandalam Investment and Finance, Shriram Transport Finance and Tata Capital will be present at the discussion.
Union Minister for MSME, Narayan Tatu Rane, inaugurated the “MSME PAVILION” at the 40th India International Trade Fair(IITF) in New Delhi today.
Minister of State for MSME, Bhanu Pratap Singh Verma was also present at the event. The MSME Pavillion has been organized in Hall No. 7-FGH at Pragati Maidan, New Delhi. A total of 316 MSMEs are show-casing their products in about 20 sectors viz. Ayush, Ceramics, Chemical, Cosmetics, Electrical/ Electronics, Embroidery, Food, Footwear, Handicrafts, Handlooms, Home Decor, Honey, Jute, Leather, Metallurgy, Gem and Jewellery, Textiles, Toys, Wood among others.
As per the trade note received from Directorate General of Foreign Trade, the electronic platform for Certificate of Origin (CoO) (URL: https://coo.dgft.gov.in) has been expanded to facilitate electronic filing and issuance for Non-Preferential Certificates of Origin.
The chief objective of this platform is to provide an electronic, contact-less single window for the CoO related processes.
While the transition period for mandatory filing of applications for Non-Preferential Certificate of Origin through the e-CoO Platform has been given extension date till 31st January 2022.
Federation of Indian Micro and Small & Medium Enterprises (FISME)- the national MSME body, has set-up a helpdesk to handhold a large number of MSME exporters scrambling to get themselves registered for online Certificate of Origin.
The Director General Foreign Trade (DGFT) had already notified that after 31st Oct 2021 physical certification of CoO will not be accepted
DGFT has created a portal https://coo.dgft.gov.in/ where both the certifying agencies and the exporters are required to register.
Speaking on the first day of Financial Express Online’s inaugural SME Artha event, Minister Sidharth Nath Singh, said that MSMEs in Uttar Pradesh contribute 80 per cent towards the state’s exports and, it aims to enhance its export value from INR 1.21 lakh crore annually to INR 3 lakh crore by FY27.
“Uttar Pradesh approximately 4.5 lakh micro, small and medium enterprise (MSME) units have raised credit so far through Emergency Credit Line Guarantee Scheme (ECLGS),” said Singh He pressed on how the units in Uttar Pradesh took advantage of emergency credit guarantee scheme and how they used it to recover their units which were hit by the pandemic.
The Ministry of Corporate Affairs has said that it will launch its new MCA21 portal’s Version 3 by end of this financial year.
They will first begin with the testing part and take measures to avoid technical problems. “IT projects are large, and there can be teething problems. We would make sure everything goes glitch-free. We have not faced any problem after the launch of phase one of the new MCA 21 portal. We will start field testing soon,” a senior government official said as reported in Business Standard
The Government of India and Asian Development Bank (ADB) have signed a USD 61 million loan to improve livability, harness technology, and promote new developments to accommodate the expanding population in Agartala city while building capacity of state agencies for improved service delivery.
Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs in India’s Ministry of Finance, signed for the Government of India, the agreement for Agartala City Urban Development Project while Takeo Konishi, Country Director of ADB’s India Resident Mission signed for ADB.
The Union Minister for Ministry of Tribal Affairs, Arjun Munda and Chief Minister of Uttarakhand Pushkar Singh Dhami inaugurated 3-day Uttarakhand Tribal Festival in Dehradun, Uttarakhand on 11th November 2021.
The aim of the festival is to promote the rich traditions, culture, art, handicrafts and food of the tribes of Uttarakhand namely Jaunsari, Tharu, Boksa, Bhotia and Raji.
Uttarakhand Tribal Festival is part of celebrations of Azadi Ka Amrit Mahotsav being celebrated across country and is one of the curtain raiser programmesbeing organized ahead of the week long celebrations of Amrit Mahotsav from 15th-22nd November, 2021.
The Deputy Chief Minister of Haryana, Dushyant Chautala announced today during a press conference that a special scheme for micro, small and medium enterprises (MSMEs) will be formulated by the state government.
MSME Industrial Parks will be set up in each block to create employment opportunities for locals and encourage export of local-products, said Deputy CM Chautala. Further he highlighted Haryana’s growth stating it to be the first state in the country to have a conclave with 14 countries of the subcontinent of Africa. “In which many nations had expressed their desire that the people of Haryana should invest in the field of agriculture and industry,” added Deputy CM Chautala.
He said the state has seen an increase in employment opportunities owing to the implementation of the ‘Employment to Local Candidates Act, 2020’.
The 11th edition of the Defence Technology and Trade Initiative (DTTI) Group meeting between India and the United States (US) was held virtually yesterday.
It was co-chaired by Secretary (Defence Production) Raj Kumar from India’s Ministry of Defence and Gregory Kausner from US Department of Defence. The DTTI Group meetings are normally held twice a year, alternating between India and the US. However, this DTTI meeting was held via Video Teleconferencing consecutively for a second time on account of the COVID-19 pandemic. The aim of the DTTI Group is to bring sustained leadership focus to the bilateral defence trade relationship and create opportunities for co-production and co-development of defence equipment.
Four Joint Working Groups focused on land, naval, air and aircraft carrier technologies have been established under DTTI to promote mutually agreed projects within their domains.
The groups reported to the co-chairs on ongoing activities and collaborative opportunities, including a number of near-term projects targeted for completion on priority.
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Forging industry reaches out to Ministry of MSME on auto sales slump
The Association of Indian Forging Industry (AIFI), the apex body of the forging industry in India has expressed concerns with regards to high Steel Prices, and declining automobile sale, as it has hammered the Forging Industry in India.
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About a decade ago, when Puru Gupta, a former Procter and Gamble executive, had set up an ecommerce website called Healthy World, which majorly sold healthy food options, a minuscule population in the country had become conscious of what they eat.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released quick estimates of index of industrial production and use-based index for the month of September, 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:
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Haryana is the latest State to have implemented the job quota for locals in private sector. State after State there seems to be race to bottom in announcing these quotas ranging from 50% (Tamil Nadu) to 80% (Maharashtra), 85% (Gurjarat) to 100% for blue color workers in (Karnataka). In most States like Gujarat, it was just a political announcement and never meant to be enforced. The State was pragmatic enough to know that its industry and business would crumble if they do. So is the case in most States. The quota for locals ended up becoming another nuisance for industry for warding off officials in justifying employment of migrants hence increasing cost of doing business. Why quotas are bad? They take away the competitive advantage that India can harness by tapping the labour at more competitive prices from economically disadvantaged States. Can Tirupur- India’s single largest cluster accounting for 80% of knit exports, compete with Bangladesh without labour from eastern States by purely relying on labour from the rich state Tamil Nadu. Inter State migration is a boon for Indian exporters. By blocking this natural movement of migration, everybody would be worse off.
"
Nirmala Sitharaman, the Union Minister of Finance will meet the heads of banks and financial institutions next week to deliberate and work towards removal of friction in credit flow.
The agenda is set for the productive sectors of the economy which were drastically impacted by Covid-19 pandemic.
It is a two-day conference, starting on 17th November, 2021. The event will see participant from all public sector banks and financial institutions (FIs). CEOs of leading six private sector lenders and non-banking financial companies (NBFCs), including HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Cholamandalam Investment and Finance, Shriram Transport Finance and Tata Capital will be present at the discussion.
Union Minister for MSME, Narayan Tatu Rane, inaugurated the “MSME PAVILION” at the 40th India International Trade Fair(IITF) in New Delhi today.
Minister of State for MSME, Bhanu Pratap Singh Verma was also present at the event. The MSME Pavillion has been organized in Hall No. 7-FGH at Pragati Maidan, New Delhi. A total of 316 MSMEs are show-casing their products in about 20 sectors viz. Ayush, Ceramics, Chemical, Cosmetics, Electrical/ Electronics, Embroidery, Food, Footwear, Handicrafts, Handlooms, Home Decor, Honey, Jute, Leather, Metallurgy, Gem and Jewellery, Textiles, Toys, Wood among others.
As per the trade note received from Directorate General of Foreign Trade, the electronic platform for Certificate of Origin (CoO) (URL: https://coo.dgft.gov.in) has been expanded to facilitate electronic filing and issuance for Non-Preferential Certificates of Origin.
The chief objective of this platform is to provide an electronic, contact-less single window for the CoO related processes.
While the transition period for mandatory filing of applications for Non-Preferential Certificate of Origin through the e-CoO Platform has been given extension date till 31st January 2022.
Federation of Indian Micro and Small & Medium Enterprises (FISME)- the national MSME body, has set-up a helpdesk to handhold a large number of MSME exporters scrambling to get themselves registered for online Certificate of Origin.
The Director General Foreign Trade (DGFT) had already notified that after 31st Oct 2021 physical certification of CoO will not be accepted
DGFT has created a portal https://coo.dgft.gov.in/ where both the certifying agencies and the exporters are required to register.
Speaking on the first day of Financial Express Online’s inaugural SME Artha event, Minister Sidharth Nath Singh, said that MSMEs in Uttar Pradesh contribute 80 per cent towards the state’s exports and, it aims to enhance its export value from INR 1.21 lakh crore annually to INR 3 lakh crore by FY27.
“Uttar Pradesh approximately 4.5 lakh micro, small and medium enterprise (MSME) units have raised credit so far through Emergency Credit Line Guarantee Scheme (ECLGS),” said Singh He pressed on how the units in Uttar Pradesh took advantage of emergency credit guarantee scheme and how they used it to recover their units which were hit by the pandemic.
The Ministry of Corporate Affairs has said that it will launch its new MCA21 portal’s Version 3 by end of this financial year.
They will first begin with the testing part and take measures to avoid technical problems. “IT projects are large, and there can be teething problems. We would make sure everything goes glitch-free. We have not faced any problem after the launch of phase one of the new MCA 21 portal. We will start field testing soon,” a senior government official said as reported in Business Standard
The Government of India and Asian Development Bank (ADB) have signed a USD 61 million loan to improve livability, harness technology, and promote new developments to accommodate the expanding population in Agartala city while building capacity of state agencies for improved service delivery.
Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs in India’s Ministry of Finance, signed for the Government of India, the agreement for Agartala City Urban Development Project while Takeo Konishi, Country Director of ADB’s India Resident Mission signed for ADB.
The Union Minister for Ministry of Tribal Affairs, Arjun Munda and Chief Minister of Uttarakhand Pushkar Singh Dhami inaugurated 3-day Uttarakhand Tribal Festival in Dehradun, Uttarakhand on 11th November 2021.
The aim of the festival is to promote the rich traditions, culture, art, handicrafts and food of the tribes of Uttarakhand namely Jaunsari, Tharu, Boksa, Bhotia and Raji.
Uttarakhand Tribal Festival is part of celebrations of Azadi Ka Amrit Mahotsav being celebrated across country and is one of the curtain raiser programmesbeing organized ahead of the week long celebrations of Amrit Mahotsav from 15th-22nd November, 2021.
The Deputy Chief Minister of Haryana, Dushyant Chautala announced today during a press conference that a special scheme for micro, small and medium enterprises (MSMEs) will be formulated by the state government.
MSME Industrial Parks will be set up in each block to create employment opportunities for locals and encourage export of local-products, said Deputy CM Chautala. Further he highlighted Haryana’s growth stating it to be the first state in the country to have a conclave with 14 countries of the subcontinent of Africa. “In which many nations had expressed their desire that the people of Haryana should invest in the field of agriculture and industry,” added Deputy CM Chautala.
He said the state has seen an increase in employment opportunities owing to the implementation of the ‘Employment to Local Candidates Act, 2020’.
The 11th edition of the Defence Technology and Trade Initiative (DTTI) Group meeting between India and the United States (US) was held virtually yesterday.
It was co-chaired by Secretary (Defence Production) Raj Kumar from India’s Ministry of Defence and Gregory Kausner from US Department of Defence. The DTTI Group meetings are normally held twice a year, alternating between India and the US. However, this DTTI meeting was held via Video Teleconferencing consecutively for a second time on account of the COVID-19 pandemic. The aim of the DTTI Group is to bring sustained leadership focus to the bilateral defence trade relationship and create opportunities for co-production and co-development of defence equipment.
Four Joint Working Groups focused on land, naval, air and aircraft carrier technologies have been established under DTTI to promote mutually agreed projects within their domains.
The groups reported to the co-chairs on ongoing activities and collaborative opportunities, including a number of near-term projects targeted for completion on priority.
According to the FISME factor, 100% of MSMEs think that threat of Covid-III and its impact on businesses has subsided. 
Companies such as TAC Securities and Slice grabbed headlines across business publications and journals in India, for introducing the concept of shorter work weeks, with only four or three days of working for their employees.
When starting or growing your business, it is important to build on your financial literacy skills to ensure that you have a solid understanding of your business numbers.
The Association of Indian Forging Industry (AIFI), the apex body of the forging industry in India has expressed concerns with regards to high Steel Prices, and declining automobile sale, as it has hammered the Forging Industry in India.
The COVID-19 pandemic saw the rise of home chefs like never before. From setting up new businesses to specialising in different cuisines, these home chefs found growth avenues.
About a decade ago, when Puru Gupta, a former Procter and Gamble executive, had set up an ecommerce website called Healthy World, which majorly sold healthy food options, a minuscule population in the country had become conscious of what they eat.
