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President's Message
Recently, DGTS with FISME and FICCI organized an interactive session to take stock of progress of GST. GST which was introduced in July 2017 has more or less stabilized in India. In spite of the fact that almost two years have been consumed by Covid, the stabilization period compares well with other countries. Tax collection has seen buoyancy and life has become hugely simplified for the manufacturing industry. There are a few areas where it remains work in progress. Except merging of four GST slabs to three or bringing petroleum products under GST fold, hardly any policy issue is left unaddressed. Of course there are many operational issues which demand greater flexibility such as need for functionality to amend e-invoice or instances of inverted duties etc. But one major criticism is about mandatory filings of reports. Industry wonders why so many reports are required to be filed when the GSTN already has all the data of buyers and suppliers. Why is the GST platform not ‘intelligent’ and does not automatically decipher ‘errors’ resulting into frequent denial/ hold of credit. The old habits die hard, even if the entire system is online 3B is still manual which could be automatically populated based on data already in the system. We hope these irritants will go soon. We also look for the day when GST data ( at aggregated level at least) would be shared with the banking industry and other service providers to enhance access to credit without collateral.
"
The decision to start a business is governed by the mentality of gaining autonomy, personal fulfillment and helping others, but at the same time positively promoting the generation of innovative, competitive and unique ideas, which can also bring with it some fears or barriers that prevent taking the first step. Entrepreneurship is a path that entails multiple learnings and satisfactions. The decision to start a business is governed by the mentality of gaining autonomy, personal fulfillment and helping others, but at the same time positively promoting the generation of innovative, competitive and unique ideas, which can also bring with it some fears or barriers that prevent taking the first step.
With two waves of Covid-19 largely behind us, it’s time to take a mid-year stock of Indian economy. We look at six parameters: exports, fiscal, growth, health, inflation and jobs.
Exports: Exports of traded goods have decidedly broken the $30-billion-a-month number: this trend has now persisted for the last six months since March. In this financial year till August, India has already exported goods worth $164 billion, a number that was achieved only by November in the previous year.Admittedly, the last financial year had two months of lockdown (April and May); correspondingly, this year, April and May had the second wave of Covid-19 in India..
Union Minister for MSMEs Narayan Rane virtually inaugurated the India Export Initiative and IndiaXports 2021 Portal today. He was accompanied by MoS Shri Bhanu Pratap Singh Verma and senior officers of the Ministry.
This initiative features an Info Portal which serves as a knowledge base for exports by Indian MSMEs with the required information related to export potential for all the 456 tariff lines along with the potential markets as well as trends in exports, export procedures and lots more.
Addressing the Valedictory Session at FICCI MASSMERIZE 2021, Ashwini Kumar Choubey, Minister of State, Ministry for Consumer Affairs, Food & Public Distribution said that India’s economy is well on its path to recovery and the FMCG sector is a catalyst in India's roadmap to USD 5 trillion economy.
The minister explained about the growing impact of digitization and e-commerce, buyers’ inclination towards technology and the global conceptualisation of the belief ‘Vasudev Kutumbaka’. “Digital connectivity today is not limited to cities but is also available in rural areas of India. With this, the reach of e-commerce and brand has reached the panchayats of India. As a result, the e-commerce sector is expected to grow exponentially,” said Ashwini Kumar Choubey.
The Foreign Direct Investment (FDI) Inflows have grown 62% during the first four months of the current Financial Year over corresponding period last year.
Measures taken by the Government on the fronts of FDI policy reforms, investment facilitation and ease of doing business have resulted in increased FDI inflows into the country, the Ministry of Commerce & Industry said in a release. According to the release, India has attracted total FDI inflow of US$ 27.37 billion during the first four months of F.Y. 2021-22 which is 62% higher as compared to the corresponding period of F.Y. 2020-21 (US$ 16.92 billion).
Emergency Credit Line Guarantee Scheme (ECLGS) has decided to extend its timeline till 31.03.2022 or till guarantees for an amount of INR 4.5 lakh crore are issued under the scheme, whichever is earlier, with the aim to support various businesses impacted by the second wave of COVID 19 pandemic.
Since its launch it has extended relief to over 1.15 crore Micro, Small and Medium Enterprises (MSMEs) and businesses. It has provided support to eligible borrowers in meeting their operational liabilities and restarting their businesses in the wake of disruptions caused by the COVID-19 pandemic.
New online system of MSME/Udyam Registration launched by Union MSME Ministry, on 1 July, 2020, has more than 50 lakh MSMEs having successfully registered themselves by now. These include over 47 lakh Micro organisations and 2.7 lakh Small Units.
Ministry of MSME had revised the definition of MSMEs and process of registration, and also launched a new portal for MSME/Udyam registration (https://udyamregistration.gov.in). Since then, the portal is working efficiently, as it is seamlessly integrated with CBDT and GST networks as also with the GeM. It may be noted that through this integration, now MSME registration is a totally paperless exercise.
With the objective to enhance the participation of Indian MSMEs in the Global Value Chains (GVCs) by plugging information gaps, Ministry of MSME is setting up a Global Market Intelligence System (GMIS).
The GMIS will act as a ‘Central Knowledge Repository’ of export related data on foreign markets. It aims to provide information on Trade and Market Access and Export potential including information on Tariff and Tenders to help MSMEs seek and realize new market opportunities.
Indian Institute of Management (IIM) Udaipur announced a new initiative that focuses on Fintech, a digital center driven by Fintech academia and stakeholders for empowering the development of financial frameworks and technical understanding of the path-breaking industry vertical.
Considering the rise in interest for Fintech and the need for better financial understanding, this Fintech initiative will bring together industry practitioners, market regulators, entrepreneurs, venture capitalists, technologists, and academicians to develop new knowledge, practices, and frameworks for the rapidly emerging and disruptive financial vertical.
Khadi and Village Industries Commission (KVIC) has taken an initiative to set up Odisha’s first ever Tussar Silk Yarn Production Centre at Choudwar in Cuttack district, equipped with advanced machinery like silk reeling machine, re-reeling machine, spinning machine and others. The silk yarn production centre was inaugurated by KVIC Chairman Vinai Kumar Saxena today.
This silk yarn production centre will ensure local availability of Tussar Silk yarn, create local employment and reduce the silk production cost, as it is one of the finest varieties of Silk that is distinguished by its coarseness and porous weave that give it a rugged and rustic appearance.
The Union Minister for Micro, Small and Medium Enterprises Narayan Rane virtually inaugurated a Technology Centre at Rohtak, Haryana on Friday.
The Centre under the MSME Ministry has been developed over an area of 20 acres. The Minister informed that the Centre will train more than 8,400 trainees annually. He pointed out that for a population of 135 crores, the nation needs more and more technology centres which need to be speedily constructed.
Prime Minister Narendra Modi and President Joe Biden discussed about the reconvening of the India-U.S. Trade Policy Forum before the end of 2021 in their first-ever in-person meeting since President Biden assumed office.
The leaders discussed on enhancing the bilateral trade relationship by addressing trade concerns, identifying specific areas for increased engagement and developing an ambitious, shared vision for the future of the trade relationship, and looked forward to convening the U.S.-India CEO Forum and the Commercial Dialogue in early 2022, leveraging the talents of the private sector.
Prime Minister Narendra Modi held a bilateral meeting with Australian Prime Minister Scott Morrison on the sidelines of the Quad Leaders’ Summit in Washington DC, USA, indicating satisfaction at the ongoing negotiations on a bilateral Comprehensive Economic Cooperation Agreement (CECA).
This was the first in-person meeting between the two leaders in the post-pandemic period. During the meeting, the Prime Ministers discussed a broad range of issues of bilateral, regional and global importance.
They noted with satisfaction the regular high-level engagements between the two countries, including the recently held first India-Australia Foreign and Defence Ministers’ 2+2 Dialogue.
Will announcement of the National Monetisation Pipeline (NMP) help to boost the economy?
According to the FISME factor, 100% of MSMEs can’t say that the announcement of the National Monetisation Pipeline (NMP) will help to boost the economy.
Four Tips On Employing The Right People In Your Business
All leaders have one thing in common: You’re only as good as your team. I’ve learned this lesson the hard way.
Let me back up a bit to 1999, the year I started at a well-known computer technology company. I was fortunate enough to have an amazing team of human resources professionals and the budget to hire graduates from the top schools into our marketing department. When I helped run the interviews for interns for our consumer division, I had a deep talent pool from which to choose.
15 Expert Tips To Help Small-Business Owners Better Manage Financial Risk
Financial risk management is crucial for the success of all organizations but is especially important for small businesses, which generally operate with thinner margins and smaller financial reserves. Mitigating against known risks and preparing for the unexpected can help steady a company in even the most challenging situations. Therefore, it’s wise for entrepreneurs to bolster their understanding of financial risk management.
As a small business owner, it can sometimes feel like you’re constantly spinning plates, from accounting tasks to the physical daily operations of your business. It's no wonder that when you add marketing into the mix, you have no idea where to turn. Marketing as a concept is something that, unless they’re in the field, most don’t have a clue what it is, let alone understand how to develop an effective marketing strategy for their business.
Machohalli MSMEs to protest against BESCOM on power shortages in rural Bangalore
The Machohalli Small Scale Industries Association have declared protest on 1 October at 11:30 am in front of Tavarekere BESCOM Office against the severe power shortage in the areas of rural Bangalore, Machohalli and surrounding areas impeding MSME units.
This biotech startup is reducing the risk of airborne infections using decontamination tech
Airborne diseases, including influenza, whooping cough, tuberculosis, and now, COVID-19, are a growing concern across the world.
Amidst the COVID-19 outbreak, people realised the importance of keeping safe. Decontamination, sanitisation, and cleanliness became a priority for many.
How this Jaipur-based skincare brand aims to lead the market by focusing on ‘transparency in beauty’
Direct-to-consumer (D2C) beauty and skincare brands in India are not just gaining popularity amongst a rising customer base, but with investors as well. Organic or otherwise, brands have tapped into digitisation, influencer marketing strategies and even the pandemic to bolster sales
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, using information on the number of subscribers who have subscribed under three major schemes, namely the Employees’ Provident Fund (EPF) Scheme, the Employees’ State Insurance (ESI) Scheme and the National Pension Scheme (NPS).
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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Recently, DGTS with FISME and FICCI organized an interactive session to take stock of progress of GST. GST which was introduced in July 2017 has more or less stabilized in India. In spite of the fact that almost two years have been consumed by Covid, the stabilization period compares well with other countries. Tax collection has seen buoyancy and life has become hugely simplified for the manufacturing industry. There are a few areas where it remains work in progress. Except merging of four GST slabs to three or bringing petroleum products under GST fold, hardly any policy issue is left unaddressed. Of course there are many operational issues which demand greater flexibility such as need for functionality to amend e-invoice or instances of inverted duties etc. But one major criticism is about mandatory filings of reports. Industry wonders why so many reports are required to be filed when the GSTN already has all the data of buyers and suppliers. Why is the GST platform not ‘intelligent’ and does not automatically decipher ‘errors’ resulting into frequent denial/ hold of credit. The old habits die hard, even if the entire system is online 3B is still manual which could be automatically populated based on data already in the system. We hope these irritants will go soon. We also look for the day when GST data ( at aggregated level at least) would be shared with the banking industry and other service providers to enhance access to credit without collateral.
"
The decision to start a business is governed by the mentality of gaining autonomy, personal fulfillment and helping others, but at the same time positively promoting the generation of innovative, competitive and unique ideas, which can also bring with it some fears or barriers that prevent taking the first step. Entrepreneurship is a path that entails multiple learnings and satisfactions. The decision to start a business is governed by the mentality of gaining autonomy, personal fulfillment and helping others, but at the same time positively promoting the generation of innovative, competitive and unique ideas, which can also bring with it some fears or barriers that prevent taking the first step.
Union Minister for MSMEs Narayan Rane virtually inaugurated the India Export Initiative and IndiaXports 2021 Portal today. He was accompanied by MoS Shri Bhanu Pratap Singh Verma and senior officers of the Ministry.
This initiative features an Info Portal which serves as a knowledge base for exports by Indian MSMEs with the required information related to export potential for all the 456 tariff lines along with the potential markets as well as trends in exports, export procedures and lots more.
Addressing the Valedictory Session at FICCI MASSMERIZE 2021, Ashwini Kumar Choubey, Minister of State, Ministry for Consumer Affairs, Food & Public Distribution said that India’s economy is well on its path to recovery and the FMCG sector is a catalyst in India's roadmap to USD 5 trillion economy.
The minister explained about the growing impact of digitization and e-commerce, buyers’ inclination towards technology and the global conceptualisation of the belief ‘Vasudev Kutumbaka’. “Digital connectivity today is not limited to cities but is also available in rural areas of India. With this, the reach of e-commerce and brand has reached the panchayats of India. As a result, the e-commerce sector is expected to grow exponentially,” said Ashwini Kumar Choubey.
The Foreign Direct Investment (FDI) Inflows have grown 62% during the first four months of the current Financial Year over corresponding period last year.
Measures taken by the Government on the fronts of FDI policy reforms, investment facilitation and ease of doing business have resulted in increased FDI inflows into the country, the Ministry of Commerce & Industry said in a release. According to the release, India has attracted total FDI inflow of US$ 27.37 billion during the first four months of F.Y. 2021-22 which is 62% higher as compared to the corresponding period of F.Y. 2020-21 (US$ 16.92 billion).
Emergency Credit Line Guarantee Scheme (ECLGS) has decided to extend its timeline till 31.03.2022 or till guarantees for an amount of INR 4.5 lakh crore are issued under the scheme, whichever is earlier, with the aim to support various businesses impacted by the second wave of COVID 19 pandemic.
Since its launch it has extended relief to over 1.15 crore Micro, Small and Medium Enterprises (MSMEs) and businesses. It has provided support to eligible borrowers in meeting their operational liabilities and restarting their businesses in the wake of disruptions caused by the COVID-19 pandemic.
New online system of MSME/Udyam Registration launched by Union MSME Ministry, on 1 July, 2020, has more than 50 lakh MSMEs having successfully registered themselves by now. These include over 47 lakh Micro organisations and 2.7 lakh Small Units.
Ministry of MSME had revised the definition of MSMEs and process of registration, and also launched a new portal for MSME/Udyam registration (https://udyamregistration.gov.in). Since then, the portal is working efficiently, as it is seamlessly integrated with CBDT and GST networks as also with the GeM. It may be noted that through this integration, now MSME registration is a totally paperless exercise.
With the objective to enhance the participation of Indian MSMEs in the Global Value Chains (GVCs) by plugging information gaps, Ministry of MSME is setting up a Global Market Intelligence System (GMIS).
The GMIS will act as a ‘Central Knowledge Repository’ of export related data on foreign markets. It aims to provide information on Trade and Market Access and Export potential including information on Tariff and Tenders to help MSMEs seek and realize new market opportunities.
Indian Institute of Management (IIM) Udaipur announced a new initiative that focuses on Fintech, a digital center driven by Fintech academia and stakeholders for empowering the development of financial frameworks and technical understanding of the path-breaking industry vertical.
Considering the rise in interest for Fintech and the need for better financial understanding, this Fintech initiative will bring together industry practitioners, market regulators, entrepreneurs, venture capitalists, technologists, and academicians to develop new knowledge, practices, and frameworks for the rapidly emerging and disruptive financial vertical.
Khadi and Village Industries Commission (KVIC) has taken an initiative to set up Odisha’s first ever Tussar Silk Yarn Production Centre at Choudwar in Cuttack district, equipped with advanced machinery like silk reeling machine, re-reeling machine, spinning machine and others. The silk yarn production centre was inaugurated by KVIC Chairman Vinai Kumar Saxena today.
This silk yarn production centre will ensure local availability of Tussar Silk yarn, create local employment and reduce the silk production cost, as it is one of the finest varieties of Silk that is distinguished by its coarseness and porous weave that give it a rugged and rustic appearance.
The Union Minister for Micro, Small and Medium Enterprises Narayan Rane virtually inaugurated a Technology Centre at Rohtak, Haryana on Friday.
The Centre under the MSME Ministry has been developed over an area of 20 acres. The Minister informed that the Centre will train more than 8,400 trainees annually. He pointed out that for a population of 135 crores, the nation needs more and more technology centres which need to be speedily constructed.
Prime Minister Narendra Modi and President Joe Biden discussed about the reconvening of the India-U.S. Trade Policy Forum before the end of 2021 in their first-ever in-person meeting since President Biden assumed office.
The leaders discussed on enhancing the bilateral trade relationship by addressing trade concerns, identifying specific areas for increased engagement and developing an ambitious, shared vision for the future of the trade relationship, and looked forward to convening the U.S.-India CEO Forum and the Commercial Dialogue in early 2022, leveraging the talents of the private sector.
Prime Minister Narendra Modi held a bilateral meeting with Australian Prime Minister Scott Morrison on the sidelines of the Quad Leaders’ Summit in Washington DC, USA, indicating satisfaction at the ongoing negotiations on a bilateral Comprehensive Economic Cooperation Agreement (CECA).
This was the first in-person meeting between the two leaders in the post-pandemic period. During the meeting, the Prime Ministers discussed a broad range of issues of bilateral, regional and global importance.
They noted with satisfaction the regular high-level engagements between the two countries, including the recently held first India-Australia Foreign and Defence Ministers’ 2+2 Dialogue.
According to the FISME factor, 100% of MSMEs can’t say that the announcement of the National Monetisation Pipeline (NMP) will help to boost the economy. 
All leaders have one thing in common: You’re only as good as your team. I’ve learned this lesson the hard way.
Let me back up a bit to 1999, the year I started at a well-known computer technology company. I was fortunate enough to have an amazing team of human resources professionals and the budget to hire graduates from the top schools into our marketing department. When I helped run the interviews for interns for our consumer division, I had a deep talent pool from which to choose.
Financial risk management is crucial for the success of all organizations but is especially important for small businesses, which generally operate with thinner margins and smaller financial reserves. Mitigating against known risks and preparing for the unexpected can help steady a company in even the most challenging situations. Therefore, it’s wise for entrepreneurs to bolster their understanding of financial risk management.
As a small business owner, it can sometimes feel like you’re constantly spinning plates, from accounting tasks to the physical daily operations of your business. It's no wonder that when you add marketing into the mix, you have no idea where to turn. Marketing as a concept is something that, unless they’re in the field, most don’t have a clue what it is, let alone understand how to develop an effective marketing strategy for their business.
The Machohalli Small Scale Industries Association have declared protest on 1 October at 11:30 am in front of Tavarekere BESCOM Office against the severe power shortage in the areas of rural Bangalore, Machohalli and surrounding areas impeding MSME units.
Airborne diseases, including influenza, whooping cough, tuberculosis, and now, COVID-19, are a growing concern across the world.
Amidst the COVID-19 outbreak, people realised the importance of keeping safe. Decontamination, sanitisation, and cleanliness became a priority for many.
Direct-to-consumer (D2C) beauty and skincare brands in India are not just gaining popularity amongst a rising customer base, but with investors as well. Organic or otherwise, brands have tapped into digitisation, influencer marketing strategies and even the pandemic to bolster sales
