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President Message
In an environment when almost all major economies are slowly slipping into recession, it is heartening to see resilience of Indian economy. The accompanying article at ‘writing on the wall’ points out to ascent of manufacturing purchasing managers’ to an eight-month high of 56.4 in July from 53.9 in June. (A reading above 50 indicates expansion). The GST collection also touched record of Rs. 1.5 lac crore in July again pointing out a buoyancy. But at the same time, inflation continues to play spoil sport. Further the pressure on Rupee continues as the trade deficit widens. India's merchandise import in July 2022 was 43.59 per cent higher. The cumulative trade deficit in the first four months of the fiscal more than doubled to over $100 billion from $42.1 billion a year ago. The scenario would lead to higher interest rate regime which in turn may dampen investment. Experts are pointing out that while situation may look better than others, Indian economy is also vulnerable to external shocks. Hardening of interest rates in US and in Western world would lead to flight of capital from Indian bourses putting further pressure on Rupee. Higher import bill will again test the mettle of RBI. MSMEs should avoid expansion during the period. Such times are best used for shedding flab and streamlining processes. Let’s make hay while the sun shines.
"
Innovative companies find ways to stay ahead of trends and become the trendsetter themselves. Here's how.
Everyone in the consumer packaged goods industry is well aware that consumer behaviors and trends can change at a rate that can be hard to keep up with, and while no one could have predicted the dramatic changes that 2020 ushered in for the world. The pet industry reached a historic high of $103 billion, and fueled by heightened consumer interest in products targeting immunity and overall wellness, pet supplement sales skyrocketed by 21% in 2020 to reach nearly $800 million, according to Packaged Facts. Then, The Brainy Insights also reported the global pet supplements market is expected to continue to grow to $9.65 billion by 2030.
India’s economic recovery has kept up its pace over the summer. As reported on Monday, our manufacturing purchasing managers’ index climbed to an eight-month high of 56.4 in July from 53.9 in June. A reading above 50 indicates expansion, while one below that cut-off reflects a contraction. This news comes on the heels of data on core sector output, which grew a solid 12.7% in June....
In July India’s manufacturing Purchasing Managers' Index (PMI) hit eight-month high, as per S&P Global India’s monthly survey.
Trends for output and new orders strengthening are the two factors for a rise in PMI. As compared to 53.9 PMI in June it increased to 56.4 last month. From contraction for a thirteenth month it is remaining well above the 50-level separating growth. Broad-based by sub-sector the improvement was led by investment goods and was the fastest in eight months.
The government on Wednesday removed the additional excise duty equal to Rs 6 per litre on petrol exports, while that on diesel exports has been cut to Rs 11 per litre from Rs 13 per litre earlier.
Centre has also decreased the windfall tax on domestic crude to Rs 17,000 per tonne from Rs 23,250 per tonne. The export duty on jet fuel has been reduced by Rs 2 to Rs 4 per litre. The government also exempted petrol, diesel and ATF from levy of duties when exported from refinery units located in the Special Economic Zones. This move is in step with the recent moderation in the global crude prices.
India’s exports of agricultural and processed food products is up by 14 per cent to USD 5987 Million in the first three months of current FY 2022-23 as compared to USD 5256 million in the corresponding period of FY 2021-22, as per the data released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S).
For the current fiscal year, the overall export target for the agricultural and processed food products basket under APEDA has been set to USD 23.56 billion. 25.4 percent of the total target has been achieved in first three months.
Giving relief to thousands of exporters, Director General of Foreign Trade (DGFT) has extended the date for mandatory electronic filing of Non-Preferential Certificate of Origin (NP CoO) through the Common Digital Platform to 31st March 2023.
“It is informed that the transition period for mandatory filing of applications for Non-Preferential Certificate of Origin through the e-CoO Platform has been further extended till 31st March 2023”, notes the Trade Notice No. 15/2022-23 dated 1st August 2022.
During the current financial year financial assistance worth Rs 34 crore has been approved under the MSME Idea Hackathon 2022, said Bhanu Pratap Singh Verma, MoS for MSME in a written reply to the Lok Sabha on Thursday.
For a grant financial assistance 257 ideas under MSME Idea Hackathon 2022, reimbursement of 1,196 trademarks, 186 patents, 53 design and 11 Geographical Indication (GI) have been approved. The scheme was launched on March 10, 2022 by the Ministry of Micro, Small and Medium Enterprises (MSME) with an aim to help entrepreneurs in developing new ventures, while supporting the untapped creativity of the sector.
The Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers will announce a series of schemes and initiatives focusing on MSMEs to strengthen the Pharmaceuticals Industry.
These initiatives will be formally unveiled by Union Minister of Chemicals & Fertilizers and Health & Family Welfare Dr. Mansukh Mandaviya on Wednesday at Dr. Bhimrao Ambedkar International Convention Centre. The policies will be rolled out under the banner of Schemes for ‘Strengthening Pharmaceuticals Industry’ (SPI).
The dairy farmers from Haryana, Rajasthan, Uttar Pradesh, and Kerala on Wednesday urged centre to reconsider its decision to impose 5 percent GST on dairy products and 18 percent on dairy machinery.
The Dairy Farmers Federation of India (DFFI), in a letter to Parshottam Rupala, the Union Minister of Fisheries, Animal Husbandry, and Dairy, said that small dairy farmers, who make up 75 per cent of the nine crore households involved in dairy production in India, will be negatively impacted by the GST, the lack of a Fair & Remunerative Price (FRP) and rising prices of green fodder.
The Karnataka government has signed an agreement with e-commerce firm Meesho to empower 2,500 self-help groups in the state.
The memorandum of understanding (MoU) was by Sanjeevini –Karnataka State Rural Livelihood Promotion Society and e-commerce firm in the presence of chief minister Basavaraj Bommai on Friday. Speaking at the signing ceremony, Bommai said “this agreement will bring a huge difference in the lives of thousands of women across the state by making them self-reliant.”
All the districts of Andhra Pradesh in one year will have about one to two MSME clusters.
It will be established by the Andhra Pradesh MSME Development Corporation under the Cluster Development Programme (CDP). To create a Special Purpose Vehicle (SPV) to set up units minimum 25 independent entrepreneurs will join forces under the programme. Majority of the funding which is 70 per cent will be provided by the central government and 20 per cent will come from the State. The group members will contribute for the remaining 10 per cent fund. There is no limit for the maximum number of entrepreneurs in the group.
To provide credit facility to Agro-based industries, the Kerala Financial Corporation (KFC) has launched a new scheme offering loan up to Rs 10 crore at the interest rate of 5 per cent. Every year the corporation aims to benefit minimum 400 micro, small and medium enterprises (MSMEs). MSME units from Agro, Dairy & Animal Husbandry related industries, Agro-based-Startups, processing/ marketing/ trading of Agro-based products, food processing units, warehouses, go-downs, cold storage, Agri-infrastructure projects, etc, are eligible to apply for the loan.
Gujarat becomes the first state in the country to announce a dedicated semiconductor policy 2022-27. The state government aims to generate more than 2,00,000 new employment opportunities during a period of five years. The Gujarat government has also decided to develop a “semicon city” which would be a part of the Dholera Special Investment Region. Under the new policy, the state government will provide heavy subsidy on power, land and water tariffs for entrepreneurs interested in investing in semiconductors or display fabrication manufacturing.
While addressing the inauguration of India-Africa Growth Partnership conclave, jointly organised by the Confederation of Indian Industry (CII) and Exim Bank, Union Minister Piyush Goyal said that solar energy, infrastructure, military cooperation and startup ecosystem are four critical areas where India can be a valuable partner to African nations.
Goyal highlighted that India has been successful in creating the world's third largest startup ecosystem with over 110 unicorns in the country. “I believe we can work together to co-create startup ecosystem in various African nations, “he added.
How disengagement at each employee level impacts organisations differently
It is the HR’s job to ensure a high level of employee engagement in the organisation. That is why, companies invest heavily on various dipstick polls and employee- engagement surveys. Some have even resorted to using pulse surveys to track the engagement level of their employees. Many HR leaders believe that employee engagement is the key to high-level growth in the company.
Here are some financial tips for young entrepreneurs by Pavan Reddy Appakonda
Beginning a journey at a young age is never an easy task. Hurdles, barriers, troubles, and hardships all come together, except for those who are fortunate enough to have people come to their aid, handing them every possible solution on a silver platter.
After doing hundreds of campaigns, I will give you one piece of advice that skyrocketed not only my clients but my abilities as a marketer: Get it done… fast! And modify it later. We call this philosophy "Marketing by Modification™" (MBM).
In a field like marketing, everything is subjective. What attracts one customer will inevitably repel another. You will never be able to please everyone, so avoiding action and working tirelessly on one project only prevents you from getting the desired result.
MSMEs in Chemical industry seek anti-dumping probe against Chinese players
Micro, Small and Medium Enterprises (MSMEs) in the chemical industry have urged the government to protect the domestic industry that are unable to complete with Chinese firms who are dumping their products at lower prices.
This has forced several chemical and dyestuff manufactures in Gujarat to reduce their production by 70 to 75 per cent which also includes factors such as incessant devaluation of rupee, declining demands and disturbed geopolitical situation globally.
Incubated at IIT-Roorkee, this startup is converting organic waste into industrial enzymes
India accounts for the generation of 350 million tonnes of agro-waste generated every year. Apart from this, thousands of tonnes of waste is generated by factories that manufacture cotton, fruit juice, potato chips, coffee, and more.
Inspired by Kerala's Ayurvedic legacy, this FMCG brand has health and wellness at its core
The onset of the COVID-19 pandemic prompted many to pursue healthy living. Many consumers are now open to exploring Ayurveda and herbal products, with an EY study noting that 40 percent of Indians were willing to pay a premium for health and wellness products.
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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In an environment when almost all major economies are slowly slipping into recession, it is heartening to see resilience of Indian economy. The accompanying article at ‘writing on the wall’ points out to ascent of manufacturing purchasing managers’ to an eight-month high of 56.4 in July from 53.9 in June. (A reading above 50 indicates expansion). The GST collection also touched record of Rs. 1.5 lac crore in July again pointing out a buoyancy. But at the same time, inflation continues to play spoil sport. Further the pressure on Rupee continues as the trade deficit widens. India's merchandise import in July 2022 was 43.59 per cent higher. The cumulative trade deficit in the first four months of the fiscal more than doubled to over $100 billion from $42.1 billion a year ago. The scenario would lead to higher interest rate regime which in turn may dampen investment. Experts are pointing out that while situation may look better than others, Indian economy is also vulnerable to external shocks. Hardening of interest rates in US and in Western world would lead to flight of capital from Indian bourses putting further pressure on Rupee. Higher import bill will again test the mettle of RBI. MSMEs should avoid expansion during the period. Such times are best used for shedding flab and streamlining processes. Let’s make hay while the sun shines.
"
In July India’s manufacturing Purchasing Managers' Index (PMI) hit eight-month high, as per S&P Global India’s monthly survey.
Trends for output and new orders strengthening are the two factors for a rise in PMI. As compared to 53.9 PMI in June it increased to 56.4 last month. From contraction for a thirteenth month it is remaining well above the 50-level separating growth. Broad-based by sub-sector the improvement was led by investment goods and was the fastest in eight months.
The government on Wednesday removed the additional excise duty equal to Rs 6 per litre on petrol exports, while that on diesel exports has been cut to Rs 11 per litre from Rs 13 per litre earlier.
Centre has also decreased the windfall tax on domestic crude to Rs 17,000 per tonne from Rs 23,250 per tonne. The export duty on jet fuel has been reduced by Rs 2 to Rs 4 per litre. The government also exempted petrol, diesel and ATF from levy of duties when exported from refinery units located in the Special Economic Zones. This move is in step with the recent moderation in the global crude prices.
India’s exports of agricultural and processed food products is up by 14 per cent to USD 5987 Million in the first three months of current FY 2022-23 as compared to USD 5256 million in the corresponding period of FY 2021-22, as per the data released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S).
For the current fiscal year, the overall export target for the agricultural and processed food products basket under APEDA has been set to USD 23.56 billion. 25.4 percent of the total target has been achieved in first three months.
Giving relief to thousands of exporters, Director General of Foreign Trade (DGFT) has extended the date for mandatory electronic filing of Non-Preferential Certificate of Origin (NP CoO) through the Common Digital Platform to 31st March 2023.
“It is informed that the transition period for mandatory filing of applications for Non-Preferential Certificate of Origin through the e-CoO Platform has been further extended till 31st March 2023”, notes the Trade Notice No. 15/2022-23 dated 1st August 2022.
During the current financial year financial assistance worth Rs 34 crore has been approved under the MSME Idea Hackathon 2022, said Bhanu Pratap Singh Verma, MoS for MSME in a written reply to the Lok Sabha on Thursday.
For a grant financial assistance 257 ideas under MSME Idea Hackathon 2022, reimbursement of 1,196 trademarks, 186 patents, 53 design and 11 Geographical Indication (GI) have been approved. The scheme was launched on March 10, 2022 by the Ministry of Micro, Small and Medium Enterprises (MSME) with an aim to help entrepreneurs in developing new ventures, while supporting the untapped creativity of the sector.
The Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers will announce a series of schemes and initiatives focusing on MSMEs to strengthen the Pharmaceuticals Industry.
These initiatives will be formally unveiled by Union Minister of Chemicals & Fertilizers and Health & Family Welfare Dr. Mansukh Mandaviya on Wednesday at Dr. Bhimrao Ambedkar International Convention Centre. The policies will be rolled out under the banner of Schemes for ‘Strengthening Pharmaceuticals Industry’ (SPI).
The dairy farmers from Haryana, Rajasthan, Uttar Pradesh, and Kerala on Wednesday urged centre to reconsider its decision to impose 5 percent GST on dairy products and 18 percent on dairy machinery.
The Dairy Farmers Federation of India (DFFI), in a letter to Parshottam Rupala, the Union Minister of Fisheries, Animal Husbandry, and Dairy, said that small dairy farmers, who make up 75 per cent of the nine crore households involved in dairy production in India, will be negatively impacted by the GST, the lack of a Fair & Remunerative Price (FRP) and rising prices of green fodder.
The Karnataka government has signed an agreement with e-commerce firm Meesho to empower 2,500 self-help groups in the state.
The memorandum of understanding (MoU) was by Sanjeevini –Karnataka State Rural Livelihood Promotion Society and e-commerce firm in the presence of chief minister Basavaraj Bommai on Friday. Speaking at the signing ceremony, Bommai said “this agreement will bring a huge difference in the lives of thousands of women across the state by making them self-reliant.”
All the districts of Andhra Pradesh in one year will have about one to two MSME clusters.
It will be established by the Andhra Pradesh MSME Development Corporation under the Cluster Development Programme (CDP). To create a Special Purpose Vehicle (SPV) to set up units minimum 25 independent entrepreneurs will join forces under the programme. Majority of the funding which is 70 per cent will be provided by the central government and 20 per cent will come from the State. The group members will contribute for the remaining 10 per cent fund. There is no limit for the maximum number of entrepreneurs in the group.
To provide credit facility to Agro-based industries, the Kerala Financial Corporation (KFC) has launched a new scheme offering loan up to Rs 10 crore at the interest rate of 5 per cent. Every year the corporation aims to benefit minimum 400 micro, small and medium enterprises (MSMEs). MSME units from Agro, Dairy & Animal Husbandry related industries, Agro-based-Startups, processing/ marketing/ trading of Agro-based products, food processing units, warehouses, go-downs, cold storage, Agri-infrastructure projects, etc, are eligible to apply for the loan.
Gujarat becomes the first state in the country to announce a dedicated semiconductor policy 2022-27. The state government aims to generate more than 2,00,000 new employment opportunities during a period of five years. The Gujarat government has also decided to develop a “semicon city” which would be a part of the Dholera Special Investment Region. Under the new policy, the state government will provide heavy subsidy on power, land and water tariffs for entrepreneurs interested in investing in semiconductors or display fabrication manufacturing.
While addressing the inauguration of India-Africa Growth Partnership conclave, jointly organised by the Confederation of Indian Industry (CII) and Exim Bank, Union Minister Piyush Goyal said that solar energy, infrastructure, military cooperation and startup ecosystem are four critical areas where India can be a valuable partner to African nations.
Goyal highlighted that India has been successful in creating the world's third largest startup ecosystem with over 110 unicorns in the country. “I believe we can work together to co-create startup ecosystem in various African nations, “he added.
According to the FISME factor, 100% of MSMEs can’t say that Business Reforms Action Plan is better than Ease of Doing Business. 
It is the HR’s job to ensure a high level of employee engagement in the organisation. That is why, companies invest heavily on various dipstick polls and employee- engagement surveys. Some have even resorted to using pulse surveys to track the engagement level of their employees. Many HR leaders believe that employee engagement is the key to high-level growth in the company.
Beginning a journey at a young age is never an easy task. Hurdles, barriers, troubles, and hardships all come together, except for those who are fortunate enough to have people come to their aid, handing them every possible solution on a silver platter.
Micro, Small and Medium Enterprises (MSMEs) in the chemical industry have urged the government to protect the domestic industry that are unable to complete with Chinese firms who are dumping their products at lower prices.
This has forced several chemical and dyestuff manufactures in Gujarat to reduce their production by 70 to 75 per cent which also includes factors such as incessant devaluation of rupee, declining demands and disturbed geopolitical situation globally.
India accounts for the generation of 350 million tonnes of agro-waste generated every year. Apart from this, thousands of tonnes of waste is generated by factories that manufacture cotton, fruit juice, potato chips, coffee, and more. 
The onset of the COVID-19 pandemic prompted many to pursue healthy living. Many consumers are now open to exploring Ayurveda and herbal products, with an EY study noting that 40 percent of Indians were willing to pay a premium for health and wellness products.
“ Time stays long enough for anyone who will use it. ”
