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President Message
Mr Animesh SaxenaThe World Economic growth is increasingly coming under cloud. Following the damning reports released by both the WTO and IMF, the Economic Advisor in the Ministry of Commerce and Industries has issued an advisory cautioning Industry bodies to bring these developments to the notice of their members. The troubling signs are very high level of inflation than seen in several decades, tightening of financial conditions in most regions, Russia’s invasion of Ukraine, and the lingering COVID-19 pandemic. A growing number of economies are witnessing growth slowdown or outright contraction. In our vicinity alone, Pakistan, Bangladesh and Sri Lanka have already sought IMF assistance. The Advisory notes that global growth can come down to barely 1% in 2023 from 3.4% in 2022. That is a massive contraction. Ministry has asked exporters to take these signals in their stride and explore opportunities based on economic prospects related to growth or risks. Fortunately, the economic outlook in India remains positive. But the global headwinds are bound to rock our boat sooner or later. Let’s be prepared. FISME is sharing the gist of the reports with our members. I may request member associations to also apprise their members of the trying period that may lie ahead to help them plan their course.
Prashant Patel, President, FISME
@prashant7354
Vol VIV, Issue 266: Dec 15, 2022
Activities
FISME & Meerut Citizens Forum conduct a study to identify strategies for quadrupling Meerut’s GDP by 2027
Business Banter: Lessons from Entrepreneurs
Worried About Raising Capital in a Recession? Give Your Company The Edge By Doing What Other Entrepreneurs Often overlook
Macro Metre
Two-wheeler exports dip 10% between April and November this year: SIAM
WPI based inflations declines to 5.85% against 8.39% of previous month
Domestic Digest
NITI Aayog revamps Women Entrepreneurship Platform; targets 2 lakh beneficiaries in next 3 years Knowledge and News Network (KNN)
Exports by Post office made easy
Skill development centre for women inaugurated in Kunjwani, Jammu
State Scan
Ikea to invest Rs 4,000 cr in Retail sector of Uttar Pradesh Knowledge and News Network (KNN)
Credit plan for MSMEs in Tirupati projected at Rs 2,979 cr in FY24
Maharashtra govt clears Investment projects worth Rs 70,000 crore
World Watch
Rupee settlement system for Russian shipment to be tested next week
Sweden to prioritise India-EU FTA during EU Presidency from Jan 1
Knowledge Store
How climatetech startup Welfund is enabling efficient solar adoption in India
...And A Lot More
Activities

FISME & Meerut Citizens Forum conduct a study to identify strategies for quadrupling Meerut’s GDP by 2027

Federation of Indian Micro and Small & Medium Enterprises (FISME) and Meerut Citizens Forum (MCF) have engaged Mr. Manak Chand Singhi Retd. Economist (Indian Economic Services) to Government of India to conduct a study to find a strategy for an accelerated growth of Meerut’s GDP by 2027. The title of the study is- “Study for identifying Strategies for quadrupling Meerut’s GDP by 2027”. In this regards discussions and consultations were held with stakeholders to generate ideas for increasing Meerut city’s GDP. Meetings were held on 4th, 6th and 11th December 2022 with representatives from Scissors, Brass Band and Handloom clusters, Construction industry, Educational Institutions such as MIET (Meerut Institute of Engineering & Technology), MSM (Meerut School of Management).

Business Banter: Lessons from Entrepreneurs

Worried About Raising Capital in a Recession? Give Your Company The Edge By Doing What Other Entrepreneurs Often overlook

Entrepreneurs and founders need to generate capital investment to grow and succeed, yet attracting such investment is daunting in this market. Amidst heavy competition and negative market forces, one frequently underutilized resource provides many companies an edge: effective PR or public relations. By generating positive media coverage, PR can create interest in a startup and make it more attractive to potential investors.
Writing on the Wall

Govt asks industry bodies to be proactive as global slowdown looms

As the global economy faces recession and headwinds, the Ministry of Commerce and Industry on Thursday shared various indications with industry bodies regarding global trade prospects in the short to medium-term. World trade is losing momentum in the second half of 2022 and remain subdued in 2023 as multiple shocks weigh on the global economy, said the Department of Commerce in a letter.

Media Monitor

Macro Metre

Two-wheeler exports dip 10% between April and November this year: SIAM

The two-wheeler exports from India have witnessed a decline of 10 per cent y-o-y between April and November this year as compared to same period last year, according to the latest data from the Society of Indian Automobile Manufacturers show. Due to the global slowdown, the two-wheeler exports stood at 26, 79,201 between April-November (2022) as compared to 29, 76,065 units last year. Major exporters such as Bajaj Auto, Hero MotoCorp, Honda Motorcycle & Scooter India (HMSI) and TVS Motor Company, all have reported decline in sales, the data suggests.

WPI based inflations declines to 5.85% against 8.39% of previous month

The annual rate of inflation based on all India Wholesale Index (WPI) number is 5.85% (Provisional) for the month of November, 2022 (over November, 2021) against 8.39% recorded in October, 2022. Decline in rate of inflation in November, 2022 is primarily contributed by fall in prices of food articles, basic metals, textiles, chemicals & chemical products and paper & paper products as compared to the corresponding month of the previous year, said the official press release.

India capable to attract $10 bn renewable energy investment in 2023: Bank of America

Bank of America Corporation has predicted that next year India’s renewable energy sector may attract investment worth USD 10 billion. According to the lender’s President and India country head, Kaku Nakhate deals and investments will continue to flow into areas such as electric vehicles and green hydrogen. He said this as investors look to reflect the energy transition in their portfolios.  “If you really have to get your ESG story right, and if you are into energy, then you can do large pieces of work in India,” Nakhate said.

Domestic Digest

NITI Aayog revamps Women Entrepreneurship Platform; targets 2 lakh beneficiaries in next 3 years

NITI Aayog has recently launched the Women Entrepreneurship Platform (WEP) 3.0 with an objective to onboard 250,000 women entrepreneurs in the next 3 years. The Global Alliance for Mass Entrepreneurship has been chosen as the platform's program manager for the next 3 years. It also aims to onboard 500 partners and 200+ capacity-building events (online and offline). The revamped WEP 3.0 is a one-stop shop for all women’s entrepreneurial needs and its design thinking workshop was held at Ambedkar Bhawan.

Exports by Post office made easy

The Central Board of Indirect Taxes and Customs (CBIC) has introduced a new automated system which allows exporters to deposit the export parcel at any nearby post office instead of visiting a foreign post office. It has notified Postal Export (Electronic Declaration and Processing) Regulations, 2022 to boost MSME exports in the country, reported PTI. Currently, an exporter or his agent is required to file the export declaration at one of the 28 Foreign Post Offices (FPOs) and hand over the consignment for export while sending it through the postal route.

Skill development centre for women inaugurated in Kunjwani, Jammu

With the aim to provide skill development training to women of Kunjwani, a skill development centre was inaugurated by Baldev Singh Billawaria, Deputy Mayor of Jammu on Wednesday. The skill development centre has been established by Dogra Sewa Sambhal Trust (DSST) in collaboration with Jagriti Mahila Udyog Kendra (JMUK), who provided sewing machines for the centre. The inauguration ceremony was attended by several dignitaries, besides president of Dogra Sewa Sambhal Trust Rajiv Sharma and Jagriti Mahila Udyog Kendra president Veena Bakshi.
State Scan

Uttar Pradesh    

Ikea to invest Rs 4,000 cr in Retail sector of Uttar Pradesh

Sweden’s furniture, decor and home appliances company Ikea has assured the Uttar Pradesh government that it will invest Rs 4,000 crore in the retail sector, stated an official release on Wednesday. It has also informed the state government that it is planning to open a retail stores and luxury malls in Uttar Pradesh. Besides Ikea, the Uttar Pradesh government has so far received 25 proposals for investments worth Rs 20,000 crore from United Arab Emirates (UAE). The DP World has showed interest for a joint venture in logistics and cargo sectors.

Andhra Pradesh    

Credit plan for MSMEs in Tirupati projected at Rs 2,979 cr in FY24

For Micro, Small and Medium Enterprises (MSMEs) of Tirupati, the district credit plan for 2023-24 has been proposed at Rs 2,979.53 crore, said the District Collector K Venkataramana Reddy on Wednesday. Releasing the credit plan for upcoming financial year, the DC revealed that agriculture and ancillary wings credit has been projected at Rs 9,185.36 crore, for exports Rs 58.96 crore, for education sector Rs 158.10 crore and housing sector Rs 648 crore. To provide social infrastructure involving bank credit Rs 34.96 crore has been projected, for renewable energy Rs 25.04 crore and for informal credit delivery system Rs 1,268.18 crore were projected.

Maharashtra    

Maharashtra govt clears Investment projects worth Rs 70,000 crore

With the aim to promote industrial development in Vidarbha, Marathwada, Nashik, and Pune, the Maharashtra government on Tuesday approved Investment projects worth Rs 70,000 crores. The projects were cleared in the fourth meeting of the Cabinet Sub-Committee of the Industries Department chaired by Maharashtra Chief Minister Eknath Shinde. During the meet, the cabinet sub-committee approved the construction of three major projects in the Gadchiroli and Chandrapur districts of Vidarbha. Rs 20,000 crore investment was approved based on green technology. M New Era Cleantech Solutions Pvt.

Madhya Pradesh    

BoB aims to offer Rs 2,000 cr loans to MSMEs in MP-Chhattisgarh by end of FY23

Bank of Baroda (BOB) has set a target to offer Rs 2,000 crore for loans to MSME sector in Madhya Pradesh and Chhattisgarh by the end of the current financial year. The public sector bank has given loans worth Rs 850 crore to MSMEs in both the state. Thai was said by Shibasish Mishra, MSME, NTB Business Head, Mumbai Corporate Office of the Bank. He said that the the bank will give as much loan as is required by this sector in MP and Chhattisgarh.
World Watch

Russia    

Rupee settlement system for Russian shipment to be tested next week

Ever since the launch of Rupee settlement system by Reserve Bank of India (RBI), Indian exporters are expecting shipments to Russia to be settled in rupees next week, reported Mint. Lately the sanction-hit Russia has increased inquiries for products such as drugs and automobile parts as the war in Ukraine enters its 10th month. According to Federation of Indian Export Organisations (FIEO) director general Ajay Sahai a number of issues have been sorted out.  “Exporters and importers have begun approaching banks for opening of the accounts," he said.
Read More    Back to Top

Sweden    

Sweden to prioritise India-EU FTA during EU Presidency from Jan 1

Once Sweden takes over the rotating presidency of the Council of European Union from January 1, it will focus on the early finalisation of India-EU free trade agreement (FTA). The Scandinavian country will take over the presidency for a six-month period which will expire on June 30, 2023. It will also work on the 18-month programme jointly drafted with its predecessors France and the Czech Republic. The visiting Swedish foreign trade minister Johan Forssell told journalists in India that Sweden will act as an “honest broker” and will do its best to conclude FTA negotiations.
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Australia    

India-Australia FTA to benefit garment & home textile exporters

The Indian garment and home textile exporters are expected to benefit the most from the recently signed free trade agreement (FTA) with Australia, according to India Ratings and Research (Ind-Ra). The India-Australia Economic Cooperation and Trade Agreement (ECTA) will come into force from December 29 after both partners complete all formalities, paving the way for two-way duty-free trade. Australia's zero import duty access to India, which was earlier 5 per cent, will provide a level-playing field with exports from China, Vietnam and Bangladesh, the Ratings agency said on Thursday.
Read More    Back to Top
FISME’s official Twitter handle
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Knowledge and News Network (KNN)
KNN India’s official Twitter handle
@knnindia
Anil Bhardwaj, Secretary General
@abhardwaj_fisme
Other Events

Khadhya Khurak

Date: 15 - 18 Dec 2022
Venue: Helipad Exhibition Center, Gandhinagar
See Details

PackPlus South

Date: 16 - 18 Dec 2022
Venue: BIEC Bengaluru International Exhibition Centre, Bengaluru
See Details

Pharma B2B EXPO

Date: 17 - 18 Dec 2022
Venue: Auto Cluster Exhibition Center, Pune
See Details

Jaipur Jewellery Show

Date: 23 - 26 Dec 2022
Venue: Jaipur Exhibition & Convention Centre, Jaipur
See Details

Textile Utsav - Fabrics & Value Addition Season- 8

Date: 23 - 24 Dec 2022
Venue: Surat International Exhibition and Convention Centre, Surat
See Details

Bangalore Fashion Week

Date: 24 - 27 Dec 2022
Venue: The Leela Bhartiya City, Hotel Convention & Residences, Bengaluru
See Details
Your Views

What are the expectations of Indian MSMEs from budget 2023?

According to the FISME factor, 100% of MSMEs expect rationalisation of GST, accessible bank credit and public expenditure hike in budget 2023.
Knowledge Store

HR Heuristics

Is overoptimism a recipe for disaster?

An ideal team is always a heterogeneous mix of people with different beliefs and mind-sets. That means, there will be very negative people co-existing with some neutral team members as well as some optimistic and even overly optimistic team members.

Finance Fundamentals

6 Finance Tips For Entrepreneurs And Business Owners

Personal finance is an essential aspect of every adult’s life. When your money is mismanaged, and you face the heavy burden of debt with no financial plan, it can cause a lot of pain and stress in your life. Good money management skills and strong financial literacy skills are integral to everyday life. Entrepreneurs and business owners must take extra steps in understanding how to manage their finances, as they not only need to manage personal finances, but they need to understand their business finances as well.

Marketing Mantras

3 Ways To Improve Your Marketing Strategy For 2023

Sometimes marketing strategies are built on a combination of intuition and historical data. Chief marketing officers and directors use what they know to fuel their plans for both digital and traditional ad campaigns. But as the success of marketing strategies becomes more dependent on real-time data and evolving technology, new approaches are necessary.

Policy Polemic

RBI hikes repo rate by 35 bps; FIEO seeks extension of Export Refinance Facility to banks

Federation of Indian Export Organisations (FIEO) has requested RBI to extend "Export Refinance Facility" to banks as a response to the increase in the Repo Rate by 35 basis points. Under such a mechanism, banks may be encouraged to provide export credit in Rupee to exporters and the same amount can be refinanced by the RBI at the Repo Rate, said FIEO.

SME Special

How climatetech startup Welfund is enabling efficient solar adoption in India

India ranked fourth globally in solar power generation in 2021. According to India Brand Equity Foundation (IBEF), the country’s solar installed capacity increased from 2.63 GW in March 2014 to 49.3 GW by the end of 2021. Large solar projects may be under way, but the residential and small business segments often encounter challenges such as the non-availability of affordable financing options to set up rooftop solar installations.

Success Story

Surat-based Renon India wants to power an all-electric future

Aditya Vikram and Vineet Mittal wanted to use renewable and sustainable energy to generate an 'infinite' supply of energy that could pave the way for an all-electric future. In 2019, the duo established Renon India, a Surat-based lithium-ion (Li-ion) battery manufacturing company.

Stockpile

The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released the Quick Estimates of Index of Industrial Production and Use-Based Index for the month of October 2022 (Base 2011-12=100)

Quotable Quotes

“ Do not lower your goals to the level of your abilities. Instead, raise your abilities to the height of your goals. ”
– - Swami Vivekananda - Hindu monk, philosopher & author
 
Country Chronicles
 
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:
Reader Reactions

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Editorial Team:
Hon. Editor: Anil Bhardwaj
Asstt. Editor: Kalpana Sharma
Types setting & websdesigning: Sanjay Sachan  

 

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