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President's Message
As I pen these words, the annus horribilis, 2021, is over. When I made the presentation before the Finance Minister two weeks ago during pre-budget consultation meeting, the horror story of the year did play on my mind. In a disaster like Covid pandemic no Government could do everything and had to be selective. We appreciated support measures such as ECLGS scheme but highlighted the problems faced by MSMEs during restructuring. For units impacted during the Covid pandemic, I asked for a guarantee cover of 100% of additional security needed for restructuring that could be extended through the existing CGTMSE scheme or through a new instrument under NCGTC. I also suggested specific amendments in IBC to ensure payment of MSME dues stuck in firms under CIRP. But the issue that I banged with force was the need to rein in domestic producers of raw material such as Steel, Copper, Aluminum and Polymers. I suggested steep reduction in customs duties and removal of artificial barriers as ADD/ SD from the four commodities. Besides asking for parity for both online and offline sellers in GST, I emphasized need to ensure that the provisions of TReDS are followed by public and private agencies in letter and spirit. I also raised the issue of reinstitution of interest subvention scheme which was very helpful for MSMEs. I am confident that Finance Minister would be sensitive to the MSME concerns and take appropriate steps to alleviate their pain. I take this opportunity to wish you and your extended family of employees a very healthy, happy and prosperous 2022. I hope the Omicron surge would subside soon and we shall continue to march towards growth this year.
"
April 2020 was the best and worst of times. Our company, the first and only health care business dedicated exclusively to treating myopia — or nearsightedness — in children, had just shifted into high-growth mode. Demand for our company’s services had never been higher, as children faced limited outdoor time and increased exposure to digital screens, the two main causes of myopia. While we faced the same initial pause in momentum that befell practically every business owner in the world at that time, the pandemic allowed us to re-evaluate and refocus our business approach.
A rapid surge in Omicron cases has already led to economic disruptions across many countries in the world due to a fresh wave of restrictions. As Omicron spreads in India, will the country's economic recovery face any major hurdle? A record surge in Omicron cases around the globe has led to severe disruptions, hurting economic growth just when the world was slowly seeing some economic revival.
The gross GST revenue collected in the month of December 2021 is INR 1,29,780 crore of which CGST is INR 22,578 crore, SGST is INR 28,658 crore, IGST is INR 69,155 crore.
The government has settled INR 25,568 crore to CGST and INR 21,102 crore to SGST from IGST as regular settlement.
The total revenue of Centre and the States in the month of December 2021 after settlements is INR 48,146 crore for CGST and INR 49,760 crore for the SGST.
The revenues for the month of December 2021 are 13% higher than the GST revenues in the same month last year and 26% higher than the GST revenues in December 2019.
India’s textile and apparel exports have seen a 53 per cent growth during the April-November period of the current fiscal year at around USD 26 billion, according to Wazir Textile Index.
This compares to the figure of USD 17 billion during the same period in FY21. According to Wazir Textile Index, all major companies including Welspun, Vardhman, Trident, KPR Mills, Indo Count, RSWM, Filatex, Nahar Spg and Indorama have posted higher sales during the first half of the current fiscal year compared to the pre-pandemic year.
To protect the local manufacturers from cheap Chinese imports, the Central Government has imposed anti-dumping duties on certain products such as aluminium goods and few chemicals for five years.
As per the Central Board of Indirect Taxes and Customs (CBIC), the duties have been imposed on certain flat rolled products of aluminium; sodium hydrosulphite (used on dye industry); silicone sealant (used in manufacturing of solar photovoltaic modules, and thermal power applications); hydrofluorocarbon (HFC) component R-32; and hydrofluorocarbon blends (both have uses in refrigeration industry).
As per the general circular by Ministry of Corporate Affairs, no additional fees shall be levied upto 15th February, 2022 for the filing of e-forms AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 Non-XBRL, and upto 28th February, 2022 for filing of e-forms MGT-7/MGT-7A with regards to the financial year that ended on 31st March, 2021.
This announcement is in continuation to general circular no. 17/2021 dated 29th October, 2021. It has considered the various requests from stakeholders regarding the said relaxation of levy of additional fees for the annual financial statement/return filings required to be done for the financial year which ended on 31st March, 2021.
The Defence Research and Development Organisation handed over the technology for indigenous extreme cold weather clothing system (ECWS) to 05 Indian companies in the capital for manufacturing it in India.
That clothing is required by Indian Army for its sustained operations in glacier and Himalayan peaks Secretary, which was imported along with several Special Clothing and Mountaineering Equipment (SCME) items for the troops deployed in high altitude regions.
The Ministry of Textile has announced the operational guidelines for the Production Linked Incentive (PLI) Scheme for Textile industry which will be in action from 24th September, 2021 to 31st March, 2030.
The Central government had approved the scheme with an expenditure of INR 10683 crore over a five year period, to promote production of MMF Apparel, MMF Fabrics and Products of Technical Textiles in the country. The detailed finalised Operational Guidelines can be accessed through this link: http://texmin.nic.in/services/operational-guidelines-production-linked-incentive-pli-scheme-textiles-promoting-mmf-and
The fifth edition of Made in Madurai exhibition began at the MADITSSIA auditorium on Friday.
Finance Minister P.T.R. Palanivel Thiaga Rajan said, “Such expo would give a fillip to the tiny, small and medium scale entrepreneurs. By participating in the exhibition, not only the public benefit, but also the entrepreneurs, since they can share the use of technology by the sector among others.” Expressing his appreciation towards MADITSSIA for conducting such event, Chief Minister M.K. Stalin said that he is aware of the issues concerning the tiny and small scale units and that they need great help.
The initial 2000 powerlooms will get the benefits of the incentive policy which will be set up in Kolkata from 1st January, 2022.
The state Micro Small & Medium Enterprises (MSME) department has come out with the 'Powerloom Incentive Policy' with an aim to extend fiscal incentives for installation of new-age shuttleless powerlooms by MSMEs in textile sector with a view to boost production of the improved quality fabrics and to create a sustainable ecosystem for MSMEs in textile sector, as published in Millennium Post.
During a recent investment roadshow organised by Rajasthan in Chennai, the former has signed six MoUs and five letter of intents (LOIs) worth INR 36,820 crore.
These investments are made in various sectors such as solar power generation, textile park, pharma, steel, tourism, gas, electric vehicle etc.The state government of Rajasthan is even expecting additional investment proposals from investors who attended the event.
Rajasthan government’s Industry and Commerce Minister Shakuntala Rawat and the Food and Civil Supplies, Consumer Affairs Minister Pratap Singh Khachariyawas were present during the signing of the investment agreements.
The Union Cabinet is expected to soon take up the final draft of India-UAE free trade agreement proposal for its approval after discussions between the two parties have been concluded, as published in BusinessLine.
A source informed the media house that “The Cabinet approval for the India-UAE Comprehensive Economic Partnership Agreement (CEPA) is expected to come in time for Prime Minister Narendra Modi’s visit to Dubai, scheduled around 6th January, 2022 where the pact is likely to be formalised.”
Commerce and industry minister Piyush Goyal and Australian Minister for Trade, Tourism and Investment Dan Tehan held a virtual meeting on Tuesday and reviewed the progress made in various rounds of talks between the chief negotiators of both the sides on Free Trade Agreement (FTA).
India and Australia have decided to step up the pace of negotiations to bring off an interim trade deal which will be followed up with a broader FTA. Earlier this year, both the countries had aimed at securing FTA, formally called bilateral Comprehensive Economic Cooperation Agreement, by December 2022 according to media sources. However, an early-harvest deal was to be worked upon by this Christmas.
India and Taiwan have started negotiations for a free-trade agreement and setting up a semiconductor manufacturing hub in India it will be the second such facility by Taiwan in a foreign country after its production hub in the United States. The centre has already proposed a number of sites for the facility and one of Taiwan's leading semiconductor producers may implement the mega project as reported by mint. The Indian government has already proposed a number of sites for the facility and one of Taiwan's leading semiconductor producers, including the Taiwan Semiconductor Manufacturing Company (TSMC) and the United Microelectronics Corporation (UMC), may implement the mega project.
India’s GDP grew at 8.4% in the quarter ending September. With Omicron hovering over us do you think that growth rate will continue in upcoming months?
India's GDP grew at 8.4% in the quarter ending September. According to the FISME factor, 100% MSMEs don’t know that growth rate will continue in upcoming months.
10 Actionable Employee-Retention Strategies for 2022
Employees add a considerable amount of value to your business processes and help you attain your organizational goals. While it is crucial to hire fresh talent regularly, it is equally important to retain the valuable talent you already possess.
There is a saying in English: It is cheating only if you get caught. It seems getting caught does not deter one alleged group of fraudsters in Chennai. In August this year, the directors of a private limited company, trading in steel and iron, were suspected to be involved in defrauding a leading public sector bank of Rs391.30 crores.
Scale Your Business with a Comprehensive Digital Marketing Plan
As the world has increasingly shifted toward online businesses, it's absolutely essential that all entrepreneurs have a digital marketing plan. If you're not sure what you're doing when it comes to reaching customers online and expanding your brand message, it's time to check out The 2022 All-In-One Digital Marketing Certification Super Bundle. For a limited time during our Cyber Week Sale, you can get it for an extra 20 percent off.
MSMEs in Assam stuck in silos, poor infrastructure remains major concern
The industrial sector in Assam contribute to 39% of the state’s GDP of 2021-22 (at current prices) which is projected to be INR 3,77,102 crore.
However, firms took 248 days to set up their businesses in the state, as published in North East Now.
How Mumbai-based ARIS BioEnergy is helping convert used cooking oil from 27,000 eateries into biodiesel
Founded by Umesh Waghdhare, ARIS BioEnergy collects used cooking oil from eateries across Mumbai, Nagpur, Nashik, Kolhapur, and Karnataka, and sells them to refineries to convert into biofuel. This year, ARIS is planning to set up a refinery of its own.
At 22, he launched one of India’s first electronic heating belts brands Flamingo which is now worth Rs 200 cr
Rajiv Mistry, founder of Ascent Meditech Ltd (AML) which is known for its flagship brand Flamingo, tells his journey of making a nearly Rs 200 cr company. An engineer by education, Mistry started making electronic medical equipment in 1991, at a time when concept of heat belts was alien to India.
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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As I pen these words, the annus horribilis, 2021, is over. When I made the presentation before the Finance Minister two weeks ago during pre-budget consultation meeting, the horror story of the year did play on my mind. In a disaster like Covid pandemic no Government could do everything and had to be selective. We appreciated support measures such as ECLGS scheme but highlighted the problems faced by MSMEs during restructuring. For units impacted during the Covid pandemic, I asked for a guarantee cover of 100% of additional security needed for restructuring that could be extended through the existing CGTMSE scheme or through a new instrument under NCGTC. I also suggested specific amendments in IBC to ensure payment of MSME dues stuck in firms under CIRP. But the issue that I banged with force was the need to rein in domestic producers of raw material such as Steel, Copper, Aluminum and Polymers. I suggested steep reduction in customs duties and removal of artificial barriers as ADD/ SD from the four commodities. Besides asking for parity for both online and offline sellers in GST, I emphasized need to ensure that the provisions of TReDS are followed by public and private agencies in letter and spirit. I also raised the issue of reinstitution of interest subvention scheme which was very helpful for MSMEs. I am confident that Finance Minister would be sensitive to the MSME concerns and take appropriate steps to alleviate their pain. I take this opportunity to wish you and your extended family of employees a very healthy, happy and prosperous 2022. I hope the Omicron surge would subside soon and we shall continue to march towards growth this year.
"
April 2020 was the best and worst of times. Our company, the first and only health care business dedicated exclusively to treating myopia — or nearsightedness — in children, had just shifted into high-growth mode. Demand for our company’s services had never been higher, as children faced limited outdoor time and increased exposure to digital screens, the two main causes of myopia. While we faced the same initial pause in momentum that befell practically every business owner in the world at that time, the pandemic allowed us to re-evaluate and refocus our business approach.
The gross GST revenue collected in the month of December 2021 is INR 1,29,780 crore of which CGST is INR 22,578 crore, SGST is INR 28,658 crore, IGST is INR 69,155 crore.
The government has settled INR 25,568 crore to CGST and INR 21,102 crore to SGST from IGST as regular settlement.
The total revenue of Centre and the States in the month of December 2021 after settlements is INR 48,146 crore for CGST and INR 49,760 crore for the SGST.
The revenues for the month of December 2021 are 13% higher than the GST revenues in the same month last year and 26% higher than the GST revenues in December 2019.
India’s textile and apparel exports have seen a 53 per cent growth during the April-November period of the current fiscal year at around USD 26 billion, according to Wazir Textile Index.
This compares to the figure of USD 17 billion during the same period in FY21. According to Wazir Textile Index, all major companies including Welspun, Vardhman, Trident, KPR Mills, Indo Count, RSWM, Filatex, Nahar Spg and Indorama have posted higher sales during the first half of the current fiscal year compared to the pre-pandemic year.
To protect the local manufacturers from cheap Chinese imports, the Central Government has imposed anti-dumping duties on certain products such as aluminium goods and few chemicals for five years.
As per the Central Board of Indirect Taxes and Customs (CBIC), the duties have been imposed on certain flat rolled products of aluminium; sodium hydrosulphite (used on dye industry); silicone sealant (used in manufacturing of solar photovoltaic modules, and thermal power applications); hydrofluorocarbon (HFC) component R-32; and hydrofluorocarbon blends (both have uses in refrigeration industry).
As per the general circular by Ministry of Corporate Affairs, no additional fees shall be levied upto 15th February, 2022 for the filing of e-forms AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 Non-XBRL, and upto 28th February, 2022 for filing of e-forms MGT-7/MGT-7A with regards to the financial year that ended on 31st March, 2021.
This announcement is in continuation to general circular no. 17/2021 dated 29th October, 2021. It has considered the various requests from stakeholders regarding the said relaxation of levy of additional fees for the annual financial statement/return filings required to be done for the financial year which ended on 31st March, 2021.
The Defence Research and Development Organisation handed over the technology for indigenous extreme cold weather clothing system (ECWS) to 05 Indian companies in the capital for manufacturing it in India.
That clothing is required by Indian Army for its sustained operations in glacier and Himalayan peaks Secretary, which was imported along with several Special Clothing and Mountaineering Equipment (SCME) items for the troops deployed in high altitude regions.
The Ministry of Textile has announced the operational guidelines for the Production Linked Incentive (PLI) Scheme for Textile industry which will be in action from 24th September, 2021 to 31st March, 2030.
The Central government had approved the scheme with an expenditure of INR 10683 crore over a five year period, to promote production of MMF Apparel, MMF Fabrics and Products of Technical Textiles in the country. The detailed finalised Operational Guidelines can be accessed through this link: http://texmin.nic.in/services/operational-guidelines-production-linked-incentive-pli-scheme-textiles-promoting-mmf-and
The fifth edition of Made in Madurai exhibition began at the MADITSSIA auditorium on Friday.
Finance Minister P.T.R. Palanivel Thiaga Rajan said, “Such expo would give a fillip to the tiny, small and medium scale entrepreneurs. By participating in the exhibition, not only the public benefit, but also the entrepreneurs, since they can share the use of technology by the sector among others.” Expressing his appreciation towards MADITSSIA for conducting such event, Chief Minister M.K. Stalin said that he is aware of the issues concerning the tiny and small scale units and that they need great help.
The initial 2000 powerlooms will get the benefits of the incentive policy which will be set up in Kolkata from 1st January, 2022.
The state Micro Small & Medium Enterprises (MSME) department has come out with the 'Powerloom Incentive Policy' with an aim to extend fiscal incentives for installation of new-age shuttleless powerlooms by MSMEs in textile sector with a view to boost production of the improved quality fabrics and to create a sustainable ecosystem for MSMEs in textile sector, as published in Millennium Post.
During a recent investment roadshow organised by Rajasthan in Chennai, the former has signed six MoUs and five letter of intents (LOIs) worth INR 36,820 crore.
These investments are made in various sectors such as solar power generation, textile park, pharma, steel, tourism, gas, electric vehicle etc.The state government of Rajasthan is even expecting additional investment proposals from investors who attended the event.
Rajasthan government’s Industry and Commerce Minister Shakuntala Rawat and the Food and Civil Supplies, Consumer Affairs Minister Pratap Singh Khachariyawas were present during the signing of the investment agreements.
The Union Cabinet is expected to soon take up the final draft of India-UAE free trade agreement proposal for its approval after discussions between the two parties have been concluded, as published in BusinessLine.
A source informed the media house that “The Cabinet approval for the India-UAE Comprehensive Economic Partnership Agreement (CEPA) is expected to come in time for Prime Minister Narendra Modi’s visit to Dubai, scheduled around 6th January, 2022 where the pact is likely to be formalised.”
Commerce and industry minister Piyush Goyal and Australian Minister for Trade, Tourism and Investment Dan Tehan held a virtual meeting on Tuesday and reviewed the progress made in various rounds of talks between the chief negotiators of both the sides on Free Trade Agreement (FTA).
India and Australia have decided to step up the pace of negotiations to bring off an interim trade deal which will be followed up with a broader FTA. Earlier this year, both the countries had aimed at securing FTA, formally called bilateral Comprehensive Economic Cooperation Agreement, by December 2022 according to media sources. However, an early-harvest deal was to be worked upon by this Christmas.
India and Taiwan have started negotiations for a free-trade agreement and setting up a semiconductor manufacturing hub in India it will be the second such facility by Taiwan in a foreign country after its production hub in the United States. The centre has already proposed a number of sites for the facility and one of Taiwan's leading semiconductor producers may implement the mega project as reported by mint. The Indian government has already proposed a number of sites for the facility and one of Taiwan's leading semiconductor producers, including the Taiwan Semiconductor Manufacturing Company (TSMC) and the United Microelectronics Corporation (UMC), may implement the mega project.
India's GDP grew at 8.4% in the quarter ending September. According to the FISME factor, 100% MSMEs don’t know that growth rate will continue in upcoming months. 
There is a saying in English: It is cheating only if you get caught. It seems getting caught does not deter one alleged group of fraudsters in Chennai. In August this year, the directors of a private limited company, trading in steel and iron, were suspected to be involved in defrauding a leading public sector bank of Rs391.30 crores.
As the world has increasingly shifted toward online businesses, it's absolutely essential that all entrepreneurs have a digital marketing plan. If you're not sure what you're doing when it comes to reaching customers online and expanding your brand message, it's time to check out The 2022 All-In-One Digital Marketing Certification Super Bundle. For a limited time during our Cyber Week Sale, you can get it for an extra 20 percent off.
The industrial sector in Assam contribute to 39% of the state’s GDP of 2021-22 (at current prices) which is projected to be INR 3,77,102 crore.
However, firms took 248 days to set up their businesses in the state, as published in North East Now.
Founded by Umesh Waghdhare, ARIS BioEnergy collects used cooking oil from eateries across Mumbai, Nagpur, Nashik, Kolhapur, and Karnataka, and sells them to refineries to convert into biofuel. This year, ARIS is planning to set up a refinery of its own.
Rajiv Mistry, founder of Ascent Meditech Ltd (AML) which is known for its flagship brand Flamingo, tells his journey of making a nearly Rs 200 cr company. An engineer by education, Mistry started making electronic medical equipment in 1991, at a time when concept of heat belts was alien to India.
