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President's Message
The year 2047 will mark India’s 100 years of independence. Government of India has embarked upon an ambitious exercise to develop a vision document ‘India Vision@2047’ to peep into future and construct India of our vision. Different Ministries and departments are holding meetings and discussions with stakeholders. FISME participated in most and shared its vision for India to be a developed industrialized country by 2047 with per capita income over $20,000. That would require annual GDP growth at least 10% on average fuelled by manufacturing and exports. But the challenge is we don’t have manufacturing capabilities in a vast number of areas and that is why we are importing an array of products from China and other countries. FISME highlighted that most of these products have a legacy of reservation in Small Scale Sector which lasted till 2005-06. We proposed thousands of joint ventures with Japan, Taiwan and South Korea to acquire technology and build manufacturing capability to thwart import and expand to export. Public Procurement preferences can be a major policy bait for foreign companies to invest in India. We also proposed that to build companies of such scale that can form JVs and build technical capabilities Medium sized enterprises, instead of being ostracized, need to be supported and encouraged.
"
As the world changes, so does the role of the business owner. In both prosperous and uncertain times, it feels like business owners can never rest — or at least, they shouldn't. They can take a few moments to enjoy their current success, but they're also always aware that future success isn't a foregone conclusion; you never know what is right around the corner. In today's economy, small-business owners, in particular, are on the offensive. Their job has changed dramatically even from as recently as a decade ago. Because of that, they need to be proactive about cementing the position that their organizations are...
The GST invoice matching mechanism remains a work in progress after four and a half years.
At the core of the input tax credit (ITC) system lies a problem, which is the subject of litigation across High Courts: the recipient of goods and services being denied ITC because of slip-ups on the part of his supplier or those upstream in the value chain.
The law under which ITC is held up is Section 16(2)(c) of the Central Goods and Services Act
As per the report released by Ministry of Commerce today, India’s overall exports (Merchandise and Services combined) in December 2021 are estimated to be USD 57.87 Billion.
It exhibits a positive growth of 25.05 per cent over the same period last year and a positive growth of 23.35 per cent over December 2019.
Overall imports in December 2021 are estimated to be USD 72.35 Billion, exhibiting a positive growth of 33.86 per cent over the same period last year and a positive growth of 40.30 per cent over December 2019, said the press release.
For the current fiscal year, the World Bank has retained India’s economic growth forecast at 8.3 per cent.
The economy is projected to grow at 9.2 per cent in 2021-22, surpassing pre-COVID level in actual terms, mainly on account of improved performance, especially in farm, mining and manufacturing sectors, as per the first advanced estimates of the national income released by the National Statistical Office (NSO) last week.
As per an official source, the Government is expected to plan a comprehensive framework on cross-border insolvency and make various changes to the corporate insolvency resolution process (CIRP) to expedite the process.
The proposal for a comprehensive framework on cross-border insolvency will be soon be finalized by the Ministry of Corporate Affairs (MCA).
The reports in the media citing official sources surmised that a pragmatic approach was being adopted in this case.
After the framework is done by MCA, it will be sent to the legislation for examining the Bill and for final approval it will be sent to the Union Cabinet.
Lal10, a wholesale marketplace for rural MSMEs in India has registered an 80% month-on-month revenue growth in the last six months.
According to the Lal10 co-founder, over 1.2 million creative manufacturing MSMEs are struggling to reach markets amidst Covid as the traditional supply chain of exhibitions, middlemen, and export houses have collapsed.
Lal10 is building a technology-led seller ecosystem for MSMEs in the creative manufacturing sector.
The UPI transaction giant, Google Pay has partnered with Indifi Technologies to lend instant loans to MSMEs to spread its reach in the financial services across the country.
The loans will be set at a range of INR 2.5 to INR 3 lakh.
Speaking on this development, the Director of Product Management at Google Sharath Bulusu said, “The MSME sector in India needs access to reliable credit which is even more imperative due to the drastic change in the basics of economic because of the pandemic.”
The 4th edition of ‘FICCI Agri Startup Summit & Awards’ was held on Friday, where Dr Trilochan Mohapatra, Secretary (DARE) & Director General, ICAR, Govt of India emphasized that nurturing agri innovations is imperative for agricultural development.
“Innovations played a key role in green and white revolution,” he added.
He spoke about the huge opportunities to link farmers to market and startups have huge potential in this area, said the press release.
Dr Mohaptra mentioned that there has to be efficiency, climate resilience and high productivity with quality and we need more and more players to be part of it.
Continuous rise in product and fuel prices led to stockpiling of products in the domestic market but export sustained two wheeler demand.
High cost of ownership, bad rural sentiment, work from home practice and the latest threat of omicron impacted sales of two-wheelers in India during December, noted the Federation of Automobile Dealer Association (FADA).
“The two-wheeler segment has been the most impacted, as affordability and demand sentiments were hit sharply by the second wave. The reduced discretionary income due to job losses, salary cuts and/or Covid-induced medical expenses, coupled with relentless increase in two-wheeler prices,
The Surat International Textile Expo (SITEX) 2022 recorded INR 250 crore, which was a 3-day event.
It was organised by the Southern Gujarat Chamber Trader and Industrial Development Council.
Union Minister of State for Textiles and Railways Darshana Jardosh inaugurated the expo in presence of state BJP president CR Paatil.
Over 75 exhibitors from Surat and other parts of the country took part in the expo with machines made in European countries, as well as China and Japan.
Prime Minister Narendra Modi inaugurates the 25th National Youth Festival in Puducherry via video conferencing at 11 am today.
Swami Vivekananda's birth anniversary is observed as National Youth Day. Due to the prevailing COVID situation, the event is being organized virtually staring from today to January 13, 2022.
The event started with the address of Union Minister Anurag Thakur’s which was followed by the address of Puducherry CM N. Rangaswamy.
The Delhi government has selected almost 1,000 students-led startups out of 51,000 ideas through their ‘Business Blasters’ programme.
Of this, 100 startups will be selected for Round 3. Manish Sisodia Deputy Chief Minister said that student entrepreneurs this programme will bring back the glory of India which was known as ''Sone Ki Chidiya” (Golden Bird) in the past.
Motivating students, he said that the startups will establish companies where students fr0m across the world will aspire to work.
The Goa state government’s Directorate of Skill Development (DSDE) and Goa Institute of Management (GIM) will jointly conduct training programme for over 400 employees of the Goa government’s Industrial Technical Institute (ITI), including instructors, non-teaching staff and senior officials, were upskilled in communication, pedagogy, innovation, life-skills, stress management and other critical aspects.
The UK government on Thursday announced the launch of free trade agreement (FTA) negotiations with India, describing it as a "golden opportunity" to put British businesses at the "front of the queue" of the Indian economy.
British Prime Minister Boris Johnson said an FTA would take the country's historic partnership with India to the next level, and highlighted Scotch whisky, financial services and cutting-edge renewable technology among some of the key sectors set to benefit.
India and South Korea will hold talks on Tuesday, which will focus on addressing New Delhi’s concerns on trade imbalance with South Korea, market access issues and non-tariff barriers (NTBs).
Commerce and industry minister Piyush Goyal and Korean trade minister Han-koo Yeo will also discuss investment-related issues. “The meeting is expected to further boost India-Korea trade relations in an equitable and balanced manner to the mutual advantage of both countries,” the commerce ministry said in a statement.
Will the economic recovery face any major hurdle due to rising cases of Omicron?
According to the FISME factor, 50% of MSMEs think that the economic recovery will face hurdles due to rising cases of Omicron while 50% think it will not.
Tips for Small Businesses to Cultivate Loyalty and Increase Employee Retention
Nicknamed “The Great Resignation,” many businesses are grappling with employee retention and struggling to hire. The U.S. Labor Department’s monthly Job Openings and Labor Turnover Survey reported there were 10.4 million job openings in August and more than 4.3 million people leaving their jobs.
For new business owners looking to set up their business or a medium, small and micro enterprise (MSME) wanting to explore new business opportunities for scaling up, it is necessary to know that strong creditworthiness is
7 strategies to make your omnichannel marketing plan more effective
Omnichannel marketing refers to an interconnected multi-channel sales strategy that gives customers a seamless buying experience across sales channels commissioned by a brand.
Noida apparel exporters fear unbridled yarn price hike to jeopardize buyer-seller agreements
In view of the continuously increase in prices of yarn, the exporters of apparel in Gautam Budh Nagar, Noida wrote a letter to the Ministry of Textiles on Monday, highlighting this issue.
This home décor startup is keeping Indian handicrafts alive by working with artisans from remote parts of India
India is home to many different traditional handicrafts and skilled craftsmen found in hundreds of pockets all over the country. The Indian handicraft sector is the second largest employment market after agriculture.
How this textile commerce startup is disrupting the traditional supply chain of the industry
India is among the world’s largest producers of textiles, and yet the textile industry is a largely unorganised sector in the country. Other than the suiting and shirting segment, a large segment of the industry is still fragmented.
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 November, 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:
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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The year 2047 will mark India’s 100 years of independence. Government of India has embarked upon an ambitious exercise to develop a vision document ‘India Vision@2047’ to peep into future and construct India of our vision. Different Ministries and departments are holding meetings and discussions with stakeholders. FISME participated in most and shared its vision for India to be a developed industrialized country by 2047 with per capita income over $20,000. That would require annual GDP growth at least 10% on average fuelled by manufacturing and exports. But the challenge is we don’t have manufacturing capabilities in a vast number of areas and that is why we are importing an array of products from China and other countries. FISME highlighted that most of these products have a legacy of reservation in Small Scale Sector which lasted till 2005-06. We proposed thousands of joint ventures with Japan, Taiwan and South Korea to acquire technology and build manufacturing capability to thwart import and expand to export. Public Procurement preferences can be a major policy bait for foreign companies to invest in India. We also proposed that to build companies of such scale that can form JVs and build technical capabilities Medium sized enterprises, instead of being ostracized, need to be supported and encouraged.
"
As the world changes, so does the role of the business owner. In both prosperous and uncertain times, it feels like business owners can never rest — or at least, they shouldn't. They can take a few moments to enjoy their current success, but they're also always aware that future success isn't a foregone conclusion; you never know what is right around the corner. In today's economy, small-business owners, in particular, are on the offensive. Their job has changed dramatically even from as recently as a decade ago. Because of that, they need to be proactive about cementing the position that their organizations are...
As per the report released by Ministry of Commerce today, India’s overall exports (Merchandise and Services combined) in December 2021 are estimated to be USD 57.87 Billion.
It exhibits a positive growth of 25.05 per cent over the same period last year and a positive growth of 23.35 per cent over December 2019.
Overall imports in December 2021 are estimated to be USD 72.35 Billion, exhibiting a positive growth of 33.86 per cent over the same period last year and a positive growth of 40.30 per cent over December 2019, said the press release.
For the current fiscal year, the World Bank has retained India’s economic growth forecast at 8.3 per cent.
The economy is projected to grow at 9.2 per cent in 2021-22, surpassing pre-COVID level in actual terms, mainly on account of improved performance, especially in farm, mining and manufacturing sectors, as per the first advanced estimates of the national income released by the National Statistical Office (NSO) last week.
As per an official source, the Government is expected to plan a comprehensive framework on cross-border insolvency and make various changes to the corporate insolvency resolution process (CIRP) to expedite the process.
The proposal for a comprehensive framework on cross-border insolvency will be soon be finalized by the Ministry of Corporate Affairs (MCA).
The reports in the media citing official sources surmised that a pragmatic approach was being adopted in this case.
After the framework is done by MCA, it will be sent to the legislation for examining the Bill and for final approval it will be sent to the Union Cabinet.
Lal10, a wholesale marketplace for rural MSMEs in India has registered an 80% month-on-month revenue growth in the last six months.
According to the Lal10 co-founder, over 1.2 million creative manufacturing MSMEs are struggling to reach markets amidst Covid as the traditional supply chain of exhibitions, middlemen, and export houses have collapsed.
Lal10 is building a technology-led seller ecosystem for MSMEs in the creative manufacturing sector.
The UPI transaction giant, Google Pay has partnered with Indifi Technologies to lend instant loans to MSMEs to spread its reach in the financial services across the country.
The loans will be set at a range of INR 2.5 to INR 3 lakh.
Speaking on this development, the Director of Product Management at Google Sharath Bulusu said, “The MSME sector in India needs access to reliable credit which is even more imperative due to the drastic change in the basics of economic because of the pandemic.”
The 4th edition of ‘FICCI Agri Startup Summit & Awards’ was held on Friday, where Dr Trilochan Mohapatra, Secretary (DARE) & Director General, ICAR, Govt of India emphasized that nurturing agri innovations is imperative for agricultural development.
“Innovations played a key role in green and white revolution,” he added.
He spoke about the huge opportunities to link farmers to market and startups have huge potential in this area, said the press release.
Dr Mohaptra mentioned that there has to be efficiency, climate resilience and high productivity with quality and we need more and more players to be part of it.
Continuous rise in product and fuel prices led to stockpiling of products in the domestic market but export sustained two wheeler demand.
High cost of ownership, bad rural sentiment, work from home practice and the latest threat of omicron impacted sales of two-wheelers in India during December, noted the Federation of Automobile Dealer Association (FADA).
“The two-wheeler segment has been the most impacted, as affordability and demand sentiments were hit sharply by the second wave. The reduced discretionary income due to job losses, salary cuts and/or Covid-induced medical expenses, coupled with relentless increase in two-wheeler prices,
The Surat International Textile Expo (SITEX) 2022 recorded INR 250 crore, which was a 3-day event.
It was organised by the Southern Gujarat Chamber Trader and Industrial Development Council.
Union Minister of State for Textiles and Railways Darshana Jardosh inaugurated the expo in presence of state BJP president CR Paatil.
Over 75 exhibitors from Surat and other parts of the country took part in the expo with machines made in European countries, as well as China and Japan.
Prime Minister Narendra Modi inaugurates the 25th National Youth Festival in Puducherry via video conferencing at 11 am today.
Swami Vivekananda's birth anniversary is observed as National Youth Day. Due to the prevailing COVID situation, the event is being organized virtually staring from today to January 13, 2022.
The event started with the address of Union Minister Anurag Thakur’s which was followed by the address of Puducherry CM N. Rangaswamy.
The Delhi government has selected almost 1,000 students-led startups out of 51,000 ideas through their ‘Business Blasters’ programme.
Of this, 100 startups will be selected for Round 3. Manish Sisodia Deputy Chief Minister said that student entrepreneurs this programme will bring back the glory of India which was known as ''Sone Ki Chidiya” (Golden Bird) in the past.
Motivating students, he said that the startups will establish companies where students fr0m across the world will aspire to work.
The Goa state government’s Directorate of Skill Development (DSDE) and Goa Institute of Management (GIM) will jointly conduct training programme for over 400 employees of the Goa government’s Industrial Technical Institute (ITI), including instructors, non-teaching staff and senior officials, were upskilled in communication, pedagogy, innovation, life-skills, stress management and other critical aspects.
The UK government on Thursday announced the launch of free trade agreement (FTA) negotiations with India, describing it as a "golden opportunity" to put British businesses at the "front of the queue" of the Indian economy.
British Prime Minister Boris Johnson said an FTA would take the country's historic partnership with India to the next level, and highlighted Scotch whisky, financial services and cutting-edge renewable technology among some of the key sectors set to benefit.
India and South Korea will hold talks on Tuesday, which will focus on addressing New Delhi’s concerns on trade imbalance with South Korea, market access issues and non-tariff barriers (NTBs).
Commerce and industry minister Piyush Goyal and Korean trade minister Han-koo Yeo will also discuss investment-related issues. “The meeting is expected to further boost India-Korea trade relations in an equitable and balanced manner to the mutual advantage of both countries,” the commerce ministry said in a statement.
According to the FISME factor, 50% of MSMEs think that the economic recovery will face hurdles due to rising cases of Omicron while 50% think it will not. 
For new business owners looking to set up their business or a medium, small and micro enterprise (MSME) wanting to explore new business opportunities for scaling up, it is necessary to know that strong creditworthiness is
Omnichannel marketing refers to an interconnected multi-channel sales strategy that gives customers a seamless buying experience across sales channels commissioned by a brand.
In view of the continuously increase in prices of yarn, the exporters of apparel in Gautam Budh Nagar, Noida wrote a letter to the Ministry of Textiles on Monday, highlighting this issue.
India is home to many different traditional handicrafts and skilled craftsmen found in hundreds of pockets all over the country. The Indian handicraft sector is the second largest employment market after agriculture.
India is among the world’s largest producers of textiles, and yet the textile industry is a largely unorganised sector in the country. Other than the suiting and shirting segment, a large segment of the industry is still fragmented.
“The fire that warms us can also consume us; it is not the fault of the fire.
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