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President Message
The Foreign Trade Policy which was to be announced on 1st Oct 2022, was extended by six months. Following Covid pandemic and Russian-Ukraine war, the global markets remain in a flux. I led a FISME delegation recently to Commerce and Industry Minister. One of the few points that I raised was the need for a ’dynamic’ and ‘responsive’ trade policy. The era of five year policies, like five year plans, is all but over. The policies need to respond to the emerging challenges like upheaval in shipping, foreign exchange markets, insurance and surety premium, shipments tuck and payments delayed etc. Several such cases have been reported by our member MSMEs where the straight-jacketed compliance framework have led to enormous hardships for exporters. The response time also required to be cut drastically with changing external situations. Therefore what is needed is an institutional mechanism where grievances could be submitted and quickly addressed in a transparent and time bound manner. Thanks to availability of digital tech-tools today, periodic analysis of the data would throw important insights for future reforms. CIM has assured to put in place such a system.
"
A delegation of FISME met Hon’ble Minister of Commerce and Industry, Shri Piyush Goyal ji on 4th October to discuss various trade and export related issues of MSMEs. The delegation was led by Shri Prashant Patel, President and other prominent participants included Shri Neeraj Kedia, Chairman Banking & Finance Committee, Dr. Animesh Saxena, Immediate past President, Shri Pankaj Bansal, Treasurer and Shri Anil Bhardwaj, Secretary General. FISME’s memo stressed the need of having a dynamic & responsive Trade Policy. FISME also suggested grievance redressal mechanism & working groups on third country trading. The need for a programme to upgrade technology was also discussed.
To seek relief for exporters marked as ‘Risky exporter’ a delegation of FISME met Shri Vivek Johri, Chairman, CBEC. Based on certain inputs related to GST, Govt decides to put a large number of exporters on ‘risky exporter profile’ in 2020. It has led to severe backlogs and exporters were assured that restrictions would be off soon once the investigation was over. Chairman and his team were aware of the issue and assured FISME of major reforms in the process of tagging risky exporters. The delegation was led by Dr. Animesh Saxena, Immediate Past President and also included Shri Pankaj Bansal, Treasurer and Anil Bhardwaj, Secretary General FISME.
Prices are rising (8.6%, to be exact). This isn’t news. We see it at the grocery store, car dealership, and especially at the pump.
But thanks to a mix of slowed business growth and rising labor costs, we’re starting to see something new. Companies like Tesla, Netflix, Wells Fargo, and Carvana are facing hiring freezes and layoffs. Banks and economists have begun sounding the alarm about a looming recession.
Amid talks of slowdown and recession, the International Monetary Fund (IMF) has praised India once again for its economic growth and structural reforms carried out in the last few years. IMF Managing Director Kristalina Georgieva today said that India deserves to be called a bright spot on this otherwise dark horizon because it has been a fast-growing economy..
India’s overall exports (Merchandise and Services combined) in September 2022 are estimated to be USD 61.10 billion, exhibiting a positive growth of 10.24 per cent over the same period last year.
Overall imports in September 2022 are estimated to be USD 76.26 billion with a positive growth of 10.73 per cent over the same period last year. Merchandise exports in September 2022 were USD 35.45 billion, as compared to USD 33.81 billion in September 2021, exhibiting a positive growth of 4.82 per cent.
The annual rate of inflation based on all India Wholesale Price Index (WPI) number fell to 10.7 per cent for the month of September, 2022 against 12.41 per cent recorded in August 2022.
The Food Index consisting of 'Food Articles' from Primary Articles group and 'Food Product' from Manufactured Products group have decreased from 176.0 in August, 2022 to 175.2 in September, 2022, said the Ministry of Commerce. The rate of inflation based on WPI Food Index decreased from 9.93 per cent in August, 2022 to 8.08 per cent in September, 2022.
According to a report by Ernst and Young (EY) and the Indian Space Association (ISpA) it is estimated that the Space economy of India will reach USD 13 billion by 2025.
Encouraged by increasing participation from private sector, low cost of launch services, and the latest adoption of technology the space launch segment would grow rapidly at a CAGR of 13 per cent. The reported is titled as Developing the Space Ecosystem in India: Focusing on Inclusive Growth.
Global startups are likely to be attracted due to the growing demand for smaller satellites which will help incubate space tech companies in India.
The Institute of Chartered Accountants of India (ICAI) has released an exposure draft on International Financial Reporting Standard (IFRS) for SMEs Accounting Standard.
It has called for suggestions and feedback from stakeholders by December 31, 2022. They are applied for general purpose financial statements of small companies, primarily SMEs, private entities and non-publicly accountable entities, which is required or permitted in 86 jurisdictions across the globe.
Commission for Air Quality Management (CAQM) informed Union Minister for Environment, Forest and Climate Change, Bhupender Yadav that the uninterrupted use of diesel generators (DG) shall be permitted only for emergency services during Graded Response Action Plan (GRAP). The Union Minister had earlier met officials from DISCOM to ensure uninterrupted power supply in the region to discourage the usage of Diesel Gensets.
The Commission made a detailed presentation on different aspects and challenges with regard to controlling air pollution in the NCR region during the virtual meeting.
The validity for export of raw sugar to the US under tariff-rate quota (TRQ) has been extended from September 30, 2022 to December 31, 2022, said Directorate General of Foreign Trade (DGFT) said on Wednesday.
In May, the government permitted additional export of 2,051 metric tonne of raw sugar under the TRQ to the US for its fiscal year ending September 30, 2022. It has earlier said that that with this added quantity, the total sugar export to the US under TRQ during US fiscal year 2022 would be 10,475 MT.
Union Minister for Road Transport and Highways Nitin Gadkari on Tuesday launched Toyota’s first of its kind pilot project on Flexi-Fuel Strong Hybrid Electric Vehicles (FFV-SHEV).
This would run on 100 per cent petrol as well as 20 to 100 per cent blended ethanol and electric power. Addressing the gathering he said 6 to 8 per cent increase in agricultural growth rate is necessary for AtmaNirbhar Bharat as he emphasized on importance of converting surplus foodgrain and sugar into ethanol for boosting rural economy.
The Yogi Adityanath government on Thursday approved the Uttar Pradesh Textile and Garmenting Policy-2022 with an objective to make the state a textile hub.
The primary aim of the new policy is to establish the state as a global level garment manufacturing centre and sustainable development of all types of units related to textile industry like handloom, powerloom, spinning, weaving, processing, and garmenting. It will ensure development of all units through hand-holding and attracting private investment in the sector.
With an aim to create an online resource network for the textile, clothing and craft sector of India, the Directorate of Handicrafts & Handloom, Kashmir has signed an agreement with National Institute of Fashion Technology, India (NIFT) under the project titled ‘The Repository - Indian Textiles and Crafts’ (RTC).
The MoU was signed between Director, Handicrafts and Handloom, Kashmir Mehmood Ahmad Shah (JKAS) and Director (NRC), NIFT, Dr. Sanjeev Kumar.
The Kerala government has signed an agreement with Universities of Manchester, Oxford and Edinburgh for cooperation in the field of graphene.
The MoU was signed in the presence of Kerala Chief Minister Pinarayi Vijayan and state industry minister P Rajeeve in UK on Wednesday. Speaking on the occasion, Vijayan said that the MoU signed with the UK universities is expected to streamline the research oriented activities and enhance the knowledge economy of the state.
Punjab government on Tuesday announced a Voluntary Disclosure Scheme (VDS) to get consent of Punjab Pollution Control Board (PPCB) for all the small scale industries or other establishments having capital investment of less than Rs 10 crore.
While chairing a meeting with a delegation of industrialists from Ludhiana, Chief Minister Bhagwant Mann said that said that under the provisions of the Water (Prevention and Control of Pollution) Act, 1974 and Air (Prevention and Control of Pollution) Act, 1981, all the industries are required to obtain consent to establish/operate from PPCB.
In the just-concluded GITEX Global 2022 in Dubai, Startups supported by Kerala Startup Mission (KSUM) have closed deals worth Rs 130 crore.
The four-day event was held at Zabeel Hall of Dubai World Trade Centre which saw participation from a delegation comprising 40 startups from the KSUM. The expo provides startups a global platform to explore business and investment opportunities by showcasing innovative products, technology skills and sustainable ideas.
India has managed the global upheavals reasonably well to be the fastest growing economy. Do you think that this growth will sustain?
India has managed the global upheavals reasonably well to be the fastest growing economy. According to the FISME factor, 100% of MSMEs think that this growth will sustain in future.
How to keep power dynamics from ruining company culture
Power dynamics at the workplace refers to the balance – or imbalance – among people who share a professional relationship. With healthy and positive power dynamics, every employee feels as though their voice matters and they get to play a role in decision-making.
15 Finance Experts’ Tips For Business Owners Thinking About An Online Loan
Business owners looking for a cash infusion may seek out online lending over more traditional banking options. Many may assume that online lending is a faster and easier way to access needed funds. But as with any other funding option, it’s essential to know the facts about online lending before jumping in.
10 Small Business Marketing Strategies That Actually Work
Avoid the pitfalls of small business marketing and achieve long-term goals by choosing the right strategies.
If you're a small business owner, then you know that marketing can be tough. It seems like everyone is competing for attention, and it's hard to stand out from the crowd. But don't worry: Here are 10 small business marketing strategies that work.
Federation of Coimbatore Industries urge govt to continue export duty on steel products
The export duty on steel products should not be withdrawn until the global recession is over, said the Federaton of Coimbatore Industrial Associations (FOCIA) on Friday.
The association has also asked to form a raw material price fixation committee.
This IIT Madras alumni's startup is making crude oil out of seaweed
In the 1970s, as the world went through a crude oil crisis, America commissioned its scientists to come up with alternative fuels. The world already knew that biomass, the organic remains of any animal or plant, could be processed into biofuel.
However, the problem was we didn’t have.
A beauty subscription startup led to the launch of cosmetics brand SUGAR
Founded by Kaushik Mukherjee and Vineeta Singh in 2015, Mumbai-headquartered SUGAR Cosmetics began life as a direct-to-consumer (D2C) cosmetic brand, and diversified into an omnichannel strategy in 2017.
Since then, it has won both - consumer and investor approval.
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 August 2022 (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.
send mail to: newsletter@fisme.org.in
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The Foreign Trade Policy which was to be announced on 1st Oct 2022, was extended by six months. Following Covid pandemic and Russian-Ukraine war, the global markets remain in a flux. I led a FISME delegation recently to Commerce and Industry Minister. One of the few points that I raised was the need for a ’dynamic’ and ‘responsive’ trade policy. The era of five year policies, like five year plans, is all but over. The policies need to respond to the emerging challenges like upheaval in shipping, foreign exchange markets, insurance and surety premium, shipments tuck and payments delayed etc. Several such cases have been reported by our member MSMEs where the straight-jacketed compliance framework have led to enormous hardships for exporters. The response time also required to be cut drastically with changing external situations. Therefore what is needed is an institutional mechanism where grievances could be submitted and quickly addressed in a transparent and time bound manner. Thanks to availability of digital tech-tools today, periodic analysis of the data would throw important insights for future reforms. CIM has assured to put in place such a system.
"
A delegation of FISME met Hon’ble Minister of Commerce and Industry, Shri Piyush Goyal ji on 4th October to discuss various trade and export related issues of MSMEs. The delegation was led by Shri Prashant Patel, President and other prominent participants included Shri Neeraj Kedia, Chairman Banking & Finance Committee, Dr. Animesh Saxena, Immediate past President, Shri Pankaj Bansal, Treasurer and Shri Anil Bhardwaj, Secretary General. FISME’s memo stressed the need of having a dynamic & responsive Trade Policy. FISME also suggested grievance redressal mechanism & working groups on third country trading. The need for a programme to upgrade technology was also discussed.
To seek relief for exporters marked as ‘Risky exporter’ a delegation of FISME met Shri Vivek Johri, Chairman, CBEC. Based on certain inputs related to GST, Govt decides to put a large number of exporters on ‘risky exporter profile’ in 2020. It has led to severe backlogs and exporters were assured that restrictions would be off soon once the investigation was over. Chairman and his team were aware of the issue and assured FISME of major reforms in the process of tagging risky exporters. The delegation was led by Dr. Animesh Saxena, Immediate Past President and also included Shri Pankaj Bansal, Treasurer and Anil Bhardwaj, Secretary General FISME.
Prices are rising (8.6%, to be exact). This isn’t news. We see it at the grocery store, car dealership, and especially at the pump.
But thanks to a mix of slowed business growth and rising labor costs, we’re starting to see something new. Companies like Tesla, Netflix, Wells Fargo, and Carvana are facing hiring freezes and layoffs. Banks and economists have begun sounding the alarm about a looming recession.
India’s overall exports (Merchandise and Services combined) in September 2022 are estimated to be USD 61.10 billion, exhibiting a positive growth of 10.24 per cent over the same period last year.
Overall imports in September 2022 are estimated to be USD 76.26 billion with a positive growth of 10.73 per cent over the same period last year. Merchandise exports in September 2022 were USD 35.45 billion, as compared to USD 33.81 billion in September 2021, exhibiting a positive growth of 4.82 per cent.
The annual rate of inflation based on all India Wholesale Price Index (WPI) number fell to 10.7 per cent for the month of September, 2022 against 12.41 per cent recorded in August 2022.
The Food Index consisting of 'Food Articles' from Primary Articles group and 'Food Product' from Manufactured Products group have decreased from 176.0 in August, 2022 to 175.2 in September, 2022, said the Ministry of Commerce. The rate of inflation based on WPI Food Index decreased from 9.93 per cent in August, 2022 to 8.08 per cent in September, 2022.
According to a report by Ernst and Young (EY) and the Indian Space Association (ISpA) it is estimated that the Space economy of India will reach USD 13 billion by 2025.
Encouraged by increasing participation from private sector, low cost of launch services, and the latest adoption of technology the space launch segment would grow rapidly at a CAGR of 13 per cent. The reported is titled as Developing the Space Ecosystem in India: Focusing on Inclusive Growth.
Global startups are likely to be attracted due to the growing demand for smaller satellites which will help incubate space tech companies in India.
The Institute of Chartered Accountants of India (ICAI) has released an exposure draft on International Financial Reporting Standard (IFRS) for SMEs Accounting Standard.
It has called for suggestions and feedback from stakeholders by December 31, 2022. They are applied for general purpose financial statements of small companies, primarily SMEs, private entities and non-publicly accountable entities, which is required or permitted in 86 jurisdictions across the globe.
Commission for Air Quality Management (CAQM) informed Union Minister for Environment, Forest and Climate Change, Bhupender Yadav that the uninterrupted use of diesel generators (DG) shall be permitted only for emergency services during Graded Response Action Plan (GRAP). The Union Minister had earlier met officials from DISCOM to ensure uninterrupted power supply in the region to discourage the usage of Diesel Gensets.
The Commission made a detailed presentation on different aspects and challenges with regard to controlling air pollution in the NCR region during the virtual meeting.
The validity for export of raw sugar to the US under tariff-rate quota (TRQ) has been extended from September 30, 2022 to December 31, 2022, said Directorate General of Foreign Trade (DGFT) said on Wednesday.
In May, the government permitted additional export of 2,051 metric tonne of raw sugar under the TRQ to the US for its fiscal year ending September 30, 2022. It has earlier said that that with this added quantity, the total sugar export to the US under TRQ during US fiscal year 2022 would be 10,475 MT.
Union Minister for Road Transport and Highways Nitin Gadkari on Tuesday launched Toyota’s first of its kind pilot project on Flexi-Fuel Strong Hybrid Electric Vehicles (FFV-SHEV).
This would run on 100 per cent petrol as well as 20 to 100 per cent blended ethanol and electric power. Addressing the gathering he said 6 to 8 per cent increase in agricultural growth rate is necessary for AtmaNirbhar Bharat as he emphasized on importance of converting surplus foodgrain and sugar into ethanol for boosting rural economy.
The Yogi Adityanath government on Thursday approved the Uttar Pradesh Textile and Garmenting Policy-2022 with an objective to make the state a textile hub.
The primary aim of the new policy is to establish the state as a global level garment manufacturing centre and sustainable development of all types of units related to textile industry like handloom, powerloom, spinning, weaving, processing, and garmenting. It will ensure development of all units through hand-holding and attracting private investment in the sector.
With an aim to create an online resource network for the textile, clothing and craft sector of India, the Directorate of Handicrafts & Handloom, Kashmir has signed an agreement with National Institute of Fashion Technology, India (NIFT) under the project titled ‘The Repository - Indian Textiles and Crafts’ (RTC).
The MoU was signed between Director, Handicrafts and Handloom, Kashmir Mehmood Ahmad Shah (JKAS) and Director (NRC), NIFT, Dr. Sanjeev Kumar.
The Kerala government has signed an agreement with Universities of Manchester, Oxford and Edinburgh for cooperation in the field of graphene.
The MoU was signed in the presence of Kerala Chief Minister Pinarayi Vijayan and state industry minister P Rajeeve in UK on Wednesday. Speaking on the occasion, Vijayan said that the MoU signed with the UK universities is expected to streamline the research oriented activities and enhance the knowledge economy of the state.
Punjab government on Tuesday announced a Voluntary Disclosure Scheme (VDS) to get consent of Punjab Pollution Control Board (PPCB) for all the small scale industries or other establishments having capital investment of less than Rs 10 crore.
While chairing a meeting with a delegation of industrialists from Ludhiana, Chief Minister Bhagwant Mann said that said that under the provisions of the Water (Prevention and Control of Pollution) Act, 1974 and Air (Prevention and Control of Pollution) Act, 1981, all the industries are required to obtain consent to establish/operate from PPCB.
In the just-concluded GITEX Global 2022 in Dubai, Startups supported by Kerala Startup Mission (KSUM) have closed deals worth Rs 130 crore.
The four-day event was held at Zabeel Hall of Dubai World Trade Centre which saw participation from a delegation comprising 40 startups from the KSUM. The expo provides startups a global platform to explore business and investment opportunities by showcasing innovative products, technology skills and sustainable ideas.
India has managed the global upheavals reasonably well to be the fastest growing economy. According to the FISME factor, 100% of MSMEs think that this growth will sustain in future. 
Power dynamics at the workplace refers to the balance – or imbalance – among people who share a professional relationship. With healthy and positive power dynamics, every employee feels as though their voice matters and they get to play a role in decision-making.
Business owners looking for a cash infusion may seek out online lending over more traditional banking options. Many may assume that online lending is a faster and easier way to access needed funds. But as with any other funding option, it’s essential to know the facts about online lending before jumping in.
The export duty on steel products should not be withdrawn until the global recession is over, said the Federaton of Coimbatore Industrial Associations (FOCIA) on Friday.
The association has also asked to form a raw material price fixation committee.
In the 1970s, as the world went through a crude oil crisis, America commissioned its scientists to come up with alternative fuels. The world already knew that biomass, the organic remains of any animal or plant, could be processed into biofuel.
However, the problem was we didn’t have.
Founded by Kaushik Mukherjee and Vineeta Singh in 2015, Mumbai-headquartered SUGAR Cosmetics began life as a direct-to-consumer (D2C) cosmetic brand, and diversified into an omnichannel strategy in 2017.
Since then, it has won both - consumer and investor approval.
“ The greatest glory in living lies not in never falling, but in rising every time we fall. ”
