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President Message
There is little doubt that post Covid, Global Value Chains are in flux. Specially those anchored in China. For India, who has operated from GVC periphery it is an opportune moment. But the question is whether we are up to the task? Strategy is one thing, but are we competitive. A recent study (see, ‘Writing on the wall’) rightly emphasizes the issue of comprehensive competitiveness. While the access to finance for MSMEs has certainly improved in India, two additional issues need attention. One is technology. In SSI reserved product categories technological obsolescence prevails widely. There is a need to bridge gaps in technology through JVs and also build economy of scales through medium enterprises. Secondly, equally important is ensuring access to competitively priced quality raw material be that Steel, Copper, Aluminium or polymers. We can’t have competitive manufacturing base without ensuring competitive factor markets. The tendency to over protect large manufacturers of these raw materials through a maze of higher customs duties, anti-dumping & safeguard duties have rendered down-stream suppliers uncompetitive. Working with GVCs require ability to take larger risks and be dependable on long term contracts. Government has a big task at hand in providing such an enabling eco-system.
"
Being an entrepreneur can be stressful and challenging, especially if you don't know what you're doing. But it doesn't have to be that way! You can succeed at starting your own business and navigating the ins and outs of running your own company if you pay attention to these ten simple pieces of advice. Before starting a business, it's essential to do your research and ensure that you clearly understand your industry, target market and competition. You don't want to invest money into something without knowing if there is an audience for it or if there are other similar businesses out there. The research will save you time and money in the long run!
We must develop a policy agenda that strengthens India’s competitive position through an analysis of a wide range of factors
The world has been closely watching India’s journey as it is on its way to becoming an economic powerhouse. As a global economic force on the rise, the need of the hour is to focus on development strategies in light of the nation’s expanding aspirations....
The S&P Global Purchasing Managers Index (PMI) decreased to 56.2 in August from 56.4 in July, however it marked the second best index reading since last November.
The survey stated that sustained improvement in demand conditions boosted new orders intakes during the month of August, which in turn helped push output-growth to a nine month high. Lower prices of some commodities such as aluminium and steel played an important role in soothing down the inflationary pressures.
The government is considering to impose restrictions on exports of broken rice in the form of export tax, reported Financial express on Friday.
This decision is likely to come due to reduction in the paddy growth area because of lack of rainfall. The domestic price of broken rice has increased by around Rs 3 per kg to Rs 25 a kg in the last couple months. According to trade estimates, broken rice shipment has a share of around 20 per cent in the total non-basmati rice export of 17 million tonne (MT) in 2021-22
In the month of August 2022 Rs 1,43,612 crore gross GST revenue was collected which is 28 per cent higher than the GST revenues in the same month in 2021.
The government has settled Rs 29,524 crore to CGST and Rs 25,119 crore to SGST from IGST, said the official statement on Thursday.
The total revenue of Centre and the States in the month of August 2022 after regular settlement is Rs 54,234 crore for CGST and Rs 56,070 crore for the SGST.
The Department of Consumer Affairs notified on Thursday that it has exempted the garment or hosiery industry selling garment or hosiery items in loose or open from Legal Metrology (Packaged Commodities) Rules 2011.
It is for ease of doing business and reducing the compliance burden to industries without compromising the interest of consumers by declaring the information relevant to consumers, said the official government statement.
The Logistics Division of Department for Promotion of Industry and Internal Trade (DPIIT) has created a user-interactive dashboard which allows authorized user associations to log-in and lodge issues or suggestions for the government to track and resolve in a transparent manner.
It is expected to be launched for all authorised associations in the sector soon. This new digital initiative aims to reduce paper correspondence burden of industry associations and trade bodies, said the official press release.
The Ministry of MSME has received numerous complaints from entrepreneurs with regards to bank credit and the matter will be discussed with the Finance Ministry, said Union Minister Narayan Rane.
He was speaking at an event hosted by Institute of Chartered Accountants of India (ICAI) and IMC Chamber of Commerce and Industry last week. The Minister acknowledged that in order for the MSME sector to scale up it is imperative to get rid of the hurdles faced by the MSMEs in setting up new industries such as lack of ease in securing bank credit.
Union Minister for MSME Narayan Rane will inaugurate the ‘MEDC-MSME Conference 2022' on August 23 in Mumbai.
The Maharashtra Economic Development Council (MEDC), Mumbai is organising the event at BN Vaidya Hall, IES School, Dadar (E), Mumbai.
State Industries Minister Uday Samant will also jointly inaugurate the conference at 9.30 am. ‘MSME Internationalization’, ‘Women Entrepreneurship, Financial Assistance for MSME' and ‘Role of Skilling, Incubator and Clusters in MSME Sector’ will be the key area of focus, as per Lokmat Times report.
One-week long handicraft exhibition will commence at Urban Haat in Dimapur, Nagaland from September 5.
The exhibition is being organised by the Nagaland Handloom & Handicrafts Development Corporation (NHHDC) Ltd with the support of the Office of Development Commissioner (Handicrafts), Ministry of Textiles, Government of India. “All those interested artisan holding artisans ID card issued by the office of the development commissioner (Handicrafts) may apply for the exhibition by writing the project cell, NHHDC Ltd, Half Nagarjan, Dimapur, on or before september 3,” said an official release.
The State Cabinet of Rajasthan approved the Handicrafts Policy-2022 on Tuesday under the chairmanship of Chief Minister Ashok Gehlot.
The objective of Rajasthan Handicrafts Policy – 2022 is to help the development of 6 lakh craftsman and artisans by empowering them. New employment opportunities will also be created in the state with a focus on giving boost to traditional handicrafts.
Under the new policy National-level Handicrafts Week will be organised every year in December and artisan will be felicitated.
The Tamil Nadu Skill Corporation on Monday signed an Memorandum of Understanding with 47 firms to provide world-class course contents to the students to help them develop necessary job skills.
This agreement was signed under the state government’s skill development and employability facilitation scheme, ‘Naan Mudhalvan’.
The Tamil Nadu Chief Minister M K Stalin during the MoU ceremony also launched a dedicated upskilling portal. He also inaugurated an exhibition of firms that offer training, skilling and courses on a range of fields and subjects.
The toy cluster coming up in Indore will have 20 small units and will give employment opportunities to over 2,500 people, said Chief Minister Shivraj Singh Chouhan.
He said that 42 clusters had been approved in the state, out of which a toy cluster is being developed in the city.
The CM was unveiling the foundation stone of a toy cluster electronically at a function held at Amardas Hall last week. The toy cluster is being established at a cost of Rs 2.84 crore, which will attract investment of about Rs 80 crore and offer 2,500 jobs to youths.
During a recently held meeting in New Delhi Union MSME Minister Narayan Rane and Mauritius’ Union Minister of Industrial Development, SMEs and Cooperatives Soomilduth Bholah emphasized on MSME cooperation between both the countries in various sectors such as aromatherapy, food processing and eco-friendly businesses. It was the 3rd Joint Committee Meeting (JCM) between Ministry of Micro, Small and Medium Enterprises (MSME) and Ministry of Business, Enterprises and Cooperatives of Republic of Mauritius for cooperation in the field of MSMEs.
Minister of State for MSME, Secretary (MSME) and other senior dignitaries also took part in the meeting, said a press release.
What should be the top priority to improve for achieving India vision 2047?
According to the FISME factor, 40% of MSMEs think that finance should be the top priority to improve for achieving India vision 2047, 30% think infrastructure while 30% think technology.
Finding and hiring new employees can be exciting and challenging. It's an opportunity to bring some outside perspective and experience to your organization. You can find quality candidates efficiently and economically by developing a robust hiring strategy.
14 Smart, Simple Strategies To Help Small-Business Owners Manage Expenses
< Keeping a tight rein on expenses is important for a small business operating with a limited budget. If unchecked, spending can get out of hand quickly, putting a serious strain on financial health. In addition to looking for ways to cut spending, it’s important for small-business owners to consider smarter ways to meet necessary expenses for essential functions and services.
When it comes to building a brand, social media remains one of the best tools in aiding a business in reaching its target audience. The medium builds brands, provides customers with information about their debut, and gives them a chance to provide feedback.
Apparel exporters seek raw material security; PLI-2 scheme
Exporters of apparel have urged the government to address issues related to ensuring raw material security and announcement of Production Linked Incentive (PLI) - 2.
During the 43rd Annual General Meeting (AGM) of Apparel Export Promotion Council (AEPC) exporters raised the RoSCTL issue and requested government to announce a new ATUF Scheme, said a press release.
This Pune-based startup wants to solve complex barriers in farming via tech
India is still playing catch-up when it comes to mechanising agriculture. To remove traditional barriers via tech, Akshaya Agri was founded by Satish Nadiger, Abhijit Varade, Robesh Maity, Nilesh Pathak, and Amit Talwar in 2020.
Palmonas is tapping the demi-fine trend with steel and silver jewellery
Diamonds may be a girl’s best friend, but what if you don’t want to splash out? More and more women are choosing to take the demi-fine route, buying pieces that bridge the gap between cheap costume jewellery and expensive fine ornaments.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released the estimates of Gross Domestic Product (GDP) for the April-June quarter (Q1) of 2022-23, both at Constant (2011-12) and Current Prices.
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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This Newsletter is edited by the FISME Secretariat. We welcome contributions as well as comments and suggestions. Please write to newsletter@fisme.org.in
There is little doubt that post Covid, Global Value Chains are in flux. Specially those anchored in China. For India, who has operated from GVC periphery it is an opportune moment. But the question is whether we are up to the task? Strategy is one thing, but are we competitive. A recent study (see, ‘Writing on the wall’) rightly emphasizes the issue of comprehensive competitiveness. While the access to finance for MSMEs has certainly improved in India, two additional issues need attention. One is technology. In SSI reserved product categories technological obsolescence prevails widely. There is a need to bridge gaps in technology through JVs and also build economy of scales through medium enterprises. Secondly, equally important is ensuring access to competitively priced quality raw material be that Steel, Copper, Aluminium or polymers. We can’t have competitive manufacturing base without ensuring competitive factor markets. The tendency to over protect large manufacturers of these raw materials through a maze of higher customs duties, anti-dumping & safeguard duties have rendered down-stream suppliers uncompetitive. Working with GVCs require ability to take larger risks and be dependable on long term contracts. Government has a big task at hand in providing such an enabling eco-system.
"
The S&P Global Purchasing Managers Index (PMI) decreased to 56.2 in August from 56.4 in July, however it marked the second best index reading since last November.
The survey stated that sustained improvement in demand conditions boosted new orders intakes during the month of August, which in turn helped push output-growth to a nine month high. Lower prices of some commodities such as aluminium and steel played an important role in soothing down the inflationary pressures.
The government is considering to impose restrictions on exports of broken rice in the form of export tax, reported Financial express on Friday.
This decision is likely to come due to reduction in the paddy growth area because of lack of rainfall. The domestic price of broken rice has increased by around Rs 3 per kg to Rs 25 a kg in the last couple months. According to trade estimates, broken rice shipment has a share of around 20 per cent in the total non-basmati rice export of 17 million tonne (MT) in 2021-22
In the month of August 2022 Rs 1,43,612 crore gross GST revenue was collected which is 28 per cent higher than the GST revenues in the same month in 2021.
The government has settled Rs 29,524 crore to CGST and Rs 25,119 crore to SGST from IGST, said the official statement on Thursday.
The total revenue of Centre and the States in the month of August 2022 after regular settlement is Rs 54,234 crore for CGST and Rs 56,070 crore for the SGST.
The Department of Consumer Affairs notified on Thursday that it has exempted the garment or hosiery industry selling garment or hosiery items in loose or open from Legal Metrology (Packaged Commodities) Rules 2011.
It is for ease of doing business and reducing the compliance burden to industries without compromising the interest of consumers by declaring the information relevant to consumers, said the official government statement.
The Logistics Division of Department for Promotion of Industry and Internal Trade (DPIIT) has created a user-interactive dashboard which allows authorized user associations to log-in and lodge issues or suggestions for the government to track and resolve in a transparent manner.
It is expected to be launched for all authorised associations in the sector soon. This new digital initiative aims to reduce paper correspondence burden of industry associations and trade bodies, said the official press release.
The Ministry of MSME has received numerous complaints from entrepreneurs with regards to bank credit and the matter will be discussed with the Finance Ministry, said Union Minister Narayan Rane.
He was speaking at an event hosted by Institute of Chartered Accountants of India (ICAI) and IMC Chamber of Commerce and Industry last week. The Minister acknowledged that in order for the MSME sector to scale up it is imperative to get rid of the hurdles faced by the MSMEs in setting up new industries such as lack of ease in securing bank credit.
Union Minister for MSME Narayan Rane will inaugurate the ‘MEDC-MSME Conference 2022' on August 23 in Mumbai.
The Maharashtra Economic Development Council (MEDC), Mumbai is organising the event at BN Vaidya Hall, IES School, Dadar (E), Mumbai.
State Industries Minister Uday Samant will also jointly inaugurate the conference at 9.30 am. ‘MSME Internationalization’, ‘Women Entrepreneurship, Financial Assistance for MSME' and ‘Role of Skilling, Incubator and Clusters in MSME Sector’ will be the key area of focus, as per Lokmat Times report.
One-week long handicraft exhibition will commence at Urban Haat in Dimapur, Nagaland from September 5.
The exhibition is being organised by the Nagaland Handloom & Handicrafts Development Corporation (NHHDC) Ltd with the support of the Office of Development Commissioner (Handicrafts), Ministry of Textiles, Government of India. “All those interested artisan holding artisans ID card issued by the office of the development commissioner (Handicrafts) may apply for the exhibition by writing the project cell, NHHDC Ltd, Half Nagarjan, Dimapur, on or before september 3,” said an official release.
The State Cabinet of Rajasthan approved the Handicrafts Policy-2022 on Tuesday under the chairmanship of Chief Minister Ashok Gehlot.
The objective of Rajasthan Handicrafts Policy – 2022 is to help the development of 6 lakh craftsman and artisans by empowering them. New employment opportunities will also be created in the state with a focus on giving boost to traditional handicrafts.
Under the new policy National-level Handicrafts Week will be organised every year in December and artisan will be felicitated.
The Tamil Nadu Skill Corporation on Monday signed an Memorandum of Understanding with 47 firms to provide world-class course contents to the students to help them develop necessary job skills.
This agreement was signed under the state government’s skill development and employability facilitation scheme, ‘Naan Mudhalvan’.
The Tamil Nadu Chief Minister M K Stalin during the MoU ceremony also launched a dedicated upskilling portal. He also inaugurated an exhibition of firms that offer training, skilling and courses on a range of fields and subjects.
The toy cluster coming up in Indore will have 20 small units and will give employment opportunities to over 2,500 people, said Chief Minister Shivraj Singh Chouhan.
He said that 42 clusters had been approved in the state, out of which a toy cluster is being developed in the city.
The CM was unveiling the foundation stone of a toy cluster electronically at a function held at Amardas Hall last week. The toy cluster is being established at a cost of Rs 2.84 crore, which will attract investment of about Rs 80 crore and offer 2,500 jobs to youths.
During a recently held meeting in New Delhi Union MSME Minister Narayan Rane and Mauritius’ Union Minister of Industrial Development, SMEs and Cooperatives Soomilduth Bholah emphasized on MSME cooperation between both the countries in various sectors such as aromatherapy, food processing and eco-friendly businesses. It was the 3rd Joint Committee Meeting (JCM) between Ministry of Micro, Small and Medium Enterprises (MSME) and Ministry of Business, Enterprises and Cooperatives of Republic of Mauritius for cooperation in the field of MSMEs.
Minister of State for MSME, Secretary (MSME) and other senior dignitaries also took part in the meeting, said a press release.
According to the FISME factor, 40% of MSMEs think that finance should be the top priority to improve for achieving India vision 2047, 30% think infrastructure while 30% think technology. 
Finding and hiring new employees can be exciting and challenging. It's an opportunity to bring some outside perspective and experience to your organization. You can find quality candidates efficiently and economically by developing a robust hiring strategy.
Keeping a tight rein on expenses is important for a small business operating with a limited budget. If unchecked, spending can get out of hand quickly, putting a serious strain on financial health. In addition to looking for ways to cut spending, it’s important for small-business owners to consider smarter ways to meet necessary expenses for essential functions and services.
When it comes to building a brand, social media remains one of the best tools in aiding a business in reaching its target audience. The medium builds brands, provides customers with information about their debut, and gives them a chance to provide feedback.
Exporters of apparel have urged the government to address issues related to ensuring raw material security and announcement of Production Linked Incentive (PLI) - 2.
During the 43rd Annual General Meeting (AGM) of Apparel Export Promotion Council (AEPC) exporters raised the RoSCTL issue and requested government to announce a new ATUF Scheme, said a press release.
India is still playing catch-up when it comes to mechanising agriculture. To remove traditional barriers via tech, Akshaya Agri was founded by Satish Nadiger, Abhijit Varade, Robesh Maity, Nilesh Pathak, and Amit Talwar in 2020.
Diamonds may be a girl’s best friend, but what if you don’t want to splash out? More and more women are choosing to take the demi-fine route, buying pieces that bridge the gap between cheap costume jewellery and expensive fine ornaments.
“ Life is like riding a bicycle. To keep your balance, you must keep moving. ”
