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President Message
The new Foreign Trade Policy has been announced. The policy has many firsts to its credit. To begin with it is not for five years but comes without an end date. Secondly, a new chapter on e-commerce has been added. Further, third party trading has been allowed and relevant norms would be notified. What is heartening is that these two issues were raised by FISME consistently. I led a delegation last year to the Commerce & Industry Minister Shri Piyush Goyal ji. We impressed upon him that how MSMEs have not been able to take advantage of e-commerce as courier exports did not get equitable treatment in FTP. The anomaly has been addressed. Third country trading or mercantile trade also suffered from old policy rigidities. Thanks to the size of Indian economy, we have sufficient heft in global commodity markets. We can source cheapest and can service smaller countries. Now, such trade would thrive leaving a handsome dividend for India. The policy of developing Districts as Exports Hubs would also transform the business environment in India. The mechanism is such that the promotion and management of business activity would become the priority for the District Magistrates. FTP 2023, I feel will play a pivotal role in India’s achieving US$ two trillion of merchandise and services exports by 2030.
Over a dozen Members of Parliament cutting across party lines have come forward and formed a group named ‘Friends of MSMEs’. A senior Lok Sabha Member Meerut Rajendra Agrawal has been chosen Chairman of the group.
“Neither Government nor corporate sector can create over one crore jobs needed every year in India. They could only be created when millions of youth entering in job market opt to be an entrepreneur and set-up MSMEs” says Chairman of Friends of MSMEs. ‘But the creation of self-employment opportunities requires an enabling eco-system for MSMEs. It not only requires ease in setting up enterprises but also support in many areas including finance, skills and marketing and that needs to be ensured", Agrawal noted.
The most important aspect of starting a new business is a clear vision for the future. That creative mission is the starting point for developing a business plan and everything else that follows. While a business plan nearly always focuses on growth, entrepreneurs should consider the intrinsic benefits of starting small and how to let their small size lead the business to sustainable growth. It's become part of the contemporary narrative that everyone has to go big or go home. Every day entrepreneurs experience their own personal "go big or go home" moment. The key is not to decide whether or not to go big or to go home; it's starting small and gaining the perspective to know when it is time to go big.
The Foreign Trade Policy 2023 released by Union Commerce and industry Minister Piyush Goyal in New Delhi on Friday has brought cheers among the exporting community including the Micro, Small and Medium Enterprises (MSMEs).
“The FTP 2023 would be remembered for broad-basing exports by including Districts and States into national export strategy and opening up e-commerce and Third Country Trading,” says Anil Bhardwaj
The agricultural and processed food products exports from India have increased by 9 per cent to USD 23.1 billion during the first 11 months of the current fiscal (2022-23) compared to the same period last year, according to the Directorate General of Commercial Intelligence and Statistics.
The agricultural and processed food exports are driven by shipments of rice, fruits, and vegetables, livestock and dairy products.
As per the Directorate General of Commercial Intelligence and Statistics data, rice exports during April-February (2022-23) rose over 16 per cent on year to a record USD 10 billion from USD 8.6 billion in the previous year.
For the fiscal year starting from April 1, 2023, the Global rating agency S&P Global Ratings on Monday projected India’s economic growth at 6 per cent.
Making no changes the rating agency sees the country’s GDP at 6.9 per cent in the financial year 2024-25. It sees inflation rate easing to 5 per cent in 2023-24 fiscal, from 6.8 per cent in the current financial year.
In the quarterly economic update for Asia-Pacific, S&P saw India’s gross domestic product (GDP) likely growing by 7 per cent in the current financial year ending March 31 (2022-23), before slowing to 6 per cent in the next 2023-24 fiscal.
The concessional customs duty on textile machineries has been extended till 2025, said the Union Finance Ministry on Thursday.
Industry representatives had reached out to the Union Textile Minister Piyush Goyal and the Union Finance Ministry officials on March 13 urging them to extend the concessional customs duty on the import of textile machinery. Southern Gujarat Chamber of Commerce and Industry (SGCCI) and Federation of Gujarat Weavers Association were also a part of it. The concessional customs duty for key textile machineries were to expire on March 31, 2023 after which 8.25 per cent customs duty were to be charged on these machineries.
The revamping of Credit Guarantee Scheme for Micro & Small Enterprises (CGTMSE) announced by Union Finance Minister Nirmala Sitharaman in the Union Budget 2023-24 will come into effect from 1 April, 2023.
It will be applicable with an infusion of Rs 9,000 crore to the corpus to enable additional collateral-free guaranteed credit of Rs 2 lakh crore and the reduction in the cost of the credit by about 1 per cent. The corpus of CGTMSE has been infused with a sum of Rs 8,000 crore on Thursday. CGTMSE has issued guidelines regarding reduction of annual guarantee fee for loans upto Rs 1 crore from a peak rate of 2 per cent per annum to as low as 0.37 per cent per annum.
The Directorate General of Foreign Trade (DGFT) announced on Tuesday the extension of mandatory electronic filing of Non-Preferential Certificate of Origin (CoO) through the Common Digital Platform to 31 December, 2023.
In continuation to the earlier Trade Notice 15/2022-23 dated 01.08.2022, it is informed that the transition period for mandatory filing of applications for Non-Preferential Certificate of Origin through the e-CoO Platform has been further extended till 31 December 2023, said the latest trade notice.
The government has decided to extend export benefits to 18 items belonging to the textiles sector under the Remission of Duties and Taxes on Exported Products (RoDTEP).
The Directorate General of Foreign Trade (DGFT) in a notification said that the government has extended export benefits under RoDTEP scheme to 18 items related to textiles sector, including saari and lungi, with a view to boost shipments of these goods.
The Telangana government led T-Works has secured grant from US-based chipmaker Qualcomm's Indian arm for setting up a multilayer printed circuit board (PCB) fabrication facility at T-Works.
The prototyping centre has signed a grant agreement with the chip making company. The facility will enable rapid fabrication of up to 12-layer boards and accelerate electronic product prototyping and development.
Currently it takes a PCB manufacturer 10-15 days to fabricate an electronics board at certain minimum order quantities but the new facility at T-Works would help get quality PCBs at low volumes within a day, T-Works said.
The Odisha State Level Single Window Clearance Authority (SLSWCA) on Friday cleared six industrial investment projects worth 854.17 crore.
The government has given a go-ahead to three projects in the infrastructure sector, and one project each in the steel sector, IT & ESDM sector, and food processing sector. Investment intents from four of these projects were received during Make in Odisha Conclave 2022, officials said, adding that they will come up in Bolangir, Jagatsinghpur, Jajpur, and Khurda districts.
Tirumala Tirupati Devasthanams (TTD) on Friday inaugurated its second Agarbattis manufacturing unit in Tirupati, Andhra Pradesh.
This new manufacturing unit expects to manufacture 30000 packets of Agarbattis daily. A Rs 11 crore worth new feed mixing plant of the TTD was also inaugurated at Sri Venkateswara dairy farm in the city. SV veterinary university along with America based New tech bio sciences institution, inked a pact to manufacture hygienic fodder for the cattle to enhance their milk production capacity.
The Himachal Pradesh government has decided to set up an investment bureau with the aim to scale up the ease of doing business and minimise delay in getting requisite approvals through the single-roof facilitation mechanism.
Chief Minister Sukhvinder Singh Sukhu on Wednesday said that the investment bureau will be set up under the industries department and comprise of officers from all departments concerned to facilitate hassle-free approvals of proposed investments.
Australia has expressed interest in being part of India’s journey in building an electric vehicles industry and expanding its lithium export to the country.
Don Farrell, Australia’s Minister for Trade and Tourism told the media that Australia would rather have a diversified market for its lithium exports –and this includes India –than they all be cornered by the United States. Lithium is a critical metal necessary to make batteries for electric vehicles. Farrell was speaking in the context of the U.S.’ Inflation Reduction Act (IRA), passed in August 2022, that grants major subsidies to electric vehicles produced in the United States.
For economic diversification of UAE, the West Asian country is looking for investment opportunities from India and has asked Indian startups to establish hubs in its capital city.
It aims to expand its business beyond hydrocarbons and is expected to not only benefit the local economy but also provide a platform for Indian companies to expand globally. The priority sectors for investment opportunities include tourism, agritech, healthcare, pharma, and financial services. Emphasising on the importance of growing relations between India and the UAE, Abdulla Abdul Aziz Alshamsi, the Acting Director General of Abu Dhabi Investment Office (ADIO), has pledged to provide Indian companies with all the necessary assistance to explore investment opportunities in Abu Dhabi.
Change Is a Team Sport — So Every Player Needs to Own It. Here's How to Get Everyone Involved.
Heraclitus, an ancient Greek philosopher, said that change is natural and constant. Nowhere is this adage more alive than in the business world; the entrepreneur's origin story is built on change. Recently, Frontier Airlines enacted a change by removing its customer service phone number. This leaves customers to find solutions through digital channels. With this change, the customer experience will transform entirely, creating a significant difference in the organization.
The Financial Tips These Entrepreneurs Wish They Had Known When They Got Started
When just starting out, many new business owners don't have all the financial tools or experience they may need to run a business successfully. They may rely on their peers, what information they can find online and various business books to get them started, but nothing can truly beat experience when it comes to knowing how to handle and succeed with money in business.
16 Effective Marketing Strategies To Boost Sales In 2023
The advent of the holiday season brings a unique opportunity for brands to both capture seasonal sales and set up strategies for the year to come. Each new year brings new customer trends and expectations, so wise business leaders will turn to a blend of well-established insights and fresh strategies to meet current and prospective customers where they are—and where they will be.
The European Union’s (EU) proposal of carbon tax has raised concerns in the trade community all over the world including India’s metal producers.
From 1 October this year, iron, steel, and aluminium exports to EU countries from across the world will face added scrutiny under the bloc’s Carbon Border Adjustment Mechanism (CBAM), or carbon tax.
Jaipur Rugs is solving the preservation of traditional craftsmanship, culture, and beauty of India through the creation and sale of high-quality rugs that are not just products but also convey a unique story and cultural heritage.
Rutvi Chaudhary's entrepreneurial journey began with a strong foundation in design and art, fueled by a passion for creating unique and contemporary works of art.
Drona Aviation's Homegrown Nano Drones Are Helping School And College Students Learn
IIT Bombay alum Dinesh Sain, who was passionate about drones in college and wanted to pursue a career in the same, found no relevant aerospace job opportunities during his campus placement. In 2014, he started Drona Aviation along with his college alumni Prasanna Shevare and Apurva Godbole, with an accumulated bootstrapped capital of Rs 65 lakh.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released 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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The new Foreign Trade Policy has been announced. The policy has many firsts to its credit. To begin with it is not for five years but comes without an end date. Secondly, a new chapter on e-commerce has been added. Further, third party trading has been allowed and relevant norms would be notified. What is heartening is that these two issues were raised by FISME consistently. I led a delegation last year to the Commerce & Industry Minister Shri Piyush Goyal ji. We impressed upon him that how MSMEs have not been able to take advantage of e-commerce as courier exports did not get equitable treatment in FTP. The anomaly has been addressed. Third country trading or mercantile trade also suffered from old policy rigidities. Thanks to the size of Indian economy, we have sufficient heft in global commodity markets. We can source cheapest and can service smaller countries. Now, such trade would thrive leaving a handsome dividend for India. The policy of developing Districts as Exports Hubs would also transform the business environment in India. The mechanism is such that the promotion and management of business activity would become the priority for the District Magistrates. FTP 2023, I feel will play a pivotal role in India’s achieving US$ two trillion of merchandise and services exports by 2030.
Over a dozen Members of Parliament cutting across party lines have come forward and formed a group named ‘Friends of MSMEs’. A senior Lok Sabha Member Meerut Rajendra Agrawal has been chosen Chairman of the group.
“Neither Government nor corporate sector can create over one crore jobs needed every year in India. They could only be created when millions of youth entering in job market opt to be an entrepreneur and set-up MSMEs” says Chairman of Friends of MSMEs. ‘But the creation of self-employment opportunities requires an enabling eco-system for MSMEs. It not only requires ease in setting up enterprises but also support in many areas including finance, skills and marketing and that needs to be ensured", Agrawal noted.
The agricultural and processed food products exports from India have increased by 9 per cent to USD 23.1 billion during the first 11 months of the current fiscal (2022-23) compared to the same period last year, according to the Directorate General of Commercial Intelligence and Statistics.
The agricultural and processed food exports are driven by shipments of rice, fruits, and vegetables, livestock and dairy products.
As per the Directorate General of Commercial Intelligence and Statistics data, rice exports during April-February (2022-23) rose over 16 per cent on year to a record USD 10 billion from USD 8.6 billion in the previous year.
For the fiscal year starting from April 1, 2023, the Global rating agency S&P Global Ratings on Monday projected India’s economic growth at 6 per cent.
Making no changes the rating agency sees the country’s GDP at 6.9 per cent in the financial year 2024-25. It sees inflation rate easing to 5 per cent in 2023-24 fiscal, from 6.8 per cent in the current financial year.
In the quarterly economic update for Asia-Pacific, S&P saw India’s gross domestic product (GDP) likely growing by 7 per cent in the current financial year ending March 31 (2022-23), before slowing to 6 per cent in the next 2023-24 fiscal.
The concessional customs duty on textile machineries has been extended till 2025, said the Union Finance Ministry on Thursday.
Industry representatives had reached out to the Union Textile Minister Piyush Goyal and the Union Finance Ministry officials on March 13 urging them to extend the concessional customs duty on the import of textile machinery. Southern Gujarat Chamber of Commerce and Industry (SGCCI) and Federation of Gujarat Weavers Association were also a part of it. The concessional customs duty for key textile machineries were to expire on March 31, 2023 after which 8.25 per cent customs duty were to be charged on these machineries.
The revamping of Credit Guarantee Scheme for Micro & Small Enterprises (CGTMSE) announced by Union Finance Minister Nirmala Sitharaman in the Union Budget 2023-24 will come into effect from 1 April, 2023.
It will be applicable with an infusion of Rs 9,000 crore to the corpus to enable additional collateral-free guaranteed credit of Rs 2 lakh crore and the reduction in the cost of the credit by about 1 per cent. The corpus of CGTMSE has been infused with a sum of Rs 8,000 crore on Thursday. CGTMSE has issued guidelines regarding reduction of annual guarantee fee for loans upto Rs 1 crore from a peak rate of 2 per cent per annum to as low as 0.37 per cent per annum.
The Directorate General of Foreign Trade (DGFT) announced on Tuesday the extension of mandatory electronic filing of Non-Preferential Certificate of Origin (CoO) through the Common Digital Platform to 31 December, 2023.
In continuation to the earlier Trade Notice 15/2022-23 dated 01.08.2022, it is informed that the transition period for mandatory filing of applications for Non-Preferential Certificate of Origin through the e-CoO Platform has been further extended till 31 December 2023, said the latest trade notice.
The government has decided to extend export benefits to 18 items belonging to the textiles sector under the Remission of Duties and Taxes on Exported Products (RoDTEP).
The Directorate General of Foreign Trade (DGFT) in a notification said that the government has extended export benefits under RoDTEP scheme to 18 items related to textiles sector, including saari and lungi, with a view to boost shipments of these goods.
The Telangana government led T-Works has secured grant from US-based chipmaker Qualcomm's Indian arm for setting up a multilayer printed circuit board (PCB) fabrication facility at T-Works.
The prototyping centre has signed a grant agreement with the chip making company. The facility will enable rapid fabrication of up to 12-layer boards and accelerate electronic product prototyping and development.
Currently it takes a PCB manufacturer 10-15 days to fabricate an electronics board at certain minimum order quantities but the new facility at T-Works would help get quality PCBs at low volumes within a day, T-Works said.
The Odisha State Level Single Window Clearance Authority (SLSWCA) on Friday cleared six industrial investment projects worth 854.17 crore.
The government has given a go-ahead to three projects in the infrastructure sector, and one project each in the steel sector, IT & ESDM sector, and food processing sector. Investment intents from four of these projects were received during Make in Odisha Conclave 2022, officials said, adding that they will come up in Bolangir, Jagatsinghpur, Jajpur, and Khurda districts.
Tirumala Tirupati Devasthanams (TTD) on Friday inaugurated its second Agarbattis manufacturing unit in Tirupati, Andhra Pradesh.
This new manufacturing unit expects to manufacture 30000 packets of Agarbattis daily. A Rs 11 crore worth new feed mixing plant of the TTD was also inaugurated at Sri Venkateswara dairy farm in the city. SV veterinary university along with America based New tech bio sciences institution, inked a pact to manufacture hygienic fodder for the cattle to enhance their milk production capacity.
The Himachal Pradesh government has decided to set up an investment bureau with the aim to scale up the ease of doing business and minimise delay in getting requisite approvals through the single-roof facilitation mechanism.
Chief Minister Sukhvinder Singh Sukhu on Wednesday said that the investment bureau will be set up under the industries department and comprise of officers from all departments concerned to facilitate hassle-free approvals of proposed investments.
Australia has expressed interest in being part of India’s journey in building an electric vehicles industry and expanding its lithium export to the country.
Don Farrell, Australia’s Minister for Trade and Tourism told the media that Australia would rather have a diversified market for its lithium exports –and this includes India –than they all be cornered by the United States. Lithium is a critical metal necessary to make batteries for electric vehicles. Farrell was speaking in the context of the U.S.’ Inflation Reduction Act (IRA), passed in August 2022, that grants major subsidies to electric vehicles produced in the United States.
For economic diversification of UAE, the West Asian country is looking for investment opportunities from India and has asked Indian startups to establish hubs in its capital city.
It aims to expand its business beyond hydrocarbons and is expected to not only benefit the local economy but also provide a platform for Indian companies to expand globally. The priority sectors for investment opportunities include tourism, agritech, healthcare, pharma, and financial services. Emphasising on the importance of growing relations between India and the UAE, Abdulla Abdul Aziz Alshamsi, the Acting Director General of Abu Dhabi Investment Office (ADIO), has pledged to provide Indian companies with all the necessary assistance to explore investment opportunities in Abu Dhabi.
According to the FISME factor, 100% of MSMEs think that delay, cost and expenses are the biggest challenge that MSMEs encounter in accessing justice.
Heraclitus, an ancient Greek philosopher, said that change is natural and constant. Nowhere is this adage more alive than in the business world; the entrepreneur's origin story is built on change. Recently, Frontier Airlines enacted a change by removing its customer service phone number. This leaves customers to find solutions through digital channels. With this change, the customer experience will transform entirely, creating a significant difference in the organization.
When just starting out, many new business owners don't have all the financial tools or experience they may need to run a business successfully. They may rely on their peers, what information they can find online and various business books to get them started, but nothing can truly beat experience when it comes to knowing how to handle and succeed with money in business.
The advent of the holiday season brings a unique opportunity for brands to both capture seasonal sales and set up strategies for the year to come. Each new year brings new customer trends and expectations, so wise business leaders will turn to a blend of well-established insights and fresh strategies to meet current and prospective customers where they are—and where they will be.
The European Union’s (EU) proposal of carbon tax has raised concerns in the trade community all over the world including India’s metal producers.
From 1 October this year, iron, steel, and aluminium exports to EU countries from across the world will face added scrutiny under the bloc’s Carbon Border Adjustment Mechanism (CBAM), or carbon tax.
Jaipur Rugs is solving the preservation of traditional craftsmanship, culture, and beauty of India through the creation and sale of high-quality rugs that are not just products but also convey a unique story and cultural heritage.
Rutvi Chaudhary's entrepreneurial journey began with a strong foundation in design and art, fueled by a passion for creating unique and contemporary works of art.
IIT Bombay alum Dinesh Sain, who was passionate about drones in college and wanted to pursue a career in the same, found no relevant aerospace job opportunities during his campus placement. In 2014, he started Drona Aviation along with his college alumni Prasanna Shevare and Apurva Godbole, with an accumulated bootstrapped capital of Rs 65 lakh.
“ No man ever steps in the same river twice, for it’s not the same river and he’s not the same man. ”
