If you are unable to view this mailer, click here.
President Message
It is interesting that India has assumed the presidency of G-20 when world seems in turmoil. The Russia- Ukraine war, tensions in South-East Asia and Middle East, high inflation with slow economic growth and beginning of currency war. G-20 may have handle on some of these issues. There several thematic areas and working groups. MSMEs issues are also being discussed prominently under Trade and Investment vertical. FISME has been part of the group. Three cross cutting issues have emerged which are being forwarded for the summit level discussions so far as MSMEs are concerned. Firstly, as market access information is scattered over dozens of portals on internet, which is neither comprehensive nor updated nor actionable, a meta portal using artificial intelligence could be very helpful for MSMEs who could interact with the meta-portal in chat-GPT like mode. For access to finance consent-based sharing of information between MSMEs and financial institutions can enhance financial access and hence appropriate tech protocols are being discussed. Finally, for access to markets, the G20 group can cooperate to develop guiding principles to lower entry barriers for MSMEs in e-commerce platforms. We do hope that G20 summit may bring good news for MSMEs in the member countries.
Market cycles often present opportunities for leaders from all fields of work — whether it's real estate, tech, finance, healthcare or a number of other industries — to scale and pivot their businesses, prioritize talent and retake market share. In times of a market downturn, entrepreneurs may need to adjust their approach to see their teams and clients to the other side. Surviving a recession is a challenge for businesses at any stage, but it is achievable. Throughout my career, I've navigated economic uncertainty while working in real estate and have weathered storms and come out more competitive than ever. Here are a few tips to help you keep pace and grow your business even during times of uncertainty:
G20 Presidencies, like the Olympics, are political, expensive, and focused on legacy. With big promises and bold visions, hosts aim to have their Games remembered alongside Sydney and Lillehammer, their Summit alongside Pittsburgh and London. Like the Olympics, the G20 remains important and well-watched. With multilateralism and the global economy in crisis, it brings together the US and China; the G7 and emerging markets;
In the previous financial year pharmaceutical exports from India reached USD 25.39 billion but falling short of the USD 27 billion target.
The miss is due to headwinds, including impact of the Russia-Ukraine war, hampered the pace of growth. Pharmexcil Director General Ravi Udaya Bhaskar said that compared to USD 24.6 billion in 2021-22, this was a more than a 3 per cent increase and came in the face of higher raw material prices.
Exceeding the export target of USD 750 billion, India has clocked in exports worth USD 778 billion in the financial year 2022-2023, announced the Commerce Ministry on Thursday. India's trade deficit increased by 46.05 per cent y-o-y in last FY, the ministry said. While overall import is estimated to have exhibited a growth of 17.38 per cent to USD 892.18 billion, said the official statement. Petroleum exports grew by USD 27 billion y-o-y whereas the export of engineering goods saw a y-o-y fall of USD 5.12 billion in last fiscal.
International Monetary Fund division chief Daniel Leigh on Tuesday said that India is one of the bright spots in the global economy right now with a high growth rate.
Although IMF lowered its growth projection for 2023-24 to 5.9 per cent from 6.1. "Yes, we have a growth rate for India which is 6.8 in 2022. Let's not forget this is one of the bright spots in the global economy right now. Such a high growth rate and it is moderating down to 5.9 with a -.2 revision compared to January, what's happening here is also a set of historical revisions," said Leigh.
According to economists the MSME sector will be worth Rs 1 trillion by 2028, said Arun Dalmia, Co-Chair of the Economic Affairs Committee, PHD chamber highlighting the crucial role of MSMEs in India’s growth.
He stated that as India's GDP approaches USD 5 trillion, experts project the MSME sector to be worth Rs 1 trillion by 2028, with 63.4 million MSMEs contributing significantly. Dalmia was speaking at the seminar on Growth Prospects of Indian Economy 2023-24 organised by PHD Chamber of Commerce and Industry (PHDCCI) recently.
The Office of the Development Commissioner (DC) under the MSME Ministry, has invited bids from central public sector enterprises (CPSEs) to engage them as nodal agency to expand the number of technology centres and extension centres across India, reported FE. Total 20 new technology centres will be established under the scheme Establishment of New Technology Centres/Extension Centres (TC/EC).
The last date for bid submission is May 8, 2023.
The Government of India has revised the requirement of amount of the performance security from 5 per cent to 3 per cent.
According to the office memo released by Policy Division of Department of Expenditure, Ministry of Finance on April 3, 2023, the Rule 171 (i) of General Financial Rules (GFR) 2017 has been amended which now reads: “Performance Security Performance Security should be for an amount of three to ten per cent of the value of the contract as specified in the bid documents.”
The Indian Institute of Technology (IIT) Kanpur’s Incubation and Innovation Centre (SIIC) has signed a Corporate Social Responsibility (CSR) agreement with Advanced Weapons and Equipment India Limited (AW&EIL) to provide financial support to startup ecosystem in India.
This partnership intends to encourage budding entrepreneurs with new technology and knowledge. The agreement was signed at the Ordnance Factory, Kanpur, in presence of dignitaries from SIIC, IIT Kanpur and AW&EIL.
The Uttar Pradesh government has revised the data centre policy with the aim to set up at least eight ultra-modern private data centre parks against three earlier.
According to an order dated April 13, 2023, the state government has revised the target of attracting investments under the policy from Rs 20,000 crore to Rs 30,000 crore. As per reports, the government is likely to bear 50 per cent of the cost to build a data centre.
The revised policy proposes to develop a data centre park up to a capacity of 900 MW against 250 MW provided in the previous policy.
The Madhya Pradesh industries department has decided to set up a new IT park about 1.10 lakh square meter on the campus of the Crystal IT Park.
The upcoming IT park will be offered to tech firms on lease and rental basis, according to the Madhya Pradesh Industrial Development Corporation (MPIDC), Indore. Mayank Pratap Singh, co-founder of an IT firm said, “The new IT park should have dedicated spaces where startups can collaborate on developing innovative solutions to common challenges.
The Maharashtra government in a notification issued on Monday informed that the state textile policy of 2018-2023 will remain in place till the new one is approved, according to a report in the TOI.
The notification states that the proposed new textile policy is under consideration but does not state for how long the 2018-23 policy will continue to be in place. “We have prepared the draft. The presentation of the draft policy have been made before the chief minister and the deputy CM. It will be tabled before the cabinet for approval. Then, the policy will come into effect,” a senior official told TOI.
The Tamil Nadu government has decided to set up a handloom silk park in Arani, Handlooms and Textiles Minister R Gandhi informed the state assembly on Tuesday.
While replying to the debate on demands for grants in the Assembly, Gandhi said that a Dr Kalaignar Karunanidhi Centenary Memorial Handloom Silk Park will be established at Periyanna Nallur near Arani and it would benefit around 10,000 handloom weavers in the area and also attract youth towards the handloom sector.
India and the UK are all set to resume free trade talks on April 24.
Government sources told TOI that both the sides are keen to resolve the contentious issues at the earliest with concerns around the pro-Khalistan supporters targeting the Indian High Commission in London being taken up in the political track. India and the UK had started negotiations after Brexit as the government was keen to ensure that its professionals and business workers get access to the large English-speaking market along with lower-duty access for garments and leather goods,
Antonio Tajani, Minister of Foreign Affairs, Government of Italy on Thursday emphasised on the need for Italy and India to work together to create a better line of next generation in both the countries by backing MSMEs and industry.
He was addressing the CEOs Business Interactive session in Rome organised for the official visit of Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles Piyush Goyal. Union Minister Goyal elaborated on how a plethora of opportunities in India make it one of the world's most trusted business and investment destinations.
4 Ways to Boost Your Employee Retention in an Uncertain Economy.
For much of the pandemic, the biggest challenge facing businesses was getting workers through the door. Now, with employment levels similar to where they were before the Covid-19 pandemic began, the focus for companies is shifting to retention. But the old way of thinking about retention just doesn't work anymore.
Your success as an entrepreneur proves your business chops, but does your personal financial plan demonstrate the same kind of savvy? In my practice, I’ve worked with dozens of brilliant entrepreneurs, admiring the proactive and comprehensive approach they take to ensure their company’s success. Yet the same leaders often make dangerous mistakes that threaten their financial well-being.
Starting a business isn’t easy and your expertise doesn't usually include marketing. Even if your product is in high demand, it is a challenge to let customers know where and when they can buy it. Limited budget, no time and going up against a big business that has vast resources and employees to spread the word are just some of the obstacles we small business owners face.
Tirupur exporters appeal for Garments PLI 2.0 scheme
Tiruppur Exporters Association (TEA) has urged Shubhra Agarwal, Trade Advisor, Ministry of Textiles to announce the Production Linked Incentive - 2.0 Scheme for garments.
K. M. Subramanian, President, TEA on Tuesday met the Trade Advisor at Netaji Apparel Park (NAP) in New Tirupur on Tuesday.
Surat-based Trezix is helping MSMEs with Import-Export Processes
While working with ERP (Enterprise Resource Planning) software companies, Haresh Calcuttawala, Sunil Kharbanda, and Shailesh Sapale discovered many issues that frequently afflicted companies involved in the export-import business. “After identifying a few common problems, we realised there was no one-stop solution to make the import-export process more efficient,” says Kharbanda.
From Retail To Women's Ethnic Wear, This Entrepreneur Scaled His Family Business To See Rs 95 Cr Revenue
Umar Akhter joined his father’s retail business as a 16-year-old school boy. Today, he is a successful entrepreneur and the Co-founder and CEO Koskii, a women’s ethnic wear brand, based in Bengaluru. In an interview with SMBStory, Akhter reveals how he and his family surmounted a substantial financial setback in the wholesale saree industry by pivoting to a retail store in Kolar, which eventually evolved into the brand, Koskii.
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 February 2023 (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
You are receiving this Newsletter because you are included in our mailing list of recipients who are involved or interested in FISME or Indian MSMEs. You are welcome to partly or fully reproduce and disseminate the contents of this publication provided that you acknowledge the source.
It is interesting that India has assumed the presidency of G-20 when world seems in turmoil. The Russia- Ukraine war, tensions in South-East Asia and Middle East, high inflation with slow economic growth and beginning of currency war. G-20 may have handle on some of these issues. There several thematic areas and working groups. MSMEs issues are also being discussed prominently under Trade and Investment vertical. FISME has been part of the group. Three cross cutting issues have emerged which are being forwarded for the summit level discussions so far as MSMEs are concerned. Firstly, as market access information is scattered over dozens of portals on internet, which is neither comprehensive nor updated nor actionable, a meta portal using artificial intelligence could be very helpful for MSMEs who could interact with the meta-portal in chat-GPT like mode. For access to finance consent-based sharing of information between MSMEs and financial institutions can enhance financial access and hence appropriate tech protocols are being discussed. Finally, for access to markets, the G20 group can cooperate to develop guiding principles to lower entry barriers for MSMEs in e-commerce platforms. We do hope that G20 summit may bring good news for MSMEs in the member countries.
Market cycles often present opportunities for leaders from all fields of work — whether it's real estate, tech, finance, healthcare or a number of other industries — to scale and pivot their businesses, prioritize talent and retake market share. In times of a market downturn, entrepreneurs may need to adjust their approach to see their teams and clients to the other side. Surviving a recession is a challenge for businesses at any stage, but it is achievable. Throughout my career, I've navigated economic uncertainty while working in real estate and have weathered storms and come out more competitive than ever. Here are a few tips to help you keep pace and grow your business even during times of uncertainty:
In the previous financial year pharmaceutical exports from India reached USD 25.39 billion but falling short of the USD 27 billion target.
The miss is due to headwinds, including impact of the Russia-Ukraine war, hampered the pace of growth. Pharmexcil Director General Ravi Udaya Bhaskar said that compared to USD 24.6 billion in 2021-22, this was a more than a 3 per cent increase and came in the face of higher raw material prices.
Exceeding the export target of USD 750 billion, India has clocked in exports worth USD 778 billion in the financial year 2022-2023, announced the Commerce Ministry on Thursday. India's trade deficit increased by 46.05 per cent y-o-y in last FY, the ministry said. While overall import is estimated to have exhibited a growth of 17.38 per cent to USD 892.18 billion, said the official statement. Petroleum exports grew by USD 27 billion y-o-y whereas the export of engineering goods saw a y-o-y fall of USD 5.12 billion in last fiscal.
International Monetary Fund division chief Daniel Leigh on Tuesday said that India is one of the bright spots in the global economy right now with a high growth rate.
Although IMF lowered its growth projection for 2023-24 to 5.9 per cent from 6.1. "Yes, we have a growth rate for India which is 6.8 in 2022. Let's not forget this is one of the bright spots in the global economy right now. Such a high growth rate and it is moderating down to 5.9 with a -.2 revision compared to January, what's happening here is also a set of historical revisions," said Leigh.
According to economists the MSME sector will be worth Rs 1 trillion by 2028, said Arun Dalmia, Co-Chair of the Economic Affairs Committee, PHD chamber highlighting the crucial role of MSMEs in India’s growth.
He stated that as India's GDP approaches USD 5 trillion, experts project the MSME sector to be worth Rs 1 trillion by 2028, with 63.4 million MSMEs contributing significantly. Dalmia was speaking at the seminar on Growth Prospects of Indian Economy 2023-24 organised by PHD Chamber of Commerce and Industry (PHDCCI) recently.
The Office of the Development Commissioner (DC) under the MSME Ministry, has invited bids from central public sector enterprises (CPSEs) to engage them as nodal agency to expand the number of technology centres and extension centres across India, reported FE. Total 20 new technology centres will be established under the scheme Establishment of New Technology Centres/Extension Centres (TC/EC).
The last date for bid submission is May 8, 2023.
The Government of India has revised the requirement of amount of the performance security from 5 per cent to 3 per cent.
According to the office memo released by Policy Division of Department of Expenditure, Ministry of Finance on April 3, 2023, the Rule 171 (i) of General Financial Rules (GFR) 2017 has been amended which now reads: “Performance Security Performance Security should be for an amount of three to ten per cent of the value of the contract as specified in the bid documents.”
The Indian Institute of Technology (IIT) Kanpur’s Incubation and Innovation Centre (SIIC) has signed a Corporate Social Responsibility (CSR) agreement with Advanced Weapons and Equipment India Limited (AW&EIL) to provide financial support to startup ecosystem in India.
This partnership intends to encourage budding entrepreneurs with new technology and knowledge. The agreement was signed at the Ordnance Factory, Kanpur, in presence of dignitaries from SIIC, IIT Kanpur and AW&EIL.
The Uttar Pradesh government has revised the data centre policy with the aim to set up at least eight ultra-modern private data centre parks against three earlier.
According to an order dated April 13, 2023, the state government has revised the target of attracting investments under the policy from Rs 20,000 crore to Rs 30,000 crore. As per reports, the government is likely to bear 50 per cent of the cost to build a data centre.
The revised policy proposes to develop a data centre park up to a capacity of 900 MW against 250 MW provided in the previous policy.
The Madhya Pradesh industries department has decided to set up a new IT park about 1.10 lakh square meter on the campus of the Crystal IT Park.
The upcoming IT park will be offered to tech firms on lease and rental basis, according to the Madhya Pradesh Industrial Development Corporation (MPIDC), Indore. Mayank Pratap Singh, co-founder of an IT firm said, “The new IT park should have dedicated spaces where startups can collaborate on developing innovative solutions to common challenges.
The Maharashtra government in a notification issued on Monday informed that the state textile policy of 2018-2023 will remain in place till the new one is approved, according to a report in the TOI.
The notification states that the proposed new textile policy is under consideration but does not state for how long the 2018-23 policy will continue to be in place. “We have prepared the draft. The presentation of the draft policy have been made before the chief minister and the deputy CM. It will be tabled before the cabinet for approval. Then, the policy will come into effect,” a senior official told TOI.
The Tamil Nadu government has decided to set up a handloom silk park in Arani, Handlooms and Textiles Minister R Gandhi informed the state assembly on Tuesday.
While replying to the debate on demands for grants in the Assembly, Gandhi said that a Dr Kalaignar Karunanidhi Centenary Memorial Handloom Silk Park will be established at Periyanna Nallur near Arani and it would benefit around 10,000 handloom weavers in the area and also attract youth towards the handloom sector.
India and the UK are all set to resume free trade talks on April 24.
Government sources told TOI that both the sides are keen to resolve the contentious issues at the earliest with concerns around the pro-Khalistan supporters targeting the Indian High Commission in London being taken up in the political track. India and the UK had started negotiations after Brexit as the government was keen to ensure that its professionals and business workers get access to the large English-speaking market along with lower-duty access for garments and leather goods,
Antonio Tajani, Minister of Foreign Affairs, Government of Italy on Thursday emphasised on the need for Italy and India to work together to create a better line of next generation in both the countries by backing MSMEs and industry.
He was addressing the CEOs Business Interactive session in Rome organised for the official visit of Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles Piyush Goyal. Union Minister Goyal elaborated on how a plethora of opportunities in India make it one of the world's most trusted business and investment destinations.
According to the FISME factor, 50% MSMEs think that the $ 2 Tn target of merchandise and services exports by 2030 is plausible while 50% don’t know.
For much of the pandemic, the biggest challenge facing businesses was getting workers through the door. Now, with employment levels similar to where they were before the Covid-19 pandemic began, the focus for companies is shifting to retention. But the old way of thinking about retention just doesn't work anymore.
Your success as an entrepreneur proves your business chops, but does your personal financial plan demonstrate the same kind of savvy? In my practice, I’ve worked with dozens of brilliant entrepreneurs, admiring the proactive and comprehensive approach they take to ensure their company’s success. Yet the same leaders often make dangerous mistakes that threaten their financial well-being.
Starting a business isn’t easy and your expertise doesn't usually include marketing. Even if your product is in high demand, it is a challenge to let customers know where and when they can buy it. Limited budget, no time and going up against a big business that has vast resources and employees to spread the word are just some of the obstacles we small business owners face.
Tiruppur Exporters Association (TEA) has urged Shubhra Agarwal, Trade Advisor, Ministry of Textiles to announce the Production Linked Incentive - 2.0 Scheme for garments.
K. M. Subramanian, President, TEA on Tuesday met the Trade Advisor at Netaji Apparel Park (NAP) in New Tirupur on Tuesday.
While working with ERP (Enterprise Resource Planning) software companies, Haresh Calcuttawala, Sunil Kharbanda, and Shailesh Sapale discovered many issues that frequently afflicted companies involved in the export-import business. “After identifying a few common problems, we realised there was no one-stop solution to make the import-export process more efficient,” says Kharbanda.
Umar Akhter joined his father’s retail business as a 16-year-old school boy. Today, he is a successful entrepreneur and the Co-founder and CEO Koskii, a women’s ethnic wear brand, based in Bengaluru. In an interview with SMBStory, Akhter reveals how he and his family surmounted a substantial financial setback in the wholesale saree industry by pivoting to a retail store in Kolar, which eventually evolved into the brand, Koskii.
