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President Message
The Jan Vishwas (Amendment of Provisions) Bill, 2023 was passed in both houses of the Indian Parliament, the Lok Sabha and the Rajya Sabha during ongoing monsoon session. The Bill aims to decriminalize a total of 183 provisions in 42 Central Acts administered by 19 Ministries/Departments. It seeks to strike a balance between the severity of an offense and the corresponding punishment, ensuring that minor, technical, or procedural defaults do not lead to imprisonment. The Bill underwent thorough scrutiny, discussions, and amendments by the Joint Committee of the Parliament, signifying a landmark step towards rationalizing laws and promoting ease of doing business in India. Passing of the Bill marks a definite shift the way legislators, executive and judiciary viewed businessmen. To err while doing business cannot be treated as criminality. It needs to be treated as any other deviation from law such as driving, consuming electricity or behaving on street. The errant behaviour needs to be penalized and made compoundable. The Bill makes a beginning. But Indian regulations are still replete with clauses of criminalities. We industry associations have to identify them and suggest amendments. There is no better time than time to push for such reforms.
As the secretariat of forum ‘Friends of MSMEs in Parliament’, FISME hosted the meeting during the ongoing Monsoon session of the Parliament. The meeting was convened by senior Member of Parliament and third time MP from Meerut Shri Rajendra Agrawal. Besides Shri Agrawal, the Parliamentarians who participated in the discussions included Shri Jugal Kishore Sharma, MP (Jammu-Poonch), Shri Jagdambika Pal., MP (Domariya Ganj, UP), Shri Uday Pratap Singh, MP (Hoshangabad-Narsingpur, MP); Shri Ganesh Singh, MP (Satna, MP) among others. On behalf of MSMEs, FISME raised three issues to be taken by MPs using Parliamentary committees viz. Imposition of prepayment/ foreclosure charges by Banks; Replacement of Bank Guarantees during Public procurement by Insurance Sureties as has been done in case of NHAI projects and review and reforms in BLR rating process mandated by RBI.
As a leadership expert, I've had the privilege of working with numerous organizations, helping them transform their businesses and cultivate environments where employees thrive. Over the years, I've observed that the most successful companies are those that prioritize continuous improvement. In this article, I'll share five key steps that you need to take to drive a culture of continuous improvement within your organization. The first and foremost step in creating a culture of continuous improvement is to establish a clear vision for your organization. This vision should be inspiring, motivating and easy to understand. It should also include specific, measurable goals that can be tracked and analyzed over time.
The Lok Sabha on Thursday passed the Jan Vishwas (Amendment of Provisions) Bill during the monsoon session of the parliament. The bill was first introduced in December last year and subsequently referred to the joint committee of the parliament.
The parliamentary committee had said that the government should encourage states and union territories to take up decriminalizing minor offenses along the lines of Jan Vishwas Bill
Manufacturing sector activities in India moderated for the second straight month in July as rates of expansion in output and new orders eased slightly, a monthly survey said on Tuesday.
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) eased to 57.7 in July from 57.8 in June. Despite the fall, the Indian manufacturing sector maintained strong growth momentum at the start of the third quarter amid ongoing buoyant demand, the Index showed.
Telecom equipment worth Rs 6,911 crore has been exported by companies selected under the production-linked incentive (PLI) scheme till May 31, 2023, the Minister of State for Communications Devusinh Chauhan said in a written reply in the Lok Sabha on Wednesday. The scheme was launched on February 24, 2021, to promote domestic manufacturing of specified telecom and networking products including 4G, 5G products, and also design-led manufacturing in the country.
According to Reserve Bank of India’s (RBI) latest update on Friday India’s forex kitty has crossed USD 600 billion mark.
Earlier on 14 July, the RBI said that the India's forex jumped by USD 1.229 billion in the week that ended on 7 July, totaling USD 596.280 billion. “Foreign exchange reserves have rebounded fr0m USD 524.5 billion on October 21, 2022, and now stand in excess of USD 600 billion , taking into account our forward assets," RBI Governor Shaktikanta Das had said earlier.
According to the Weekly Statistical Supplement released by the RBI last Friday, for the week ended July 14, increased by USD 11.198 billion to USD 540.166 billion.
The central government on Monday issued the draft National Deep Tech Startup Policy (NDTSP) which suggests necessary changes in nine policy areas.
The principal scientific advisor to the government has sought comments from the public by September 15, 2023. NDTSP spells out a nine-point programme to create a conducive ecosystem for the sector, which is crucial for enhancing India's capability and global competitiveness.
A deep tech startup involves early-stage technologies based on scientific or engineering advancements, which are yet to be developed for any commercial applications.
Lok Sabha passed The Jan Vishwas (Amendment of Provisions) Bill, 2023 on Thursday which aims to promote ease of doing business (EoDB) by decriminalising minor offences through amending 183 provisions in 42 acts. During the ongoing Parliamentary monsoon session the Bill was discussed and passed in Lok Sabha through a voice vote. Moving the bill for passing, Minister of Commerce and Industry Piyush Goyal said it will promote the ease of doing business by decriminalising a number of provisions.
Total 756 patent applications have been filed by Micro, Small and Medium Enterprises (MSMEs) as of 24 July, 2023, in the current fiscal, informed MoS for MSME, Bhanu Pratap Singh Verma on Thursday in a written reply to the Lok Sabha.
During the previous financial year total 1758 patents applications were filed as per the information provided by Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry. The fiscal year 2021-22 saw rise in application to 1369 as compared to FY21 which was at 1012 and has increased every year.
The Ministry of MSME has requested States/UTs to set up more number of MSEFCs for quicker disposal of cases related to delayed payments.
So far 152 MSEFCs have been set up with more than one MSEFC set up in states like Delhi, Jammu & Kashmir, Karnataka, Kerala, Maharashtra, Punjab, Rajasthan, Tamil Nadu, Telangana, U.P. & West Bengal. Under the provisions of the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, Micro & Small Enterprises Facilitation Councils (MSEFCs) have been set up in the States/UTs to deal with cases of delayed payments of the Micro and Small Enterprises (MSEs).
Jharkhand Chief Minister Hemant Soren approved the establishment of India's first hydrogen fuel-related industry in Jamshedpur, an official statement said on Saturday.
As per reports, the projects will be spearheaded by M/s TCPL Green Energy Solutions Private Limited (TGESPL), a joint venture between M/s Tata Motors Limited and M/s Cummins Inc., USA. It will be set up for an investment of over Rs 350 crore. The proposed unit will boast a capacity of over 4000 Hydrogen Internal Combustion Engines, along with Fuel Agnostic Engines, and over 10,000 Battery systems.
Handloom weavers’ groups in Kerala have appealed to the State government to prevent the sale of fake items under the guise of handloom products as the Onam sales season begins.
T.S. Baby, president of Paravur Handloom Cooperative said that powerloom products from within the State and outside were being sold in the market under handloom brands. “Onam season was a peak season for the sale of traditional handwoven products. There is awareness among the people about the need to promote handloom items. However, unscrupulous elements were taking advantage of the situation to push their fake products in the market,” he said.
Goa Shipyard Ltd (GSL), a Public Sector Undertaking (PSU) has entered into an agreement with BITS Goa to revolutionise’ the shipbuilding and defence industry through implementation of artificial intelligence (AI) technologies. The MoU was signed by GSL and BITS Goa Innovation, Incubation and Entrepreneurship Society (BGIIES) in the presence of P Ravindran, General Manager (Production), GSL and Suman Kundu, President of BGIIES. “This strategic partnership brings together the research expertise of BITS Goa and the extensive experience of Goa Shipyard Limited in shipbuilding and defence.
The furnace mill owners in Ludhiana are feeling uneasy due to the recent alteration in the requirements for obtaining and renewing environmental clearances.
According to the new conditions, they are now required to augment the green belt cover in their factory premises to 40 per cent of the total land area. As per reports, the industry will soon meet Invest Punjab CEO K K Yadav to urge the state government to take up this issue with the Centre as well as the authorities concerned.
President of a national level furnace association, K K Garg, said, “Recently, we have come to know about the new orders imposed on us regarding environmental clearances certificate requirements. Under the new norms, every furnace or rolling mill is required to earmark 40 per cent of the unit area for greenbelt development.”
India and Singapore have shown great interest in connecting their power grids through an undersea cable via Andaman & Nicobar, which will allow India to trade its green power with Singapore, reported ET.
"The landed cost of the renewable energy that will be exported through this arrangement to Singapore is projected to be cheaper than their gas-based electricity," one of the sources told ET, making an economic case for the investment.
India and the UK have reached a consensus on broader structure of the free-trade agreement (FTA) and are expected to sign the pact this year, reported Reuters.
"We want to finalise the deal at the earliest," Sunil Barthwal, India's commerce secretary, told reporters on Friday.
He informed that negotiations on almost all contentious issues were completed. Barthwal added that the deal could be signed "much before" the year-end.
India views FTA with Britain as crucial step to becoming a bigger exporter. The UK meanwhile, would obtain wider access for its whiskey, premium cars and legal services.
Pay transparency is a much discussed topic. Some small organisations claim to be practising pay transperancy, but it can be tricky! No one can afford complete transparency as it can lead to unnecessary conflicts and ill feelings. On the other hand, it can also lead to equality, meritocracy and a culture of honesty and trust. The pertinent question here is, Can pay transparency end salary negotiations?’
What is the best way to finance your new business?
Entrepreneurship can be a challenging yet fulfilling journey. Among the important decisions you'll have to make as a business owner is how to finance your venture. With numerous financing options available, it's crucial to determine the best fit for your unique circumstances and business type.
6 Steps to Effectively Tell a Story with Your Marketing to Gain Clients and Make More Sales
Many business owners have heard of brand storytelling, but they don't know the importance of it or how to do it effectively. According to research by Headstream, 55% of consumers are more willing to buy from a brand if they connect with their story — and that's why I employ this tactic in every company I own.
Karnataka MSMEs demand changes in Land Reforms Act for affordable industrial plots
Karnataka Small Scale Industries Association (KASSIA) has urged Sharanbasappa Darshanapur, Minister of Small Scale Industries to make appropriate amendments in the Land Reforms Act and give KSSIDC the authority to acquire land so that plots are provided at affordable prices. CA Sashidhara Shetty, President, KASSIA led delegation met the Minister submitting a slew of suggestions and recommendations from the small-scale industries.
Manish Dabkara had always harbored an intense passion for climate change and the energy industry, and his educational background is a testament to this profound interest. Upon completing his undergraduate studies in Electrical Engineering, he dedicated himself to pursuing a Master's degree in Energy & Environment Management.
This pandemic-born premium menswear brand is eyeing Rs 100 crore revenue
In India, men’s fashion products vary from the ones offered abroad. Take, for instance, men’s leather footwear. Often considered a “commodity” in the country, most traditional brands hardly focus on product innovation and design, offering shoes in mainly black, brown, or tan colours.
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 EPF Scheme, ESI Scheme and 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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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.
The Jan Vishwas (Amendment of Provisions) Bill, 2023 was passed in both houses of the Indian Parliament, the Lok Sabha and the Rajya Sabha during ongoing monsoon session. The Bill aims to decriminalize a total of 183 provisions in 42 Central Acts administered by 19 Ministries/Departments. It seeks to strike a balance between the severity of an offense and the corresponding punishment, ensuring that minor, technical, or procedural defaults do not lead to imprisonment. The Bill underwent thorough scrutiny, discussions, and amendments by the Joint Committee of the Parliament, signifying a landmark step towards rationalizing laws and promoting ease of doing business in India. Passing of the Bill marks a definite shift the way legislators, executive and judiciary viewed businessmen. To err while doing business cannot be treated as criminality. It needs to be treated as any other deviation from law such as driving, consuming electricity or behaving on street. The errant behaviour needs to be penalized and made compoundable. The Bill makes a beginning. But Indian regulations are still replete with clauses of criminalities. We industry associations have to identify them and suggest amendments. There is no better time than time to push for such reforms.
As the secretariat of forum ‘Friends of MSMEs in Parliament’, FISME hosted the meeting during the ongoing Monsoon session of the Parliament. The meeting was convened by senior Member of Parliament and third time MP from Meerut Shri Rajendra Agrawal. Besides Shri Agrawal, the Parliamentarians who participated in the discussions included Shri Jugal Kishore Sharma, MP (Jammu-Poonch), Shri Jagdambika Pal., MP (Domariya Ganj, UP), Shri Uday Pratap Singh, MP (Hoshangabad-Narsingpur, MP); Shri Ganesh Singh, MP (Satna, MP) among others. On behalf of MSMEs, FISME raised three issues to be taken by MPs using Parliamentary committees viz. Imposition of prepayment/ foreclosure charges by Banks; Replacement of Bank Guarantees during Public procurement by Insurance Sureties as has been done in case of NHAI projects and review and reforms in BLR rating process mandated by RBI.
As a leadership expert, I've had the privilege of working with numerous organizations, helping them transform their businesses and cultivate environments where employees thrive. Over the years, I've observed that the most successful companies are those that prioritize continuous improvement. In this article, I'll share five key steps that you need to take to drive a culture of continuous improvement within your organization. The first and foremost step in creating a culture of continuous improvement is to establish a clear vision for your organization. This vision should be inspiring, motivating and easy to understand. It should also include specific, measurable goals that can be tracked and analyzed over time.
Manufacturing sector activities in India moderated for the second straight month in July as rates of expansion in output and new orders eased slightly, a monthly survey said on Tuesday.
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) eased to 57.7 in July from 57.8 in June. Despite the fall, the Indian manufacturing sector maintained strong growth momentum at the start of the third quarter amid ongoing buoyant demand, the Index showed.
Telecom equipment worth Rs 6,911 crore has been exported by companies selected under the production-linked incentive (PLI) scheme till May 31, 2023, the Minister of State for Communications Devusinh Chauhan said in a written reply in the Lok Sabha on Wednesday. The scheme was launched on February 24, 2021, to promote domestic manufacturing of specified telecom and networking products including 4G, 5G products, and also design-led manufacturing in the country.
According to Reserve Bank of India’s (RBI) latest update on Friday India’s forex kitty has crossed USD 600 billion mark.
Earlier on 14 July, the RBI said that the India's forex jumped by USD 1.229 billion in the week that ended on 7 July, totaling USD 596.280 billion. “Foreign exchange reserves have rebounded fr0m USD 524.5 billion on October 21, 2022, and now stand in excess of USD 600 billion , taking into account our forward assets," RBI Governor Shaktikanta Das had said earlier.
According to the Weekly Statistical Supplement released by the RBI last Friday, for the week ended July 14, increased by USD 11.198 billion to USD 540.166 billion.
The central government on Monday issued the draft National Deep Tech Startup Policy (NDTSP) which suggests necessary changes in nine policy areas.
The principal scientific advisor to the government has sought comments from the public by September 15, 2023. NDTSP spells out a nine-point programme to create a conducive ecosystem for the sector, which is crucial for enhancing India's capability and global competitiveness.
A deep tech startup involves early-stage technologies based on scientific or engineering advancements, which are yet to be developed for any commercial applications.
Lok Sabha passed The Jan Vishwas (Amendment of Provisions) Bill, 2023 on Thursday which aims to promote ease of doing business (EoDB) by decriminalising minor offences through amending 183 provisions in 42 acts. During the ongoing Parliamentary monsoon session the Bill was discussed and passed in Lok Sabha through a voice vote. Moving the bill for passing, Minister of Commerce and Industry Piyush Goyal said it will promote the ease of doing business by decriminalising a number of provisions.
Total 756 patent applications have been filed by Micro, Small and Medium Enterprises (MSMEs) as of 24 July, 2023, in the current fiscal, informed MoS for MSME, Bhanu Pratap Singh Verma on Thursday in a written reply to the Lok Sabha.
During the previous financial year total 1758 patents applications were filed as per the information provided by Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry. The fiscal year 2021-22 saw rise in application to 1369 as compared to FY21 which was at 1012 and has increased every year.
The Ministry of MSME has requested States/UTs to set up more number of MSEFCs for quicker disposal of cases related to delayed payments.
So far 152 MSEFCs have been set up with more than one MSEFC set up in states like Delhi, Jammu & Kashmir, Karnataka, Kerala, Maharashtra, Punjab, Rajasthan, Tamil Nadu, Telangana, U.P. & West Bengal. Under the provisions of the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, Micro & Small Enterprises Facilitation Councils (MSEFCs) have been set up in the States/UTs to deal with cases of delayed payments of the Micro and Small Enterprises (MSEs).
Jharkhand Chief Minister Hemant Soren approved the establishment of India's first hydrogen fuel-related industry in Jamshedpur, an official statement said on Saturday.
As per reports, the projects will be spearheaded by M/s TCPL Green Energy Solutions Private Limited (TGESPL), a joint venture between M/s Tata Motors Limited and M/s Cummins Inc., USA. It will be set up for an investment of over Rs 350 crore. The proposed unit will boast a capacity of over 4000 Hydrogen Internal Combustion Engines, along with Fuel Agnostic Engines, and over 10,000 Battery systems.
Handloom weavers’ groups in Kerala have appealed to the State government to prevent the sale of fake items under the guise of handloom products as the Onam sales season begins.
T.S. Baby, president of Paravur Handloom Cooperative said that powerloom products from within the State and outside were being sold in the market under handloom brands. “Onam season was a peak season for the sale of traditional handwoven products. There is awareness among the people about the need to promote handloom items. However, unscrupulous elements were taking advantage of the situation to push their fake products in the market,” he said.
Goa Shipyard Ltd (GSL), a Public Sector Undertaking (PSU) has entered into an agreement with BITS Goa to revolutionise’ the shipbuilding and defence industry through implementation of artificial intelligence (AI) technologies. The MoU was signed by GSL and BITS Goa Innovation, Incubation and Entrepreneurship Society (BGIIES) in the presence of P Ravindran, General Manager (Production), GSL and Suman Kundu, President of BGIIES. “This strategic partnership brings together the research expertise of BITS Goa and the extensive experience of Goa Shipyard Limited in shipbuilding and defence.
The furnace mill owners in Ludhiana are feeling uneasy due to the recent alteration in the requirements for obtaining and renewing environmental clearances.
According to the new conditions, they are now required to augment the green belt cover in their factory premises to 40 per cent of the total land area. As per reports, the industry will soon meet Invest Punjab CEO K K Yadav to urge the state government to take up this issue with the Centre as well as the authorities concerned.
President of a national level furnace association, K K Garg, said, “Recently, we have come to know about the new orders imposed on us regarding environmental clearances certificate requirements. Under the new norms, every furnace or rolling mill is required to earmark 40 per cent of the unit area for greenbelt development.”
India and Singapore have shown great interest in connecting their power grids through an undersea cable via Andaman & Nicobar, which will allow India to trade its green power with Singapore, reported ET.
"The landed cost of the renewable energy that will be exported through this arrangement to Singapore is projected to be cheaper than their gas-based electricity," one of the sources told ET, making an economic case for the investment.
India and the UK have reached a consensus on broader structure of the free-trade agreement (FTA) and are expected to sign the pact this year, reported Reuters.
"We want to finalise the deal at the earliest," Sunil Barthwal, India's commerce secretary, told reporters on Friday.
He informed that negotiations on almost all contentious issues were completed. Barthwal added that the deal could be signed "much before" the year-end.
India views FTA with Britain as crucial step to becoming a bigger exporter. The UK meanwhile, would obtain wider access for its whiskey, premium cars and legal services.
According to the FISME factor, 100% of MSMEs think that GST regime has not made Tax compliance easy for MSMEs.
Pay transparency is a much discussed topic. Some small organisations claim to be practising pay transperancy, but it can be tricky! No one can afford complete transparency as it can lead to unnecessary conflicts and ill feelings. On the other hand, it can also lead to equality, meritocracy and a culture of honesty and trust. The pertinent question here is, Can pay transparency end salary negotiations?’
Entrepreneurship can be a challenging yet fulfilling journey. Among the important decisions you'll have to make as a business owner is how to finance your venture. With numerous financing options available, it's crucial to determine the best fit for your unique circumstances and business type.
Many business owners have heard of brand storytelling, but they don't know the importance of it or how to do it effectively. According to research by Headstream, 55% of consumers are more willing to buy from a brand if they connect with their story — and that's why I employ this tactic in every company I own.
Karnataka Small Scale Industries Association (KASSIA) has urged Sharanbasappa Darshanapur, Minister of Small Scale Industries to make appropriate amendments in the Land Reforms Act and give KSSIDC the authority to acquire land so that plots are provided at affordable prices. CA Sashidhara Shetty, President, KASSIA led delegation met the Minister submitting a slew of suggestions and recommendations from the small-scale industries.
Manish Dabkara had always harbored an intense passion for climate change and the energy industry, and his educational background is a testament to this profound interest. Upon completing his undergraduate studies in Electrical Engineering, he dedicated himself to pursuing a Master's degree in Energy & Environment Management.
In India, men’s fashion products vary from the ones offered abroad. Take, for instance, men’s leather footwear. Often considered a “commodity” in the country, most traditional brands hardly focus on product innovation and design, offering shoes in mainly black, brown, or tan colours.
“ Many of life's failures are people who did not realize how close they were to success when they gave up. ”
