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President Message
The slow and the inefficient judicial process in India negatively impacts entrepreneurship and MSMEs is no news. But you would be surprised at the cost it imposes on society: Prof Bibek Debroy had mentioned that legal reforms could enhance incremental GDP by 1.5% every year. It is costing India close Rs. 4 lac crore every year. To kickstart the debate FISME organized the first Seminar in the Series on "Reducing the Cost of Litigation for MSMEs" chaired by Law Minister Hon’ble Arjun Ram Meghwal. Our shared call to action is "Accelerate Justice, Empower MSMEs, Unleash India's Economic Potential". It is evident that Govt is encouraging Alternative Dispute Resolution (ADR) Mechanisms. Arbitration Act has been amended and recently the Mediation Bill is also passed. But problems persist: Concerns of delays & costs of Arbitration remain. But the biggest challenge is the frequent intervention of Courts post award and execution of awards. Execution is alike starting a new case. The whole process seems unending. A number of suggestions have emerged which we intended to bounce with legal experts and publish. To instill a sense of urgency in Government we have suggested that dash board capturing data on cases be put on the websites of all departments/ agencies.
FISME organised a seminar on ‘Reducing Cost of Litigation for MSMEs’ at India Habitat Center, New Delhi on 10th Aug 2023. Hon’ble Minister of Law and Justice Shri Arjun Ram Meghwal was the Chief Guest in the seminar and Guest of Honour Shri Rajendra Agarwal, Member of Parliament and Chairman of Friends of MSMEs Group in Parliament. Justice R.S. Sodhi (Retd) and Former Editor of Ecomomic Times Shri T.K. Arun delivered inaugural addresses. India’s major law experts on Contractual litigations, Insolvency and delayed payments participated in Technical Session including: Mr. Sumant Batra, Independent Insolvency Practitioner; Senior Advocate J P Sengh; Dr. Dr. Swati Jindal Garg, Adv. On record, Supreme Court; Shri Tarun Nangia of Legally Speaking and advocated Ms. Isha Aggarwal, RAMP Prog of Ministry of MSME. Earlier, FISME President had welcomed the guests and the presentation on issues that MSME s face was given by Shri Neeraj Kedia, Chairman, Banking and Finance Committee.
For many entrepreneurs, growth means expanding into a new location. Offering your products and services in another state can be a great way to reach new customers and increase your market share.
However, expanding your business into a new location isn't easy, and if you aren't prepared, you could put both locations at risk. That's why it's important to understand what you're getting yourself into first. If you're preparing to expand your brand into a new area, here are five tips to help you get started. Expanding into a new location increases your opportunities to grow, but it also increases your risk.
“Government is seized of the concerns of MSMEs about lengthy and costly litigation and we shall push for resolution of disputes through Mediation centres all over India to reduce cost,” said Law Minister Arjun Ram Meghwal. “Now that Mediation Bill is cleared and would be sent to President’s assent, the focus will shift to making Rules and the government will incorporate the suggestions that emerged during Seminar,” the minister said. (Image: FISME)
The annual rate of inflation based on all India Wholesale Price Index (WPI) number is (-) 1.36% (Provisional) for the month of July, 2023 (over July, 2022) against (-) 4.12% recorded in June, 2023, announced the Ministry of Commerce & Industry on Monday.
Although India's wholesale prices remained in the deflationary zone for the fourth month in a row in July, as per the data. Decline in the rate of inflation in July, 2023 is primarily contributed by fall in prices of mineral oils, basic metals, chemical & chemical products, textiles and food products, said the Ministry.
The Surat Special Economic Zone or SUR SEZ saw a decline in its gems and jewellery exports for the first four months of the 2023-23 by 65% at Rs 3,173 crore as compared to the corresponding period last year (Rs 9,064 crore), officials said.
Of the total exports of Rs 3706.96 crore between April and July this year that includes engineering, pharma, textile, tobacco and other manufacturing units as well, gems and jewellery contributed nearly 85% of the exports, they said.
The market size of the Indian medical devices sector is likely to reach USD 50 billion in the coming years from the current USD 11 billion, Union Minister Mansukh Mandaviya said on Thursday.
Addressing a curtain raiser of India MedTech Expo 2023, to be held in Gandhinagar from August 17-19, the minister said that India is set to emerge as the global manufacturing hub for medical devices through a holistic development of healthcare, pharmaceuticals and medical devices sectors.
In at least 40 pharmaceutical companies manufacturing has been halted and licences of specific products have either been suspended or cancelled for another 66, following a risk-based assessment of 162 firms conducted earlier in the year.
As per data provided by Union Health Minister Mansukh Mandaviya in Parliament, an FIR has also been registered in one of the cases. Warning letters have also been issued in 21 cases after the inspection by the Central Drugs Standard Control Organisation and the State authorities. In total, 143 show-cause notices had been issued.
The Ministry of Micro, Small and Medium Enterprises (MSMEs) is working with India Exim Bank to develop an online portal, incorporating the features of International Market Intelligence Dissemination (IMID) component of International Cooperation (IC) Scheme.
This information was provided by Minister of State for MSME, Bhanu Pratap Singh Verma in a written reply to the Lok Sabha on Thursday. The IC Scheme of Ministry of MSME has added a new component ‘Framework for International Market Intelligence Dissemination (IMID)’.
IIITD Innovation and Incubation Centre (IIITD-IC), a section 8 company promoted by the Indraprastha Institute of Information Technology Delhi (IIITD), has signed a MoU with YES BANK.
This partnership will enable IIITD-IC to strengthen its mentoring initiatives for startups, gain access to experts across the industry. It will also help the institute identify newer investment and funding opportunities that can benefit startups. Through this partnership, YES BANK will offer best-in-class banking facilities to startups that are in a developmental phase at IIITD-IC under the Bank’s YES HeadStartup programme.
The central government has postponed the implementation of the Cotton Bales (quality control) Order, 2023 by three months.
The order will be implemented from November 27, instead of August 28, a gazette order issued by the Ministry of Textiles late on Tuesday night said. Cotton ginners all across India majorly in the MSME category, have welcomed the extension. This was decided after a request was heard from textile organisation and trade associations during a meeting last weekend. The order, better known as cotton QCO (quality control order) was notified by the Union Textiles Ministry on February 28 and was meant to come into force 180 days after its publication in the gazette.
A new study conducted by Assocham Goa and consultancy firm Grant Thornton, has found that Goa's cold chain sector is facing a number of challenges, including inadequate storage capacity, technological limitations, and logistic gaps. These challenges are having a negative impact on MSMEs in the state, which are struggling to export their products and reach new markets. The knowledge paper titled ‘Cold Chain Revolution: Transforming Goa into distribution hub’ was unveiled by industries minister Mauvin Godinho and handed over to the state government reported TOI.
The Bihar government has invited industrialists to set up units in the state under its ‘Plug and Play' initiative wherein pre-fabricated sheds will be constructed in five districts, where entrepreneurs will be able to start factories only by installing equipment.
The monthly rent for the plug and play industrial sheds starts from Rs 4 square metre, as per the state government’s advertisement. About 24 lakh square feet of ready to move Plug and Play Industrial Sheds with all basic infrastructure is available in the industrial areas of Bihar.
The centuries-old footwear industry of Agra was granted a Geographical Indication (GI) tag, making it the 53rd product of Uttar Pradesh to enter the elite club, reported India Today.
"With the cooperation of NABARD UP and the state government, 2 handicrafts of the state, Agra leather footwear (GI registration number-721), and Jalesar metal craft (GI registration number-722) got GI tag status," said GI expert Padmashree Rajinikanth.
The Gujarat government on Tuesday inked four MoUs with various industries for a total investment of Rs 1,113 crores.
On behalf of the State Government, Additional Chief Secretary of Industries Department S. J. Haider and on behalf of the directors of the industries senior CEOs, MDs, etc., signed MoU in the presence of Industries Minister Balvantsinh Rajput and Minister of State Harsh Sanghvi.
The MoUs are being signed by the government as run-up to the Vibrant Summit-2024. The tenth Vibrant Gujarat Global Summit, establishing Gujarat as the best destination for investment, is scheduled for January-2024.
India and Italy would soon sign a MoU in the defence sector to ramp up their military ties, said Italy's Ambassador to India Vincenzo De Luca.
He said the Italian government is looking forward to contribute to the 'Make in India' programme. In a move to enhance navy-to-navy cooperation between the two countries, Italian Navy's warship ITS Morosini is on a port visit to Mumbai from August 10 to 13. Italian Navy officials will also meet the top brass of the Mumbai-headquartered Western Naval Command during this period.
India and Peru have decided to continue negotiations for a proposed free trade agreement (FTA), said Commerce Secretary Sunil Barthwal on Friday, reported ET.
"We have decided to proceed with the FTA negotiations. We would be working out the priority areas,” he said on the sidelines of India-Latin America and Caribbean (LAC) conclave organised by CII. “Post September, we will start engaging," he said.
"If the countries are interested in FTAs, we will also look into possibilities," he said, adding that Chile is also requesting for a similar agreement.
The trade pact talks would be resumed after the Covid-19 pandemic. Few rounds of talks were held before the pandemic.
He further said that there is significant scope for expansion of India-LAC bilateral trade and that efforts are on to double the bilateral trade to USD 100 billion in the coming years.
Whether Jan Vishwas Bill passed by both the houses of Parliament during monsoon session will help reduce harassment of MSMEs?
According to the FISME factor, 100% of MSMEs think that Jan Vishwas Bill passed by both the houses of Parliament during monsoon session will help reduce harassment of MSMEs.
3 Things Small Business Can Do To Compete With Big Business For Talent
You see it everywhere. "Now Hiring," "Benefits from Day One," or "Join our Team." Everyone is searching for employees, and if you are a startup or small business trying to hire them, the statistics are scary. According to the Bureau of Labor Statistics, there are 9.8 million open jobs in the US. Even with people entering the workplace by the thousands, there are still not enough workers.
Five Essential Tips For Crafting Your First Financial Operating Plan
In the high-stakes world of startups, the creation of a robust yet flexible financial operating plan is paramount. As a fractional CFO for various startups, I've witnessed firsthand how a well-constructed plan can guide a young company toward its growth targets and sustain its financial health. In contrast, an overly complex or vague plan can confuse the management team and even misdirect resources.
9 Marketing Strategies for Startups to Boost Growth and Visibility
Tired of reading the same old marketing advice for your startup? When I started my journey as an entrepreneur, I knew how to build things, but marketing them was a different ball game. Every corner of the internet seemed to echo the same advice — paid ads, email campaigns, blog posts and SEO.
It felt like an oversaturated market, and I began to wonder if any marketing strategies could make a difference until I implemented these nine lesser-known yet powerful marketing strategies that will breathe new life into your startup and help you stand out in the crowd.
Non-Tariff Barriers Emerging As Tool To Disrupt Legitimate Textiles Trade: AEPC
The Non-tariff barriers (NTBs) are gradually emerging as a potent tool to damage and even disrupt legitimate textiles trade, apparel export promotion council (AEPC) said on Thursday.
As many as 131 NTB notifications are issued related to the textile sector since 2019 with Uganda at the top position with 71 notifications, it said.
When man meets machine: Using AI to improve productivity of factory workers
Imagine a worker on the factory floor of an automaker’s plant. His job is to assemble brake pads by following a certain sequence of actions. But because it’s the end of his shift and he’s weary, he misses a crucial step in the assembly of one brake pad. The mistake goes unnoticed, and the brake pad moves to the next workstation after which it’ll be ready to install in the car that will then go out into the world.
Logistics Unicorn Xpressbees Acquires Courier Company Trackon
Pune-based logistics service provider Xpressbees has acquired New Delhi-based courier company TrackOn, as it looks to tap the small and medium-sized enterprises sector through the latter's franchisee network. The deal size of the all-cash transaction was not disclosed. The deal size of the all-cash transaction was not disclosed.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released the All India Consumer Price Index (CPI) on Base 2012=100 and corresponding Consumer Food Price Index (CFPI) for Rural (R), Urban (U) and Combined (C) for the month of July 2023 (Provisional)
“ No success or achievement in material terms is worthwhile unless it serves the needs or interests of the country and its people and is achieved by fair and honest means. ”
– - J. R. D. Tata - Indian aviator and entrepreneur
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:
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The slow and the inefficient judicial process in India negatively impacts entrepreneurship and MSMEs is no news. But you would be surprised at the cost it imposes on society: Prof Bibek Debroy had mentioned that legal reforms could enhance incremental GDP by 1.5% every year. It is costing India close Rs. 4 lac crore every year. To kickstart the debate FISME organized the first Seminar in the Series on "Reducing the Cost of Litigation for MSMEs" chaired by Law Minister Hon’ble Arjun Ram Meghwal. Our shared call to action is "Accelerate Justice, Empower MSMEs, Unleash India's Economic Potential". It is evident that Govt is encouraging Alternative Dispute Resolution (ADR) Mechanisms. Arbitration Act has been amended and recently the Mediation Bill is also passed. But problems persist: Concerns of delays & costs of Arbitration remain. But the biggest challenge is the frequent intervention of Courts post award and execution of awards. Execution is alike starting a new case. The whole process seems unending. A number of suggestions have emerged which we intended to bounce with legal experts and publish. To instill a sense of urgency in Government we have suggested that dash board capturing data on cases be put on the websites of all departments/ agencies.
FISME organised a seminar on ‘Reducing Cost of Litigation for MSMEs’ at India Habitat Center, New Delhi on 10th Aug 2023. Hon’ble Minister of Law and Justice Shri Arjun Ram Meghwal was the Chief Guest in the seminar and Guest of Honour Shri Rajendra Agarwal, Member of Parliament and Chairman of Friends of MSMEs Group in Parliament. Justice R.S. Sodhi (Retd) and Former Editor of Ecomomic Times Shri T.K. Arun delivered inaugural addresses. India’s major law experts on Contractual litigations, Insolvency and delayed payments participated in Technical Session including: Mr. Sumant Batra, Independent Insolvency Practitioner; Senior Advocate J P Sengh; Dr. Dr. Swati Jindal Garg, Adv. On record, Supreme Court; Shri Tarun Nangia of Legally Speaking and advocated Ms. Isha Aggarwal, RAMP Prog of Ministry of MSME. Earlier, FISME President had welcomed the guests and the presentation on issues that MSME s face was given by Shri Neeraj Kedia, Chairman, Banking and Finance Committee.
For many entrepreneurs, growth means expanding into a new location. Offering your products and services in another state can be a great way to reach new customers and increase your market share.
However, expanding your business into a new location isn't easy, and if you aren't prepared, you could put both locations at risk. That's why it's important to understand what you're getting yourself into first. If you're preparing to expand your brand into a new area, here are five tips to help you get started. Expanding into a new location increases your opportunities to grow, but it also increases your risk.
The annual rate of inflation based on all India Wholesale Price Index (WPI) number is (-) 1.36% (Provisional) for the month of July, 2023 (over July, 2022) against (-) 4.12% recorded in June, 2023, announced the Ministry of Commerce & Industry on Monday.
Although India's wholesale prices remained in the deflationary zone for the fourth month in a row in July, as per the data. Decline in the rate of inflation in July, 2023 is primarily contributed by fall in prices of mineral oils, basic metals, chemical & chemical products, textiles and food products, said the Ministry.
The Surat Special Economic Zone or SUR SEZ saw a decline in its gems and jewellery exports for the first four months of the 2023-23 by 65% at Rs 3,173 crore as compared to the corresponding period last year (Rs 9,064 crore), officials said.
Of the total exports of Rs 3706.96 crore between April and July this year that includes engineering, pharma, textile, tobacco and other manufacturing units as well, gems and jewellery contributed nearly 85% of the exports, they said.
The market size of the Indian medical devices sector is likely to reach USD 50 billion in the coming years from the current USD 11 billion, Union Minister Mansukh Mandaviya said on Thursday.
Addressing a curtain raiser of India MedTech Expo 2023, to be held in Gandhinagar from August 17-19, the minister said that India is set to emerge as the global manufacturing hub for medical devices through a holistic development of healthcare, pharmaceuticals and medical devices sectors.
In at least 40 pharmaceutical companies manufacturing has been halted and licences of specific products have either been suspended or cancelled for another 66, following a risk-based assessment of 162 firms conducted earlier in the year.
As per data provided by Union Health Minister Mansukh Mandaviya in Parliament, an FIR has also been registered in one of the cases. Warning letters have also been issued in 21 cases after the inspection by the Central Drugs Standard Control Organisation and the State authorities. In total, 143 show-cause notices had been issued.
The Ministry of Micro, Small and Medium Enterprises (MSMEs) is working with India Exim Bank to develop an online portal, incorporating the features of International Market Intelligence Dissemination (IMID) component of International Cooperation (IC) Scheme.
This information was provided by Minister of State for MSME, Bhanu Pratap Singh Verma in a written reply to the Lok Sabha on Thursday. The IC Scheme of Ministry of MSME has added a new component ‘Framework for International Market Intelligence Dissemination (IMID)’.
IIITD Innovation and Incubation Centre (IIITD-IC), a section 8 company promoted by the Indraprastha Institute of Information Technology Delhi (IIITD), has signed a MoU with YES BANK.
This partnership will enable IIITD-IC to strengthen its mentoring initiatives for startups, gain access to experts across the industry. It will also help the institute identify newer investment and funding opportunities that can benefit startups. Through this partnership, YES BANK will offer best-in-class banking facilities to startups that are in a developmental phase at IIITD-IC under the Bank’s YES HeadStartup programme.
The central government has postponed the implementation of the Cotton Bales (quality control) Order, 2023 by three months.
The order will be implemented from November 27, instead of August 28, a gazette order issued by the Ministry of Textiles late on Tuesday night said. Cotton ginners all across India majorly in the MSME category, have welcomed the extension. This was decided after a request was heard from textile organisation and trade associations during a meeting last weekend. The order, better known as cotton QCO (quality control order) was notified by the Union Textiles Ministry on February 28 and was meant to come into force 180 days after its publication in the gazette.
A new study conducted by Assocham Goa and consultancy firm Grant Thornton, has found that Goa's cold chain sector is facing a number of challenges, including inadequate storage capacity, technological limitations, and logistic gaps. These challenges are having a negative impact on MSMEs in the state, which are struggling to export their products and reach new markets. The knowledge paper titled ‘Cold Chain Revolution: Transforming Goa into distribution hub’ was unveiled by industries minister Mauvin Godinho and handed over to the state government reported TOI.
The Bihar government has invited industrialists to set up units in the state under its ‘Plug and Play' initiative wherein pre-fabricated sheds will be constructed in five districts, where entrepreneurs will be able to start factories only by installing equipment.
The monthly rent for the plug and play industrial sheds starts from Rs 4 square metre, as per the state government’s advertisement. About 24 lakh square feet of ready to move Plug and Play Industrial Sheds with all basic infrastructure is available in the industrial areas of Bihar.
The centuries-old footwear industry of Agra was granted a Geographical Indication (GI) tag, making it the 53rd product of Uttar Pradesh to enter the elite club, reported India Today.
"With the cooperation of NABARD UP and the state government, 2 handicrafts of the state, Agra leather footwear (GI registration number-721), and Jalesar metal craft (GI registration number-722) got GI tag status," said GI expert Padmashree Rajinikanth.
The Gujarat government on Tuesday inked four MoUs with various industries for a total investment of Rs 1,113 crores.
On behalf of the State Government, Additional Chief Secretary of Industries Department S. J. Haider and on behalf of the directors of the industries senior CEOs, MDs, etc., signed MoU in the presence of Industries Minister Balvantsinh Rajput and Minister of State Harsh Sanghvi.
The MoUs are being signed by the government as run-up to the Vibrant Summit-2024. The tenth Vibrant Gujarat Global Summit, establishing Gujarat as the best destination for investment, is scheduled for January-2024.
India and Italy would soon sign a MoU in the defence sector to ramp up their military ties, said Italy's Ambassador to India Vincenzo De Luca.
He said the Italian government is looking forward to contribute to the 'Make in India' programme. In a move to enhance navy-to-navy cooperation between the two countries, Italian Navy's warship ITS Morosini is on a port visit to Mumbai from August 10 to 13. Italian Navy officials will also meet the top brass of the Mumbai-headquartered Western Naval Command during this period.
India and Peru have decided to continue negotiations for a proposed free trade agreement (FTA), said Commerce Secretary Sunil Barthwal on Friday, reported ET.
"We have decided to proceed with the FTA negotiations. We would be working out the priority areas,” he said on the sidelines of India-Latin America and Caribbean (LAC) conclave organised by CII. “Post September, we will start engaging," he said.
"If the countries are interested in FTAs, we will also look into possibilities," he said, adding that Chile is also requesting for a similar agreement.
The trade pact talks would be resumed after the Covid-19 pandemic. Few rounds of talks were held before the pandemic.
He further said that there is significant scope for expansion of India-LAC bilateral trade and that efforts are on to double the bilateral trade to USD 100 billion in the coming years.
According to the FISME factor, 100% of MSMEs think that Jan Vishwas Bill passed by both the houses of Parliament during monsoon session will help reduce harassment of MSMEs.
You see it everywhere. "Now Hiring," "Benefits from Day One," or "Join our Team." Everyone is searching for employees, and if you are a startup or small business trying to hire them, the statistics are scary. According to the Bureau of Labor Statistics, there are 9.8 million open jobs in the US. Even with people entering the workplace by the thousands, there are still not enough workers.
In the high-stakes world of startups, the creation of a robust yet flexible financial operating plan is paramount. As a fractional CFO for various startups, I've witnessed firsthand how a well-constructed plan can guide a young company toward its growth targets and sustain its financial health. In contrast, an overly complex or vague plan can confuse the management team and even misdirect resources.
Tired of reading the same old marketing advice for your startup? When I started my journey as an entrepreneur, I knew how to build things, but marketing them was a different ball game. Every corner of the internet seemed to echo the same advice — paid ads, email campaigns, blog posts and SEO.
It felt like an oversaturated market, and I began to wonder if any marketing strategies could make a difference until I implemented these nine lesser-known yet powerful marketing strategies that will breathe new life into your startup and help you stand out in the crowd.
The Non-tariff barriers (NTBs) are gradually emerging as a potent tool to damage and even disrupt legitimate textiles trade, apparel export promotion council (AEPC) said on Thursday.
As many as 131 NTB notifications are issued related to the textile sector since 2019 with Uganda at the top position with 71 notifications, it said.
Imagine a worker on the factory floor of an automaker’s plant. His job is to assemble brake pads by following a certain sequence of actions. But because it’s the end of his shift and he’s weary, he misses a crucial step in the assembly of one brake pad. The mistake goes unnoticed, and the brake pad moves to the next workstation after which it’ll be ready to install in the car that will then go out into the world.
Pune-based logistics service provider Xpressbees has acquired New Delhi-based courier company TrackOn, as it looks to tap the small and medium-sized enterprises sector through the latter's franchisee network. The deal size of the all-cash transaction was not disclosed. The deal size of the all-cash transaction was not disclosed.
“ No success or achievement in material terms is worthwhile unless it serves the needs or interests of the country and its people and is achieved by fair and honest means. ”
