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President Message
The Union Budget presented by Finance Minister Nirmala Sitharaman has struck a fine balance between financial prudence and taking a calculated bet on public investment led growth. In spite of proposing a massive capital investment crossing Rs. 10 lac crore, she has been to reduce budget deficit and contain inflation. The capital investment in infrastructure and housing scheme (PM Aawaas yojna) will generate substantial demand for MSMEs. Specific for MSME front, the infusion of Rs. 9000 crore in CGTMSE, Vivad se Vishwas initiatives and provision of disallowing deduction to buyers unless they pay up suppliers are welcome steps. At the same time, we wish FM followed up on her budget announcement last year about replacement of Bank Guarantees with Surety Bonds/ insurance. We missed MSME specific initiative this year. (CGTMSE capital infusion was more of a demand of Banks than MSMEs). Budget also remains silent on improving hard infrastructure for MSMEs in industrial estates. The MSMEs as largest job creating group has been dealt rather a raw hand. Also, the buoyancy in revenue seems to have mellowed the zeal of reforms in the government. The Budget offered no indication of reforms on the fronts of GST, labour, banking and finance, reduction of import duties on inputs etc. Therefore, while over all the budget looks well balanced, progressive and inclusive, it could have done more.
Now is the time for entrepreneurs to create an action plan for navigating an unpredictable economy.
Unless you've been hiding under a rock, you've probably read the dreary forecasts from JPMorgan, Citi and Goldman Sachs, which all agree that 2023 will be a rough year for the economy, perhaps even kicking off a "mild recession." But try as they might with their recession talk on the heels of a global pandemic, supply chain chaos and market upheaval, we resilient entrepreneurs aren't ready to throw in the towel quite yet.
Federation of Indian Micro and Small & Medium Enterprises (FISME) has found the Union Budget announced on Wednesday as growth oriented and inclusive.
The industry body representing MSMEs has credited the Union Finance Minister Nirmala Sitharaman for creating a financial balance between the need of enhanced capital expenditure and fiscal discipline to push for sustained economic growth.
Inclusive development, digital public infra, youth empowerment, infrastructure and investment, green growth and financial sector are the priorities listed in the union budget 2023-24, said Union Finance Minister Nirmala Sitharaman on Wednesday in the Parliament.Reflecting on the growth of handicrafts, she said the government is providing assistance to help them improve quality, scale and reach.
“This will help them integrate with the MSME sector,” the FM said. To empower small farmers, the government will set up Agriculture accelerator Fund bring modern technology and increase productivity, announced the FM.
Union Finance Minister Nirmala Sitharaman on Wednesday announced a 33 per cent increase in the capital investment outlay for FY24.
The capital investment outlay is increased to Rs 10 lakh crore which is 3.3 per cent of the GDP.
She further said that investment in infrastructure has a multiplier effect on job creation and employment. This outlay is three times more than the outlay made in 2019. Capital outlay for railways has been increased to Rs 2.40 lakh crore which is 9 times the outlay made in 2013.
The Economic Survey 2022-23 presented in the Parliament on Tuesday has stressed that Industrial infrastructure is a critical component for the growth and competitiveness of the Indian economy.
The survey has underlined the need for investment in industrial infrastructure, including measures to improve the availability and quality of power, water, and transportation services. During the pre-budget meeting with the Union Finance Minister Niramala Sitharaman, Federation of Indian Micro and Small & Medium Enterprises (FISME)
Micro enterprises with turnover of Rs 2 crore and upto Rs 3 crore can avail the benefit of presumptive taxation, said the Union Finance Minister Nirmala Sitharaman on Wednesday. Professional upto Rs 50 lakh can avail presumptive tax benefit upto turn over and gross receipts of Rs 3 crore and Rs 75 lakh. Indirect Tax proposals aim to promote exports, boost domestic manufacturing, enhance domestic value addition, and encourage green energy and mobility.
The credit guarantee scheme for MSMEs proposed for a revamp last year will be applicable from April 1, 2023, announced Union Minister Nirmala Sitharaman on Wednesday.
The scheme will take effect from April 1, 2023 with Rs 9000 crores infused in the corpus which will allow additional collateral-free credit of Rs 2 lakh crores. “Cost of Credit to be reduced by 1 per cent,” added the FM. She further announced that a National Finance Information Registry will be set up.
In event of contract failure during covid-19 by Micro, Small and Medium Enterprises (MSMEs), the government will return 95 per cent of forfeited amount to the enterprises.
This was announced by the Union Finance Minister Nirmala Sitharaman on Wednesday as part of the union budget speech. For settling contractual dispute, a voluntary settlement scheme will be used. She further announced that scope of services in digital locker will be expanded. A separate digital locker for MSMEs and charitable trust will be introduced.
Upping the ante against the Banks’ practice of imposing foreclosure or prepayment penalties, the Federation of Indian Micro and Small & Medium Enterprises (FISME), has advised MSEs to challenge the penalty before the institution of Banking Ombudsman.
According to the Code of Bank’s Commitment for Micro and Small Enterprises’ which was adopted by all commercial banks in 2012, Banks had committed that they would ‘permit prepayment of fixed rate loans up to Rs. 50 lakh without levying any pre-payment penalty and also ‘permit prepayment of floating rate loans without levying any prepayment penalty’.
Giving major importance to growth of women in Telangana, the state government has started a scheme to train over 3000 women in tailoring.
Minister for Panchayat Raj and Rural Development Errabelli Dayakar Rao said that this will provide them with essential skills required for getting jobs at the upcoming Kakatiya Mega Textile Park in Sangem Mandal in Warangal district and Mini Textile Park at Kodakandla in Jangaon district.
The Maharashtra government is planning to set up a garment trading hub in Mumbai on the lines of China’s Guangzhou and Turkey’s Istanbul, said Minister of Textiles, Chandrakant Dada Patil on Monday.
Addressing the 76th National Garment Fair (NGF) of Clothing Manufacturers Association of India’s (CMAI), Patil said that the current textile policy that is set to expire in March 2023, is likely to be extended for another three months.
With the aim to support weavers and exporters in the state, the West Bengal government on Saturday decided to set up a Textile Park in state. The textile park in the state will be set up on 200 acres of land and for that land is being identified in Paschim Medinipur district’s Salboni and at Durgapur and Asansol in Paschim Bardhaman district, a senior official said. As per reports, the decision to set up the textile park is the outcome of the workshop on ‘Expanding opportunities in the Textiles sector of West Bengal’ organised by the state’s MSME & Textiles department.
The Tamil Nadu chief minister M.K. Stalin on Friday sanctioned Rs 7.5 core in equity investments to five startups founded by SC/ST entrepreneurs.
The Tamil Nadu SC/ST startup fund is an equity investment and debt fund. The government had earmarked Rs 30 crore for this fund through StartupTN in the Budget for 2022-23. The aim of this initiative is to create more startup’s by SC/ST entrepreneurs in the march toward inclusive mass entrepreneurship across demographics and sectors.
There is potential for trade enhancement with Egypt as India has competencies that Egypt wants, for example in information technology, cyber security, industrial goods, car manufacturing, automobile parts, and light engineering goods said, Former Deputy National security Adviser Pankaj Saran. Saran who currently serves as Convenor of NatStrat, Centre for Research on Strategic and Security Issues said that this depends on how fast the Egyptian economy grows. “Egypt is very keen to import wheat from India. There are a lot of Indian investments in Egypt. We can use Egypt as a gateway to the rest of the region including to northern Africa, Europe, and the Arab world,” he advised on his fortnightly show on Awaz-the Voice.
World-renowned sporting equipment maker Yonex is planning to expand its manufacturing capacity in India to sell made-in-India carbon graphite racquets. The Japanese brand is in a bid to offer Indian market a more affordable price points as it spreads its manufacturing footprint in India. Yonex is a sporting goods brand known for manufacturing carbon graphite goods, ranging from badminton and tennis racquets to golf clubs among others.
In 2016, the company set up a factory in Bengaluru and has been making aluminium T-joint racquets in India which are used by beginners who play for fitness or recreation purposes.
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Employers can successfully create a hybrid environment that benefits all employees by focusing on collaboration, flexibility, and a shared understanding of what hybrid means for the organization. The hybrid work model has revolutionized how we view our work environment.
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During difficult economic times, “layoffs” are often one of the first fears that enter professionals’ minds. Whether it’s a sudden economic downturn or a looming recession, many business leaders resort to laying off staff in a desperate attempt to keep their companies afloat.
5 Sales and Marketing Trends for 2023 You Must Know
It's essential to stay on top of the latest trends in sales and marketing. You should know five sales and marketing trends for 2023 that could benefit your business.
The world of sales and marketing is constantly changing, so staying on top of the latest trends is important. This article will look at five sales and marketing trends for 2023 that you need to be aware of.
Match box industry urges govt to impose ban on import of plastic lighters
The National Small Matchbox Manufacturers’ Association on Sunday urged the Union andTamil Nadu government to impose a ban on the import of plastic lighters.
Addressing the media in Madurai, the association’s general secretary V S Sethurathinam said, taking into consideration the larger public interest
Bhubaneswar-based healthtech startup is enabling affordable healthcare at remote locations
COVID-19 revealed the glaring inequality in healthcare services across India. While people in metropolitan cities and urban centres headed to multi-speciality hospitals, their rural counterparts, who comprise a whopping 65% of India’s population, struggled to access quality healthcare.
How this engineer-turned entrepreneur is popularising folktales through kids clothes
It’s interesting how living in a joint family and hearing traditional folktales passed down through generations can generate a startup idea. And, that’s precisely how Krishna Siddhapura and her artist husband Bhautik started Story Tailor, a comfortable, eco-friendly clothing brand for children, hand-printed with designs inspired by stories of the Panchatantra.
Since April, 2018 the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has been bringing out 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.
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 Union Budget presented by Finance Minister Nirmala Sitharaman has struck a fine balance between financial prudence and taking a calculated bet on public investment led growth. In spite of proposing a massive capital investment crossing Rs. 10 lac crore, she has been to reduce budget deficit and contain inflation. The capital investment in infrastructure and housing scheme (PM Aawaas yojna) will generate substantial demand for MSMEs. Specific for MSME front, the infusion of Rs. 9000 crore in CGTMSE, Vivad se Vishwas initiatives and provision of disallowing deduction to buyers unless they pay up suppliers are welcome steps. At the same time, we wish FM followed up on her budget announcement last year about replacement of Bank Guarantees with Surety Bonds/ insurance. We missed MSME specific initiative this year. (CGTMSE capital infusion was more of a demand of Banks than MSMEs). Budget also remains silent on improving hard infrastructure for MSMEs in industrial estates. The MSMEs as largest job creating group has been dealt rather a raw hand. Also, the buoyancy in revenue seems to have mellowed the zeal of reforms in the government. The Budget offered no indication of reforms on the fronts of GST, labour, banking and finance, reduction of import duties on inputs etc. Therefore, while over all the budget looks well balanced, progressive and inclusive, it could have done more.
Now is the time for entrepreneurs to create an action plan for navigating an unpredictable economy.
Unless you've been hiding under a rock, you've probably read the dreary forecasts from JPMorgan, Citi and Goldman Sachs, which all agree that 2023 will be a rough year for the economy, perhaps even kicking off a "mild recession." But try as they might with their recession talk on the heels of a global pandemic, supply chain chaos and market upheaval, we resilient entrepreneurs aren't ready to throw in the towel quite yet.
Inclusive development, digital public infra, youth empowerment, infrastructure and investment, green growth and financial sector are the priorities listed in the union budget 2023-24, said Union Finance Minister Nirmala Sitharaman on Wednesday in the Parliament.Reflecting on the growth of handicrafts, she said the government is providing assistance to help them improve quality, scale and reach.
“This will help them integrate with the MSME sector,” the FM said. To empower small farmers, the government will set up Agriculture accelerator Fund bring modern technology and increase productivity, announced the FM.
Union Finance Minister Nirmala Sitharaman on Wednesday announced a 33 per cent increase in the capital investment outlay for FY24.
The capital investment outlay is increased to Rs 10 lakh crore which is 3.3 per cent of the GDP.
She further said that investment in infrastructure has a multiplier effect on job creation and employment. This outlay is three times more than the outlay made in 2019. Capital outlay for railways has been increased to Rs 2.40 lakh crore which is 9 times the outlay made in 2013.
The Economic Survey 2022-23 presented in the Parliament on Tuesday has stressed that Industrial infrastructure is a critical component for the growth and competitiveness of the Indian economy.
The survey has underlined the need for investment in industrial infrastructure, including measures to improve the availability and quality of power, water, and transportation services. During the pre-budget meeting with the Union Finance Minister Niramala Sitharaman, Federation of Indian Micro and Small & Medium Enterprises (FISME)
Micro enterprises with turnover of Rs 2 crore and upto Rs 3 crore can avail the benefit of presumptive taxation, said the Union Finance Minister Nirmala Sitharaman on Wednesday. Professional upto Rs 50 lakh can avail presumptive tax benefit upto turn over and gross receipts of Rs 3 crore and Rs 75 lakh. Indirect Tax proposals aim to promote exports, boost domestic manufacturing, enhance domestic value addition, and encourage green energy and mobility.
The credit guarantee scheme for MSMEs proposed for a revamp last year will be applicable from April 1, 2023, announced Union Minister Nirmala Sitharaman on Wednesday.
The scheme will take effect from April 1, 2023 with Rs 9000 crores infused in the corpus which will allow additional collateral-free credit of Rs 2 lakh crores. “Cost of Credit to be reduced by 1 per cent,” added the FM. She further announced that a National Finance Information Registry will be set up.
In event of contract failure during covid-19 by Micro, Small and Medium Enterprises (MSMEs), the government will return 95 per cent of forfeited amount to the enterprises.
This was announced by the Union Finance Minister Nirmala Sitharaman on Wednesday as part of the union budget speech. For settling contractual dispute, a voluntary settlement scheme will be used. She further announced that scope of services in digital locker will be expanded. A separate digital locker for MSMEs and charitable trust will be introduced.
Upping the ante against the Banks’ practice of imposing foreclosure or prepayment penalties, the Federation of Indian Micro and Small & Medium Enterprises (FISME), has advised MSEs to challenge the penalty before the institution of Banking Ombudsman.
According to the Code of Bank’s Commitment for Micro and Small Enterprises’ which was adopted by all commercial banks in 2012, Banks had committed that they would ‘permit prepayment of fixed rate loans up to Rs. 50 lakh without levying any pre-payment penalty and also ‘permit prepayment of floating rate loans without levying any prepayment penalty’.
Giving major importance to growth of women in Telangana, the state government has started a scheme to train over 3000 women in tailoring.
Minister for Panchayat Raj and Rural Development Errabelli Dayakar Rao said that this will provide them with essential skills required for getting jobs at the upcoming Kakatiya Mega Textile Park in Sangem Mandal in Warangal district and Mini Textile Park at Kodakandla in Jangaon district.
The Maharashtra government is planning to set up a garment trading hub in Mumbai on the lines of China’s Guangzhou and Turkey’s Istanbul, said Minister of Textiles, Chandrakant Dada Patil on Monday.
Addressing the 76th National Garment Fair (NGF) of Clothing Manufacturers Association of India’s (CMAI), Patil said that the current textile policy that is set to expire in March 2023, is likely to be extended for another three months.
With the aim to support weavers and exporters in the state, the West Bengal government on Saturday decided to set up a Textile Park in state. The textile park in the state will be set up on 200 acres of land and for that land is being identified in Paschim Medinipur district’s Salboni and at Durgapur and Asansol in Paschim Bardhaman district, a senior official said. As per reports, the decision to set up the textile park is the outcome of the workshop on ‘Expanding opportunities in the Textiles sector of West Bengal’ organised by the state’s MSME & Textiles department.
The Tamil Nadu chief minister M.K. Stalin on Friday sanctioned Rs 7.5 core in equity investments to five startups founded by SC/ST entrepreneurs.
The Tamil Nadu SC/ST startup fund is an equity investment and debt fund. The government had earmarked Rs 30 crore for this fund through StartupTN in the Budget for 2022-23. The aim of this initiative is to create more startup’s by SC/ST entrepreneurs in the march toward inclusive mass entrepreneurship across demographics and sectors.
There is potential for trade enhancement with Egypt as India has competencies that Egypt wants, for example in information technology, cyber security, industrial goods, car manufacturing, automobile parts, and light engineering goods said, Former Deputy National security Adviser Pankaj Saran. Saran who currently serves as Convenor of NatStrat, Centre for Research on Strategic and Security Issues said that this depends on how fast the Egyptian economy grows. “Egypt is very keen to import wheat from India. There are a lot of Indian investments in Egypt. We can use Egypt as a gateway to the rest of the region including to northern Africa, Europe, and the Arab world,” he advised on his fortnightly show on Awaz-the Voice.
World-renowned sporting equipment maker Yonex is planning to expand its manufacturing capacity in India to sell made-in-India carbon graphite racquets. The Japanese brand is in a bid to offer Indian market a more affordable price points as it spreads its manufacturing footprint in India. Yonex is a sporting goods brand known for manufacturing carbon graphite goods, ranging from badminton and tennis racquets to golf clubs among others.
In 2016, the company set up a factory in Bengaluru and has been making aluminium T-joint racquets in India which are used by beginners who play for fitness or recreation purposes.
According to the FISME factor, 100% of MSMEs think that biggest challenge for the Indian MSMEs in 2023 amid global uncertainty and recession is finance for business.
Employers can successfully create a hybrid environment that benefits all employees by focusing on collaboration, flexibility, and a shared understanding of what hybrid means for the organization. The hybrid work model has revolutionized how we view our work environment.
During difficult economic times, “layoffs” are often one of the first fears that enter professionals’ minds. Whether it’s a sudden economic downturn or a looming recession, many business leaders resort to laying off staff in a desperate attempt to keep their companies afloat.
It's essential to stay on top of the latest trends in sales and marketing. You should know five sales and marketing trends for 2023 that could benefit your business.
The world of sales and marketing is constantly changing, so staying on top of the latest trends is important. This article will look at five sales and marketing trends for 2023 that you need to be aware of.
The National Small Matchbox Manufacturers’ Association on Sunday urged the Union andTamil Nadu government to impose a ban on the import of plastic lighters.
Addressing the media in Madurai, the association’s general secretary V S Sethurathinam said, taking into consideration the larger public interest
COVID-19 revealed the glaring inequality in healthcare services across India. While people in metropolitan cities and urban centres headed to multi-speciality hospitals, their rural counterparts, who comprise a whopping 65% of India’s population, struggled to access quality healthcare.
It’s interesting how living in a joint family and hearing traditional folktales passed down through generations can generate a startup idea. And, that’s precisely how Krishna Siddhapura and her artist husband Bhautik started Story Tailor, a comfortable, eco-friendly clothing brand for children, hand-printed with designs inspired by stories of the Panchatantra.
“Strive not to be a success, but rather to be of value. ”
