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President Message
Curtains have been drawn on 2022. After 2021, the year 2022 worked as a balm on the world bruised by the Covid-19 pandemic. People and economy went on to the path of recovery. Indian MSMEs also bounced back thanks to a generous Emergency Credit Line Guarantee Scheme (ECLGS). The ECLGS proved pivotal in providing support and additional liquidity for business entities to tide over COVID-19. Under the ECLGS, an amount of Rs. 2.82 lakh crore has been disbursed till September 30, 2022. The major sectors affected during pandemic were services and traders. Therefore, almost 1/3 of ECLGS funds were used by them. Though stress is not completely out for MSMEs, most of them are looking at the year ahead with greater confidence. Let me wish our readers a very happy and prosperous 2023.
FISME in collaboration with Eqaro Guarantees organized pre-pilot discussion on the ‘Trusted MSMEs’ portal for collateral free loan for MSMEs with Rai Industries Association on 21.12.2022 in TID Club Kundli, Sonipat, Haryana. Based on the feedback received from the Meerut pre-pilot, held on 16.11.2022, necessary changes were made in the portal and the PPT. 40-50 MSMEs participated in the event.
FISME in collaboration with Eqaro Guarantees organized pre-pilot discussion on the ‘Trusted MSMEs’ portal for collateral free loan for MSMEs with Badli Industrial Estate Association on 23.12.2022 in Hotel Crown Plaza, Rohini, New Delhi. Based on the feedback received from the Meerut pre-pilot, held on 16.11.2022, necessary changes were made in the portal and the PPT. 25-30 MSMEs participated in the event.
Federation of Indian Micro and Small & Medium Enterprises (FISME) and Startup Board Business Services Private Limited (TSB) on Tuesday signed a MoU to explore opportunities between startups and MSMEs and enhance the ecosystem of innovations.
The MSME body is expected to provide bureaucracy support and policy intervention in favour of TSB members. FISME & Startup Board join hands to bring startups innovation to MSMEs Both the parties will cooperate to explore opportunities in regards to sponsorships, potential speakers, and jointly organizing events.
Once upon a time, my wife Jenna and I and our three kids under ten moved from San Francisco to Los Angeles, had another baby, and bought our first house together. This, we thought, is the perfect time to quit our jobs and start a business! [eyeroll]
The idea of our company, Be Courageous, was born during the facilitation of a client session when the team was at odds with each other while exploring the future of their business. This quote from George Prince was on the wall: "Another word for creativity is courage."
Few would disagree with the proposition that 2022 actually turned out to be a pretty bad year, despite Covid receding in most parts of the world early on. The world was rocked by the Russia-Ukraine war in February, sending economies that were just trying to find their feet after Covid into yet another tailspin –induced by energy inflation (which has abated in recent months), followed by another round of supply disruptions.
With the aim to increase the domestic supplies and bring down prices of cooking oils, the government has decided to extend the facility of restriction free imports of refined palm oil beyond December 31, 2022.
"The free import policy of items (refined bleached deodorised palm oil, refined bleached deodorised palmolein) is extended beyond December 31, 2022 until further orders," the Directorate General of Foreign Trade (DGFT) said in a notification. The notification however added that the import is not permitted through any port in Kerala.
The exports of agricultural and processed food products grew by 16 per cent in the first eight months (April-November) of the current Financial Year 2022-23 in comparison to the corresponding period of FY 2021-22.
According to the provisional data by the Directorate General of Commercial Intelligence and Statistics (DGCI&S), the overall export of Agricultural and Processed Food Products Export Development Authority (APEDA) products increased by 16 per cent growth in terms of USD during April-November 2022 to USD 17.43 billion from USD 15.07 billion over the same period of the last fiscal.
Owing to the several measures taken to promote the indigenous toys, their exports from India has increased from USD 96.17 million in 2014-15 to USD 326.63 million in 2021-2022, informed Union MoS for MSME Bhanu Pratap Singh Verma in a written reply in Lok Sabha on Thursday.
He stressed that the government has taken several steps to restrict import of sub-standard and unsafe toys and to promote domestic toy industry. “As a result, the volume of import of toys into the Indian market has shown a consistently decreasing trend,” said the minister.
In a risk-based approach, the Central Drugs Standard Control Organisation (CDSCO) along with state drugs control administrations has started conducting joint inspection of identified drug manufacturing units, the Union health ministry announced on Tuesday.
The joint inspections are being conducted all over the country as per the standard operating procedures and a committee of two joint drugs controllers has been set up at CDSCO to monitor the process of inspection, reporting and subsequent action so as to ensure compliance to the Drugs and Cosmetics Act, 1940 and its rules.
Credit information company TransUnion Cibil on Tuesday unveiled a ranking system for MSME borrowers which intends to expand credit flow to small businesses. This initiative also aims to help lenders avoid loan losses on such bets, reported Business Standard. Over 6 crore MSMEs will be rated under the ‘FIT Rank' launched by TransUnion Cibil in association with Online PSB Loans.
It will be done by drawing inputs from their current accounts, income tax returns and also Goods and Service Tax (GST) returns to arrive at a score between 1-10 to rate a borrower after taking consent to draw the relevant data.
Since the inception of Prime Minister’s Employment Generation Programme (PMEGP) in 2008-09, about 8.34 lakh units have been assisted with Margin Money subsidy of Rs 20,643 crore, informed Minister of State for MSME, Bhanu Pratap Singh Verma in a written reply in Rajya Sabha on Monday. The scheme has so far helped in generating estimated employment for about 68 lakh youths across the country.
Ministry of MSME, through Khadi and Village Industries Commission (KVIC) is implementing PMEGP to facilitate generation of employment opportunities by assisting in setting up of micro-enterprises in non-farm
With the aim to support women-led startup’s in the state, the Tamil Nadu government on Friday announced a slew of schemes.
The state government also announced that its nodal startup agency, StartupTN, will set up a regional startup hub in Madurai to scale emerging startups of the region. Launched by Chief Minister MK Stalin, the initiatives will be targeted at women-led, greenetech and rural impact startups. The state government will offer financial support, mentorship and incubation facilities.
The Prayagraj district of Uttar Pradesh is all set to get three cement manufacturing plants, informed officials.
The region of Prayagraj is on the path of becoming a cement manufacturing hub soon. The district, which already has two cement manufacturing plants, will now get three more plants,they said. As per reports, the three cement plants are set to come up in the Shankragarh area where the land has been identified for the plants to be set up by three separate private firms.
The usage of paddy straw as a fuel is turning out to be beneficial for jaggery making units in Faridkot district of Punjab and more and more farmers are shifting on to it, according to a report in The Tribune.
The primary reason for this shift by the farmers is owing to the difficulty to use bagasse as a fuel during cold wave conditions due to the high-moisture content in it. Since a lot of fuel is needed for boiling of sugarcane juice in jaggery units (kulhadas), farmers have switched over to the easily available paddy straw.
The Karnataka Minister for Skill Development, Entrepreneurship and Livelihood C.N. Ashwath Narayan on Tuesday inaugurated the Multi Skill Training Centre in Hubballi.
The Multi Skill Training Centre has been set up at the cost of Rs 20 crores under the Government Tool Room and Training Centre (GTTC) at the Gokul Road Industrial Estate. Addressing the occasion, Narayan said that the over 60 short and long term courses are being offered to help youth become more employable.
Expressing confidence in bilateral trade between India and Cyprus, S. Jaishankar Minister of External Affairs of India said last year’s bilateral trade of about USD 214 million will be reached much earlier this year.
He is currently on a a three-day visit to Cyprus, where he highlighted India’s manufacturing might. The minister said that India is on the path of becoming a manufacturing hub for the global community and intended to become a USD 5 trillion economy by 2025.
Sanction-hit Russia is making major efforts to boost its business relationship with India in various sectors such as ICT, pharmacy, construction and logistics.
Last week, a delegation visited India for this purpose headed by Sergey Cheremin, Minister of the Moscow Government, Head of the Department for Foreign Economic Activity and International Relations, Chairman of the Board of the Business Council for Cooperation with India, reported ET. Russian-Indian Business Forum was held during the visit and an agreement was signed with the ICIB and MSME Indian chambers for international business.
The document is aimed at developing bilateral trade between India and Russia, as well as assisting local entrepreneurs and enterprises in finding and promoting investment projects in the two countries, reported ET.
While performance reviews are an essential part of the workplace, the very thought of conducting these reviews can be uncomfortable for managers and can cause employees to break into a sweat. Simply put, performance reviews are not just dreaded by employees, but their managers too. So what makes these reviews least looked forward to?
16 Financial Tips For Business Leaders Planning For Q1 2023
As the year comes to a close, businesses are focusing on closing out the fourth quarter in a strong position and getting through the holiday hustle and bustle. Business leaders are also likely planning for Q1 2023.
With rising interest rates, an uncertain economy, ongoing inflation and the effects of the “Great Resignation,” there are plenty of factors for business leaders to consider when setting goals and plans for 2023.
9 Tips To Grow Your Small Business With Social Media Marketing
Small businesses have increasingly relied on social media marketing to reach customers, create brand awareness and drive sales over the past decade. Whether you're just starting or have been in business for years, social media marketing can help your small business reach its full potential. You don't need to invest thousands of dollars in marketing to grow your customer base and succeed with social media marketing — you need to use it strategically and effectively.
The micro, small, and medium enterprises (MSMEs) in the sugar industry are majorly impacted by the major global and domestic events and as a result their margins are hit by flat product prices.
Despite the increase in prices of sugarcane which is the key raw material, there has been no equivalent increase in the price of sugar, as per Business Standard’s CRISIL SME Tracker.
Backed by Zerodha’s Nithin Kamath, this smart appliance is catering to Indian cooking needs
Imagine you are cooking pasta for a party. You start assembling the ingredients hours in advance. You take another hour to prepare the sauce and chop the vegetables while keeping an eye on the boiling pasta. Finally, after several steps, you combine the sauce and pasta, keep the garnish ready and begin plating the dish. What if you have an appliance to do it all?
This Kolkata startup is electrifying the last mile with affordable options
On his frequent visits to China, industrialist Tushar Choudhary observed how that country had adopted e-mobility solutions. Back home, the ex-co-founder of publicly listed Himadri Speciality Chemicals saw how the poor struggled with commuting, often carrying goods over large distances on bicycles.
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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Curtains have been drawn on 2022. After 2021, the year 2022 worked as a balm on the world bruised by the Covid-19 pandemic. People and economy went on to the path of recovery. Indian MSMEs also bounced back thanks to a generous Emergency Credit Line Guarantee Scheme (ECLGS). The ECLGS proved pivotal in providing support and additional liquidity for business entities to tide over COVID-19. Under the ECLGS, an amount of Rs. 2.82 lakh crore has been disbursed till September 30, 2022. The major sectors affected during pandemic were services and traders. Therefore, almost 1/3 of ECLGS funds were used by them. Though stress is not completely out for MSMEs, most of them are looking at the year ahead with greater confidence. Let me wish our readers a very happy and prosperous 2023.
FISME in collaboration with Eqaro Guarantees organized pre-pilot discussion on the ‘Trusted MSMEs’ portal for collateral free loan for MSMEs with Rai Industries Association on 21.12.2022 in TID Club Kundli, Sonipat, Haryana. Based on the feedback received from the Meerut pre-pilot, held on 16.11.2022, necessary changes were made in the portal and the PPT. 40-50 MSMEs participated in the event.
FISME in collaboration with Eqaro Guarantees organized pre-pilot discussion on the ‘Trusted MSMEs’ portal for collateral free loan for MSMEs with Badli Industrial Estate Association on 23.12.2022 in Hotel Crown Plaza, Rohini, New Delhi. Based on the feedback received from the Meerut pre-pilot, held on 16.11.2022, necessary changes were made in the portal and the PPT. 25-30 MSMEs participated in the event.
Federation of Indian Micro and Small & Medium Enterprises (FISME) and Startup Board Business Services Private Limited (TSB) on Tuesday signed a MoU to explore opportunities between startups and MSMEs and enhance the ecosystem of innovations.
The MSME body is expected to provide bureaucracy support and policy intervention in favour of TSB members. FISME & Startup Board join hands to bring startups innovation to MSMEs Both the parties will cooperate to explore opportunities in regards to sponsorships, potential speakers, and jointly organizing events.
With the aim to increase the domestic supplies and bring down prices of cooking oils, the government has decided to extend the facility of restriction free imports of refined palm oil beyond December 31, 2022.
"The free import policy of items (refined bleached deodorised palm oil, refined bleached deodorised palmolein) is extended beyond December 31, 2022 until further orders," the Directorate General of Foreign Trade (DGFT) said in a notification. The notification however added that the import is not permitted through any port in Kerala.
The exports of agricultural and processed food products grew by 16 per cent in the first eight months (April-November) of the current Financial Year 2022-23 in comparison to the corresponding period of FY 2021-22.
According to the provisional data by the Directorate General of Commercial Intelligence and Statistics (DGCI&S), the overall export of Agricultural and Processed Food Products Export Development Authority (APEDA) products increased by 16 per cent growth in terms of USD during April-November 2022 to USD 17.43 billion from USD 15.07 billion over the same period of the last fiscal.
Owing to the several measures taken to promote the indigenous toys, their exports from India has increased from USD 96.17 million in 2014-15 to USD 326.63 million in 2021-2022, informed Union MoS for MSME Bhanu Pratap Singh Verma in a written reply in Lok Sabha on Thursday.
He stressed that the government has taken several steps to restrict import of sub-standard and unsafe toys and to promote domestic toy industry. “As a result, the volume of import of toys into the Indian market has shown a consistently decreasing trend,” said the minister.
In a risk-based approach, the Central Drugs Standard Control Organisation (CDSCO) along with state drugs control administrations has started conducting joint inspection of identified drug manufacturing units, the Union health ministry announced on Tuesday.
The joint inspections are being conducted all over the country as per the standard operating procedures and a committee of two joint drugs controllers has been set up at CDSCO to monitor the process of inspection, reporting and subsequent action so as to ensure compliance to the Drugs and Cosmetics Act, 1940 and its rules.
Credit information company TransUnion Cibil on Tuesday unveiled a ranking system for MSME borrowers which intends to expand credit flow to small businesses. This initiative also aims to help lenders avoid loan losses on such bets, reported Business Standard. Over 6 crore MSMEs will be rated under the ‘FIT Rank' launched by TransUnion Cibil in association with Online PSB Loans.
It will be done by drawing inputs from their current accounts, income tax returns and also Goods and Service Tax (GST) returns to arrive at a score between 1-10 to rate a borrower after taking consent to draw the relevant data.
Since the inception of Prime Minister’s Employment Generation Programme (PMEGP) in 2008-09, about 8.34 lakh units have been assisted with Margin Money subsidy of Rs 20,643 crore, informed Minister of State for MSME, Bhanu Pratap Singh Verma in a written reply in Rajya Sabha on Monday. The scheme has so far helped in generating estimated employment for about 68 lakh youths across the country.
Ministry of MSME, through Khadi and Village Industries Commission (KVIC) is implementing PMEGP to facilitate generation of employment opportunities by assisting in setting up of micro-enterprises in non-farm
With the aim to support women-led startup’s in the state, the Tamil Nadu government on Friday announced a slew of schemes.
The state government also announced that its nodal startup agency, StartupTN, will set up a regional startup hub in Madurai to scale emerging startups of the region. Launched by Chief Minister MK Stalin, the initiatives will be targeted at women-led, greenetech and rural impact startups. The state government will offer financial support, mentorship and incubation facilities.
The Prayagraj district of Uttar Pradesh is all set to get three cement manufacturing plants, informed officials.
The region of Prayagraj is on the path of becoming a cement manufacturing hub soon. The district, which already has two cement manufacturing plants, will now get three more plants,they said. As per reports, the three cement plants are set to come up in the Shankragarh area where the land has been identified for the plants to be set up by three separate private firms.
The usage of paddy straw as a fuel is turning out to be beneficial for jaggery making units in Faridkot district of Punjab and more and more farmers are shifting on to it, according to a report in The Tribune.
The primary reason for this shift by the farmers is owing to the difficulty to use bagasse as a fuel during cold wave conditions due to the high-moisture content in it. Since a lot of fuel is needed for boiling of sugarcane juice in jaggery units (kulhadas), farmers have switched over to the easily available paddy straw.
The Karnataka Minister for Skill Development, Entrepreneurship and Livelihood C.N. Ashwath Narayan on Tuesday inaugurated the Multi Skill Training Centre in Hubballi.
The Multi Skill Training Centre has been set up at the cost of Rs 20 crores under the Government Tool Room and Training Centre (GTTC) at the Gokul Road Industrial Estate. Addressing the occasion, Narayan said that the over 60 short and long term courses are being offered to help youth become more employable.
Expressing confidence in bilateral trade between India and Cyprus, S. Jaishankar Minister of External Affairs of India said last year’s bilateral trade of about USD 214 million will be reached much earlier this year.
He is currently on a a three-day visit to Cyprus, where he highlighted India’s manufacturing might. The minister said that India is on the path of becoming a manufacturing hub for the global community and intended to become a USD 5 trillion economy by 2025.
Sanction-hit Russia is making major efforts to boost its business relationship with India in various sectors such as ICT, pharmacy, construction and logistics.
Last week, a delegation visited India for this purpose headed by Sergey Cheremin, Minister of the Moscow Government, Head of the Department for Foreign Economic Activity and International Relations, Chairman of the Board of the Business Council for Cooperation with India, reported ET. Russian-Indian Business Forum was held during the visit and an agreement was signed with the ICIB and MSME Indian chambers for international business.
The document is aimed at developing bilateral trade between India and Russia, as well as assisting local entrepreneurs and enterprises in finding and promoting investment projects in the two countries, reported ET.
According to the FISME factor, 100% of MSMEs think that the Indian economy is well prepared to deal with the impact of global recession this time?
While performance reviews are an essential part of the workplace, the very thought of conducting these reviews can be uncomfortable for managers and can cause employees to break into a sweat. Simply put, performance reviews are not just dreaded by employees, but their managers too. So what makes these reviews least looked forward to?
As the year comes to a close, businesses are focusing on closing out the fourth quarter in a strong position and getting through the holiday hustle and bustle. Business leaders are also likely planning for Q1 2023.
With rising interest rates, an uncertain economy, ongoing inflation and the effects of the “Great Resignation,” there are plenty of factors for business leaders to consider when setting goals and plans for 2023.
The micro, small, and medium enterprises (MSMEs) in the sugar industry are majorly impacted by the major global and domestic events and as a result their margins are hit by flat product prices.
Despite the increase in prices of sugarcane which is the key raw material, there has been no equivalent increase in the price of sugar, as per Business Standard’s CRISIL SME Tracker.
Imagine you are cooking pasta for a party. You start assembling the ingredients hours in advance. You take another hour to prepare the sauce and chop the vegetables while keeping an eye on the boiling pasta. Finally, after several steps, you combine the sauce and pasta, keep the garnish ready and begin plating the dish. What if you have an appliance to do it all?
On his frequent visits to China, industrialist Tushar Choudhary observed how that country had adopted e-mobility solutions. Back home, the ex-co-founder of publicly listed Himadri Speciality Chemicals saw how the poor struggled with commuting, often carrying goods over large distances on bicycles.
