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President Message
Most Indian exporters are finding sailing through global markets tougher. Commerce Ministry recently had a discussion on the challenge Indian exports face. To counter the impact of a global slowdown on Indian exports, we feel, several strategies can be employed. Firstly, India should diversify its export markets, exploring emerging economies and regions with increasing consumer demand. Secondly, enhancing competitiveness through investments in research and development, innovation, and infrastructure will be crucial. Thirdly, focusing on high-value-added sectors such as IT, pharmaceuticals, engineering goods, textiles, and automotive components can yield positive results. Additionally, promoting exports through incentives, subsidies, and trade facilitation measures, while strengthening trade finance options, can support exporters. Supporting small and medium-sized enterprises (SMEs) and micro, small, and medium enterprises (MSMEs), promoting services exports, and engaging in favourable trade agreements are other key strategies. Finally, investing in skill development and capacity building will contribute to a skilled and competitive workforce. Implementing these strategies will require collaboration among the government, industry associations, and other stakeholders to bolster India's export sector despite the global headwinds.
Abusiness plan is a formal document that includes the goals of your business and how you will achieve them. It is a roadmap or outline to showcase how your startup will work but it has to be compelling to attract investors. Whether you are a new startup or an established one, a business plan in entrepreneurship is quite important. Here is a short guide to help you make a startup business plan in 2023:
Merchandise exports fell for the fourth consecutive month, while the trade deficit widened to a five-month high in May. Several key sectors saw negative growth, including petroleum products, gems and jewellery, engineering goods, textiles, chemicals, etc. On the other hand, the services sector, led by the IT industry, did well bridging the widening goods export gap, but we must avoid such part-good,part-bad performances and aim for a steady and uniform growth of the exports basket.
Retail inflation for farm workers and rural labourers reduced to 5.99 per cent and 5.84 per cent, respectively, in May, as per the Ministry of Labour & Employment.
Point-to-point rate of inflation based on the CPI-AL (consumer price index-agricultural labourers and CPI-RL (rural labourers) stood at 6.50 per cent and 6.52 per cent respectively in April 2023 and 6.67 per cent and 7.00 per cent respectively during the corresponding month (May 2022) of the previous year.
India has registered a 41% jump in its exports of spices and spice products during the first two months of the 2023-24 fiscal year.
During April-May 2023, exports of spices and spice products were worth Rs 6702.52 crore (USD 815.39 million) compared to Rs 4746.85 crore (USD 618.63 million) during the same period in the previous year, an increase of 41% in rupee terms and 32% in dollar terms of value. D Sathiyan, Secretary, Spices Board said that despite facing challenges such an increase in domestic prices of spices like chilli and cumin and reduced/deferred demand due to the economic stress in some of the importing countries,
The Directorate General of Foreign Trade (DGFT) notified on Friday that it has simplified and liberalized the policy for export of Drones/UAVs meant for civilian end uses from India.
This decision has been taken in line with the emphasis laid in India's Foreign Trade Policy 2023 on facilitating the export of high tech items which includes the promotion of exports of Drones/Unmanned Aerial Vehicles (UAVs) manufactured in India for civilian end uses and taking into consideration India's international obligations on non-proliferation.
MSME Minister Narayan Rane on the occasion of MSME Day distributed ZED certified gold and silver certificates to best performing MSMEs. He also announced the MSME Geo-Tagging app which will log geo-coordinates of cluster projects under MSE Cluster Development Programme (CDP) and development and facilitation offices (DFOs) of the ministry. FISMEs past president & Managing Director of Neetee Clothing Pvt. Ltd. Dr. Animesh Saxena, was awarded with a ZED certified silver certificate from the MSME Minister Narayan Rane on this occasion.
Amazon India on Tuesday announced that it has streamlined their onboarding experience to ease the registration process for sellers.
On the occasion of World MSME Day the giant e-commerce platform revealed that in new system, vendors will be required to register their mobile numbers and provide the GSTIN details of their business. Removing the need to fill in every single detail manually, Amazon has introduced a machine learning-powered fill-up feature to simplify the registration process on the platform.
Two private lenders Infrastructure Development Finance Company (IDFC) First Bank Ltd., and Karur Vysya Bank Ltd., (KVB) have decided to reverse their decision on foreclosure charges unfairly imposed on their MSME customers.
Federation of Indian Micro and Small & Medium Enterprises (FISME) is pro-actively involved in resolving such issues faced by MSMEs and has provided extensive support in these two cases. Sethia Handicrafts in Jodhpur had complained that IDFC was not cooperating in the closure of their account and imposing foreclosure charges.
The UK’s new Developing Countries Trading Scheme (DCTS) which has come into effect from Monday will no longer give Indian goods worth USD 960 million concessional duty access.
India and Indonesia have seen products go out of the preferential duty regime as they are now on the ‘Standard Preferences’ list with the new scheme coming into force. These include leather goods, carpets, certain textiles products, iron & steel products and chemicals.
However, India and the UK negotiating a free trade agreement (FTA), the exclusion of some of the goods may be temporary as the government is pushing for lower duty access for textiles and leather goods under the proposed treaty.
The Himachal Pradesh government is urging the union government to increase the import duty on foreign apples, especially on Washington apples.
Himachal Pradesh Chief Minister is soon going to write to Prime Minister Narendra Modi and keep forward a demand to increase the import duty, Naresh Chauhan, media advisor to the CM said on Friday. Centre had recently reduced the import duty on foreign apples.
"Himachal Pradesh is popular as an apple state. The highest apple production of apples is from Himachal Pradesh. In seven districts of the state, 1.5 lakh families or nearly seven lakh people are involved in the apple business. People are directly or indirectly involved in the apple industry," Chauhan said.
The Department for Promotion of Industry and Internal Trade (DPIIT) has approved Maharashtra government’s plan to establish a Mega Leather Footwear and Accessories Cluster Park at Raigad district in Konkan.
The Mega Leather Footwear and Accessories Cluster Park measuring 151 acres is expected to serve as a hub for the leather industry collaboration, innovation, and growth by integrating manufacturers, suppliers, designers, and artisans. The establishment of the Mega Leather Footwear and Accessories Cluster Park will mark a milestone in Maharashtra’s economic growth trajectory.
Tamil Nadu has become India’s top exporter of electronics as its growth tripled in one year to USD 5.37 billion in FY23 from USD 1.86 billion in the previous year.
From the fourth spot in FY22, Tamil Nadu moved to the top spot in FY23. It has surpassed three states - Uttar Pradesh, Karnataka and Maharashtra - to become India’s top exporter of electronic goods in FY23 with the help of companies like Tata Electronics and Pegatron that started production in Tamil Nadu.
Jharkhand Chief Minister Hemant Soren on Wednesday informed that the state government has decided to open a skill development college in Ranchi at a cost of about Rs 300 crore.
Addressing a function where he handed over appointment letters to about 500 students of ITI Skill Development College, he said, “Jharkhand is counted among one of the most backward states in the country but the state government is working hard to remove the state from poverty and backwardness.”
US chip-maker Micron Technology has signed an agreement with the Gujarat government for setting up a semiconductor manufacturing facility at Sanand.
As per reports, the semiconductor manufacturing facility will be setup at a cost of Rs 22,500 crore. At the event, the Gujarat government handed over the Offer Cum Allotment (OCA) letter to Micron for the allotment of 93 acres of area at Gujarat Industrial Development Corporation (GIDC) Estate, Sanand. Micron Technology will establish assembly and test facility, wherein it will focus on transforming wafers into ball grid array (BGA) integrated circuit packages, memory modules and solid-state drives.This facility will further attract many more players from the entire semiconductor supply chain into Gujarat.
Exporters have urged the central government to consider negotiating a free trade agreement (FTA) with Egypt as they see huge potential in the Egyptian market.
Prime Minister Narendra Modi returned to India on Monday after six-days of State visit to the US and Egypt.
Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said that India and Egypt have historic trade relations, which are robust and fairly balanced. India's exports increased to USD 4.1 billion in 2022-23 from USD 3.74 billion in 2021-22. However, imports from that country declined to about USD 2 billion against USD 3.5 billion in 2021-22.
Hiring strategies and HR practice shifts for small and medium businesses
Hiring is a key requirement for many high-growth businesses. In India, according to data from the Ministry of Micro, Small and Medium Enterprises, there are over 65 million businesses that can be classified into these categories.
Strategies for enhancing financial sustainability of MSMEs in India
From optimising cash flow management to accessing capital, implementing financial planning, mitigating risks, building investor relations, and leveraging technology, these strategies can help MSMEs establish a solid foundation for their well-being.
Five Content Marketing Mistakes Small Businesses Make
Content marketing is one of the most effective ways for organizations to attract and retain customers. In fact, one survey found that 50% of respondents expected their budgets for content marketing to increase this year.
When I work with small to midsize business owners, for the most part, they know content is what they need to be working on and sharing with their audience.
Surat textile bodies seek removal of QCO for BIS certification on polyester yarn
The Federation of Indian Art Silk Weaving Industry (FIASWI) along with other associations have urged the government to remove Quality Control Orders (QCO) for Bureau of Indian Standard (BIS) certification on various Polyester Yarn.
The industry bodies have called for the removal of these orders, which are scheduled to take effect on July 3, 2023.
Rising above odds, this artisan entrepreneur invented a new form of embroidery, established a global brand
The rise of Pabiben Rabari as one of India’s foremost artisan entrepreneurs and an eponymous global brand can be traced back to its humble beginnings in a small village in Kutch. Available in places like the Smithsonian Institute in New York, the Textile Museum in Washington DC, the Taj Group of Hotels, and stocked by other global brands, it took root in Kukadsar village in Mundra taluk in Kutch region of Gujarat.
With over 650k customers and Rs 61 cr in GMV, DriveU is on path to profitability
Father-son duo Ashok Shastry and Rahm Shastry started DriveU in 2015 to offer technology-driven, on-demand, and affordable private driver service. “We saw there was a huge opportunity to improve both the driver and customer experience if we were able to provide transparent pricing, assured safety, uniformity, and scale via technology,” says Ashok.
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, namely the EPF Scheme, ESI Scheme and National Pension Scheme.
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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Most Indian exporters are finding sailing through global markets tougher. Commerce Ministry recently had a discussion on the challenge Indian exports face. To counter the impact of a global slowdown on Indian exports, we feel, several strategies can be employed. Firstly, India should diversify its export markets, exploring emerging economies and regions with increasing consumer demand. Secondly, enhancing competitiveness through investments in research and development, innovation, and infrastructure will be crucial. Thirdly, focusing on high-value-added sectors such as IT, pharmaceuticals, engineering goods, textiles, and automotive components can yield positive results. Additionally, promoting exports through incentives, subsidies, and trade facilitation measures, while strengthening trade finance options, can support exporters. Supporting small and medium-sized enterprises (SMEs) and micro, small, and medium enterprises (MSMEs), promoting services exports, and engaging in favourable trade agreements are other key strategies. Finally, investing in skill development and capacity building will contribute to a skilled and competitive workforce. Implementing these strategies will require collaboration among the government, industry associations, and other stakeholders to bolster India's export sector despite the global headwinds.
Abusiness plan is a formal document that includes the goals of your business and how you will achieve them. It is a roadmap or outline to showcase how your startup will work but it has to be compelling to attract investors. Whether you are a new startup or an established one, a business plan in entrepreneurship is quite important. Here is a short guide to help you make a startup business plan in 2023:
Retail inflation for farm workers and rural labourers reduced to 5.99 per cent and 5.84 per cent, respectively, in May, as per the Ministry of Labour & Employment.
Point-to-point rate of inflation based on the CPI-AL (consumer price index-agricultural labourers and CPI-RL (rural labourers) stood at 6.50 per cent and 6.52 per cent respectively in April 2023 and 6.67 per cent and 7.00 per cent respectively during the corresponding month (May 2022) of the previous year.
India has registered a 41% jump in its exports of spices and spice products during the first two months of the 2023-24 fiscal year.
During April-May 2023, exports of spices and spice products were worth Rs 6702.52 crore (USD 815.39 million) compared to Rs 4746.85 crore (USD 618.63 million) during the same period in the previous year, an increase of 41% in rupee terms and 32% in dollar terms of value. D Sathiyan, Secretary, Spices Board said that despite facing challenges such an increase in domestic prices of spices like chilli and cumin and reduced/deferred demand due to the economic stress in some of the importing countries,
The Directorate General of Foreign Trade (DGFT) notified on Friday that it has simplified and liberalized the policy for export of Drones/UAVs meant for civilian end uses from India.
This decision has been taken in line with the emphasis laid in India's Foreign Trade Policy 2023 on facilitating the export of high tech items which includes the promotion of exports of Drones/Unmanned Aerial Vehicles (UAVs) manufactured in India for civilian end uses and taking into consideration India's international obligations on non-proliferation.
MSME Minister Narayan Rane on the occasion of MSME Day distributed ZED certified gold and silver certificates to best performing MSMEs. He also announced the MSME Geo-Tagging app which will log geo-coordinates of cluster projects under MSE Cluster Development Programme (CDP) and development and facilitation offices (DFOs) of the ministry. FISMEs past president & Managing Director of Neetee Clothing Pvt. Ltd. Dr. Animesh Saxena, was awarded with a ZED certified silver certificate from the MSME Minister Narayan Rane on this occasion.
Amazon India on Tuesday announced that it has streamlined their onboarding experience to ease the registration process for sellers.
On the occasion of World MSME Day the giant e-commerce platform revealed that in new system, vendors will be required to register their mobile numbers and provide the GSTIN details of their business. Removing the need to fill in every single detail manually, Amazon has introduced a machine learning-powered fill-up feature to simplify the registration process on the platform.
Two private lenders Infrastructure Development Finance Company (IDFC) First Bank Ltd., and Karur Vysya Bank Ltd., (KVB) have decided to reverse their decision on foreclosure charges unfairly imposed on their MSME customers.
Federation of Indian Micro and Small & Medium Enterprises (FISME) is pro-actively involved in resolving such issues faced by MSMEs and has provided extensive support in these two cases. Sethia Handicrafts in Jodhpur had complained that IDFC was not cooperating in the closure of their account and imposing foreclosure charges.
The UK’s new Developing Countries Trading Scheme (DCTS) which has come into effect from Monday will no longer give Indian goods worth USD 960 million concessional duty access.
India and Indonesia have seen products go out of the preferential duty regime as they are now on the ‘Standard Preferences’ list with the new scheme coming into force. These include leather goods, carpets, certain textiles products, iron & steel products and chemicals.
However, India and the UK negotiating a free trade agreement (FTA), the exclusion of some of the goods may be temporary as the government is pushing for lower duty access for textiles and leather goods under the proposed treaty.
The Himachal Pradesh government is urging the union government to increase the import duty on foreign apples, especially on Washington apples.
Himachal Pradesh Chief Minister is soon going to write to Prime Minister Narendra Modi and keep forward a demand to increase the import duty, Naresh Chauhan, media advisor to the CM said on Friday. Centre had recently reduced the import duty on foreign apples.
"Himachal Pradesh is popular as an apple state. The highest apple production of apples is from Himachal Pradesh. In seven districts of the state, 1.5 lakh families or nearly seven lakh people are involved in the apple business. People are directly or indirectly involved in the apple industry," Chauhan said.
The Department for Promotion of Industry and Internal Trade (DPIIT) has approved Maharashtra government’s plan to establish a Mega Leather Footwear and Accessories Cluster Park at Raigad district in Konkan.
The Mega Leather Footwear and Accessories Cluster Park measuring 151 acres is expected to serve as a hub for the leather industry collaboration, innovation, and growth by integrating manufacturers, suppliers, designers, and artisans. The establishment of the Mega Leather Footwear and Accessories Cluster Park will mark a milestone in Maharashtra’s economic growth trajectory.
Tamil Nadu has become India’s top exporter of electronics as its growth tripled in one year to USD 5.37 billion in FY23 from USD 1.86 billion in the previous year.
From the fourth spot in FY22, Tamil Nadu moved to the top spot in FY23. It has surpassed three states - Uttar Pradesh, Karnataka and Maharashtra - to become India’s top exporter of electronic goods in FY23 with the help of companies like Tata Electronics and Pegatron that started production in Tamil Nadu.
Jharkhand Chief Minister Hemant Soren on Wednesday informed that the state government has decided to open a skill development college in Ranchi at a cost of about Rs 300 crore.
Addressing a function where he handed over appointment letters to about 500 students of ITI Skill Development College, he said, “Jharkhand is counted among one of the most backward states in the country but the state government is working hard to remove the state from poverty and backwardness.”
US chip-maker Micron Technology has signed an agreement with the Gujarat government for setting up a semiconductor manufacturing facility at Sanand.
As per reports, the semiconductor manufacturing facility will be setup at a cost of Rs 22,500 crore. At the event, the Gujarat government handed over the Offer Cum Allotment (OCA) letter to Micron for the allotment of 93 acres of area at Gujarat Industrial Development Corporation (GIDC) Estate, Sanand. Micron Technology will establish assembly and test facility, wherein it will focus on transforming wafers into ball grid array (BGA) integrated circuit packages, memory modules and solid-state drives.This facility will further attract many more players from the entire semiconductor supply chain into Gujarat.
Exporters have urged the central government to consider negotiating a free trade agreement (FTA) with Egypt as they see huge potential in the Egyptian market.
Prime Minister Narendra Modi returned to India on Monday after six-days of State visit to the US and Egypt.
Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said that India and Egypt have historic trade relations, which are robust and fairly balanced. India's exports increased to USD 4.1 billion in 2022-23 from USD 3.74 billion in 2021-22. However, imports from that country declined to about USD 2 billion against USD 3.5 billion in 2021-22.
According to the FISME factor, 100% of MSMEs think that declining inflation rate will help MSMEs to avail raw materials and energy at lower costs?
Hiring is a key requirement for many high-growth businesses. In India, according to data from the Ministry of Micro, Small and Medium Enterprises, there are over 65 million businesses that can be classified into these categories.
From optimising cash flow management to accessing capital, implementing financial planning, mitigating risks, building investor relations, and leveraging technology, these strategies can help MSMEs establish a solid foundation for their well-being.
Content marketing is one of the most effective ways for organizations to attract and retain customers. In fact, one survey found that 50% of respondents expected their budgets for content marketing to increase this year.
When I work with small to midsize business owners, for the most part, they know content is what they need to be working on and sharing with their audience.
The Federation of Indian Art Silk Weaving Industry (FIASWI) along with other associations have urged the government to remove Quality Control Orders (QCO) for Bureau of Indian Standard (BIS) certification on various Polyester Yarn.
The industry bodies have called for the removal of these orders, which are scheduled to take effect on July 3, 2023.
The rise of Pabiben Rabari as one of India’s foremost artisan entrepreneurs and an eponymous global brand can be traced back to its humble beginnings in a small village in Kutch. Available in places like the Smithsonian Institute in New York, the Textile Museum in Washington DC, the Taj Group of Hotels, and stocked by other global brands, it took root in Kukadsar village in Mundra taluk in Kutch region of Gujarat.
Father-son duo Ashok Shastry and Rahm Shastry started DriveU in 2015 to offer technology-driven, on-demand, and affordable private driver service. “We saw there was a huge opportunity to improve both the driver and customer experience if we were able to provide transparent pricing, assured safety, uniformity, and scale via technology,” says Ashok.
