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President Message
Surpassing the estimates of both the World Bank and RBI, India’s GDP growth for full year 2022-23 is recorded at 7.2%. The surprise has been because of spurt in growth during the last quarter Jan-March 2023 from estimated 4.2% to 6.1%. Certain sector indeed did well like auto, construction and related industries steel and cement etc. Now the big question is whether the growth momentum will continue and exceed last year’s performance. Expecting the repeat would be unrealistic. The growth of 2022-23 has been on low growth base of Covid hit year 2021-2022. Secondly, in spite of growth in a few industrial sectors, manufacturing is still not growing. Many sectors, for example, the sector my industry belongs-Chemicals, are facing very low demand both in domestic and foreign market. Our labour intensive MSMEs sectors such as textiles and apparels, leather and gems and jewelry are encountering a drop in demand in their traditional exports markets. In such a situation, it is a double whammy that inputs costs are being tried to push upward artificially by measures such as Anti-dumping and Counter Vailing Measures. (Steel Industry has been lobbying for CVD on Steel imports and a CVD is already proposed). Similar measures are there in Chemical sector. Such practices will further stymie manufacturing. Government should ensure competition in factor markets for manufacturing to survive and grow especially in MSMEs.
Improving infrastructure regulation is the most urgent task in India, said the Korean SMEs Association in India (KOSMA) on Monday reflecting on some of the key challenges.
“The Indian government is investing huge amounts of money to improve poor infrastructure through initiatives such as Ghatishakti, but the pace of improvement is very slow,” it added. Speaking exclusively with KNN India on the sidelines of a seminar organized by KOSMA in New Delhi, the Association said, “It is an area that needs to be improved as the protection of the domestic industry through regulations is intensifying while the manufacturing industry fostering policy is strongly promoted.”
You've just had a wonderful idea for a startup company. It's been spinning around in your head for months now, and you just know that you have something special on your hands. Your thinking is, "If only I could make it work" or "If only someone would give me the money to get it off the ground!"
Well, guess what? No one's going to hand you a sack of cash. But the good news is that you don't need anyone's money if you can't find anyone to help fund your business idea. The best way to validate your business idea is by asking people for their thoughts on it. Don't ask for money or investment. Ask them for specific feedback about certain aspects of your business.
The GDP growth estimate for FY23, at 7.2%, is much better than earlier projections and hence there is credit due for the same. In a difficult year, the country has done well, which gets reflected across almost all the sectors. The dark spot remains manufacturing, which is estimated to grow by just 1.3%—the lowest among the eight-sector-classification. This is worrisome. Manufacturing was supposed to take on the role of the engine for growth and account for 25% of the GDP.
Beating all estimates the Indian economy grew 6.1 per cent in the fourth quarter of the last fiscal, as per the government data released on Wednesday.
This took the growth rate for 2022-23 to 7.2 per cent, lower than the 9.1 per cent expansion in the previous fiscal. The growth was boosted by a 5.5 per cent expansion in agriculture and a 4.5 per cent growth in manufacturing. Other sectors of the economy — construction, services and mining — also saw good growth rates. During the March 2023 quarter, the economic expansion was recorded at 6.1 per cent.
Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh told PTI on Tuesday that hardening interest rates globally and worsening geo-political situation have impacted the foreign direct investment (FDI) inflows into India in 2022-23. He said that the department would analyse the reasons for the contraction in FDI in five important sectors like computer hardware and software; construction, education, automobiles and metallurgical industries.
The Reserve Bank of India (RBI) on Friday announced the withdrawal of Rs 2,000 from circulation, but will continue to be a legal tender.
It said the existing Rs 2,000 notes can be deposited or exchanged in banks until September 30, but set a limit of “Rs 20,000 at a time”. The Rs 2,000 notes were introduced during demonetisation in November 2016 when Rs 500 and Rs 1,000 notes were withdrawn into their bank accounts and/ or exchange them into notes of other denominations at any bank branch.
The Directorate General of Foreign Trade (DGFT) on Wednesday notified the introduction of an online facility of requesting appointment for virtual meeting/personal hearing to the exporters from offices of DGFT.
The Trade Notice No. 06/2023-24 has come into effect form today i.e. June 01, 2023. DGFT in the trade notice mentioned that it aims for ‘Trade Facilitation’ and to extend proactive hand-holding and support to the exporting community. “It is informed that an online facility of requesting appointment for virtual meeting/personal hearing to the exporters is being introduced w.e.f. June 01, 2023,” said the notice.
The Union government under the Modified Semicon India Programme is inviting applications for setting up of Semiconductor Fabs and Display Fabs from June 01, 2023.
The applications will be received by India Semiconductor Mission, the designated nodal agency entrusted with the responsibility of implementing the Modified Semicon India Programme for development of semiconductors and display manufacturing ecosystem in India. Under the Modified Programme, Fiscal Incentive of 50 per cent of the project cost is available to companies/consortia/ joint ventures for setting up of Semiconductor Fabs in India of any node
India will relax its import-export rules to start a pilot project this week to establish itself as an electronics repair hub, reported Indian Express. With this the government aims to lure major electronics manufacturers in the country. India has managed to attract giants like Apple and Xiaomi but it still lacks an industry for repair outsourcing which is estimated to be worth USD 100 billion globally and currently dominated by China and Malaysia.
Government e-Marketplace (GeM) will now offer a vast catalogue of quality services to make public procurement more efficient and value-for-money.
It recently announced the launch of diversified portfolio consisting new and refurbished services on its portal. Some of the new introduction in the GeM portal are international logistics, hiring pf custom broker, hiring of PR agency, project management consultancy etc. GeM is hosted by DGS&D where common user goods and services can be procured. It is dynamic, self -sustaining and user friendly portal for making procurement by Government officer.
In a bid to enhance Kerala's startup ecosystem, the state government has raised the ceiling for procurement of products and services from KSUM-registered startups. The limit has been significantly increased from Rs 1 crore to Rs 3 crore, according to an official statement. The increase in the monetary ceiling in public procurement will enable more government departments to leverage innovative technology solutions from startups, it said.
The Maharashtra government will set up a skill development centres in industrial hubs to help employees upgrade their skills, said Mangal Prabhat Lodha, minister of tourism, skill development and entrepreneurship.
Addressing the media in Thane on Wednesday, Lodha pointed out that the state government was planning to introduce skill development centres in factories and within community centres. This will bridge the gap for those aspiring to learn or upgrade new skills relevant to their respective professions and will not just benefit the job seekers but also the employers,” Lodha said.
The Directorate of Commercial Taxes, Government of West Bengal has extended the last date of filing of return in Form-lll, under section 6 of the West Bengal State Tax on Professions, Trades, Callings and Employments Act, 1,979.
Last date of transmission of data electronically of that return as specified now is June 15, 2023 and last date of furnishing paper form of that return as specified now is June 22, 2023. “Any return for the said period of Y.E. 31.03.23 having been filed within the extended date, vide this order, as specified in the Table above, with the tax payable there-under having been paid within 30.04.23,
Rashtriya Gramin Vikas Nidhi (RGVN), Guwahati is organising a 30-day long training cum workshop programme for 25 bamboo handicraft artisans at the Bamboo Resource Centre, Chümoukedima, Nagaland. The programme is supported by EXIM Bank and it began on May 30. It aims to impart training to develop new products with modern techniques and improve the quality of products through product diversification. Through this workshop artisans will receive help to understand and comply with international quality and safety standards for bamboo products and to ensure that Indian bamboo products meet international buyers' requirements and are competitive in the global market.
The United States (US) is set to give General Electric Co its approval to produce jet engines powering Indian military aircraft in that country, reported Mint.
The Biden administration is expected to sign off a deal that would give permission to General Electric Co to make jet engines for New Delhi’s military. According to Mint’s sources, a deal finalizing the joint production of the engines is expected to be inked and announced by the time President Joe Biden hosts Indian Prime Minister Narendra Modi for an official state visit on June 22.
Romania has offered cash back incentives from its 90-billion-euro corpus to Indian companies to invest in the European country, said Daniela Sezonov Tane, Ambassador of Romania to India.
Addressing an interactive meeting on ‘Doing Business with Romania’ organized by MVIRDC WTC Mumbai and All India Association of Industries (AIAI), she said, Romania has Euro 90 billion corpus to provide cash back incentives to new investors till 2027. Apart from this, the government has announced a National Strategic Plan to promote investment in R&D, agriculture, IT and other specific sectors.”
Succession planning at lower levels: How important is it?
All India Plastics Manufacturers Association (AIPMA) on Monday urged the government to double the import duty on finished plastic products to 20 per cent to protect the local industry. The Industry body has also asked the government to provide incentives to domestic manufacturers to make India self-reliant.
6 Income Tax Saving Tips for Small Businesses in India
Managing expenses efficiently is the key to the long-term profitability and sustainability of businesses. This applies to all kinds of businesses, be it small and medium-sized enterprises or big conglomerates. Managing the expenses involves taking key decisions and steps like keeping employee costs under control, leveraging technology to replace time-consuming manual processes, increasing production output, and lowering tax payments.
7 tips to make your small business website SEO-friendly
Are you a small business owner looking to attract more customers and increase your online visibility? Search engine optimization (SEO) is essential for any business looking to generate more leads and sales. While SEO can seem like a daunting task, it’s possible to improve your website’s rankings with the right approach and a bit of patience.
AIPMA urges govt to raise import duty on finished plastic products to 20%
All India Plastics Manufacturers Association (AIPMA) on Monday urged the government to double the import duty on finished plastic products to 20 per cent to protect the local industry.
The Industry body has also asked the government to provide incentives to domestic manufacturers to make India self-reliant.
Faridabad-based startup Dharaksha is converting crop residue into sustainable packaging
There has been a growing demand for alternative packaging solutions in the country due to environmental sustainability concerns and the need to reduce plastic waste. This has led to several alternative packaging solutions to gain traction in the packaging industry.
An eight-year-old dairy company from Gujarat is on track to generate rs 350 cr in revenue in FY24
The market size for ghee in India reached Rs 2,907 billion in 2022 and is expected to hit Rs 5,137 billion by 2028, a growth rate of 9.84% during 2023-2028, according to IMARC Group. Despite the intense competition and presence of players such as Gujarat Co-operative Milk Marketing Federation, Mother Dairy Fruits and Vegetables., and SMC Foods, eight-year-old Shree Radhe Dairy Farm & Foods is making a space for itself in the dairy segment.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released the Provisional Estimates of National Income 2022-23 and Quarterly Estimates of Gross Domestic Product for the fourth quarter (Q4) of 2022-23.
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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Surpassing the estimates of both the World Bank and RBI, India’s GDP growth for full year 2022-23 is recorded at 7.2%. The surprise has been because of spurt in growth during the last quarter Jan-March 2023 from estimated 4.2% to 6.1%. Certain sector indeed did well like auto, construction and related industries steel and cement etc. Now the big question is whether the growth momentum will continue and exceed last year’s performance. Expecting the repeat would be unrealistic. The growth of 2022-23 has been on low growth base of Covid hit year 2021-2022. Secondly, in spite of growth in a few industrial sectors, manufacturing is still not growing. Many sectors, for example, the sector my industry belongs-Chemicals, are facing very low demand both in domestic and foreign market. Our labour intensive MSMEs sectors such as textiles and apparels, leather and gems and jewelry are encountering a drop in demand in their traditional exports markets. In such a situation, it is a double whammy that inputs costs are being tried to push upward artificially by measures such as Anti-dumping and Counter Vailing Measures. (Steel Industry has been lobbying for CVD on Steel imports and a CVD is already proposed). Similar measures are there in Chemical sector. Such practices will further stymie manufacturing. Government should ensure competition in factor markets for manufacturing to survive and grow especially in MSMEs.
Improving infrastructure regulation is the most urgent task in India, said the Korean SMEs Association in India (KOSMA) on Monday reflecting on some of the key challenges.
“The Indian government is investing huge amounts of money to improve poor infrastructure through initiatives such as Ghatishakti, but the pace of improvement is very slow,” it added. Speaking exclusively with KNN India on the sidelines of a seminar organized by KOSMA in New Delhi, the Association said, “It is an area that needs to be improved as the protection of the domestic industry through regulations is intensifying while the manufacturing industry fostering policy is strongly promoted.”
You've just had a wonderful idea for a startup company. It's been spinning around in your head for months now, and you just know that you have something special on your hands. Your thinking is, "If only I could make it work" or "If only someone would give me the money to get it off the ground!"
Well, guess what? No one's going to hand you a sack of cash. But the good news is that you don't need anyone's money if you can't find anyone to help fund your business idea. The best way to validate your business idea is by asking people for their thoughts on it. Don't ask for money or investment. Ask them for specific feedback about certain aspects of your business.
Beating all estimates the Indian economy grew 6.1 per cent in the fourth quarter of the last fiscal, as per the government data released on Wednesday.
This took the growth rate for 2022-23 to 7.2 per cent, lower than the 9.1 per cent expansion in the previous fiscal. The growth was boosted by a 5.5 per cent expansion in agriculture and a 4.5 per cent growth in manufacturing. Other sectors of the economy — construction, services and mining — also saw good growth rates. During the March 2023 quarter, the economic expansion was recorded at 6.1 per cent.
Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh told PTI on Tuesday that hardening interest rates globally and worsening geo-political situation have impacted the foreign direct investment (FDI) inflows into India in 2022-23. He said that the department would analyse the reasons for the contraction in FDI in five important sectors like computer hardware and software; construction, education, automobiles and metallurgical industries.
The Reserve Bank of India (RBI) on Friday announced the withdrawal of Rs 2,000 from circulation, but will continue to be a legal tender.
It said the existing Rs 2,000 notes can be deposited or exchanged in banks until September 30, but set a limit of “Rs 20,000 at a time”. The Rs 2,000 notes were introduced during demonetisation in November 2016 when Rs 500 and Rs 1,000 notes were withdrawn into their bank accounts and/ or exchange them into notes of other denominations at any bank branch.
The Directorate General of Foreign Trade (DGFT) on Wednesday notified the introduction of an online facility of requesting appointment for virtual meeting/personal hearing to the exporters from offices of DGFT.
The Trade Notice No. 06/2023-24 has come into effect form today i.e. June 01, 2023. DGFT in the trade notice mentioned that it aims for ‘Trade Facilitation’ and to extend proactive hand-holding and support to the exporting community. “It is informed that an online facility of requesting appointment for virtual meeting/personal hearing to the exporters is being introduced w.e.f. June 01, 2023,” said the notice.
The Union government under the Modified Semicon India Programme is inviting applications for setting up of Semiconductor Fabs and Display Fabs from June 01, 2023.
The applications will be received by India Semiconductor Mission, the designated nodal agency entrusted with the responsibility of implementing the Modified Semicon India Programme for development of semiconductors and display manufacturing ecosystem in India. Under the Modified Programme, Fiscal Incentive of 50 per cent of the project cost is available to companies/consortia/ joint ventures for setting up of Semiconductor Fabs in India of any node
India will relax its import-export rules to start a pilot project this week to establish itself as an electronics repair hub, reported Indian Express. With this the government aims to lure major electronics manufacturers in the country. India has managed to attract giants like Apple and Xiaomi but it still lacks an industry for repair outsourcing which is estimated to be worth USD 100 billion globally and currently dominated by China and Malaysia.
Government e-Marketplace (GeM) will now offer a vast catalogue of quality services to make public procurement more efficient and value-for-money.
It recently announced the launch of diversified portfolio consisting new and refurbished services on its portal. Some of the new introduction in the GeM portal are international logistics, hiring pf custom broker, hiring of PR agency, project management consultancy etc. GeM is hosted by DGS&D where common user goods and services can be procured. It is dynamic, self -sustaining and user friendly portal for making procurement by Government officer.
In a bid to enhance Kerala's startup ecosystem, the state government has raised the ceiling for procurement of products and services from KSUM-registered startups. The limit has been significantly increased from Rs 1 crore to Rs 3 crore, according to an official statement. The increase in the monetary ceiling in public procurement will enable more government departments to leverage innovative technology solutions from startups, it said.
The Maharashtra government will set up a skill development centres in industrial hubs to help employees upgrade their skills, said Mangal Prabhat Lodha, minister of tourism, skill development and entrepreneurship.
Addressing the media in Thane on Wednesday, Lodha pointed out that the state government was planning to introduce skill development centres in factories and within community centres. This will bridge the gap for those aspiring to learn or upgrade new skills relevant to their respective professions and will not just benefit the job seekers but also the employers,” Lodha said.
The Directorate of Commercial Taxes, Government of West Bengal has extended the last date of filing of return in Form-lll, under section 6 of the West Bengal State Tax on Professions, Trades, Callings and Employments Act, 1,979.
Last date of transmission of data electronically of that return as specified now is June 15, 2023 and last date of furnishing paper form of that return as specified now is June 22, 2023. “Any return for the said period of Y.E. 31.03.23 having been filed within the extended date, vide this order, as specified in the Table above, with the tax payable there-under having been paid within 30.04.23,
Rashtriya Gramin Vikas Nidhi (RGVN), Guwahati is organising a 30-day long training cum workshop programme for 25 bamboo handicraft artisans at the Bamboo Resource Centre, Chümoukedima, Nagaland. The programme is supported by EXIM Bank and it began on May 30. It aims to impart training to develop new products with modern techniques and improve the quality of products through product diversification. Through this workshop artisans will receive help to understand and comply with international quality and safety standards for bamboo products and to ensure that Indian bamboo products meet international buyers' requirements and are competitive in the global market.
The United States (US) is set to give General Electric Co its approval to produce jet engines powering Indian military aircraft in that country, reported Mint.
The Biden administration is expected to sign off a deal that would give permission to General Electric Co to make jet engines for New Delhi’s military. According to Mint’s sources, a deal finalizing the joint production of the engines is expected to be inked and announced by the time President Joe Biden hosts Indian Prime Minister Narendra Modi for an official state visit on June 22.
Romania has offered cash back incentives from its 90-billion-euro corpus to Indian companies to invest in the European country, said Daniela Sezonov Tane, Ambassador of Romania to India.
Addressing an interactive meeting on ‘Doing Business with Romania’ organized by MVIRDC WTC Mumbai and All India Association of Industries (AIAI), she said, Romania has Euro 90 billion corpus to provide cash back incentives to new investors till 2027. Apart from this, the government has announced a National Strategic Plan to promote investment in R&D, agriculture, IT and other specific sectors.”
According to the FISME factor, 60% of MSMEs think that the New Foreign Trade Policy will help to boost export while 40% can’t say.
All India Plastics Manufacturers Association (AIPMA) on Monday urged the government to double the import duty on finished plastic products to 20 per cent to protect the local industry. The Industry body has also asked the government to provide incentives to domestic manufacturers to make India self-reliant.
Managing expenses efficiently is the key to the long-term profitability and sustainability of businesses. This applies to all kinds of businesses, be it small and medium-sized enterprises or big conglomerates. Managing the expenses involves taking key decisions and steps like keeping employee costs under control, leveraging technology to replace time-consuming manual processes, increasing production output, and lowering tax payments.
Are you a small business owner looking to attract more customers and increase your online visibility? Search engine optimization (SEO) is essential for any business looking to generate more leads and sales. While SEO can seem like a daunting task, it’s possible to improve your website’s rankings with the right approach and a bit of patience.
There has been a growing demand for alternative packaging solutions in the country due to environmental sustainability concerns and the need to reduce plastic waste. This has led to several alternative packaging solutions to gain traction in the packaging industry.
The market size for ghee in India reached Rs 2,907 billion in 2022 and is expected to hit Rs 5,137 billion by 2028, a growth rate of 9.84% during 2023-2028, according to IMARC Group. Despite the intense competition and presence of players such as Gujarat Co-operative Milk Marketing Federation, Mother Dairy Fruits and Vegetables., and SMC Foods, eight-year-old Shree Radhe Dairy Farm & Foods is making a space for itself in the dairy segment.
