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President Message
It is not often that Prime Minister addresses a post-budget seminar but Modi ji did for key sectors, MSMEs being one of them. His comments were seminal. He said “There is a need to find out the problems faced by small scale industries of India in becoming big companies. We want to reduce the compliance cost for small businesses and small industries. If you want to make a list of unnecessary compliances, then this is the right time”. Now it is our task, of MSMEs and associations, we identify the regulatory or policy induced obstacles and apprise Govt of them. I am happy that FISME was invited to present its views on Vivad-se-vishwas scheme I and II. Part I of the scheme proposes to refund 95% BG, PG & EMD for contracts during Vivid period. Part-II is about settling ongoing disputes. The draft scheme has been put in the public domain. FISME suggested that where Court or the Arbitrator has given the award, matter should be settled by paying 100% to MSMEs. Majority of the disputes related to MSMEs are below the value of Rs. 20 crore. We feel an MSMEs would have been already penalized by going through the resource intensive process of arbitration / legal course and loss of business and therefore they deserve a liberal compensation. FISME will refocus its efforts to identify the bottlenecks in the growth path of MSMEs as suggested PM Modi and would keep apprising the Govt.
Many business owners may find it counter-intuitive to believe that saying "no" could lead to business growth. However, it can be one of the most important strategies for achieving success and long-term sustainability. By being selective in what tasks and projects are taken on, companies can free up valuable resources to focus on the most important opportunities and create an environment of success that most definitely led to business growth. 1. Say no to unnecessary expenses In today's competitive marketplace, cutting costs is essential for companies to survive or achieve business growth.
Anil Bhardwaj (@abhardwaj_fisme) tweeted at 5:51 pm on Wed, Mar 01, 2023:
PM Modi inaugurated Post budget webinar series to ensure key Budget announcements are understood by stakeholders and implemented at ground. Happy to share, FISME was invited to speak on major MSME announcements- Vivad se Vishwas scheme I & II to explain &..
India's purchasing managers' index (PMI) for manufacturing in February declined to 55.3, from 55.4 in January, said a survey by S&P Global on Wednesday.
"Input costs in the manufacturing industry increased further, with firms mentioning higher prices for electronic components, energy, foodstuff, metals and textiles. However, the rate of inflation was still below its long-run average and among the weakest in over two years", the survey noted. Despite the rising input costs, only a few firms opted to pass cost increases through to clients by lifting their selling prices, while 94 per cent left the price unchanged in order to boost sales.
During the October-December period, India’s economic expansion likely slowed as rising borrowing costs crimp consumption that’s a key growth driver, as per economists in a Bloomberg survey.
The Gross Domestic Product (GDP) numbers for Q3 will be released on Tuesday at 5:30 p.m. local time by the government.
Experts have said that GDP probably rose 4.7 per cent last quarter from a year ago. That will be the slowest quarterly performance since the 4.09 per cent expansion in the three months ended March last year.
India can attain 8 per cent growth by ensuring that credit gets to small enterprises and strong private, land and agriculture reforms, said David Malpass, President, World Bank.
In an interview with ET, he said it is the right time for India to attract investment amid a global diversification of supply chains and manufacturing. Malpass also called for a focus on making the country competitive. He is in India to attend a meeting of G20 finance ministers and central bank governors and met Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman on Wednesday.
The GST Council in its February meeting had decided to cut the tax rate on many items, including 'Rab' (liquid jagger) and pencil sharpeners, besides rationalising late fees for the delayed filing of annual returns.
As announced by the finance minister, the GST rate for pencil sharpeners have decreased to 12 from previous 18 per cent from March 1. The GST on liquid jaggery has also been slashed from 18 per cent to Nil if sold loosely. And, if pre-packaged and labelled, it will attract 5 per cent GST.
Ministry of Electronics and Information Technology on Tuesday launched a Grievance Appellate Committee (GAC), a faceless dispute resolution mechanism that makes digital platforms accountable to DigitalNagriks.
During the launch of GAC, Minister of State for Electronics & Information Technology, Rajeev Chandrasekhar termed GAC as an institution that will be a beacon for the Indian internet. “The Appellate Committee will work in the most transparent manner and all their decisions will be uploaded on website and accessible to the public,” he said.
Ministry of Micro, Small and Medium Enterprises on Tuesday entered into an agreement with the Quality Council of India (QCI) to implement the "MSME Competitive (Lean) Scheme."
The MoU was signed between Rajneesh, Additional Secretary and Development Commissioner, Ministry of MSME, and Aishvarya Raj, CEO, National Board for Quality Promotion, QCI. The objective of the scheme is to enhance the domestic and global competitiveness of MSMEs through the application of various lean techniques and tools. MSMEs will be provided handholding towards the implementation of lean tools and techniques at three different levels: basic, intermediate, and advanced.
The Confederation of Indian Textile Industry chairman T. Rajkumar along with Ravi Sam, chairman of the Southern India Mills Association on Monday urged textile mills, garment units and weavers to use MCX platform to buy cotton.
Addressing the media, the Industry associations said, “following steep increase in cotton prices last cotton season (October 2021 to September 2022), textile units demanded the need to streamline cotton trading on the MCX platform.”
The Goa Investment Promotion Board (IPB) headed by Chief Minister Pramod Sawant on Tuesday approved 6 investment proposals worth Rs 310 crore.
The approved projects will create employment for over 2,500 people in Goa, state Industries Minister Mauvin Godinho said. Addressing the media, the Industries minister informed that the Investment board gave approval to the Pune-based Bramhacorp Theme Park LLP to set up the park on a private land at Pernem taluka in North Goa district, close to the Manohar International Airport.
The Bihar government on Tuesday presented a Rs 2.61 lakh crore ‘revenue surplus Budget’ for 2023-24, an increase of nearly 10 per cent from the previous year.
Tabling the Budget, Finance Minister Vijay Kumar Choudhary pointed out that the state government in this budget is giving special emphasis to employment, health and education sectors. The state government in the budget announced Rs 5,540 crore allocation for Patna Medical College and Hospital's (PMCH) redevelopment, 21 Sadar hospitals to be upgraded, nine new medical colleges to be constructed across Bihar and an allocation of Rs 40 crore for reconstruction of madrassas amongst others.
The Madhya Pradesh government on Wednesday presented a Rs 3.14 lakh crore state budget for 2023-24 which also marks as its first ever annual budget to be tabled electronically.
Reading out the budget proposals, Finance Minister Jagdish Devda has announced creation of over 1 lakh jobs. A fund of Rs 1000 crore is allocated for Chief Minister Skill Internship Scheme in the state. He also announced an additional 2 per cent interest subsidy on the loans of 3 lakh to Self Help Groups (SHGs).
Russia is looking for an Indian partner to launch a joint production of digital laboratories with its Russian Company- Scientific Entertainment.
National Small Industries Corporation (NSIC) has received a mail from its Russian counterpart on this matter. They develop and supply educational equipment for more than 25 years.
It makes and deliver equipment covering several needs of the educational community such as kits for extra curriculum activities aimed at developing early motivation of school students toward experimental work.
To fast-track shipments between India and UAE, both the countries are planning to create a virtual trade corridor.
Under the proposal, approvals and clearances related to customs will be given online on both sides. It aims to reduce cost and time for customs clearance and speed up bilateral trade.
Complementing the bilateral comprehensive free trade agreement signed between India and the UAE last year it will ease trade between the two countries. The UAE last year signed an agreement with Kuwait to set up a virtual trade corridor.
In large organisations, the role of centres of excellence (CoE) are quite well defined. They take up certain specific tasks from the HR department, key in on them to align them specifically to suit the organisational priorities.
Starting your own business can be one of the most daunting yet liberating experiences of your life.
It is rightfully (and ironically) said that entrepreneurship is a very demanding job. You have to suddenly manage a plethora of new commitments, hire personnel, pay invoices, look after funding and much more besides.
5 Proven Strategies to Turn Your Sales Copy Into Real Money
Too many business owners and marketers expect their copy to click and convert, but only a few know how to get past the click part.
When you're selling something, you can't fall into the trap of mindlessly writing about your offer without regard to why people don't buy and without knowing how to present your offers.
Credit remains key challenge for MSMEs despite govt efforts
A new survey by Consortium of Indian Associations has revealed that credit challenge still exists in spite of government taking proactive measures to bring ease in credit flow to MSMEs.
The study noted that majority of the respondents felt the performance of their business has either remained stagnant or declined and access to credit remained a key challenge.
How climatetech startup Welfund is enabling efficient solar adoption in India
India ranked fourth globally in solar power generation in 2021. According to India Brand Equity Foundation (IBEF), the country’s solar installed capacity increased from 2.63 GW in March 2014 to 49.3 GW by the end of 2021.
This D2C startup wants to shake up the oral care industry, bit by bit
Founded in 2020, Live-A-Bit is a sustainable and innovative oral care brand that offers solid plant-based formulations such as toothpaste and mouthwash tablets. Ravinder Sharma, Founder of Live-a-bit, believes that oral care is vital but often taken for granted.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released the Second Advance Estimates (SAE) of National Income, 2022-23, Quarterly Estimates of GDP for the quarter October-December (Q3), 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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It is not often that Prime Minister addresses a post-budget seminar but Modi ji did for key sectors, MSMEs being one of them. His comments were seminal. He said “There is a need to find out the problems faced by small scale industries of India in becoming big companies. We want to reduce the compliance cost for small businesses and small industries. If you want to make a list of unnecessary compliances, then this is the right time”. Now it is our task, of MSMEs and associations, we identify the regulatory or policy induced obstacles and apprise Govt of them. I am happy that FISME was invited to present its views on Vivad-se-vishwas scheme I and II. Part I of the scheme proposes to refund 95% BG, PG & EMD for contracts during Vivid period. Part-II is about settling ongoing disputes. The draft scheme has been put in the public domain. FISME suggested that where Court or the Arbitrator has given the award, matter should be settled by paying 100% to MSMEs. Majority of the disputes related to MSMEs are below the value of Rs. 20 crore. We feel an MSMEs would have been already penalized by going through the resource intensive process of arbitration / legal course and loss of business and therefore they deserve a liberal compensation. FISME will refocus its efforts to identify the bottlenecks in the growth path of MSMEs as suggested PM Modi and would keep apprising the Govt.
Many business owners may find it counter-intuitive to believe that saying "no" could lead to business growth. However, it can be one of the most important strategies for achieving success and long-term sustainability. By being selective in what tasks and projects are taken on, companies can free up valuable resources to focus on the most important opportunities and create an environment of success that most definitely led to business growth. 1. Say no to unnecessary expenses In today's competitive marketplace, cutting costs is essential for companies to survive or achieve business growth.
India's purchasing managers' index (PMI) for manufacturing in February declined to 55.3, from 55.4 in January, said a survey by S&P Global on Wednesday.
"Input costs in the manufacturing industry increased further, with firms mentioning higher prices for electronic components, energy, foodstuff, metals and textiles. However, the rate of inflation was still below its long-run average and among the weakest in over two years", the survey noted. Despite the rising input costs, only a few firms opted to pass cost increases through to clients by lifting their selling prices, while 94 per cent left the price unchanged in order to boost sales.
During the October-December period, India’s economic expansion likely slowed as rising borrowing costs crimp consumption that’s a key growth driver, as per economists in a Bloomberg survey.
The Gross Domestic Product (GDP) numbers for Q3 will be released on Tuesday at 5:30 p.m. local time by the government.
Experts have said that GDP probably rose 4.7 per cent last quarter from a year ago. That will be the slowest quarterly performance since the 4.09 per cent expansion in the three months ended March last year.
India can attain 8 per cent growth by ensuring that credit gets to small enterprises and strong private, land and agriculture reforms, said David Malpass, President, World Bank.
In an interview with ET, he said it is the right time for India to attract investment amid a global diversification of supply chains and manufacturing. Malpass also called for a focus on making the country competitive. He is in India to attend a meeting of G20 finance ministers and central bank governors and met Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman on Wednesday.
The GST Council in its February meeting had decided to cut the tax rate on many items, including 'Rab' (liquid jagger) and pencil sharpeners, besides rationalising late fees for the delayed filing of annual returns.
As announced by the finance minister, the GST rate for pencil sharpeners have decreased to 12 from previous 18 per cent from March 1. The GST on liquid jaggery has also been slashed from 18 per cent to Nil if sold loosely. And, if pre-packaged and labelled, it will attract 5 per cent GST.
Ministry of Electronics and Information Technology on Tuesday launched a Grievance Appellate Committee (GAC), a faceless dispute resolution mechanism that makes digital platforms accountable to DigitalNagriks.
During the launch of GAC, Minister of State for Electronics & Information Technology, Rajeev Chandrasekhar termed GAC as an institution that will be a beacon for the Indian internet. “The Appellate Committee will work in the most transparent manner and all their decisions will be uploaded on website and accessible to the public,” he said.
Ministry of Micro, Small and Medium Enterprises on Tuesday entered into an agreement with the Quality Council of India (QCI) to implement the "MSME Competitive (Lean) Scheme."
The MoU was signed between Rajneesh, Additional Secretary and Development Commissioner, Ministry of MSME, and Aishvarya Raj, CEO, National Board for Quality Promotion, QCI. The objective of the scheme is to enhance the domestic and global competitiveness of MSMEs through the application of various lean techniques and tools. MSMEs will be provided handholding towards the implementation of lean tools and techniques at three different levels: basic, intermediate, and advanced.
The Confederation of Indian Textile Industry chairman T. Rajkumar along with Ravi Sam, chairman of the Southern India Mills Association on Monday urged textile mills, garment units and weavers to use MCX platform to buy cotton.
Addressing the media, the Industry associations said, “following steep increase in cotton prices last cotton season (October 2021 to September 2022), textile units demanded the need to streamline cotton trading on the MCX platform.”
The Goa Investment Promotion Board (IPB) headed by Chief Minister Pramod Sawant on Tuesday approved 6 investment proposals worth Rs 310 crore.
The approved projects will create employment for over 2,500 people in Goa, state Industries Minister Mauvin Godinho said. Addressing the media, the Industries minister informed that the Investment board gave approval to the Pune-based Bramhacorp Theme Park LLP to set up the park on a private land at Pernem taluka in North Goa district, close to the Manohar International Airport.
The Bihar government on Tuesday presented a Rs 2.61 lakh crore ‘revenue surplus Budget’ for 2023-24, an increase of nearly 10 per cent from the previous year.
Tabling the Budget, Finance Minister Vijay Kumar Choudhary pointed out that the state government in this budget is giving special emphasis to employment, health and education sectors. The state government in the budget announced Rs 5,540 crore allocation for Patna Medical College and Hospital's (PMCH) redevelopment, 21 Sadar hospitals to be upgraded, nine new medical colleges to be constructed across Bihar and an allocation of Rs 40 crore for reconstruction of madrassas amongst others.
The Madhya Pradesh government on Wednesday presented a Rs 3.14 lakh crore state budget for 2023-24 which also marks as its first ever annual budget to be tabled electronically.
Reading out the budget proposals, Finance Minister Jagdish Devda has announced creation of over 1 lakh jobs. A fund of Rs 1000 crore is allocated for Chief Minister Skill Internship Scheme in the state. He also announced an additional 2 per cent interest subsidy on the loans of 3 lakh to Self Help Groups (SHGs).
Russia is looking for an Indian partner to launch a joint production of digital laboratories with its Russian Company- Scientific Entertainment.
National Small Industries Corporation (NSIC) has received a mail from its Russian counterpart on this matter. They develop and supply educational equipment for more than 25 years.
It makes and deliver equipment covering several needs of the educational community such as kits for extra curriculum activities aimed at developing early motivation of school students toward experimental work.
To fast-track shipments between India and UAE, both the countries are planning to create a virtual trade corridor.
Under the proposal, approvals and clearances related to customs will be given online on both sides. It aims to reduce cost and time for customs clearance and speed up bilateral trade.
Complementing the bilateral comprehensive free trade agreement signed between India and the UAE last year it will ease trade between the two countries. The UAE last year signed an agreement with Kuwait to set up a virtual trade corridor.
According to the FISME factor, 100% of MSMEs think that RBI's continued raising of interest rates is stalling growth
In large organisations, the role of centres of excellence (CoE) are quite well defined. They take up certain specific tasks from the HR department, key in on them to align them specifically to suit the organisational priorities.
Starting your own business can be one of the most daunting yet liberating experiences of your life.
It is rightfully (and ironically) said that entrepreneurship is a very demanding job. You have to suddenly manage a plethora of new commitments, hire personnel, pay invoices, look after funding and much more besides.
Too many business owners and marketers expect their copy to click and convert, but only a few know how to get past the click part.
When you're selling something, you can't fall into the trap of mindlessly writing about your offer without regard to why people don't buy and without knowing how to present your offers.
A new survey by Consortium of Indian Associations has revealed that credit challenge still exists in spite of government taking proactive measures to bring ease in credit flow to MSMEs.
The study noted that majority of the respondents felt the performance of their business has either remained stagnant or declined and access to credit remained a key challenge.
India ranked fourth globally in solar power generation in 2021. According to India Brand Equity Foundation (IBEF), the country’s solar installed capacity increased from 2.63 GW in March 2014 to 49.3 GW by the end of 2021.
Founded in 2020, Live-A-Bit is a sustainable and innovative oral care brand that offers solid plant-based formulations such as toothpaste and mouthwash tablets. Ravinder Sharma, Founder of Live-a-bit, believes that oral care is vital but often taken for granted.
“ To attain knowledge, add things every day. To attain wisdom, remove things every day. ”
