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President Message
At the outset, I express my sincere gratitude to the fellow members of newly constituted Central Executive Committee (CEC) of FISME for reposing their faith and re-electing me President for 2023-24. Last year, I focused on three issues concerning MSMEs: Banking and Finance where we took up the issue imposition of pre-payment charges and resolved hundreds of cases. Secondly, access to industrial space and thirdly public procurement. The Prime Minister’s address has given us another issue and a direction. He addressed 12 post-budget seminars covering all major announcements in the budget. The objective as we understand has been two fold. One, to highlight the priorities and the second, to get the implementation rolling as all the enabling provisions/ notification were also released simultaneously. At least two webinars were directly linked to MSMEs. In the Webinar on ‘Ease of Living using Technology’, he emphasized the need to brainstorm and identify the obstacles faced by MSMEs. Most of these obstacles relate to regulatory and legal processes. This is one area that I would like to add to the three focused areas already identified. We shall spell out our detailed advocacy agenda in this regard after a seminar in New Delhi on improving MSMEs’ access to justice. I seek your blessings and cooperation in carrying out large scale impact for the benefit of MSMEs.
The newly constituted Central Executive Committee (CEC) of Federation of Indian Micro and Small & Medium Enterprises (FISME) on Wednesday re-elected incumbent President Prashant Patel for 2023-24.
During a meeting held in New Delhi in hybrid mode, the CEC members of the MSME body unanimously agreed on his name. The tenure of FISME President is one year but by convention, incumbent President could be re-elected once.
Besides the three thematic focus areas of FISME under his leadership namely Banking & Finance; Industrial space and Public Procurement, he indicated addressing legal and regulatory hurdles in MSME growth in his second innings.
In a fast-paced business world, it's easy to fall into the trap of trying to do everything as quickly as possible. However, this can lead to a lack of clarity, direction and even burnout. The most successful entrepreneurs know the power of slowing down, taking a step back and implementing a strategic plan for their businesses.
Strategic planning is the process of defining your company's direction and making decisions on allocating your resources to pursue that direction. It's about setting goals, identifying your strengths and weaknesses and creating a roadmap to achieve your objectives.
The Prime Minister, Shri Narendra Modi, addressed a Post Budget Webinar on the subject of ‘Ease of Living using Technology’. It is the fifth of a series of 12 post-budget webinars organized by the government to seek ideas and suggestions for the effective implementation of the initiatives announced in the Union Budget 2023. Addressing the gathering, the Prime Minister said that India of the 21st century is
The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 3.85 per cent for the month of February, 2023 (over February, 2022) against 4.73 per cent recorded in January, 2023, said the Ministry of Commerce on Tuesday.
This decline in the rate of inflation in February, 2023 is primarily contributed by fall in prices of crude petroleum & natural gas, non-food articles, food products, minerals, computer, electronic & optical products, chemicals & chemical products, electrical equipment and motor vehicles, trailers & semi-trailers, said the official statement.
India’s industrial output increased to 5.2 per cent in January which is little faster than the 4.7 per cent growth in December 2022, as per the government data.
Supported by a double-digit surge in electricity generation for the third successive month, even as manufacturing output growth stayed lacking at 3.7 per cent. For the second month in a row consumer durables output contracted, falling 7.5 pe cent in January. It’s a tad lower than the 11 per cent drop in December.
India recorded Rs 13,399 crore worth exports of military hardware as on March 6, 2023 which is a three-fold increase from Rs 4,682 crore in 2017–18.
This information was shared by Ajay Bhatt, the state minister for defence in the Rajya Sabha. The total defence exports in 2021–22 were USD 12,815 whereas they were USD 8,435 in 2020–21, USD 9,116 in 2019–20, and USD 10,746 in 2018–19, as per the official data.
Highlighting government’s focus on the indigenisation of various defence items to achieve 'Aatmanirbharta' (self-reliance), he said “The indigenised items made from local resources become globally cost competitive and it also facilitates the integration of MSMEs in the global supply chain.”
Under the production-linked incentive (PLI) scheme, the government has approved another tranche of financial incentives worth Rs 765 crore for electronics manufacturing, according to a report in the Economic Times.
Wistron, Apple’s contract manufacturer in India will receive the majority of the funds approved. It will receive Rs 601.93 crore of the total Rs 765 crore. The second largest chunk of the incentives will go to Dixon Technologies' unit Padget (Rs 149.63 crore) followed by AT&S (Rs 7.58 crore), Shogini (Rs 3 crore) and Alcon (Rs 2.40 crore).
Union Minister for MSME Narayan Rane on Friday launched the MSME Competitive (LEAN) Scheme and emphasised on its potential to become a national movement.
It aims to provide a roadmap to global competitiveness for the MSMEs of India, he said. To support MSMEs, the central government will contribute 90 per cent of implementation cost for handholding and consultancy fees.
There will be an additional contribution of 5 per cent for the MSMEs which are part of SFURTI clusters, owned by Women/SC/ST and located in NER.
Banks have sanctioned 2,45,065 loans involving Rs 83,938 crore as of March 1 under the government and SIDBI’s 59-minute loan approval scheme for MSMEs.
This is merely a 2.2 per cent growth from 2,39,751 loans involving Rs 81,141 crore sanctioned as of April 1 in FY23, as per data from MSME Ministry, reported Financial Express. While under the 59 minutes Public Sector Banks(PSB) loan scheme in 59 Minutes banks have sanctioned 5,314 loans in the current financial year as of March 1, 2023, showed an analysis of the official data.
State Bank of India (SBI), India’s leading public sector bank has reiterated its policy of not-levying foreclosure/ pre-payment charges on Micro and Small Enterprises (MSEs).
In a reply to Federation of Indian Micro and Small & Medium Enterprises (FISME), the Chief General Manager of SBI K. Sampath has clarified that SBI has all the processes in place to ensure compliance of Reserve Bank of India’s (RBI) instructions. “The Bank has laid down instructions for not levying prepayment charges on floating rate term loans sanctioned to micro and small enterprises as defined under MSED Act 2006, irrespective of limit/ outstanding and even in cases of takeover by other banks/ FIs,” CGM SBI replied.
Chairman of Khadi and Village Industries Commission (KVIC) Manoj Kumar released margin money grant of Rs 100.16 crore in favour of 2989 beneficiaries in Bhiwani, Haryana under Prime Minister's Employment Generation Programme(PMEGP) Scheme.
These beneficiaries have been sanctioned Rs 298.44 crore by banks for setting up enterprises under PMEGP in Jhumpa located in Bhiwani district of Haryana. About 24,000 people will get additional employment through these units set up by these beneficiaries.
The union government and Tamil Nadu government have jointly proposed for setting up a common facility centre for production units in the Vazhavanthankottai SIDCO industrial estate. The aim is to boost the manufacturing capacity of MSMEs in the Vazhavanthankottai SIDCO industrial estate, reported ET. MSMEs in the estate are required to form a company to take advantage of the new facility.
The Vazhavanthankottai Industrial Manufacturer Association & Network (VIMAAN) on March 18, 2023 will host an industry connect programme at the SIDCO complex to help MSMEs with this process.
All Industries and Trade Forum (AITF) has accused the Punjab government for ditching the industries and not fulfilling their poll promises in the budget announced on Friday.
Calling the budget baseless, Badish Jindal National President of AITF said the budget presented by Finance Minister Harpal Cheema was far away from the actual fiscal situation of the state. Punjab Finance Minister Harpal Singh Cheema presented a Rs 1.96 lakh crore State Budget for 2023-24 in the Assembly on Friday.
Karnataka chief minister Basavaraj Bommai on Friday said that state is setting up three Special Investment Regions (SIR) where all permissions to start business activities will be decentralised.
Speaking at the Nava Karnataka Summit curated by DH Brandspot and PV Brandspot, the chief minister said, “the special investment regions will help the state achieve first place in India and Asia.” “This is the policy change we’re bringing in. There will be SIR in Tumakuru and Dharwad. We’ll do one for Kalaburagi. Later on, we will have more of them,” he said.
India and the US have decided to jointly launch a strategic trade dialogue to address export controls, explore ways of enhancing high technology commerce, and facilitate technology transfers.
The decision to set up a trade forum was taken during a meeting between External Affairs Minister S Jaishankar and visiting US Commerce Secretary Gina Raimondo in New Delhi on Thursday. "The external affairs minister and secretary Raimondo agreed to launch a India-US Strategic Trade Dialogue, led by Foreign Secretary from Ministry of External Affairs of India and Under Secretary, Bureau of Industry and Security in US Department of Commerce," MEA in an official statement said.
India’s exports to Australia will be tariff and quota free within a span of six years, said former Australian Prime Minister Tony Abbott on Thursday in New Delhi.
He expressed confidence in the India-Australia Economic Cooperation and Trade Agreement (ECTA) and called it one of the best deals for India. “It's the best trade deal that India has done with any major economy. About 90 per cent of Australia's exports to India are to be tariff and quota-free. Within six years, 100 per cent of India's exports to Australia will be tariff and quota-free,” Abbott said during an interaction organised by the India-Australia Strategic Alliance.
4 Ways to Build a More Adaptable, Resilient Culture at Your Organization
Why did some employees handle the Covid-19 crisis better than others? According to Deloitte, the employees who coped better with rapid change worked for companies that promoted key ingredients of adaptability, such as empowered decision-making.
Bankruptcy can provide financial relief, but the downside is that it can negatively impact credit. While bankruptcy will remain on a credit report for as long as 10 years, the impact will lessen with time. Whether you filed Chapter 7 (which means you have the ability to pay back your debts) or Chapter 13 (you're required to pay your creditors all of your disposable income)
4 Marketing Trends You Should Implement This Year to Drive Growth and Improve Sales
Over the last few years, marketing automation has quickly become a critical tool within organizations' tech stacks — including small and medium-sized businesses (SMBs) — to grow sales pipelines, enhance customer support and increase revenue. In fact, in a 2022 Act!
Mahratta Chamber of Commerce opposes 37% power tariff hike proposed by MSEDCL
The Mahratta Chamber of Commerce, Industries and Agriculture (MCCIA) has opposed the Maharashtra State Electricity Distribution Company Limited (MSEDCL) proposal of 37 per cent power tariff hike for 2023-24. “Any further rise in tariff will be detrimental to industrial and commercial activities, affecting competitiveness.
Angirus: Making green buildings, sustainable brick by brick
Udaipur-based Kunjpreet Arora and Lokesh Puri Goswami wanted to work on a project in the circular economy. Their idea was unique: To replace clay-based red bricks with sustainable, high-quality bricks. After years of research, they came up with ‘Wricks’, sustainable bricks that can reduce the overall construction cost of a project by 20 percent by deriving its raw material from waste.
An alumni of Government College of Engineering, Pune, Pallavi discovered her passion for building brands and making a purposeful impact motivating her to pursue an MBA from Jamnalal Bajaj Institute of Management Studies, Mumbai. When she came across the problem of rashes, she spoke with other mothers and discovered it was very common.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released All India Consumer Price Index (CPI) on Base 2012=100 and corresponding Consumer Food Price Index (CFPI) for Rural (R), Urban (U) and Combined (C) for the month of February 2023 (Provisional).
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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At the outset, I express my sincere gratitude to the fellow members of newly constituted Central Executive Committee (CEC) of FISME for reposing their faith and re-electing me President for 2023-24. Last year, I focused on three issues concerning MSMEs: Banking and Finance where we took up the issue imposition of pre-payment charges and resolved hundreds of cases. Secondly, access to industrial space and thirdly public procurement. The Prime Minister’s address has given us another issue and a direction. He addressed 12 post-budget seminars covering all major announcements in the budget. The objective as we understand has been two fold. One, to highlight the priorities and the second, to get the implementation rolling as all the enabling provisions/ notification were also released simultaneously. At least two webinars were directly linked to MSMEs. In the Webinar on ‘Ease of Living using Technology’, he emphasized the need to brainstorm and identify the obstacles faced by MSMEs. Most of these obstacles relate to regulatory and legal processes. This is one area that I would like to add to the three focused areas already identified. We shall spell out our detailed advocacy agenda in this regard after a seminar in New Delhi on improving MSMEs’ access to justice. I seek your blessings and cooperation in carrying out large scale impact for the benefit of MSMEs.
The newly constituted Central Executive Committee (CEC) of Federation of Indian Micro and Small & Medium Enterprises (FISME) on Wednesday re-elected incumbent President Prashant Patel for 2023-24.
During a meeting held in New Delhi in hybrid mode, the CEC members of the MSME body unanimously agreed on his name. The tenure of FISME President is one year but by convention, incumbent President could be re-elected once.
Besides the three thematic focus areas of FISME under his leadership namely Banking & Finance; Industrial space and Public Procurement, he indicated addressing legal and regulatory hurdles in MSME growth in his second innings.
In a fast-paced business world, it's easy to fall into the trap of trying to do everything as quickly as possible. However, this can lead to a lack of clarity, direction and even burnout. The most successful entrepreneurs know the power of slowing down, taking a step back and implementing a strategic plan for their businesses.
Strategic planning is the process of defining your company's direction and making decisions on allocating your resources to pursue that direction. It's about setting goals, identifying your strengths and weaknesses and creating a roadmap to achieve your objectives.
The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 3.85 per cent for the month of February, 2023 (over February, 2022) against 4.73 per cent recorded in January, 2023, said the Ministry of Commerce on Tuesday.
This decline in the rate of inflation in February, 2023 is primarily contributed by fall in prices of crude petroleum & natural gas, non-food articles, food products, minerals, computer, electronic & optical products, chemicals & chemical products, electrical equipment and motor vehicles, trailers & semi-trailers, said the official statement.
India’s industrial output increased to 5.2 per cent in January which is little faster than the 4.7 per cent growth in December 2022, as per the government data.
Supported by a double-digit surge in electricity generation for the third successive month, even as manufacturing output growth stayed lacking at 3.7 per cent. For the second month in a row consumer durables output contracted, falling 7.5 pe cent in January. It’s a tad lower than the 11 per cent drop in December.
India recorded Rs 13,399 crore worth exports of military hardware as on March 6, 2023 which is a three-fold increase from Rs 4,682 crore in 2017–18.
This information was shared by Ajay Bhatt, the state minister for defence in the Rajya Sabha. The total defence exports in 2021–22 were USD 12,815 whereas they were USD 8,435 in 2020–21, USD 9,116 in 2019–20, and USD 10,746 in 2018–19, as per the official data.
Highlighting government’s focus on the indigenisation of various defence items to achieve 'Aatmanirbharta' (self-reliance), he said “The indigenised items made from local resources become globally cost competitive and it also facilitates the integration of MSMEs in the global supply chain.”
Under the production-linked incentive (PLI) scheme, the government has approved another tranche of financial incentives worth Rs 765 crore for electronics manufacturing, according to a report in the Economic Times.
Wistron, Apple’s contract manufacturer in India will receive the majority of the funds approved. It will receive Rs 601.93 crore of the total Rs 765 crore. The second largest chunk of the incentives will go to Dixon Technologies' unit Padget (Rs 149.63 crore) followed by AT&S (Rs 7.58 crore), Shogini (Rs 3 crore) and Alcon (Rs 2.40 crore).
Union Minister for MSME Narayan Rane on Friday launched the MSME Competitive (LEAN) Scheme and emphasised on its potential to become a national movement.
It aims to provide a roadmap to global competitiveness for the MSMEs of India, he said. To support MSMEs, the central government will contribute 90 per cent of implementation cost for handholding and consultancy fees.
There will be an additional contribution of 5 per cent for the MSMEs which are part of SFURTI clusters, owned by Women/SC/ST and located in NER.
Banks have sanctioned 2,45,065 loans involving Rs 83,938 crore as of March 1 under the government and SIDBI’s 59-minute loan approval scheme for MSMEs.
This is merely a 2.2 per cent growth from 2,39,751 loans involving Rs 81,141 crore sanctioned as of April 1 in FY23, as per data from MSME Ministry, reported Financial Express. While under the 59 minutes Public Sector Banks(PSB) loan scheme in 59 Minutes banks have sanctioned 5,314 loans in the current financial year as of March 1, 2023, showed an analysis of the official data.
State Bank of India (SBI), India’s leading public sector bank has reiterated its policy of not-levying foreclosure/ pre-payment charges on Micro and Small Enterprises (MSEs).
In a reply to Federation of Indian Micro and Small & Medium Enterprises (FISME), the Chief General Manager of SBI K. Sampath has clarified that SBI has all the processes in place to ensure compliance of Reserve Bank of India’s (RBI) instructions. “The Bank has laid down instructions for not levying prepayment charges on floating rate term loans sanctioned to micro and small enterprises as defined under MSED Act 2006, irrespective of limit/ outstanding and even in cases of takeover by other banks/ FIs,” CGM SBI replied.
Chairman of Khadi and Village Industries Commission (KVIC) Manoj Kumar released margin money grant of Rs 100.16 crore in favour of 2989 beneficiaries in Bhiwani, Haryana under Prime Minister's Employment Generation Programme(PMEGP) Scheme.
These beneficiaries have been sanctioned Rs 298.44 crore by banks for setting up enterprises under PMEGP in Jhumpa located in Bhiwani district of Haryana. About 24,000 people will get additional employment through these units set up by these beneficiaries.
The union government and Tamil Nadu government have jointly proposed for setting up a common facility centre for production units in the Vazhavanthankottai SIDCO industrial estate. The aim is to boost the manufacturing capacity of MSMEs in the Vazhavanthankottai SIDCO industrial estate, reported ET. MSMEs in the estate are required to form a company to take advantage of the new facility.
The Vazhavanthankottai Industrial Manufacturer Association & Network (VIMAAN) on March 18, 2023 will host an industry connect programme at the SIDCO complex to help MSMEs with this process.
All Industries and Trade Forum (AITF) has accused the Punjab government for ditching the industries and not fulfilling their poll promises in the budget announced on Friday.
Calling the budget baseless, Badish Jindal National President of AITF said the budget presented by Finance Minister Harpal Cheema was far away from the actual fiscal situation of the state. Punjab Finance Minister Harpal Singh Cheema presented a Rs 1.96 lakh crore State Budget for 2023-24 in the Assembly on Friday.
Karnataka chief minister Basavaraj Bommai on Friday said that state is setting up three Special Investment Regions (SIR) where all permissions to start business activities will be decentralised.
Speaking at the Nava Karnataka Summit curated by DH Brandspot and PV Brandspot, the chief minister said, “the special investment regions will help the state achieve first place in India and Asia.” “This is the policy change we’re bringing in. There will be SIR in Tumakuru and Dharwad. We’ll do one for Kalaburagi. Later on, we will have more of them,” he said.
India and the US have decided to jointly launch a strategic trade dialogue to address export controls, explore ways of enhancing high technology commerce, and facilitate technology transfers.
The decision to set up a trade forum was taken during a meeting between External Affairs Minister S Jaishankar and visiting US Commerce Secretary Gina Raimondo in New Delhi on Thursday. "The external affairs minister and secretary Raimondo agreed to launch a India-US Strategic Trade Dialogue, led by Foreign Secretary from Ministry of External Affairs of India and Under Secretary, Bureau of Industry and Security in US Department of Commerce," MEA in an official statement said.
India’s exports to Australia will be tariff and quota free within a span of six years, said former Australian Prime Minister Tony Abbott on Thursday in New Delhi.
He expressed confidence in the India-Australia Economic Cooperation and Trade Agreement (ECTA) and called it one of the best deals for India. “It's the best trade deal that India has done with any major economy. About 90 per cent of Australia's exports to India are to be tariff and quota-free. Within six years, 100 per cent of India's exports to Australia will be tariff and quota-free,” Abbott said during an interaction organised by the India-Australia Strategic Alliance.
According to the FISME factor, 40% of MSMEs think that 'Vivad se Vshvas' scheme is not helpful for MSMEs while 60% can’t say.
Why did some employees handle the Covid-19 crisis better than others? According to Deloitte, the employees who coped better with rapid change worked for companies that promoted key ingredients of adaptability, such as empowered decision-making.
Bankruptcy can provide financial relief, but the downside is that it can negatively impact credit. While bankruptcy will remain on a credit report for as long as 10 years, the impact will lessen with time. Whether you filed Chapter 7 (which means you have the ability to pay back your debts) or Chapter 13 (you're required to pay your creditors all of your disposable income)
Over the last few years, marketing automation has quickly become a critical tool within organizations' tech stacks — including small and medium-sized businesses (SMBs) — to grow sales pipelines, enhance customer support and increase revenue. In fact, in a 2022 Act!
The Mahratta Chamber of Commerce, Industries and Agriculture (MCCIA) has opposed the Maharashtra State Electricity Distribution Company Limited (MSEDCL) proposal of 37 per cent power tariff hike for 2023-24. “Any further rise in tariff will be detrimental to industrial and commercial activities, affecting competitiveness.
Udaipur-based Kunjpreet Arora and Lokesh Puri Goswami wanted to work on a project in the circular economy. Their idea was unique: To replace clay-based red bricks with sustainable, high-quality bricks. After years of research, they came up with ‘Wricks’, sustainable bricks that can reduce the overall construction cost of a project by 20 percent by deriving its raw material from waste.
An alumni of Government College of Engineering, Pune, Pallavi discovered her passion for building brands and making a purposeful impact motivating her to pursue an MBA from Jamnalal Bajaj Institute of Management Studies, Mumbai. When she came across the problem of rashes, she spoke with other mothers and discovered it was very common.
“ If you want excellence, you must aim at perfection. It has its drawbacks but being finicky is essential. ”
