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President Message
One word that has stormed into the lexicon of geo-politics and businesses is ‘De-dollarization’. The most important characteristic of the term is how Dollar is losing its status as ‘reserve currency’. Dollar has been a default currency as the most important medium of exchange and store of value. In order to understand the phenomenon of Dedollarization and its impact on business and short, medium and long term, we recently arranged an interaction of FISME office bearers with Dr. Ankit Shah who is considered the most vocal proponent of Dedollarization. His contention has been that slide of Dollar as a reserve currency is gaining momentum day by day. It has been exacerbated by dole outs worth trillions of Dollars by USA to mitigate Covid impacted Americans. This they did by printing more US Dollar- meaning of this US package was borne by all countries who stored value in USD. Secondly, US seized entire Russian forex reserve after Ukraine war. These developments alarmed nations. In response to this, many countries started reducing their reserve in USD. Secondly, many countries are forming groups and transacting in their mutual currencies. India for example is doing Rupee trade with over a dozen countries. Thirdly, different groups are contemplating starting their joint currencies. BRICS countries are in the forefront. Fall of USD and Western reserve currencies eventually may usher in a new world order. We intend to keep a close watch.
Federation of Indian Micro and Small and Medium Enterprises (FISME) has called for policy reforms to promote a healthy relationship through the Retail and E-commerce policies in India to create an environment for growth of MSMEs.
“The boundaries between physical retail and digital or e-commerce are blurring. MSME manufacturers and physical retailers are creating their e-presence and e-platforms are back-ending their physical presence. Indian policies need to nurture a symbiotic relationship between retail and e-commerce to help both retail and e-commerce grow,” says Anil Bhardwaj, Secretary General, FISME.
As the economy continues to fluctuate, it's important for entrepreneurs to have a plan in place for any potential downturns. To remain competitive, you can take several steps, including reviewing your finances, cutting operating costs, diversifying your products and offerings and focusing on customer retention. Utilizing automation technology and revamping your marketing approach are both essential to adapt to the ever-changing economic climate. Don't wait until it's too late to start preparing — take control of your financial future and create an action plan today.
Argentina on Wednesday April 26, announced that it will pay in yuan for Chinese imports instead of the US dollar. This has brought the term de-dollarisation into the spotlight again. As the world debates the merits and demerits of de-dollarisation, let us look at what the term means, and its possible impacts on the world economy. De-dollarisation basically means reducing the dependence on the US dollar as a medium of exchange or reserve currency.
In 2023 so far, the month of April has witnessed the strongest growth in the manufacturing sector of India, per the seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI). It was increased to 57.2 from 56.4 in March. Overall business sentiment about output prospects a year ahead, improved from an eight-month low in March, as manufacturers gained confidence that volumes will be higher going forward.
New orders placed with goods producers rose at the quickest pace since last December. April saw a reversal of trend as firms sought to expand capacities by taking on additional workers and stockpiling inputs after a fractional reduction in the workforce in March.
Oil and Natural Gas Corp (ONGC) has set a target of investing Rs 1 lakh crore by 2030 to enhance its capacity for manufacturing petrochemicals.
ONGC has decided to come up with new facilities to produce chemicals directly from crude, according to people with knowledge of the matter. ONGC's plans align with Indian government’s efforts to help India emerge as a major petrochemical hub in the world. As per reports, ONGC's plans are likely to be implemented by its subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) and its joint venture ONGC Petro additions Ltd (OPaL).
Despite waning pace of exports the Indian economy stayed resilient in March along with an increase in unemployment, said Bloomberg indicator.
It has dimmed the outlook for the country that’s surpassing China as the most populous nation. While the needle on a dial measuring the so-called Animal Spirits was unchanged at 5 for a third straight month, a jump in collections from taxes levied on consumption showed Asia’s third largest economy was ticking along. That’s the reading from the overall activity tracker comprising of eight high-frequency indicators compiled by Bloomberg.
It was announced on Thursday that CGTMSE will collaborate with National Institute for Micro, Small and Medium Enterprises (ni-msme), Hyderabad for setting up a Centre of Financial Inclusion for MSME.
This announcement was made when Union Minister for MSME Narayan Rane launched the revamped CGTMSE Scheme in Mumbai. CGTMSE has been provided with an additional corpus support of Rs 9,000 crore in the Union Budget for FY 2023-24 to revamp its Scheme to provide guarantee for additional Rs 2 lakh crore to Micro & Small Enterprises.
The National Stock Exchange of India Limited (NSE) on Thursday released a new migration framework for companies who want to move from SME platform to the main board.
These companies will require the net worth of such firms be at least Rs 50 crore. For shifting to the main-board applicant should have been listed on the SME platform of the exchange for at least 3 years and the total number of public shareholders on the last day of the preceding quarter from the date of application should be at least 1,000, the bourse said in the circular.
The Fastener manufacturing industry has urged the government to fix quality standards of Fasteners being imported, manufactured and sold in India to counter the cheap imports from China.
An online meeting was held between the industry representatives and officials of Department for Promotion of Industry and Internal Trade (DPIIT). Based on our request, a meeting of our association was held with the senior officials of DPIIT,” said Narinder Bhamra, president of Fastener Manufacturers Association of India.
The Development Commissioner (MSME), Ministry of MSME has called for applications for the National MSME Awards and the last date to submit the form is May 10, 2023.
Applicants can choose to apply for four different categories ranging from enterprise, state, aspirational district and bank. For the National Awards it is compulsory to have an Udyam registration for MSMEs. In the enterprise section it is sub divided into manufacturing and services sector categories.
The Association of Lady Entrepreneurs of India (ALEAP) has decided to set up Women Entrepreneurs International Trade and Technology Centre (WE-ITTC) at Nandigama in Patancheru of Sangareddy.
Telangana IT minister KT Rama Rao laid the foundation stone for the centre at A-GRIP (ALEAP Green Industrial Park) on Friday. As per report, WE-ITTC, has been sanctioned under the MSE CDP scheme with support from the Union MSME ministry as well as state government.
The first roundtable of the Northeast Global Investment Summit held in New Delhi on Thursday discussed the investment opportunities in Assam.
The Northeast Global Investment Summit is scheduled to be held in September this year. This is for the first time that an investment summit will be organized jointly by the eight North Eastern states and the union government. DONER Ministry's Secretary Lok Ranjan, presiding over the roundtable on Thursday said that the investor summit will be a major milestone not only for Assam but all North Eastern states.
The Goa Chamber of Commerce and Industry (GCCI) to partner with Netherland based HAS University to promote agriculture in both countries.
As per report, Netherlands is also keen on sharing technical knowledge with Goa in the fields of waste management, climate change, and sustainable development goals. Deputy consul general of the Netherlands, Thierry Van Helden, led a delegation to hold a meeting with GCCI officials, including GCCI president Ralph de Sousa.
Thea Rozman Kendler, a senior official in America’s Commerce Department has said India and the United States plan to hold their first meeting in May under the recently established Strategic Trade Dialogue, reported Mint.
During US commerce secretary Gina Raimondo’s visit to India in March 2023, New Delhi and Washington announced the formation of the Dialogue. The Dialogue aims to address export controls, explore ways of enhancing high technology commerce, and facilitate technology transfers. “Both sides recognized the need for increased bilateral strategic and high technology trade and collaboration given the shared priority of building resilient and trusted global supply chains and the mutual interest ..
Tide, UK’s leading business financial platform on Tuesday launched the MSME exchange programme in India to help UK business in India and Indian business in the UK. With the aim to globalise entrepreneurship, British High Commissioner to India, Alex Ellis during the exchange programme said that it will boost businesses as well as the creation of jobs. “Prime Minister Rishi Sunak and Prime Minister Narendra Modi have reiterated the huge opportunities that closer trade and investment ties offer to British and Indian businesses and consumers. Our investment relationship already supports nearly half a million jobs in each other’s economies,” said Ellis.
Mauritius has opened its door for the Indian companies to develop a dedicated special economic zone (SEZ) exclusively for themselves, said Arvind Radhakrishna, Strategic Advisor to the Economic Development Board of Mauritius.
Addressing an interactive session he said, “Mauritius is developing a dedicated SEZ for Indian companies. I invite Indian investors and real estate developers to develop the zone and strengthen our economic ties.”
Pay transparency is a much discussed topic. Some small organisations claim to be practising pay transperancy, but it can be tricky! No one can afford complete transparency as it can lead to unnecessary conflicts and ill feelings. On the other hand, it can also lead to equality, meritocracy and a culture of honesty and trust. The pertinent question here is, Can pay transparency end salary negotiations?
Raising Funding in a Downturn Isn't Impossible — I Did It (and You Can, Too).
Heading into my first pitch for pre-seed funding, I was less nervous than you might expect. I had concerns, of course: was I prepared for the questions I'd be asked? Had I focused on the right selling points? But, as a former corporate consultant, I was used to presenting to executives in high-pressure situations and was confident in my ability to disarm and build rapport within a room.
Marketing tips for small business in upcoming years
A small business’s marketing strategy plays a significant role in determining its success. Marketing these days has become quintessential for acquiring clients and in turn, to keep your business running. To derive optimal results from marketing, a business requires several strategies that align with their company’s sales objectives and branding aspirations.
Footwear retailers seek additional time to implement BIS quality control order
Footwear retailers have urged the government to provide 8-10 months of additional time for the implementation of Quality Control Order norms.
QCO norms for footwear are all set to come in force from July 1. The Department for Promotion of Industry and Internal Trade (DPIIT) had issued QCO for footwear made from leather, rubber or polymer.
Celcius’ path to making cold chain supply efficient in India
During the height of the pandemic in November 2020, Swarup Bose, Rajneesh Raman, and Arbind Jain got together to set up Celcius Logistics —a firm looking to improve cold-chain infrastructure in India. It has crossed several milestones since then,
This Chennai-based supply chain SaaS firm is winning the enterprise game globally
For Nitin Jayakrishnan and Abhijeet Manohar, Co-founders of supply chain software-as-a-service (SaaS) startup Pando, the name perfectly encapsulated their vision—a complex labyrinth of interconnected systems with a single root.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released 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, the ESI scheme and the NPS.
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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One word that has stormed into the lexicon of geo-politics and businesses is ‘De-dollarization’. The most important characteristic of the term is how Dollar is losing its status as ‘reserve currency’. Dollar has been a default currency as the most important medium of exchange and store of value. In order to understand the phenomenon of Dedollarization and its impact on business and short, medium and long term, we recently arranged an interaction of FISME office bearers with Dr. Ankit Shah who is considered the most vocal proponent of Dedollarization. His contention has been that slide of Dollar as a reserve currency is gaining momentum day by day. It has been exacerbated by dole outs worth trillions of Dollars by USA to mitigate Covid impacted Americans. This they did by printing more US Dollar- meaning of this US package was borne by all countries who stored value in USD. Secondly, US seized entire Russian forex reserve after Ukraine war. These developments alarmed nations. In response to this, many countries started reducing their reserve in USD. Secondly, many countries are forming groups and transacting in their mutual currencies. India for example is doing Rupee trade with over a dozen countries. Thirdly, different groups are contemplating starting their joint currencies. BRICS countries are in the forefront. Fall of USD and Western reserve currencies eventually may usher in a new world order. We intend to keep a close watch.
Federation of Indian Micro and Small and Medium Enterprises (FISME) has called for policy reforms to promote a healthy relationship through the Retail and E-commerce policies in India to create an environment for growth of MSMEs.
“The boundaries between physical retail and digital or e-commerce are blurring. MSME manufacturers and physical retailers are creating their e-presence and e-platforms are back-ending their physical presence. Indian policies need to nurture a symbiotic relationship between retail and e-commerce to help both retail and e-commerce grow,” says Anil Bhardwaj, Secretary General, FISME.
As the economy continues to fluctuate, it's important for entrepreneurs to have a plan in place for any potential downturns. To remain competitive, you can take several steps, including reviewing your finances, cutting operating costs, diversifying your products and offerings and focusing on customer retention. Utilizing automation technology and revamping your marketing approach are both essential to adapt to the ever-changing economic climate. Don't wait until it's too late to start preparing — take control of your financial future and create an action plan today.
In 2023 so far, the month of April has witnessed the strongest growth in the manufacturing sector of India, per the seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI). It was increased to 57.2 from 56.4 in March. Overall business sentiment about output prospects a year ahead, improved from an eight-month low in March, as manufacturers gained confidence that volumes will be higher going forward.
New orders placed with goods producers rose at the quickest pace since last December. April saw a reversal of trend as firms sought to expand capacities by taking on additional workers and stockpiling inputs after a fractional reduction in the workforce in March.
Oil and Natural Gas Corp (ONGC) has set a target of investing Rs 1 lakh crore by 2030 to enhance its capacity for manufacturing petrochemicals.
ONGC has decided to come up with new facilities to produce chemicals directly from crude, according to people with knowledge of the matter. ONGC's plans align with Indian government’s efforts to help India emerge as a major petrochemical hub in the world. As per reports, ONGC's plans are likely to be implemented by its subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) and its joint venture ONGC Petro additions Ltd (OPaL).
Despite waning pace of exports the Indian economy stayed resilient in March along with an increase in unemployment, said Bloomberg indicator.
It has dimmed the outlook for the country that’s surpassing China as the most populous nation. While the needle on a dial measuring the so-called Animal Spirits was unchanged at 5 for a third straight month, a jump in collections from taxes levied on consumption showed Asia’s third largest economy was ticking along. That’s the reading from the overall activity tracker comprising of eight high-frequency indicators compiled by Bloomberg.
It was announced on Thursday that CGTMSE will collaborate with National Institute for Micro, Small and Medium Enterprises (ni-msme), Hyderabad for setting up a Centre of Financial Inclusion for MSME.
This announcement was made when Union Minister for MSME Narayan Rane launched the revamped CGTMSE Scheme in Mumbai. CGTMSE has been provided with an additional corpus support of Rs 9,000 crore in the Union Budget for FY 2023-24 to revamp its Scheme to provide guarantee for additional Rs 2 lakh crore to Micro & Small Enterprises.
The National Stock Exchange of India Limited (NSE) on Thursday released a new migration framework for companies who want to move from SME platform to the main board.
These companies will require the net worth of such firms be at least Rs 50 crore. For shifting to the main-board applicant should have been listed on the SME platform of the exchange for at least 3 years and the total number of public shareholders on the last day of the preceding quarter from the date of application should be at least 1,000, the bourse said in the circular.
The Fastener manufacturing industry has urged the government to fix quality standards of Fasteners being imported, manufactured and sold in India to counter the cheap imports from China.
An online meeting was held between the industry representatives and officials of Department for Promotion of Industry and Internal Trade (DPIIT). Based on our request, a meeting of our association was held with the senior officials of DPIIT,” said Narinder Bhamra, president of Fastener Manufacturers Association of India.
The Development Commissioner (MSME), Ministry of MSME has called for applications for the National MSME Awards and the last date to submit the form is May 10, 2023.
Applicants can choose to apply for four different categories ranging from enterprise, state, aspirational district and bank. For the National Awards it is compulsory to have an Udyam registration for MSMEs. In the enterprise section it is sub divided into manufacturing and services sector categories.
The Association of Lady Entrepreneurs of India (ALEAP) has decided to set up Women Entrepreneurs International Trade and Technology Centre (WE-ITTC) at Nandigama in Patancheru of Sangareddy.
Telangana IT minister KT Rama Rao laid the foundation stone for the centre at A-GRIP (ALEAP Green Industrial Park) on Friday. As per report, WE-ITTC, has been sanctioned under the MSE CDP scheme with support from the Union MSME ministry as well as state government.
The first roundtable of the Northeast Global Investment Summit held in New Delhi on Thursday discussed the investment opportunities in Assam.
The Northeast Global Investment Summit is scheduled to be held in September this year. This is for the first time that an investment summit will be organized jointly by the eight North Eastern states and the union government. DONER Ministry's Secretary Lok Ranjan, presiding over the roundtable on Thursday said that the investor summit will be a major milestone not only for Assam but all North Eastern states.
The Goa Chamber of Commerce and Industry (GCCI) to partner with Netherland based HAS University to promote agriculture in both countries.
As per report, Netherlands is also keen on sharing technical knowledge with Goa in the fields of waste management, climate change, and sustainable development goals. Deputy consul general of the Netherlands, Thierry Van Helden, led a delegation to hold a meeting with GCCI officials, including GCCI president Ralph de Sousa.
Thea Rozman Kendler, a senior official in America’s Commerce Department has said India and the United States plan to hold their first meeting in May under the recently established Strategic Trade Dialogue, reported Mint.
During US commerce secretary Gina Raimondo’s visit to India in March 2023, New Delhi and Washington announced the formation of the Dialogue. The Dialogue aims to address export controls, explore ways of enhancing high technology commerce, and facilitate technology transfers. “Both sides recognized the need for increased bilateral strategic and high technology trade and collaboration given the shared priority of building resilient and trusted global supply chains and the mutual interest ..
Tide, UK’s leading business financial platform on Tuesday launched the MSME exchange programme in India to help UK business in India and Indian business in the UK. With the aim to globalise entrepreneurship, British High Commissioner to India, Alex Ellis during the exchange programme said that it will boost businesses as well as the creation of jobs. “Prime Minister Rishi Sunak and Prime Minister Narendra Modi have reiterated the huge opportunities that closer trade and investment ties offer to British and Indian businesses and consumers. Our investment relationship already supports nearly half a million jobs in each other’s economies,” said Ellis.
Mauritius has opened its door for the Indian companies to develop a dedicated special economic zone (SEZ) exclusively for themselves, said Arvind Radhakrishna, Strategic Advisor to the Economic Development Board of Mauritius.
Addressing an interactive session he said, “Mauritius is developing a dedicated SEZ for Indian companies. I invite Indian investors and real estate developers to develop the zone and strengthen our economic ties.”
According to the FISME factor, 100% of MSMEs think that G20 Presidency of India can produce opportunities for MSMEs also.
Pay transparency is a much discussed topic. Some small organisations claim to be practising pay transperancy, but it can be tricky! No one can afford complete transparency as it can lead to unnecessary conflicts and ill feelings. On the other hand, it can also lead to equality, meritocracy and a culture of honesty and trust. The pertinent question here is, Can pay transparency end salary negotiations?
Heading into my first pitch for pre-seed funding, I was less nervous than you might expect. I had concerns, of course: was I prepared for the questions I'd be asked? Had I focused on the right selling points? But, as a former corporate consultant, I was used to presenting to executives in high-pressure situations and was confident in my ability to disarm and build rapport within a room.
A small business’s marketing strategy plays a significant role in determining its success. Marketing these days has become quintessential for acquiring clients and in turn, to keep your business running. To derive optimal results from marketing, a business requires several strategies that align with their company’s sales objectives and branding aspirations.
Footwear retailers have urged the government to provide 8-10 months of additional time for the implementation of Quality Control Order norms.
QCO norms for footwear are all set to come in force from July 1. The Department for Promotion of Industry and Internal Trade (DPIIT) had issued QCO for footwear made from leather, rubber or polymer.
During the height of the pandemic in November 2020, Swarup Bose, Rajneesh Raman, and Arbind Jain got together to set up Celcius Logistics —a firm looking to improve cold-chain infrastructure in India. It has crossed several milestones since then,
For Nitin Jayakrishnan and Abhijeet Manohar, Co-founders of supply chain software-as-a-service (SaaS) startup Pando, the name perfectly encapsulated their vision—a complex labyrinth of interconnected systems with a single root.
