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President Message
The newly launched Foreign Trade Policy (FTP) by the Directorate General of Foreign Trade is the most significant one yet. This time around, the government has shifted from a five-year policy cycle to a more dynamic setup, one which can be modified based on relevant developments. Further, states and districts will also see wider participation in the consultative process to promote grassroot level exports. The government has set an ambitious target of reaching $2 trillion in exports by 2030. MSMEs will be at the forefront of this and consequently are the largest beneficiaries of this new FTP. License fees which used to be one of the largest burdens for exports have been reduced significantly. But introduction of new e-commerce chapter is a watershed. E-commerce exports is set to cross US$ 100 bn within few years. The government aims to provide support for MSMEs to set up their e-commerce platforms and enhance their digital capabilities. While the FTP 2023 is a visionary policy, a concrete roadmap is required to achieve its objectives, particularly with regard to logistics, payment reconciliation and compliance, which are pain points for smaller sellers. Role of associations is therefore clearly cutout. The ball is in the court of trade and industry.
Federation of Indian Small and Medium Enterprises (FISME) in partnership with IKDHVAJ Advisers LLP on Tuesday released a study on ‘Expanding India’s E-Commerce Exports: Focus on SMEs’.
Some of the key recommendations of the report are Green Channel for e-commerce exports with easier documentation and tripartite awareness raising campaign. “Over 90 per cent of e-commerce exporters in India are MSMEs (most of them micro and small enterprises). Hence a strategy for e-commerce exports must focus on MSMEs spread across the nation to sell their products to global markets,” as per the study.
Seasonality affects many industries. While this is simply part of the nature of these markets, it's vital that these seasons are used correctly to ensure the sustainability of business throughout the year.
There are several ways that this downtime can be strategically utilized to maximize revenue. Let's discuss some strategies below: While some businesses have more obvious seasonal trends than others, many experience periods in the year when business is known to be quieter for various reasons. For example, the cruise ship industry has perhaps one of the most obvious seasonal trends.
Import, Export, Trade for MSMEs: The newly launched Foreign Trade Policy (FTP) by the Directorate General of Foreign Trade is the most significant one yet. While multiple factors such as the pandemic and geopolitical tensions delayed this policy, the new iteration showcases the vision of the government on how exports will take the country to its next phase of growth.
For the month of March 2023, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 150.5, said the government on Friday.
The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of March 2023 stand at 154.2, 146.0 and 188.0, respectively. These Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP. The Quick Estimates of Index of Industrial Production (IIP) are released on 12th of every month (or previous working day if 12th is a holiday)
The Defence Minister on Wednesday announced that it has waived off quality assurance (QA) charges under its administrative control for stores meant for exports.
This aims to promote ease of doing business and making Indian defence products more competitive in the global market. The ministry provides proof/testing facility to the industry for their products through its various proof/testing establishments, but charges are levied by QA agencies as per fixed rates, which adversely affects the cost competitiveness of the products, the ministry said in a statement.
In the fiscal year 2022-23, the exports of agricultural and processed food products witnessed an increase of 9 per cent, which amounted to USD 26.3 billion, according to a report in the Financial Express.
This growth was primarily propelled by a surge in the shipment of commodities such as rice, fruits, vegetables, livestock, and dairy products. The target of USD 23.56 billion set for the shipment of products categorized under the Agricultural and Processed Food Products Export Development Authority (APEDA) basket exceeded in FY23.
On Sunday, Defence Ministry announced a fresh list of 928 military items, including line replacement units, sub-systems and spares that will come under a phased import ban between December 2023 and December 2029.
An official aware of the matter told HT that this is India’s latest push for self-reliance in the defence manufacturing sector. It covers items used in fighter planes, trainer aircraft, warships and different types of ammunition. This is the fourth ‘positive indigenisation list’ of “strategically important” components, used by defence public sector undertakings (DPSUs), placed under an import ban over the last two years.
The Ministry of Heavy Industries on Tuesday notified a slew of changes in the Electrical Equipment (Quality Control) Order, 2020 pertaining to switchgear & control gear and calling it essential in view of public interest.
The central government has taken this decision after consulting the national standards body of India, Bureau of Indian Standards (BIS). “In exercise of the powers conferred by section 16, read with section 25 of the Bureau of Indian Standards Act, 2016 (11 of 2016), the Central Government,
The Development Commissioner (MSME), Ministry of MSME has extended the last date applications for the National MSME Awards to May 25, 2023.
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 aim of the awards is to encourage innovative efforts and promote their spirit in larger interest of qualitative development of MSME.
The implementation of four labour codes passed by Parliament between 2019 and 2020 has been stalled, reported Hindustan Times.
These codes strive to bring comprehensive changes to India’s job market and have been both praised and criticised in equal measure. But are unlikely to take effect before the general election slated for 2024, people in the know told HT. These are the Code on Wages, 2019; the Industrial Relations Code, 2020; the Occupational Safety, Health and Working Conditions Code, 2020; and the Code on Social Security, 2020.
Chief Minister Sukhvinder Singh Sukhu on Sunday said that the state government is considering abolishing the compulsion of the Essentiality Certificate required from the industrialists to increase industrial investment in Himachal.
As per reports, the provision regarding this will be made in the New Industrial Policy. The chief minister pointed out that creating an industry-friendly environment in Himachal Pradesh is the topmost priority of the state government.
Punjab Chief Minister Bhagwant Mann on Friday said the state government has decided to introduce green colour-coded stamp papers for the industry sector, which will facilitate early clearances of the projects for industrialists.
All Industries and Trade Forum (AITF) has opposed the green stamp paper complaining that the state government wants the industrialist to pay all the taxes and fees at the time of buying the land, whether the industry starts or not.
The Tamil Nadu Spinning Mills Association (TASMA) has urged chief minister MK Stalin to direct TANGEDCO to charge only 20 per cent of their sanctioned demand or up to the recorded demand alone from the HT consumers, instead of claiming demand charges at 90 per cent.
In a representation to the Chief Minister, the Association said that due to the ongoing war between Ukraine and Russia, there is a strong demand recession seen in marketing the textile products in the rest of the world, which were the key markets for the Indian textile products from the state.
The Uttar Pradesh government on Wednesday announced a skill development subsidy under its electric vehicle policy.
The subsidy will be provided to companies investing in EV manufacturing in the state.
The Uttar Pradesh government will provide a one-time subsidy of Rs 5,000 per employee per year to a maximum of 50 employees in the form of reimbursement of stipend for all defined manufacturing projects, an official statement by the government said.
India and US will hold the first meeting of Strategic Trade Dialogue on June 4-5 to implement the outcomes of the initiative on Critical and Emerging Technology (iCET). This meeting is significant for both the countries as it would help them enhance high-tech commerce.
It will also facilitate tech transfer between the two nations. On January 31, the first iCET meeting of the National Security Advisors was held.
It was here that a decision was taken to hold the strategic trade meeting.
During the 6th India-Canada Ministerial Dialogue on Trade and Investment, the two sides agreed to explore enhanced cooperation through measures such as coordinated investment promotion, information exchange and mutual support.
The two parties in near future will sign a Memorandum of Understanding (MoU) preferably in Fall of 2023, said the Ministry of Commerce & Industry. The Ministers agreed on the importance of G2G coordination to promote critical mineral supply chain resiliency and committed to an annual dialogue at the official level on the margins of the Prospectors and Developers Association Conference (PDAC) in Toronto to discuss issues of mutual interest.
High salary & lower increments or vice versa — which is better?
In a highly competitive job market, companies are always searching for ways to attract and retain the best talent. One of the most important factors that candidates consider when accepting a job offer is the compensation package.
Strategies for Startups to Overcome the Funding Winter
unding winter is difficult for many startups. Those who put a high emphasis on client connections, value delivery, and developing a long-term business strategy are the ones who succeed.
"In a funding winter, startups must prioritise financial management, be lean and agile, and focus on revenue generation.
3 Tips to Achieve Growth in 2023 Through Data-Driven Marketing Strategies
In the midst of economic turmoil, CEOs and entrepreneurs are focusing on a bright future. Nearly 75% of leaders surveyed during a joint Hello Alice-Mastercard initiative said they planned to grow in 2023. This means business owners nationwide aren't allowing the heat of inflation to squelch their optimism. However, they can only generate good results with equally good data-driven digital marketing strategies.
Industrial units in Ghaziabad worry as ban on generator sets without PNG comes into force
Under the new guideline of the Air Pollution Management Commission, generator sets without PNG will not be able to run in industries after May 15.
As per reports, due to the new instructions, the production process in around 27, 000 industrial units in Ghaziabad will come to a standstill due to disruption of energy supply.
This Startup Aims To Make Battery Charging For Commercial Evs Fast And Reliable
From their collective experience at electric vehicle startups Ather Energy and Micelio, Rahul Lamba, Prashant Rathee, and Pratik Somani realised that while EV mobility space is gaining traction, batteries are the single most limiting factor for people to adopt clean mobility.
Setting Standards: A Delhi Startup Is Trying To Bring Quality Assurance To India’s Refurbished Device Market
While buying a refurbished gadget is good for one’s pocket as well as the environment, a common barrier preventing consumers from getting a second-hand device is—quality. Launched by Saket Saurav and Avneet Singh in 2017, Delhi-based ReFit Global is trying to accelerate India’s refurbished tech market.s
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released the quick estimates of Index of Industrial Production and Use-based Index for the month of March 2023 (base 2011-12=100).
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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The newly launched Foreign Trade Policy (FTP) by the Directorate General of Foreign Trade is the most significant one yet. This time around, the government has shifted from a five-year policy cycle to a more dynamic setup, one which can be modified based on relevant developments. Further, states and districts will also see wider participation in the consultative process to promote grassroot level exports. The government has set an ambitious target of reaching $2 trillion in exports by 2030. MSMEs will be at the forefront of this and consequently are the largest beneficiaries of this new FTP. License fees which used to be one of the largest burdens for exports have been reduced significantly. But introduction of new e-commerce chapter is a watershed. E-commerce exports is set to cross US$ 100 bn within few years. The government aims to provide support for MSMEs to set up their e-commerce platforms and enhance their digital capabilities. While the FTP 2023 is a visionary policy, a concrete roadmap is required to achieve its objectives, particularly with regard to logistics, payment reconciliation and compliance, which are pain points for smaller sellers. Role of associations is therefore clearly cutout. The ball is in the court of trade and industry.
Federation of Indian Small and Medium Enterprises (FISME) in partnership with IKDHVAJ Advisers LLP on Tuesday released a study on ‘Expanding India’s E-Commerce Exports: Focus on SMEs’.
Some of the key recommendations of the report are Green Channel for e-commerce exports with easier documentation and tripartite awareness raising campaign. “Over 90 per cent of e-commerce exporters in India are MSMEs (most of them micro and small enterprises). Hence a strategy for e-commerce exports must focus on MSMEs spread across the nation to sell their products to global markets,” as per the study.
For the month of March 2023, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 150.5, said the government on Friday.
The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of March 2023 stand at 154.2, 146.0 and 188.0, respectively. These Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP. The Quick Estimates of Index of Industrial Production (IIP) are released on 12th of every month (or previous working day if 12th is a holiday)
The Defence Minister on Wednesday announced that it has waived off quality assurance (QA) charges under its administrative control for stores meant for exports.
This aims to promote ease of doing business and making Indian defence products more competitive in the global market. The ministry provides proof/testing facility to the industry for their products through its various proof/testing establishments, but charges are levied by QA agencies as per fixed rates, which adversely affects the cost competitiveness of the products, the ministry said in a statement.
In the fiscal year 2022-23, the exports of agricultural and processed food products witnessed an increase of 9 per cent, which amounted to USD 26.3 billion, according to a report in the Financial Express.
This growth was primarily propelled by a surge in the shipment of commodities such as rice, fruits, vegetables, livestock, and dairy products. The target of USD 23.56 billion set for the shipment of products categorized under the Agricultural and Processed Food Products Export Development Authority (APEDA) basket exceeded in FY23.
On Sunday, Defence Ministry announced a fresh list of 928 military items, including line replacement units, sub-systems and spares that will come under a phased import ban between December 2023 and December 2029.
An official aware of the matter told HT that this is India’s latest push for self-reliance in the defence manufacturing sector. It covers items used in fighter planes, trainer aircraft, warships and different types of ammunition. This is the fourth ‘positive indigenisation list’ of “strategically important” components, used by defence public sector undertakings (DPSUs), placed under an import ban over the last two years.
The Ministry of Heavy Industries on Tuesday notified a slew of changes in the Electrical Equipment (Quality Control) Order, 2020 pertaining to switchgear & control gear and calling it essential in view of public interest.
The central government has taken this decision after consulting the national standards body of India, Bureau of Indian Standards (BIS). “In exercise of the powers conferred by section 16, read with section 25 of the Bureau of Indian Standards Act, 2016 (11 of 2016), the Central Government,
The Development Commissioner (MSME), Ministry of MSME has extended the last date applications for the National MSME Awards to May 25, 2023.
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 aim of the awards is to encourage innovative efforts and promote their spirit in larger interest of qualitative development of MSME.
The implementation of four labour codes passed by Parliament between 2019 and 2020 has been stalled, reported Hindustan Times.
These codes strive to bring comprehensive changes to India’s job market and have been both praised and criticised in equal measure. But are unlikely to take effect before the general election slated for 2024, people in the know told HT. These are the Code on Wages, 2019; the Industrial Relations Code, 2020; the Occupational Safety, Health and Working Conditions Code, 2020; and the Code on Social Security, 2020.
Chief Minister Sukhvinder Singh Sukhu on Sunday said that the state government is considering abolishing the compulsion of the Essentiality Certificate required from the industrialists to increase industrial investment in Himachal.
As per reports, the provision regarding this will be made in the New Industrial Policy. The chief minister pointed out that creating an industry-friendly environment in Himachal Pradesh is the topmost priority of the state government.
Punjab Chief Minister Bhagwant Mann on Friday said the state government has decided to introduce green colour-coded stamp papers for the industry sector, which will facilitate early clearances of the projects for industrialists.
All Industries and Trade Forum (AITF) has opposed the green stamp paper complaining that the state government wants the industrialist to pay all the taxes and fees at the time of buying the land, whether the industry starts or not.
The Tamil Nadu Spinning Mills Association (TASMA) has urged chief minister MK Stalin to direct TANGEDCO to charge only 20 per cent of their sanctioned demand or up to the recorded demand alone from the HT consumers, instead of claiming demand charges at 90 per cent.
In a representation to the Chief Minister, the Association said that due to the ongoing war between Ukraine and Russia, there is a strong demand recession seen in marketing the textile products in the rest of the world, which were the key markets for the Indian textile products from the state.
The Uttar Pradesh government on Wednesday announced a skill development subsidy under its electric vehicle policy.
The subsidy will be provided to companies investing in EV manufacturing in the state.
The Uttar Pradesh government will provide a one-time subsidy of Rs 5,000 per employee per year to a maximum of 50 employees in the form of reimbursement of stipend for all defined manufacturing projects, an official statement by the government said.
India and US will hold the first meeting of Strategic Trade Dialogue on June 4-5 to implement the outcomes of the initiative on Critical and Emerging Technology (iCET). This meeting is significant for both the countries as it would help them enhance high-tech commerce.
It will also facilitate tech transfer between the two nations. On January 31, the first iCET meeting of the National Security Advisors was held.
It was here that a decision was taken to hold the strategic trade meeting.
During the 6th India-Canada Ministerial Dialogue on Trade and Investment, the two sides agreed to explore enhanced cooperation through measures such as coordinated investment promotion, information exchange and mutual support.
The two parties in near future will sign a Memorandum of Understanding (MoU) preferably in Fall of 2023, said the Ministry of Commerce & Industry. The Ministers agreed on the importance of G2G coordination to promote critical mineral supply chain resiliency and committed to an annual dialogue at the official level on the margins of the Prospectors and Developers Association Conference (PDAC) in Toronto to discuss issues of mutual interest.
According to the FISME factor, 80% of MSMEs think that De-dollarization will benefit India while 20% think it will not benefit India.
In a highly competitive job market, companies are always searching for ways to attract and retain the best talent. One of the most important factors that candidates consider when accepting a job offer is the compensation package.
unding winter is difficult for many startups. Those who put a high emphasis on client connections, value delivery, and developing a long-term business strategy are the ones who succeed.
"In a funding winter, startups must prioritise financial management, be lean and agile, and focus on revenue generation.
Under the new guideline of the Air Pollution Management Commission, generator sets without PNG will not be able to run in industries after May 15.
As per reports, due to the new instructions, the production process in around 27, 000 industrial units in Ghaziabad will come to a standstill due to disruption of energy supply.
From their collective experience at electric vehicle startups Ather Energy and Micelio, Rahul Lamba, Prashant Rathee, and Pratik Somani realised that while EV mobility space is gaining traction, batteries are the single most limiting factor for people to adopt clean mobility.
While buying a refurbished gadget is good for one’s pocket as well as the environment, a common barrier preventing consumers from getting a second-hand device is—quality. Launched by Saket Saurav and Avneet Singh in 2017, Delhi-based ReFit Global is trying to accelerate India’s refurbished tech market.s
“ Life is like riding a bicycle. To keep your balance, you must keep moving. ”
