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President Message
As you all know, the Indian economy has shown remarkable resilience in recent years, emerging as one of the fastest-growing major economies in the world. Experts believe that this "strong footing" is likely to continue into Samvat 2080, the traditional Indian calendar year that began on April 1, 2023. This is a positive sign for the MSME sector, as a strong economy provides a favorable environment for small and medium-sized enterprises to thrive. Of course, there are also some challenges that we need to be aware of. Geopolitical tensions and rising energy prices are two of the most pressing concerns. These challenges could have a negative impact on the Indian economy, and we need to be prepared for them. However, I am confident that the Indian economy is well-positioned to weather these storms. We have strong fundamentals, a favorable demographic profile, and a government that is committed to reform. These factors will help us to overcome the challenges and continue on our path of growth. I urge all MSME members to stay informed about the latest developments in the economy and to take steps to mitigate the risks posed by geopolitical tensions and rising energy prices. By working together, we can ensure that the MSME sector continues to play a vital role in the Indian economy.
In the unpredictable landscape of startups, where triumphs and tribulations often walk hand in hand, embracing optionality can be your beacon of hope and resilience. As entrepreneurs, we're wired to chase opportunities, navigate obstacles, and, above all, carve our path to success. Yet, what if I told you that success doesn't have to be a singular, all-or-nothing pursuit? What if it's about creating a tapestry of choices and leveraging multiple avenues to prosper?
Given the resilience of the Indian economy, its equity market and corporate sector is capable of withstanding geopolitical challenges and global uncertainty, and such a "strong footing" is expected to continue into Samvat 2080, according to experts. "The domestic economy is doing well but (investors) have to be cautious about geopolitical challenges and energy prices. The economy is far more resilient and I expect the strong footing to continue into Samvat 2080," Hiren Ved, chief executive officer, director and chief investment officer of Alchemy Capital Management, told BQ Prime. According to Sunil Singhania, founder, Abakkus Asset Manager, the September quarter
India, alongside the United States and 12 other members of the IPEF grouping, has inked a crucial supply chain resilience agreement.
The primary objective is to proactively manage and mitigate the risks of economic disruptions that may arise from unexpected shocks to the supply chain. The supply chain resilience agreement holds the potential to bring about significant benefits, such as the flexibility to shift production centers in critical sectors.
India's merchandise trade deficit in October stood at record USD 31.46 billion from USD 26.3 billion on-year, Commerce Secretary Sunil Barthwal said on Wednesday.
In view of imports, China continues to be India's top source of imports, with Russia, UAE, US, and Saudi Arabia making the rest of the top 5. The October merchandise exports came at at USD 33.57 billion, up from USD 31.60 billion in October 2022. While the merchandise imports stood at USD 65.03 billion, up from USD 57.91 billion year-on-year.
The Index of Industrial Production (IIP) experienced a significant drop to 5.8 per cent in September, marking a three-month low compared to August's 10.8 per cent,as per data released by the National Statistical Office on Friday. The year-on-year growth rate of the manufacturing sector plunged from 9.3 per cent in August to 4.5 per cent in September, and that of electricity declined from 15.3 per cent to 9.9 per cent. Mining sector’s growth, too, eased from 12.3 per cent in August to 11.5 per cent in September.
The central government is planning to offer greater flexibility under the production-linked incentive (PLI) scheme for textiles and to draw investment and bolster manufacturing in the labour-intensive sector, reported Business Standard.
The textiles ministry has sought the Cabinet’s approval to add more product lines under the scheme. The scheme was launched two years ago to boost the domestic manufacturing of man-made fabric (MMF) garments and technical textiles, with a budgetary outlay of Rs 10,683 crore.
The second quarter operating margins for the auto industry has reached upto 200 Bps owing to the softening of raw material prices, reported TOI.
With prices of steel, aluminium, natural rubber staying range bound, vehicle makers and tyre companies have seen a boost in their EBITDA margins as a result of this trend. Said Anuj Sethi, senior director, CRISIL Ratings: “Moderation in raw material prices, coupled with hikes taken by original equipment manufacturers (OEMs) have enabled EBITDA margins improvement by around 100-200 bps across the sector over Q1 and Q2.”
India will soon introduce an incentive program with an estimated value of 80 billion rupees (USD 960 million) to foster its electric vehicle (EV) ecosystem, reported ET.
People aware of the matter told ET that the program will invite bids from interested parties, signaling a strategic push towards enhancing the domestic production of electric vehicle batteries. The program will require winning bidders to set up advanced chemistry battery plants with a total output of 20 gigawatt hour, said the people, declining to be named as the plans are private.
Sweet shop owners have been asked to follow the norms issued regarding production and sales of sweets and savouries ahead of Diwali festival. The food safety department on Wednesday issued guidelines for shop owner selling confectioneries. In a statement, designated food safety officer of the Food Safety and Standards Authority of India (FSSAI) in Madurai, V Jayaramapandian, said that many people are buying and consuming sweets and savouries of all kinds for Diwali.
A common effluent treatment plant will be set up at the SIPCOT industrial estate at Perundurai in the Erode district, said state environment minister Siva V Meyyanathan.
After visiting the industrial estate, the minister said that the state government will spend Rs 40 crore to construct the plant. Meyyanathan visited the estate with minister for prohibition and excise duty S Muthusamy.“The problem of water contamination in the villages surrounding SIPCOT will be resolved after the commissioning of the plant,” he said, adding that the plant will treat 20 lakh litres of untreated effluents. The ministers also interacted with the villagers.
West Bengal government has decided to align its intrastate e-way bill threshold with the national standard, reducing it from Rs 1 lakh to Rs 50,000 to prevent GST slippage.
A recent West Bengal GST notification said that an e-way bill will be required for the movement of goods valued at over Rs 50,000 within the state. The provision will also apply to job work goods, reported Business Standard. State GST commissioner Khalid Anwar told PTI that there are two main reasons for tweaking the e-way bill threshold.
EntrepreneurshipNational Innovation Foundation (NIF) – India, an autonomous body of the Department of Science and Technology (DST), Government of India in association with University of Kashmir and NIF Incubation and Entrepreneurship Council - NIFientreC, organised a workshop in Srinagar last week.
It was held at Kashmir University with an objective to on-board all stakeholders, primarily the enablers for Innovation and Entrepreneurship ecosystem in the valley.
The Karnataka government on Friday unveiled a revised draft EV policy (2023-28), which aims to attract Rs 50,000 crore investments in state.
M.B. Patil, Minister for Large and Medium Industries and Infrastructure Development said, “ This proposed policy aims to transform Karnataka into a pioneering force in the field of electric mobility, embracing sustainable practices and equitable growth while fostering innovation and creating a robust ecosystem for EVs throughout the State.”
The Indian government has agreed to consider South Korea’s proposal of upgrading the bilateral India-Korea Comprehensive Economic Partnership Agreement (CEPA) to reinforce the productive engagement between the two countries, Rajesh Kumar Singh, Secretary, Department of Industry, and Internal Trade (DPIIT) said at an event on Tuesday.
Speaking at a business partnership forum, he also urged Korean companies to invest in India’s semiconductor and renewable energy sectors to help accelerate digital and green transition, per a statement issued by CII.
The United Arab Emirates (UAE) is considering to invest about USD 50 billion in India as part of a larger strategy to capitalize on the world's fastest-growing major economy.
Provisional commitments from the UAE to its second-largest trading ally could be announced early next year. These potential investments come after discussions between Indian PM Narendra Modi and UAE President Sheikh Mohammed bin Zayed in July. Both nations aim to boost non-oil bilateral trade to USD 100 billion.
Is Boreout The Bigger Concern At The Workplace Than Burnout?
Just when employers felt they had identified the triggers of the burnout monster at the workplace, there pops a new malady— boreout. We are all aware that employee burnout is usually caused by prolonged exposure to high levels of stress, overwork, or excessive demands, particularly in the workplace. It can be physically, emotionally and mentally exhausting. It is often associated with long working hours and constant pressure to perform.
As a business owner or financial manager, keeping your company financially fit is a constant challenge. Effective accounting practices play a crucial role in achieving this goal, ensuring accurate financial records, informed decision-making and regulatory compliance.
To shed light on the subject, 19 Forbes Finance Council members share a list of the most helpful accounting tips.
4 Overlooked Marketing Tips That Can Transform Your Business
Effective marketing is essential for success in today's fast-paced and always-changing corporate environment. Even though many businesses spend a lot of money on marketing, some important components frequently go undetected or underused. This article reveals four frequently disregarded marketing strategies that could completely revamp your company.
Industries Oppose Karnataka Govt’s 3-Year Power Tariff Plan In State
Industries and commercial establishments are strongly opposing the Karnataka Electricity Regulatory Commission's plan to implement multi-year tariffs (MYT), aiming to provide 'tariff certainty' for consumers, reported TOI.
The Karnataka Electricity Regulatory Commission (KERC) recently released draft guidelines on Multi-Year Tariff (MYT), suggesting upfront tariff adjustments for the next three years.
Kerala Startup Launches Innovative Digital Health Kiosk
Kerala startup Versicles Technologies has launched a first-of-its-kind digital health kiosk that provides basic diagnostics like blood pressure, blood sugar and heart conditions with accuracy in multiple languages and at low prices, bringing healthcare facility at doorstep.
Agritech Startup Dehaat's Revenue Up 54.2% In Fy23
Full-stack agritech marketplace DeHaat's revenue from operations grew 54.2% to Rs 1,965 crore in FY23 compared to Rs 1,274 crore the previous year, according to its annual financial statement from the Registrar of Companies (RoC). DeHaat's losses narrowed 30% to Rs 1,094 crore from Rs 1,564 crore in FY22. It registered a total revenue of Rs 1,997 crore in FY23 on the back of higher sales of agricultural products.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has release the quick estimates of index of industrial production and use-based index for the month of September 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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As you all know, the Indian economy has shown remarkable resilience in recent years, emerging as one of the fastest-growing major economies in the world. Experts believe that this "strong footing" is likely to continue into Samvat 2080, the traditional Indian calendar year that began on April 1, 2023. This is a positive sign for the MSME sector, as a strong economy provides a favorable environment for small and medium-sized enterprises to thrive. Of course, there are also some challenges that we need to be aware of. Geopolitical tensions and rising energy prices are two of the most pressing concerns. These challenges could have a negative impact on the Indian economy, and we need to be prepared for them. However, I am confident that the Indian economy is well-positioned to weather these storms. We have strong fundamentals, a favorable demographic profile, and a government that is committed to reform. These factors will help us to overcome the challenges and continue on our path of growth. I urge all MSME members to stay informed about the latest developments in the economy and to take steps to mitigate the risks posed by geopolitical tensions and rising energy prices. By working together, we can ensure that the MSME sector continues to play a vital role in the Indian economy.
India, alongside the United States and 12 other members of the IPEF grouping, has inked a crucial supply chain resilience agreement.
The primary objective is to proactively manage and mitigate the risks of economic disruptions that may arise from unexpected shocks to the supply chain. The supply chain resilience agreement holds the potential to bring about significant benefits, such as the flexibility to shift production centers in critical sectors.
India's merchandise trade deficit in October stood at record USD 31.46 billion from USD 26.3 billion on-year, Commerce Secretary Sunil Barthwal said on Wednesday.
In view of imports, China continues to be India's top source of imports, with Russia, UAE, US, and Saudi Arabia making the rest of the top 5. The October merchandise exports came at at USD 33.57 billion, up from USD 31.60 billion in October 2022. While the merchandise imports stood at USD 65.03 billion, up from USD 57.91 billion year-on-year.
The Index of Industrial Production (IIP) experienced a significant drop to 5.8 per cent in September, marking a three-month low compared to August's 10.8 per cent,as per data released by the National Statistical Office on Friday. The year-on-year growth rate of the manufacturing sector plunged from 9.3 per cent in August to 4.5 per cent in September, and that of electricity declined from 15.3 per cent to 9.9 per cent. Mining sector’s growth, too, eased from 12.3 per cent in August to 11.5 per cent in September.
The central government is planning to offer greater flexibility under the production-linked incentive (PLI) scheme for textiles and to draw investment and bolster manufacturing in the labour-intensive sector, reported Business Standard.
The textiles ministry has sought the Cabinet’s approval to add more product lines under the scheme. The scheme was launched two years ago to boost the domestic manufacturing of man-made fabric (MMF) garments and technical textiles, with a budgetary outlay of Rs 10,683 crore.
The second quarter operating margins for the auto industry has reached upto 200 Bps owing to the softening of raw material prices, reported TOI.
With prices of steel, aluminium, natural rubber staying range bound, vehicle makers and tyre companies have seen a boost in their EBITDA margins as a result of this trend. Said Anuj Sethi, senior director, CRISIL Ratings: “Moderation in raw material prices, coupled with hikes taken by original equipment manufacturers (OEMs) have enabled EBITDA margins improvement by around 100-200 bps across the sector over Q1 and Q2.”
India will soon introduce an incentive program with an estimated value of 80 billion rupees (USD 960 million) to foster its electric vehicle (EV) ecosystem, reported ET.
People aware of the matter told ET that the program will invite bids from interested parties, signaling a strategic push towards enhancing the domestic production of electric vehicle batteries. The program will require winning bidders to set up advanced chemistry battery plants with a total output of 20 gigawatt hour, said the people, declining to be named as the plans are private.
Sweet shop owners have been asked to follow the norms issued regarding production and sales of sweets and savouries ahead of Diwali festival. The food safety department on Wednesday issued guidelines for shop owner selling confectioneries. In a statement, designated food safety officer of the Food Safety and Standards Authority of India (FSSAI) in Madurai, V Jayaramapandian, said that many people are buying and consuming sweets and savouries of all kinds for Diwali.
A common effluent treatment plant will be set up at the SIPCOT industrial estate at Perundurai in the Erode district, said state environment minister Siva V Meyyanathan.
After visiting the industrial estate, the minister said that the state government will spend Rs 40 crore to construct the plant. Meyyanathan visited the estate with minister for prohibition and excise duty S Muthusamy.“The problem of water contamination in the villages surrounding SIPCOT will be resolved after the commissioning of the plant,” he said, adding that the plant will treat 20 lakh litres of untreated effluents. The ministers also interacted with the villagers.
West Bengal government has decided to align its intrastate e-way bill threshold with the national standard, reducing it from Rs 1 lakh to Rs 50,000 to prevent GST slippage.
A recent West Bengal GST notification said that an e-way bill will be required for the movement of goods valued at over Rs 50,000 within the state. The provision will also apply to job work goods, reported Business Standard. State GST commissioner Khalid Anwar told PTI that there are two main reasons for tweaking the e-way bill threshold.
EntrepreneurshipNational Innovation Foundation (NIF) – India, an autonomous body of the Department of Science and Technology (DST), Government of India in association with University of Kashmir and NIF Incubation and Entrepreneurship Council - NIFientreC, organised a workshop in Srinagar last week.
It was held at Kashmir University with an objective to on-board all stakeholders, primarily the enablers for Innovation and Entrepreneurship ecosystem in the valley.
The Karnataka government on Friday unveiled a revised draft EV policy (2023-28), which aims to attract Rs 50,000 crore investments in state.
M.B. Patil, Minister for Large and Medium Industries and Infrastructure Development said, “ This proposed policy aims to transform Karnataka into a pioneering force in the field of electric mobility, embracing sustainable practices and equitable growth while fostering innovation and creating a robust ecosystem for EVs throughout the State.”
The Indian government has agreed to consider South Korea’s proposal of upgrading the bilateral India-Korea Comprehensive Economic Partnership Agreement (CEPA) to reinforce the productive engagement between the two countries, Rajesh Kumar Singh, Secretary, Department of Industry, and Internal Trade (DPIIT) said at an event on Tuesday.
Speaking at a business partnership forum, he also urged Korean companies to invest in India’s semiconductor and renewable energy sectors to help accelerate digital and green transition, per a statement issued by CII.
The United Arab Emirates (UAE) is considering to invest about USD 50 billion in India as part of a larger strategy to capitalize on the world's fastest-growing major economy.
Provisional commitments from the UAE to its second-largest trading ally could be announced early next year. These potential investments come after discussions between Indian PM Narendra Modi and UAE President Sheikh Mohammed bin Zayed in July. Both nations aim to boost non-oil bilateral trade to USD 100 billion.
According to the FISME factor, 100% of MSMEs believe that a further escalation in the Israel-Hamas conflict will have a negative impact on trade.
Just when employers felt they had identified the triggers of the burnout monster at the workplace, there pops a new malady— boreout. We are all aware that employee burnout is usually caused by prolonged exposure to high levels of stress, overwork, or excessive demands, particularly in the workplace. It can be physically, emotionally and mentally exhausting. It is often associated with long working hours and constant pressure to perform.
As a business owner or financial manager, keeping your company financially fit is a constant challenge. Effective accounting practices play a crucial role in achieving this goal, ensuring accurate financial records, informed decision-making and regulatory compliance.
To shed light on the subject, 19 Forbes Finance Council members share a list of the most helpful accounting tips.
Effective marketing is essential for success in today's fast-paced and always-changing corporate environment. Even though many businesses spend a lot of money on marketing, some important components frequently go undetected or underused. This article reveals four frequently disregarded marketing strategies that could completely revamp your company.
Industries and commercial establishments are strongly opposing the Karnataka Electricity Regulatory Commission's plan to implement multi-year tariffs (MYT), aiming to provide 'tariff certainty' for consumers, reported TOI.
The Karnataka Electricity Regulatory Commission (KERC) recently released draft guidelines on Multi-Year Tariff (MYT), suggesting upfront tariff adjustments for the next three years.
Kerala startup Versicles Technologies has launched a first-of-its-kind digital health kiosk that provides basic diagnostics like blood pressure, blood sugar and heart conditions with accuracy in multiple languages and at low prices, bringing healthcare facility at doorstep.
Full-stack agritech marketplace DeHaat's revenue from operations grew 54.2% to Rs 1,965 crore in FY23 compared to Rs 1,274 crore the previous year, according to its annual financial statement from the Registrar of Companies (RoC). DeHaat's losses narrowed 30% to Rs 1,094 crore from Rs 1,564 crore in FY22. It registered a total revenue of Rs 1,997 crore in FY23 on the back of higher sales of agricultural products.
