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President Message
Indian exports are struggling. There are a host of factors for the rough winds: global economic slowdown, rising protectionism, and the ongoing trade war between the United States and China. These challenges are particularly difficult for MSMEs, which often lack the resources and expertise to compete in the global marketplace. According to the Reserve Bank of India (RBI), India's merchandise exports declined by 1.14% to $33.03 billion in August 2023, compared to the same month last year. This is the third consecutive month of decline in exports. Some of the sectors that have been hit particularly hard by the slowdown in exports include engineering, textiles, and apparel. For example, exports of engineering goods declined by 4.2% in August 2023, while exports of textiles and apparel declined by 2.5%. To address these challenges, the Indian government and industry need to work together to create a more supportive environment for exporters. This includes measures to reduce the cost of doing business, such as streamlining regulations and improving infrastructure. It also means providing more support to MSMEs, such as through access to finance and training. In addition, Indian exporters need to focus on developing innovative products and services that meet the needs of global consumers. They also need to invest in building strong brands and marketing their products and services effectively. By taking these steps, Indian exporters can overcome the challenges they face and continue to grow their businesses. This will help to boost India's economic growth and create jobs.
Operational efficiency is always important for a business. Everywhere you turn, there are threats to stability, from supply chain disruption to war in Europe to inflation in the US and even deflation in China. Efficient activity and productive operations haven't been more important to successful business since the Great Recession started fifteen years ago. With that in mind, here are a few techniques and strategies you can use to improve operational efficiency in your company.Optimization isn't something reserved for search engine marketing or data and analytics. It also applies to more nuanced activities — like communication.
Where India's interests are being hurt need to be flagged for several proximate developments, but before that a fact for better perspective. Exports, the fourth engine of growth, remain rangebound since FY15. From 23.9% of the GDP in FY15, they have slid a bit to 23.5% in FY23 – averaging 21% during this period (nine fiscals). After the 1991 trade liberalisation, exports had zoomed from 6-7% of the GDP in early 1990s to 21% in FY07 and averaged 22.7% during FY07-FY14 (eight fiscals).
India Ratings and Research on Wednesday revised India's GDP growth estimate for FY24 to 6.2% from 5.9% projected earlier.
The rating agency has quoted sustained government capex, deleveraged balance sheet of corporates and banking sector, and the prospect of a new private corporate capex cycle. It has however cautioned that the Indian economy faces challenges from slowing exports, which contracted during the April-July period amid global headwinds and deficient monsoon.
The Finance Ministry notified changes to the IGST Act with regard to payment of integrated GST on 'ocean freight' on imported goods with effect from October 1.
It has exempted payments made for goods imported through ocean freight from 5 per cent integrated GST with effect from October 1, reported Business standard. At present, importers are required to pay 5 per cent GST under the Reverse Charge Mechanism. Giving its ruling in the Mohit Minerals case, the Supreme Court in May last year had held that since the Indian importer is liable to pay IGST
The central government on Tuesday announced the extension of the Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) till 30 June 2024.
It aims to support exporters which was earlier notified with an end date of 30th September 2023 and now has been extended for almost a year. This will help our exporting community to negotiate export contracts in the present international environment on better terms, said the official government statement.
The Scheme is WTO compatible and is being implemented in an end-to-end IT environment.
The Indian Army is soon expected to issue a tender to buy 400 new howitzers, an artillery weapon, under a Rs 750 million deal, reported India Today. This comes under its major modernisation plan and will fully rely on Indian firms. A proposal has been moved to buy the artillery, as part of the indigenously designed, developed and manufactured (IDDM) category. The purchase would give a major boost to the domestic firms in the sector, top defence sources told India Today.
Ministry of Textiles on Thursday approved 18 Research & Development (R&D) projects worth Rs 46.74 crore across key strategic areas of Geotech, Protech, Indutech, Sustainable Textiles, Sportech, Smart E-Textiles, Meditech segments during the 7th MSG meeting. Chairing the meeting, Union Minister of Textiles, Piyush Goyal said that Industry and Institute’s pro-active and robust engagement is essential for the indigenous development of technical textiles in India.
Exchanges have extended the short-term additional surveillance measure (ST-ASM) framework to SME stocks to enhance market integrity and safeguard the interest of investors.
The framework for SME stocks would be effective from 3 October, 2023. The move was taken after a joint surveillance meeting with market regulator the Securities and Exchange Board of India (SEBI). Market players said the curbs will clamp down on speculative activity and attract serious buyers. However this latest curbs imposed on companies that are traded on the small and medium enterprises (SME) platform could apply brakes on rising volumes.
Department for Promotion of Industry and Internal Trade (DPIIT) on Tuesday notified a new Quality Control Order (QCO) namely ‘Flux Cored Solder Wire’.
It will come into force on the expiry of six months from the date of notification in E-Gazette, said the Ministry of Commerce. To safeguard the domestic small/micro industries, ensure smooth implementation of the QCO and Ease of Doing Business, relaxations have been granted to small/micro industries as regards to timelines.
The Uttarakhand chief minister Pushkar Singh Dhami signed investment MoUs worth Rs 4,800 crore with different companies in London. The minister was in London to attend a roadshow for the Global Investors Summit which will be held in Uttrakhand this December. As per reports, MoU worth Rs 380 crore were signed with Kayan Jet, while investment agreements totalling Rs 100 crore were signed with Usha Breco.
The Tamil Nadu Minister for Industries TRB Rajaa on Thursday informed that the state government is undertaking steps to develop an agricultural industrial park in the Delta region.
Speaking to reporters in Thanjavur, Minister Rajaa said, “An investment to the tune of Rs 3.5 lakh crore has been received in the past two and a half years and the state government is committed to bring out industry-based development in delta, southern districts.”
The New Delhi Municipal Council (NDMC) in its council meeting on Wednesday approved the plan to set up 350 public electric vehicle charging points.
The NDMC, in its Council Meeting, also discussed the framing and amendment of Recruitment Rules (RRs) for different posts in the civic body. NDMC vice-chairman Satish Upadhyay said, “The indicative scope of work for setting up Public EV charging stations includes selective quantities/locations for installation of Public EV charging stations that will be provided to the PSUs in the initial stage.
The Haryana State Pollution Control Board has constituted three teams that will go around the Gurugram and inspect DG sets operating in the city to check them for retrofitting, reported The Tribune.
This move comes with almost a week to go for diesel generator (DG) set ban and implementation of the Graded Response Action Plan (GRAP). The Commission for Air Quality Management (CAQM) had issued a mandate stating that DGs shall not be permitted under any circumstances in the entire NCR, not even for essential services if they have not been retrofitted with emission-control devices or shifted to run on cleaner fuels.
Progressive Federation of Trade and Industry (PFTI) has partnered with Tokyo-based Japan-India Industry Promotion Association (JIIPA) to promote comprehensive collaboration, and to accelerate growth, integrate industries, and amplify the trade and investment dynamics between India and Japan. A Memorandum of Understanding (MoU) was signed between PFTI and JIIPA on Saturday in Gurugram near New Delhi. The PFTI-JIIPA pact is the second in the series ever since its inception in July this year as in a significant step towards bolstering the trade and industry sectors.
India and Brazil have begun negotiations to resolve a sugar related trade dispute at the World Trade Organisation (WTO), reported ET. Both the countries have mutually decided to do this as part of the solution and the South American nation may share ethanol production technology with New Delhi, an official said. Brazil is the largest producer of sugarcane and ethanol in the world. It is also a leader in the technology used for ethanol production.
Will the new regulations such as CBAM act a barriers in market access for MSMEs in EU?
According to the FISME factor, 40% of MSMEs think that the new regulations such as CBAM will act a barriers in market access for MSMEs in EU while 60% of MSMEs don’t know.
Why Better Employee Benefits Can Be More Attractive Than Higher Salaries
In the cutthroat business world, attracting and retaining the best talent is a perennial challenge. Many employers often gravitate towards offering higher salaries to lure potential candidates. However, there's a compelling case to be made about the effectiveness of offering employee benefits over mere salary increments.
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.
11 Effective Marketing Strategies to Help Streamline Your Startup
Starting a new business is an exhilarating journey filled with opportunities and challenges. As a new business owner or startup entrepreneur, wearing multiple hats is often the norm. Among these, the role of marketing is paramount, as it lays the foundation for brand recognition, customer engagement and business growth.
Aluminium Industry Claims 2-3% Profit Drop Due To Delayed RODTEP Rates For SEZs And EOUs
The aluminium industry is witnessing a 2 to 3 per cent decline in its profits because the government has not yet released the rates for the Remission of Duties or Taxes on Export Product (RODTEP) scheme for special economic zones (SEZs) and export-oriented units (EOUs).
India exported 2.5 million tonne of aluminium in FY23 worth USD 5billion.
This Entrepreneur Is Weaving Tradition, Sustainability, And Women Empowerment Together In Meghalaya
Iba Mallai amassed eight years of experience in the corporate world in various roles. However, as the years passed, she felt a growing sense of dissatisfaction with her life and decided to change it all for good. Mallai grew up in Meghalaya’s Ri Bhoi district in a community that weaves and dyes its own fabrics. Her deep-rooted love for nature and traditional craft encouraged her to learn more about textiles and fashion.
Celebrating One Year of Healthy Delights with Desi Nutri: A 360° Wellness Approach
It’s been an incredible journey for ‘Desi Nutri‘ as they celebrate the completion of their first year. In this span of time, they’ve embarked on a mission to redefine nutrition and wellness, offering a delectable range of breakfast options, guilt-free munching snacks, nutrient-rich flours, innovative nutraceuticals, and convenient ready-to-cook meals.
Since April, 2018 The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has been bringing out 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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Indian exports are struggling. There are a host of factors for the rough winds: global economic slowdown, rising protectionism, and the ongoing trade war between the United States and China. These challenges are particularly difficult for MSMEs, which often lack the resources and expertise to compete in the global marketplace. According to the Reserve Bank of India (RBI), India's merchandise exports declined by 1.14% to $33.03 billion in August 2023, compared to the same month last year. This is the third consecutive month of decline in exports. Some of the sectors that have been hit particularly hard by the slowdown in exports include engineering, textiles, and apparel. For example, exports of engineering goods declined by 4.2% in August 2023, while exports of textiles and apparel declined by 2.5%. To address these challenges, the Indian government and industry need to work together to create a more supportive environment for exporters. This includes measures to reduce the cost of doing business, such as streamlining regulations and improving infrastructure. It also means providing more support to MSMEs, such as through access to finance and training. In addition, Indian exporters need to focus on developing innovative products and services that meet the needs of global consumers. They also need to invest in building strong brands and marketing their products and services effectively. By taking these steps, Indian exporters can overcome the challenges they face and continue to grow their businesses. This will help to boost India's economic growth and create jobs.
Operational efficiency is always important for a business. Everywhere you turn, there are threats to stability, from supply chain disruption to war in Europe to inflation in the US and even deflation in China. Efficient activity and productive operations haven't been more important to successful business since the Great Recession started fifteen years ago. With that in mind, here are a few techniques and strategies you can use to improve operational efficiency in your company.Optimization isn't something reserved for search engine marketing or data and analytics. It also applies to more nuanced activities — like communication.
India Ratings and Research on Wednesday revised India's GDP growth estimate for FY24 to 6.2% from 5.9% projected earlier.
The rating agency has quoted sustained government capex, deleveraged balance sheet of corporates and banking sector, and the prospect of a new private corporate capex cycle. It has however cautioned that the Indian economy faces challenges from slowing exports, which contracted during the April-July period amid global headwinds and deficient monsoon.
The Finance Ministry notified changes to the IGST Act with regard to payment of integrated GST on 'ocean freight' on imported goods with effect from October 1.
It has exempted payments made for goods imported through ocean freight from 5 per cent integrated GST with effect from October 1, reported Business standard. At present, importers are required to pay 5 per cent GST under the Reverse Charge Mechanism. Giving its ruling in the Mohit Minerals case, the Supreme Court in May last year had held that since the Indian importer is liable to pay IGST
The central government on Tuesday announced the extension of the Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) till 30 June 2024.
It aims to support exporters which was earlier notified with an end date of 30th September 2023 and now has been extended for almost a year. This will help our exporting community to negotiate export contracts in the present international environment on better terms, said the official government statement.
The Scheme is WTO compatible and is being implemented in an end-to-end IT environment.
The Indian Army is soon expected to issue a tender to buy 400 new howitzers, an artillery weapon, under a Rs 750 million deal, reported India Today. This comes under its major modernisation plan and will fully rely on Indian firms. A proposal has been moved to buy the artillery, as part of the indigenously designed, developed and manufactured (IDDM) category. The purchase would give a major boost to the domestic firms in the sector, top defence sources told India Today.
Ministry of Textiles on Thursday approved 18 Research & Development (R&D) projects worth Rs 46.74 crore across key strategic areas of Geotech, Protech, Indutech, Sustainable Textiles, Sportech, Smart E-Textiles, Meditech segments during the 7th MSG meeting. Chairing the meeting, Union Minister of Textiles, Piyush Goyal said that Industry and Institute’s pro-active and robust engagement is essential for the indigenous development of technical textiles in India.
Exchanges have extended the short-term additional surveillance measure (ST-ASM) framework to SME stocks to enhance market integrity and safeguard the interest of investors.
The framework for SME stocks would be effective from 3 October, 2023. The move was taken after a joint surveillance meeting with market regulator the Securities and Exchange Board of India (SEBI). Market players said the curbs will clamp down on speculative activity and attract serious buyers. However this latest curbs imposed on companies that are traded on the small and medium enterprises (SME) platform could apply brakes on rising volumes.
Department for Promotion of Industry and Internal Trade (DPIIT) on Tuesday notified a new Quality Control Order (QCO) namely ‘Flux Cored Solder Wire’.
It will come into force on the expiry of six months from the date of notification in E-Gazette, said the Ministry of Commerce. To safeguard the domestic small/micro industries, ensure smooth implementation of the QCO and Ease of Doing Business, relaxations have been granted to small/micro industries as regards to timelines.
The Uttarakhand chief minister Pushkar Singh Dhami signed investment MoUs worth Rs 4,800 crore with different companies in London. The minister was in London to attend a roadshow for the Global Investors Summit which will be held in Uttrakhand this December. As per reports, MoU worth Rs 380 crore were signed with Kayan Jet, while investment agreements totalling Rs 100 crore were signed with Usha Breco.
The Tamil Nadu Minister for Industries TRB Rajaa on Thursday informed that the state government is undertaking steps to develop an agricultural industrial park in the Delta region.
Speaking to reporters in Thanjavur, Minister Rajaa said, “An investment to the tune of Rs 3.5 lakh crore has been received in the past two and a half years and the state government is committed to bring out industry-based development in delta, southern districts.”
The New Delhi Municipal Council (NDMC) in its council meeting on Wednesday approved the plan to set up 350 public electric vehicle charging points.
The NDMC, in its Council Meeting, also discussed the framing and amendment of Recruitment Rules (RRs) for different posts in the civic body. NDMC vice-chairman Satish Upadhyay said, “The indicative scope of work for setting up Public EV charging stations includes selective quantities/locations for installation of Public EV charging stations that will be provided to the PSUs in the initial stage.
The Haryana State Pollution Control Board has constituted three teams that will go around the Gurugram and inspect DG sets operating in the city to check them for retrofitting, reported The Tribune.
This move comes with almost a week to go for diesel generator (DG) set ban and implementation of the Graded Response Action Plan (GRAP). The Commission for Air Quality Management (CAQM) had issued a mandate stating that DGs shall not be permitted under any circumstances in the entire NCR, not even for essential services if they have not been retrofitted with emission-control devices or shifted to run on cleaner fuels.
Progressive Federation of Trade and Industry (PFTI) has partnered with Tokyo-based Japan-India Industry Promotion Association (JIIPA) to promote comprehensive collaboration, and to accelerate growth, integrate industries, and amplify the trade and investment dynamics between India and Japan. A Memorandum of Understanding (MoU) was signed between PFTI and JIIPA on Saturday in Gurugram near New Delhi. The PFTI-JIIPA pact is the second in the series ever since its inception in July this year as in a significant step towards bolstering the trade and industry sectors.
India and Brazil have begun negotiations to resolve a sugar related trade dispute at the World Trade Organisation (WTO), reported ET. Both the countries have mutually decided to do this as part of the solution and the South American nation may share ethanol production technology with New Delhi, an official said. Brazil is the largest producer of sugarcane and ethanol in the world. It is also a leader in the technology used for ethanol production.
According to the FISME factor, 40% of MSMEs think that the new regulations such as CBAM will act a barriers in market access for MSMEs in EU while 60% of MSMEs don’t know.
In the cutthroat business world, attracting and retaining the best talent is a perennial challenge. Many employers often gravitate towards offering higher salaries to lure potential candidates. However, there's a compelling case to be made about the effectiveness of offering employee benefits over mere salary increments.
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.
Starting a new business is an exhilarating journey filled with opportunities and challenges. As a new business owner or startup entrepreneur, wearing multiple hats is often the norm. Among these, the role of marketing is paramount, as it lays the foundation for brand recognition, customer engagement and business growth.
The aluminium industry is witnessing a 2 to 3 per cent decline in its profits because the government has not yet released the rates for the Remission of Duties or Taxes on Export Product (RODTEP) scheme for special economic zones (SEZs) and export-oriented units (EOUs).
India exported 2.5 million tonne of aluminium in FY23 worth USD 5billion.
Iba Mallai amassed eight years of experience in the corporate world in various roles. However, as the years passed, she felt a growing sense of dissatisfaction with her life and decided to change it all for good. Mallai grew up in Meghalaya’s Ri Bhoi district in a community that weaves and dyes its own fabrics. Her deep-rooted love for nature and traditional craft encouraged her to learn more about textiles and fashion.
It’s been an incredible journey for ‘Desi Nutri‘ as they celebrate the completion of their first year. In this span of time, they’ve embarked on a mission to redefine nutrition and wellness, offering a delectable range of breakfast options, guilt-free munching snacks, nutrient-rich flours, innovative nutraceuticals, and convenient ready-to-cook meals.
“ Time stays long enough for anyone who will use it. ”
