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President Message
Today I am writing to you to express my concern about the emerging war-like situation in the Middle East region. As you know, MSMEs are the backbone of our economy, and they are particularly vulnerable to disruptions in global trade and supply chains. The first casualty may be crude if the situation escalates to countries producing oil. The disruption in supply routes can also push prices. Prices of oil have economy wide impact which can stoke food inflation and subdue demand for other products. It could also delay or derail India’s ambitious initiative India Middle East Europe Economic Corridor (IMEEC) framework. But immediate impact is visible for Indian business which are exporting to or importing from the region. Iran, Iraq, Israel, Jordan, Lebanon, Syria and Yemen are very closely connected with the region. Escalation could suck in bigger economic regional players like Saudi Arabia, Kuwait and UAE also. As large number of Indian MSMEs are involved in trading with the region I would like to caution against taking bets in the region without proper insurance. Government of India is also seized of the situation and is watching the developments closely. Ministry of Commerce has asked exporters and importers to share the insights of the region that could affect trade allowing appropriate measures to be planned and implemented. With Sharad Navratri, the festive season has begun in India. I take the opportunity to wish you happy days ahead.
Back in 2005, I launched my first internet project, which eventually grew into a successful online platform.
Since I started my business as a second-year student at the university, I did not have enough knowledge and experience to rely on ready-made principles. That's why I'd like to share 16 important lessons I've learned in my 16 years as an entrepreneur to help ease the way for entrepreneurs who are just starting out.
The ongoing war between Israel and Palestinian terrorist group Hamas has thrown a shadow of uncertainty over the Middle East's geopolitical stability. This development is concerning not only for the global economy but also for India, given its dependency on crude oil and its strong trade ties with Israel.
Domestic stock market investors have already been spooked by the ongoing conflict, with experts saying that any further escalation could negatively impact the broader Indian economy.
There has been a fall in India’s merchandise exports amid slowing global demand as it saw a fall of 2.6 percent year on year, contracting to USD 34.47 billion in September.
Similarly in exports the fall was was also significantly reflected, which contracted by 15 percent to USD 53.84 billion in September 2023 against September 2022, reported by Money Control. India's trade deficit stood at a 5-month low of USD 19.37 billion in September owing to bigger fall in imports. Making for a year-on-year (YoY) fall of over 30 percent from USD 27.98 billion recorded in the same period last year.
The Ministry of Statistics and Programme Implementation revealed on Monday that India's urban unemployment rate fell to 6.6 per cent in the first quarter of 2023-24 from 6.8 per cent in January-March.
At 6.6 per cent, the rate of unemployment in Indian cities is the lowest ever recorded by the government's Periodic Labour Force Survey (PLFS) since it was started in 2018-19. The survey, published on a quarterly basis for urban data, measures the unemployment rate in terms of Current Weekly Status (CWS).
The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) on Friday decided to keep the repo rate unchanged at 6.50 per cent under the liquidity adjustment facility (LAF). The central bank has projected India’s real gross domestic product (GDP) growth for fiscal 2023-24 (FY24) at 6.5 per cent. The standing deposit facility (SDF) rate remains unchanged at 6.25 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.
The Union Minister of Commerce & Industry, Piyush Goyal on Monday unveiled a significant initiative to issue system based automatic ‘Status Holder’ certificates under the Foreign Trade Policy (FTP) 2023.
Now the exporter will not be required to apply to the office of Directorate General of Foreign Trade (DGFT) for a Status Certificate. The export recognition will be provided by the IT system based on available Directorate General of Commercial Intelligence and Statistics (DGCIS) merchandise export electronic data and other risk parameters.
The Tamil Nadu Pollution Control Board (TNPCB) has withdrawn its proceedings categorising the coir industry under ‘Orange’ category.
The withdrawal was done considering that the coir industry sector is one of the important agro-based cottage type industries in the State of Tamil Nadu. It contributes significantly for creation of livelihood in major coconut growing districts and to encourage the cottage type MSME sector for the production of eco-friendly products.
The Indian Steel Association (ISA) has signed an agreement with the Government e-Marketplace (GeM) to help MSMEs in supplying their products and make procurement through the online marketplace, reported Money Control.
"ISA proudly announced the signing of a Memorandum of Understanding (MoU) with GeM. This partnership aims to facilitate the integration of all ISA members onto the GeM platform, both as sellers and buyers," it said in a statement on Friday. The agreement was signed on October 4, to promote knowledge exchange and direct communication between ISA members and GeM.
The Ministry of Commerce & Industry has invited exporters to submit their feedback on “Non-Tariff Barriers” by 10 October, 2023.
Non-tariff measures (TBT) issue being faced by our exporters will be raised in the forthcoming WTO TBT committee meetings, assured the Ministry. The upcoming WTO TBT Committee meeting will be held in Geneva on 8-10 November, 2023. These meetings give an opportunity to member countries to raise their concerns with regard to the non-tariff measures relating to TBT taken by any other member country.
The Karnataka industrialists are growing concerned about the impact of the current power shortage in the state on their production, reported Deccan Herald.
While the government has not made an official declaration of load shedding, there have been recent unscheduled disruptions, which industry bodies are referring to as 'unofficial load shedding.' However, it is not the situation at hand but the future is what they are worried about, reported DH citing the industrialists.
The Kerala government on Thursday launched an insurance scheme for Micro Small and Medium Enterprises (MSMEs), protecting them from various risks.
As per reports, the Industries Department has entered into an MoU with four public sector insurance companies namely National Insurance Company Ltd, United Insurance Company Ltd, Oriental Insurance Company Ltd and New India Assurance Company Ltd. The state government under the scheme will reimburse 50 per cent of the annual premium to the MSMEs.
Pondicherry University has entered into an agreement with MSME Technology Centre, Puducherry, with the aim of enhancing collaboration between academia and industry.
This partnership includes the development of customized courses to address industry-specific needs. The MoU, which is valid for three years, reflects a mutually productive, long-term collaboration, and would help groom students to join a future workforce, the University said. It will provided Pondicherry University students the opportunity to benefit from the hostel accommodations provided by the MSME Technology Centre.
Haryana’s industries and commerce department on Wednesday exchanged memorandum of agreements (MoAs) with three Reserve Bank of India (RBI) approved TReDS (trade receivables e discounting system) entities.
The aim is to strengthen the Micro, Small, and Medium Enterprises (MSME) ecosystem in Haryana. The MoAs were exchanged in the presence of chief minister Manohar Lal Khattar and deputy chief minister Dushyant Chautala on Wednesday.
Commerce Secretary Sunil Barthwal announced that India and the UK are in advanced negotiations for a free trade agreement, with both parties actively addressing the remaining differences.
The secretary mentioned that he recently visited the UK for discussions with his counterparts, and this week, a delegation of UK negotiators is in New Delhi to continue the 13th round of talks, which commenced on the 18th of the previous month. The proposed FTA between the two countries, negotiations for which were started in January of 2022 covers 26 chapters of policy areas. “Majority of chapters are closed or are in advanced stages of negotiations,” he said.
The Indian Embassy in Moscow has shared with Indian exporters a priority sourcing list of consumer goods that Russia is keen on importing, reported BusinessLine.
This is yet another attempt to increase exports from India in the face of a whopping increase in Russian oil imports following imposition of Western sanctions last year against Moscow. “Various export bodies in India have received communication from the Indian Embassy in Moscow sharing information on priority sourcing list of Grand Trade JSC, one of the leading suppliers in food and non-food consumer goods imported from across the world to Russian retailers.
What makes ‘high potentials’ different from ‘high performers’?
Consider two employees, Alex and Morgan, both exceptional in their own right, but each showcasing distinct qualities and paths. Alex has been a consistent star performer in the sales department for the past five years. He is the go-to person for clients, always ensuring a seamless experience. Morgan, on the other hand, is a vibrant spirit, his mind teeming with innovative ideas.
7 tips for pitching your business ideas to investors to start your journey
No matter how good your idea is, if you don't have the right amount of funding to invest in your business, you will hit a deadend. Here are the five tips on how to pitch your business ideas.
A successful business needs a good idea to work on and turn it into a successful enterprise. But the business idea is worthless if you haven't got sufficient funding.
360 Marketing Strategy: Tips to Take Your Business to the Next Level
A 360-degree digital marketing plan combines traditional and digital marketing channels to reach a target demographic through numerous platforms. The strategy ensures that customers have a consistent and personalized experience across all touchpoints, providing deeper insight into customer behavior and interests for brands.
MSMEs Seek Amendments In IBC For Higher Preference In Asset Distribution
The Kanara Chamber of Commerce and Industry (KCCI) has urged the Finance Ministry to urgently alter its Insolvency and Bankruptcy Code, 2016 so that MSMEs receive preference in the waterfall mechanism of asset distribution, reported The Hindu.
Inspecity Space Laboratories: Providing in-space succour to satellites
Professor Arindrajit Chowdhury at IIT-Bombay and his student Tausif Shaikh, a propulsion systems expert, started Inspecity Space Laboratories only last year. This year, they’re preparing to launch a small CubeSat propulsion system that is about the size of a small tiffin box.
This Mother-Son Duo Aims To Reduce Plastic Waste, Provide Sustainable Water Solutions
India’s annual plastic waste is about 3.3 million metric tonnes, according to The Central Pollution Control Board (CPCB). According to the UN, only 9% of global plastic waste is recycled and most of it ends up in the water bodies so much so that research has shown oceans will have more plastic than fish by 2050. A State University of New York study, part of Orb Media's project, has found that microplastics have contaminated about 93% of the surveyed water.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released Quick Estimates of Index of Industrial Production (IIP) and use-based Index for the month of August 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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Today I am writing to you to express my concern about the emerging war-like situation in the Middle East region. As you know, MSMEs are the backbone of our economy, and they are particularly vulnerable to disruptions in global trade and supply chains. The first casualty may be crude if the situation escalates to countries producing oil. The disruption in supply routes can also push prices. Prices of oil have economy wide impact which can stoke food inflation and subdue demand for other products. It could also delay or derail India’s ambitious initiative India Middle East Europe Economic Corridor (IMEEC) framework. But immediate impact is visible for Indian business which are exporting to or importing from the region. Iran, Iraq, Israel, Jordan, Lebanon, Syria and Yemen are very closely connected with the region. Escalation could suck in bigger economic regional players like Saudi Arabia, Kuwait and UAE also. As large number of Indian MSMEs are involved in trading with the region I would like to caution against taking bets in the region without proper insurance. Government of India is also seized of the situation and is watching the developments closely. Ministry of Commerce has asked exporters and importers to share the insights of the region that could affect trade allowing appropriate measures to be planned and implemented. With Sharad Navratri, the festive season has begun in India. I take the opportunity to wish you happy days ahead.
Back in 2005, I launched my first internet project, which eventually grew into a successful online platform.
Since I started my business as a second-year student at the university, I did not have enough knowledge and experience to rely on ready-made principles. That's why I'd like to share 16 important lessons I've learned in my 16 years as an entrepreneur to help ease the way for entrepreneurs who are just starting out.
There has been a fall in India’s merchandise exports amid slowing global demand as it saw a fall of 2.6 percent year on year, contracting to USD 34.47 billion in September.
Similarly in exports the fall was was also significantly reflected, which contracted by 15 percent to USD 53.84 billion in September 2023 against September 2022, reported by Money Control. India's trade deficit stood at a 5-month low of USD 19.37 billion in September owing to bigger fall in imports. Making for a year-on-year (YoY) fall of over 30 percent from USD 27.98 billion recorded in the same period last year.
The Ministry of Statistics and Programme Implementation revealed on Monday that India's urban unemployment rate fell to 6.6 per cent in the first quarter of 2023-24 from 6.8 per cent in January-March.
At 6.6 per cent, the rate of unemployment in Indian cities is the lowest ever recorded by the government's Periodic Labour Force Survey (PLFS) since it was started in 2018-19. The survey, published on a quarterly basis for urban data, measures the unemployment rate in terms of Current Weekly Status (CWS).
The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) on Friday decided to keep the repo rate unchanged at 6.50 per cent under the liquidity adjustment facility (LAF). The central bank has projected India’s real gross domestic product (GDP) growth for fiscal 2023-24 (FY24) at 6.5 per cent. The standing deposit facility (SDF) rate remains unchanged at 6.25 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.
The Union Minister of Commerce & Industry, Piyush Goyal on Monday unveiled a significant initiative to issue system based automatic ‘Status Holder’ certificates under the Foreign Trade Policy (FTP) 2023.
Now the exporter will not be required to apply to the office of Directorate General of Foreign Trade (DGFT) for a Status Certificate. The export recognition will be provided by the IT system based on available Directorate General of Commercial Intelligence and Statistics (DGCIS) merchandise export electronic data and other risk parameters.
The Tamil Nadu Pollution Control Board (TNPCB) has withdrawn its proceedings categorising the coir industry under ‘Orange’ category.
The withdrawal was done considering that the coir industry sector is one of the important agro-based cottage type industries in the State of Tamil Nadu. It contributes significantly for creation of livelihood in major coconut growing districts and to encourage the cottage type MSME sector for the production of eco-friendly products.
The Indian Steel Association (ISA) has signed an agreement with the Government e-Marketplace (GeM) to help MSMEs in supplying their products and make procurement through the online marketplace, reported Money Control.
"ISA proudly announced the signing of a Memorandum of Understanding (MoU) with GeM. This partnership aims to facilitate the integration of all ISA members onto the GeM platform, both as sellers and buyers," it said in a statement on Friday. The agreement was signed on October 4, to promote knowledge exchange and direct communication between ISA members and GeM.
The Ministry of Commerce & Industry has invited exporters to submit their feedback on “Non-Tariff Barriers” by 10 October, 2023.
Non-tariff measures (TBT) issue being faced by our exporters will be raised in the forthcoming WTO TBT committee meetings, assured the Ministry. The upcoming WTO TBT Committee meeting will be held in Geneva on 8-10 November, 2023. These meetings give an opportunity to member countries to raise their concerns with regard to the non-tariff measures relating to TBT taken by any other member country.
The Karnataka industrialists are growing concerned about the impact of the current power shortage in the state on their production, reported Deccan Herald.
While the government has not made an official declaration of load shedding, there have been recent unscheduled disruptions, which industry bodies are referring to as 'unofficial load shedding.' However, it is not the situation at hand but the future is what they are worried about, reported DH citing the industrialists.
The Kerala government on Thursday launched an insurance scheme for Micro Small and Medium Enterprises (MSMEs), protecting them from various risks.
As per reports, the Industries Department has entered into an MoU with four public sector insurance companies namely National Insurance Company Ltd, United Insurance Company Ltd, Oriental Insurance Company Ltd and New India Assurance Company Ltd. The state government under the scheme will reimburse 50 per cent of the annual premium to the MSMEs.
Pondicherry University has entered into an agreement with MSME Technology Centre, Puducherry, with the aim of enhancing collaboration between academia and industry.
This partnership includes the development of customized courses to address industry-specific needs. The MoU, which is valid for three years, reflects a mutually productive, long-term collaboration, and would help groom students to join a future workforce, the University said. It will provided Pondicherry University students the opportunity to benefit from the hostel accommodations provided by the MSME Technology Centre.
Haryana’s industries and commerce department on Wednesday exchanged memorandum of agreements (MoAs) with three Reserve Bank of India (RBI) approved TReDS (trade receivables e discounting system) entities.
The aim is to strengthen the Micro, Small, and Medium Enterprises (MSME) ecosystem in Haryana. The MoAs were exchanged in the presence of chief minister Manohar Lal Khattar and deputy chief minister Dushyant Chautala on Wednesday.
Commerce Secretary Sunil Barthwal announced that India and the UK are in advanced negotiations for a free trade agreement, with both parties actively addressing the remaining differences.
The secretary mentioned that he recently visited the UK for discussions with his counterparts, and this week, a delegation of UK negotiators is in New Delhi to continue the 13th round of talks, which commenced on the 18th of the previous month. The proposed FTA between the two countries, negotiations for which were started in January of 2022 covers 26 chapters of policy areas. “Majority of chapters are closed or are in advanced stages of negotiations,” he said.
The Indian Embassy in Moscow has shared with Indian exporters a priority sourcing list of consumer goods that Russia is keen on importing, reported BusinessLine.
This is yet another attempt to increase exports from India in the face of a whopping increase in Russian oil imports following imposition of Western sanctions last year against Moscow. “Various export bodies in India have received communication from the Indian Embassy in Moscow sharing information on priority sourcing list of Grand Trade JSC, one of the leading suppliers in food and non-food consumer goods imported from across the world to Russian retailers.
According to the FISME factor, 30% 0f MSMEs think that enhancing product quality and standards can help boost Indian exports while 70% don’t know.
Consider two employees, Alex and Morgan, both exceptional in their own right, but each showcasing distinct qualities and paths. Alex has been a consistent star performer in the sales department for the past five years. He is the go-to person for clients, always ensuring a seamless experience. Morgan, on the other hand, is a vibrant spirit, his mind teeming with innovative ideas.
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No matter how good your idea is, if you don't have the right amount of funding to invest in your business, you will hit a deadend. Here are the five tips on how to pitch your business ideas.
A successful business needs a good idea to work on and turn it into a successful enterprise. But the business idea is worthless if you haven't got sufficient funding.
A 360-degree digital marketing plan combines traditional and digital marketing channels to reach a target demographic through numerous platforms. The strategy ensures that customers have a consistent and personalized experience across all touchpoints, providing deeper insight into customer behavior and interests for brands.
The Kanara Chamber of Commerce and Industry (KCCI) has urged the Finance Ministry to urgently alter its Insolvency and Bankruptcy Code, 2016 so that MSMEs receive preference in the waterfall mechanism of asset distribution, reported The Hindu.
Professor Arindrajit Chowdhury at IIT-Bombay and his student Tausif Shaikh, a propulsion systems expert, started Inspecity Space Laboratories only last year. This year, they’re preparing to launch a small CubeSat propulsion system that is about the size of a small tiffin box.
India’s annual plastic waste is about 3.3 million metric tonnes, according to The Central Pollution Control Board (CPCB). According to the UN, only 9% of global plastic waste is recycled and most of it ends up in the water bodies so much so that research has shown oceans will have more plastic than fish by 2050. A State University of New York study, part of Orb Media's project, has found that microplastics have contaminated about 93% of the surveyed water.
“ The fire that warms us can also consume us; it is not the fault of the fire. ”
