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President Message
Make in India initiated by the Government of India aims to bolster domestic manufacturing capabilities. Since its inception, this initiative has witnessed a mixed level of success. It has various dimensions including the promotion of investments through schemes like the Production-Linked Incentive (PLI), elevating quality standards for imports, and the judicious use of safeguards and antidumping duties. However, it is crucial to approach these remedies, especially the imposition of additional duties, with great nuance and care. Many MSMEs heavily rely on specific inputs, the cost, and availability of which could be adversely affected by such duties. Furthermore, large players often possess the resources and lobbying power to swiftly influence policy decisions. In certain situations, their lobbying efforts can lead to the sudden imposition or withdrawal of these duties, which may jeopardize the survival of MSMEs. It is crucial to maintain a level playing field and ensure that policy decisions are not disproportionately tilted in favor of larger corporations. Fair competition is essential for the sustained growth of the manufacturing sector. The way forward for Make in India is to establish a robust framework for consultation with MSMEs. Regular and meaningful engagement with MSMEs will enable policymakers to assess the potential impacts of policy decisions on these businesses.
Building an organisation with strong values and work culture isn't always easy, but is a crucial step towards success. Billionaire businessman Harsh Mariwala, who is a well-known name in the industry for creating brands like Saffola and Parachute, took to social media to share his views on the link between culture and strategy. The FMCG guru, in his post, said that an organisation can be successful only when it has the right balance of strategy and culture. "If the strategy is strong and the culture is weak, that will not work," he wrote in his tweet.
From the ramparts of the Red Fort in his first Independence Day speech in 2014, the Prime Minister invited industry — domestic and overseas — to Make in India, with zero defect and zero effect.
Since then, successive significant initiatives have been implemented by the government — Ease-of-doing-business, GST, FDI reforms, significant investment in infrastructure, IBC, PM Gati Shakti National Master Plan, National Logistics Policy, Production Linked Incentive Ssheme ..
The Indian home textile industry’s revenue is likely to increase by 7-9 per cent in the current financial year, Crisil Ratings said in a report.
The resurgence of the home textile industry relies on several critical factors, one of which is the adjustment in domestic cotton prices. These prices had previously surged to unprecedented heights, reaching Rs 1 lakh per candy in May 2022.Nonetheless, they have now receded to around Rs 55,000, bringing them into closer alignment with international prices. This adjustment has greatly enhanced India's competitiveness in the global market.
The central government has decided to allow export of rice to Singapore to meet the food security requirements of the South East Asian nation. Two days ago, the Centre temporarily stopped the export of any basmati rice consignment that was being sold overseas for less than USD 1,200 a tonne. “India and Singapore enjoy a very close strategic partnership, characterised by shared interests, close economic ties and strong people to people connect", external affairs ministry spokesperson Arindam Bagchi said in response to queries on export of rice to Singapore.
India’s plastics exports dipped by 14.6% to USD 956 million in July mainly due to decreasing demand in key export markets like the US and Europe, apex industry body Plastics Export Promotion Council (Plexconcil) said on Monday.
The overall exports during July 2022 stood at USD 1.119 billion, Plexconcil said in a statement. A major decline in exports was witnessed in Flexible Intermediate Bulk Containers (FIBC), plastic raw materials, packaging items, plastic films and sheets, and plastic writing instruments and stationery.
The Ministry of Textiles on Thursday announced extension of fresh applications under the PLI scheme of Textiles for MMF Apparel, MMF Fabrics and products of Technical Textiles for further 2 month.
With this the last date has been set upto 31 October 2023, as per the official statement. The decision was taken in view of the requests from the Industry stakeholders’.
Earlier, the Ministry decided to re-open the PLI Portal till 31 August 2023 for inviting fresh applications from interested companies under the Scheme.
The Union Government has decided to extend the Rs 25,938-crore production-linked incentive scheme for the automotive sector by one year.
The extension would mean that the five-year scheme, which was originally scheduled between 2022-23 and 2026-27, will now be active until 2027-28. The announcement was made by the Union Heavy Industries Minister Mahendra Nath Pandey on Tuesday after reviewing the performance of the PLI scheme for the automotive sector with stakeholders.
Punjab National Bank (PNB), on Wednesday launched a mobile application based on the GST Sahay scheme, reported PTI. The public sector bank will provide an end–to-end digital product under which lending can be done using GST invoices. With this integration, PNB has become the first public sector bank to facilitate frictionless credit flow to MSMEs using GST invoices, the bank said in a statement. The initiative is also in line with the bank's strategy to further the development of the MSME sector and digital credit ecosystem in the country.
Department for Promotion of Industry and Internal Trade (DPIIT), has recently notified 2 more new Quality Control Orders (QCOs) for ‘Solar DC Cable and Fire Survival Cable’ and ‘Cast Iron Products’.
It will come into force from six months from the date of notification. Solar DC Cable and Fire Survival Cable (Quality Control) Order, 2023 includes Electric Cable for Photovoltaic Systems which are primarily used for the interconnection of the various elements of photovoltaic systems such as solar panel arrays.
The Karnataka government has sanctioned five acres of land at Aryapu to set up an industrial park for small-scale industries, Minister for Small Scale Industries and Public Enterprises Sharanabasappa Darshanapur said on Monday. Chairing a meeting of department officials in Mangaluru, Darshanapur directed them to take immediate steps to form the industrial estate at the sanctioned site. He also directed them to examine the possibility of providing space for SSIs at the upcoming plastic park in Ganjimutt near Mangaluru.
A micro, small and medium enterprises (MSME) facilitation council has been established in Rajkot in the Saurashtra region. Rajkot Chamber of Commerce and Industry (RCCI) has been made a member of the council. The council will address issues related to delays in payments of goods delivered on credit to the buyers in other states, as per industry sources. Currently, the facilitation council is located in Gandhinagar and the industry players have to go there to file the cases.
Assistant labour commissioner of Punjab S S Sidhu has urged businesses to ensure registration of employees with the state labour department. Presiding over a meeting with the representatives of leading industrial houses of the city, he spoke about the renewed incentives available to employees registered with his department and pressed upon the businessmen to ensure registration of eligible persons.
The Jharkhand Government signed and MoU with TCPL Green Energy Solutions TGESPL to set up the country’s first hydrogen fuel-related industry in Jamshedpur.
The MoU was signed in the presence of Chief Minister Hemant Soren in Ranchi on Friday. Calling it a historic day, the CM said that the state has taken a foot forward towards the implementation of the concept of clean energy. “This is the first foot forward by Tata Motors, Tata Cummings and Jharkhand government, where vehicles will be manufactured which will run on hydrogen,” the CM said.
Piyush Goyal, Minister of Commerce and Industry and Damien O’Connor, Minister for Trade and Export Growth of New Zealand, had a bilateral meeting on Monday at New Delhi.
This meeting is part of a sustained effort by both governments to develop a broad-based relationship. Both the countries are now building on the meeting between the Prime Ministers of both the countries in Port Moresby on 22 May, 2023.
India and Bangladesh are planning to establish 16 new border haats to increase trade among the two countries, said Smita Pant, senior diplomat in the Ministry of External Affairs.
Currently there are two countries that have eight haats operational, which are located across a number of northeastern states like Tripura and Meghalaya.
Pant was delivering remarks at a conference focused on connectivity between India's Northeast and Bangladesh, organized by Asian Confluence, a think-tank.
The new border haats, whose establishment is currently under discussion, will be located in Mizoram and West Bengal.
What is the biggest obstacle for MSMEs in in accessing justice?
According to the FISME factor, 100% of MSMEs think that propensity of Govt departments to litigate, lengthy Arbitration process due to frequent Court intervention and difficulties in execution of favourable awards are the biggest obstacles for MSMEs in in accessing justice
Once common workplace beliefs that are now redundant
Ever wondered why several long-held workplace beliefs have become redundant and are no longer applicable in today’s dynamic environment? Traditionally, the amount of time employees spent at their desks was often equated with their level of productivity. Now, the rise of remote work and flexible schedules has shattered this belief.
Unlocking The Potential Of Gold Loans To Nurture MSMEs’ Credit Demand
Micro small and medium enterprises (MSMEs) are the harbingers of inclusive growth, with over 25% contribution to India’s Rs 270 lakh crore GDP and a share of nearly 50% to exports. On the employment front, the numbers are astonishing, with over 10.5 crore people engaged.
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.
ISMA Urges Centre To Relax GST On Flex-Fuel Vehicles
The Indian Sugar Mills Association (ISMA) has put forth an appeal to the Ministry of Road Transport and Highways for a relaxation in the Goods and Services Tax (GST) on Flex-Fuel Vehicles (FFVs).
Low Cost, Zero Waste: How Minimines’ Modern Lithium Extraction Process Can Boost EV Adoption In India
It’s no secret that while electric vehicles (EVs) offer long-term savings by reducing expenditure on petrol or diesel, the benefits only start to pay off a couple of years down the road. For most consumers, the long wait doesn’t justify the price tags of EVs, which can sometimes be 1.2 to 2.5 times higher than the cost of an ICE vehicle.
Insuring Rural Indians, Finhaat Aims To Make Financial Services Easily Accessible
Finhaat has created a tech-enabled financial product delivery platform for the emerging middle-class and lower-income segments primarily based in rural areas as well as Tier III and IV cities. Founded in October 2021 by Institute of Rural Management alums Sandeep Katiyar,
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released the estimates of Gross Domestic Product (GDP) for the April-June quarter (Q1) of 2023-24, both at Constant (2011-12) and Current Prices.
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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Make in India initiated by the Government of India aims to bolster domestic manufacturing capabilities. Since its inception, this initiative has witnessed a mixed level of success. It has various dimensions including the promotion of investments through schemes like the Production-Linked Incentive (PLI), elevating quality standards for imports, and the judicious use of safeguards and antidumping duties. However, it is crucial to approach these remedies, especially the imposition of additional duties, with great nuance and care. Many MSMEs heavily rely on specific inputs, the cost, and availability of which could be adversely affected by such duties. Furthermore, large players often possess the resources and lobbying power to swiftly influence policy decisions. In certain situations, their lobbying efforts can lead to the sudden imposition or withdrawal of these duties, which may jeopardize the survival of MSMEs. It is crucial to maintain a level playing field and ensure that policy decisions are not disproportionately tilted in favor of larger corporations. Fair competition is essential for the sustained growth of the manufacturing sector. The way forward for Make in India is to establish a robust framework for consultation with MSMEs. Regular and meaningful engagement with MSMEs will enable policymakers to assess the potential impacts of policy decisions on these businesses.
Building an organisation with strong values and work culture isn't always easy, but is a crucial step towards success. Billionaire businessman Harsh Mariwala, who is a well-known name in the industry for creating brands like Saffola and Parachute, took to social media to share his views on the link between culture and strategy. The FMCG guru, in his post, said that an organisation can be successful only when it has the right balance of strategy and culture. "If the strategy is strong and the culture is weak, that will not work," he wrote in his tweet.
The Indian home textile industry’s revenue is likely to increase by 7-9 per cent in the current financial year, Crisil Ratings said in a report.
The resurgence of the home textile industry relies on several critical factors, one of which is the adjustment in domestic cotton prices. These prices had previously surged to unprecedented heights, reaching Rs 1 lakh per candy in May 2022.Nonetheless, they have now receded to around Rs 55,000, bringing them into closer alignment with international prices. This adjustment has greatly enhanced India's competitiveness in the global market.
The central government has decided to allow export of rice to Singapore to meet the food security requirements of the South East Asian nation. Two days ago, the Centre temporarily stopped the export of any basmati rice consignment that was being sold overseas for less than USD 1,200 a tonne. “India and Singapore enjoy a very close strategic partnership, characterised by shared interests, close economic ties and strong people to people connect", external affairs ministry spokesperson Arindam Bagchi said in response to queries on export of rice to Singapore.
India’s plastics exports dipped by 14.6% to USD 956 million in July mainly due to decreasing demand in key export markets like the US and Europe, apex industry body Plastics Export Promotion Council (Plexconcil) said on Monday.
The overall exports during July 2022 stood at USD 1.119 billion, Plexconcil said in a statement. A major decline in exports was witnessed in Flexible Intermediate Bulk Containers (FIBC), plastic raw materials, packaging items, plastic films and sheets, and plastic writing instruments and stationery.
The Ministry of Textiles on Thursday announced extension of fresh applications under the PLI scheme of Textiles for MMF Apparel, MMF Fabrics and products of Technical Textiles for further 2 month.
With this the last date has been set upto 31 October 2023, as per the official statement. The decision was taken in view of the requests from the Industry stakeholders’.
Earlier, the Ministry decided to re-open the PLI Portal till 31 August 2023 for inviting fresh applications from interested companies under the Scheme.
The Union Government has decided to extend the Rs 25,938-crore production-linked incentive scheme for the automotive sector by one year.
The extension would mean that the five-year scheme, which was originally scheduled between 2022-23 and 2026-27, will now be active until 2027-28. The announcement was made by the Union Heavy Industries Minister Mahendra Nath Pandey on Tuesday after reviewing the performance of the PLI scheme for the automotive sector with stakeholders.
Punjab National Bank (PNB), on Wednesday launched a mobile application based on the GST Sahay scheme, reported PTI. The public sector bank will provide an end–to-end digital product under which lending can be done using GST invoices. With this integration, PNB has become the first public sector bank to facilitate frictionless credit flow to MSMEs using GST invoices, the bank said in a statement. The initiative is also in line with the bank's strategy to further the development of the MSME sector and digital credit ecosystem in the country.
Department for Promotion of Industry and Internal Trade (DPIIT), has recently notified 2 more new Quality Control Orders (QCOs) for ‘Solar DC Cable and Fire Survival Cable’ and ‘Cast Iron Products’.
It will come into force from six months from the date of notification. Solar DC Cable and Fire Survival Cable (Quality Control) Order, 2023 includes Electric Cable for Photovoltaic Systems which are primarily used for the interconnection of the various elements of photovoltaic systems such as solar panel arrays.
The Karnataka government has sanctioned five acres of land at Aryapu to set up an industrial park for small-scale industries, Minister for Small Scale Industries and Public Enterprises Sharanabasappa Darshanapur said on Monday. Chairing a meeting of department officials in Mangaluru, Darshanapur directed them to take immediate steps to form the industrial estate at the sanctioned site. He also directed them to examine the possibility of providing space for SSIs at the upcoming plastic park in Ganjimutt near Mangaluru.
A micro, small and medium enterprises (MSME) facilitation council has been established in Rajkot in the Saurashtra region. Rajkot Chamber of Commerce and Industry (RCCI) has been made a member of the council. The council will address issues related to delays in payments of goods delivered on credit to the buyers in other states, as per industry sources. Currently, the facilitation council is located in Gandhinagar and the industry players have to go there to file the cases.
Assistant labour commissioner of Punjab S S Sidhu has urged businesses to ensure registration of employees with the state labour department. Presiding over a meeting with the representatives of leading industrial houses of the city, he spoke about the renewed incentives available to employees registered with his department and pressed upon the businessmen to ensure registration of eligible persons.
The Jharkhand Government signed and MoU with TCPL Green Energy Solutions TGESPL to set up the country’s first hydrogen fuel-related industry in Jamshedpur.
The MoU was signed in the presence of Chief Minister Hemant Soren in Ranchi on Friday. Calling it a historic day, the CM said that the state has taken a foot forward towards the implementation of the concept of clean energy. “This is the first foot forward by Tata Motors, Tata Cummings and Jharkhand government, where vehicles will be manufactured which will run on hydrogen,” the CM said.
Piyush Goyal, Minister of Commerce and Industry and Damien O’Connor, Minister for Trade and Export Growth of New Zealand, had a bilateral meeting on Monday at New Delhi.
This meeting is part of a sustained effort by both governments to develop a broad-based relationship. Both the countries are now building on the meeting between the Prime Ministers of both the countries in Port Moresby on 22 May, 2023.
India and Bangladesh are planning to establish 16 new border haats to increase trade among the two countries, said Smita Pant, senior diplomat in the Ministry of External Affairs.
Currently there are two countries that have eight haats operational, which are located across a number of northeastern states like Tripura and Meghalaya.
Pant was delivering remarks at a conference focused on connectivity between India's Northeast and Bangladesh, organized by Asian Confluence, a think-tank.
The new border haats, whose establishment is currently under discussion, will be located in Mizoram and West Bengal.
According to the FISME factor, 100% of MSMEs think that propensity of Govt departments to litigate, lengthy Arbitration process due to frequent Court intervention and difficulties in execution of favourable awards are the biggest obstacles for MSMEs in in accessing justice
Ever wondered why several long-held workplace beliefs have become redundant and are no longer applicable in today’s dynamic environment? Traditionally, the amount of time employees spent at their desks was often equated with their level of productivity. Now, the rise of remote work and flexible schedules has shattered this belief.
Micro small and medium enterprises (MSMEs) are the harbingers of inclusive growth, with over 25% contribution to India’s Rs 270 lakh crore GDP and a share of nearly 50% to exports. On the employment front, the numbers are astonishing, with over 10.5 crore people engaged.
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.
The Indian Sugar Mills Association (ISMA) has put forth an appeal to the Ministry of Road Transport and Highways for a relaxation in the Goods and Services Tax (GST) on Flex-Fuel Vehicles (FFVs).
It’s no secret that while electric vehicles (EVs) offer long-term savings by reducing expenditure on petrol or diesel, the benefits only start to pay off a couple of years down the road. For most consumers, the long wait doesn’t justify the price tags of EVs, which can sometimes be 1.2 to 2.5 times higher than the cost of an ICE vehicle.
Finhaat has created a tech-enabled financial product delivery platform for the emerging middle-class and lower-income segments primarily based in rural areas as well as Tier III and IV cities. Founded in October 2021 by Institute of Rural Management alums Sandeep Katiyar,
“ Life is like riding a bicycle. To keep your balance, you must keep moving. ”
