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President Message
Sustainable development is not a desirable goal but a road that world must tread to survive. India has committed itself for net zero status. However what is of huge concern is that a few countries have started using the carbon emission issue as an excuse to create non-tariff barriers. One prominent regulations has been promulgated by European Union. Termed as Carbon Border Adjustment Mechanism (CBAM), the regulation will allow the EU to charge a tax on the import of steel, aluminium, cement, fertiliser, hydrogen, and electricity from January 1, 2026. Eventually the CBAM is to cover all industrial products. The process will start from October 1 this year, when foreign exporters must share firm-level emission data with the EU. The UK, Canada, Japan, and the US are also bracing to levy similar import taxes. It is important to note that Developed countries account for about 60 per cent of global imports and have an average industrial tariff of 2-3 per cent. CBAM will translate into a 20-35 per cent carbon tax over and above import duties. Imagine the disruption in trade in industrial goods with import taxes going up 10 times. FISME hosted a special session at this year’s WTO Public Forum 2023: : 'Boosting Green Trade: Integrating Marginalized Voices' today at WTO HQrs in Geneva. We highlighted how ill prepared the MSMEs are in developing countries to comply the new legislation risking their exclusion from global supply chains. The session also elicited suggestions and responses as to what support MSMEs need for a smooth transition. We intend to follow it up with a series of seminars.
FISME hosted a session during WTO Public Forum 2023 on the topic: ‘Boosting Green Trade: Integrating marginalised voices’ at WTO Hqrs in Geneva on 13 sept 2023. The working session explored the opportunities and challenges for marginalised voices – MSMEs, gender empowerment groups and women– arising from participation in initiatives aimed at enhancing trade in products with low carbon footprint. The session was chaired by Abhijit Das, former Director Center for WTO Studies in India with speakers Mr. Anil Bhardwaj, SG FISME and Victor Menotti (Senior Fellow, Oakland Institute). Mrs. K. Rama Devi (President ALEAP) recorded presentation was played also out.
Over the last two decades, the Indian startup ecosystem has grown tremendously. Entrepreneurs have been getting support from many corners. And, almost every day, we hear a startup success story. However, what is not talked about much is the number of startups that shut down every year. For every startup that has achieved growth, there would be another that couldn't get it right. For, running a business is no child's play. Many factors need to come together for a startup to achieve growth.
Beyond the headline initiatives, such as the inclusion of the African Union into the G20 fold or the launch of the Global Biofuel Alliance, the much-negotiated final outcome document of the G20 New Delhi Summit has an extensive India footprint throughout.
A large number of initiatives adopted at various G20 forums and working groups held throughout the year have found their way into the declaration. These include the memorably named...
Gita Gopinath, the first Deputy Managing Director of the International Monetary Fund, on Sunday said India will become the third-largest economy by 2027-28, based on current projections. During an exclusive interview with India Today’s News Director Rahul Kanwal, the economist said India's contribution to global GDP is around 15 per cent. Referring to India as an “engine of global growth”, Gopinath, however, added that there is a lot more work that needs to be done.
India’s industrial output rose by 5.7 per cent in July, up from 3.7 per cent in June 2023, as per the latest data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Tuesday.
The Factory output measured in terms of Index of Industrial Production (IIP) for July 2022 stood at 2.2 per cent. The mining output for July 2023 rose to 10.7 per cent, up from -3.3 per cent in the year ago period. As per reports, the manufacturing sector output grew by 4.6 per cent in July this year as against 3.1 per cent in July 2022.
The Directorate General of Foreign Trade (DGFT) has notified amendment of the Export Policy of Food Supplements containing botanicals under ITC HS code 1302 and 2106 intended for human or animal consumption to European Union (EU) and United Kingdom (UK). They will require issuance of official certificate by EIC/EIA or SHEFIXIL, read the notification released on Monday. DGFT allowed Shellac Export Promotion Council (SHEFEXIL) to issue an official certificate for a period of three months from the date of issuance of the notification.
The Reserve Bank of India (RBI) launched the “Public Tech Platform for Frictionless Credit” which is a MSME-credit-focused platform. It aims to revolutionize the credit access to MSMEs in the country, reported the news agency Asian News International (ANI). The platform will streamline and enhance credit delivery by financial institutions and contribute to greater financial inclusion, said the report.
The program, developed under the Reserve Bank Innovation Hub, will provide an end-to-end digital solution designed for easy integration by all banks, offering an open architecture with accessible APIs and standardized protocols, enabling a seamless “Plug and Play” approach.
Export-Import (EXIM) Bank of India, has provided Rs 650 crore(fund and non-fund based) to 49 micro, small & medium enterprises (MSMEs) so far under Ubharte Sitaare Programme (USP).
This programme was launched two years ago to empower the exporters from the MSME sector.
An identified company should have potential advantages by way of technology, product or process under this programme. It can be supported even if it is currently underperforming or may be unable to tap its latent potential to grow.
Union Minister for Skill Development and Entrepreneurship, Dharmendra Pradhan on Wednesday launched digital platform Skill India Digital (SID) to combine and transform the skills, education, employment, and entrepreneurship landscape of India. SID is the digital public infrastructure (DPI) for skilling, education, employment and entrepreneurship ecosystem of India. It is driven by the vision to make skill development more innovative, accessible and personalised in its embodiment, focusing on digital technology and industry 4.0 skills.
The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry has permitted the import of footwear soles under certain conditions.
The government has permitted the import of footwear soles on the condition that the component will be used in manufacturing products meant for exports, among other requirements.
In a fresh order, dated September 1, the department mentioned four kinds of material and components, in consultation with the Bureau of Indian Standards.Those materials are Moulded solid rubber soles and heels, Rubber microcellular sheets for soles and heels,
Tripura’s export volume especially with Bangladesh has significantly grown in the last few years, said Union Minister of State for Commerce and Industry Anupriya Patel. During her official state visit she revealed that Tripura is ranked fourth among Himalayan states in terms of export to foreign nations. The Minister visited different parts of Sepahijala district and reviewed the progress of development initiatives and centrally-sponsored welfare schemes in the district.
The Odisha Government on Thursday launched a 'special investment scheme for priority - stainless steel' to provide investors a 20 per cent subsidy on capital investment. The scheme was launched by Odisha Principal Secretary, Industries, Hemant Sharma at the Global Stainless-Steel Expo 2023 (GSSE 2023) in Mumbai. Speaking about the salient features of the scheme, Sharma said, “Under this scheme, businesses investing in the stainless steel downstream sector in Odisha will receive a substantial 20 per cent capital investment subsidy on their investments.
The Open Network for Digital Commerce (ONDC) signed a memorandum of understanding (MoU) with the Transport Department, Government of Kerala to expand the scope of the open mobility network in the state, according to a report in the Indian Transport & Logistics News (ITLN). The MoU was signed by S. Sreejith, IPS (Transport Commissioner, Kerala) and Shireesh Joshi (CBO, ONDC) in the presence of Antony Raju (Minister of Transport, Kerala), P Rajeev (Minister of Industries, Kerala), K Babu (MLA, Kerala), Loknath Behera (MD, KMRL), Biju Prabhakar, IAS (Transport Secretary) and Sujith Nair (CEO, FIDE).
The Assam chief minister Himanta Biswa Sarma informed that the state is likely to attract investment worth Rs 40,000 crore in the semiconductor industry soon.
“We are competing with three states including Gujarat and Odisha and are hopeful of making a breakthrough," he said. As per reports, the state government has approved Assam Electronics Policy 2023 for attracting future investments in the sector. Earlier, the Assam cabinet had approved productivity linked incentives for the industry.
India and Russia to explore new maritime routes for exploring trade and commerce opportunities between two countries. In this regard, Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal met with A.O. Chekunkov, the Minister of the Russian Federation for the Development of the Far East and the Arctic in Vladivostok, Russia on Thursday. During their meeting, both the leaders discussed the possibility of usage of new transport corridors like the Northern Sea Route (NSR) as well as the Eastern Maritime Corridor (EMC) between Vladivostok and Chennai.
The central government clarified on Tuesday that it has maintained the Most Favoured Nation (MFN) duty on apples, walnuts and almonds, which still applies to all imported products, including US-origin products, at 50%, 100% and Rs 100 per kg, respectively. However it has withdrawn additional duties on eight US origin products, including apples, walnuts and almonds vide notification number 53/2023 (Custom). This comes as the outcome of decision to resolve six outstanding World Trade Organisation (WTO) disputes between the US and India through Mutually Agreed Solutions in June 2023, said the Ministry of Commerce.
Is automation giving rise to a transactional workforce?
Technology and automation are reshaping the nature of work and employment. One of the significant trends emerging from this transformation is the shift towards a transactional workforce. Traditionally, employment has revolved around long-term relationships between employers and employees.
7 Savings Strategies for Small Businesses in Uncertain Economic Climates
If you're running a small business, you might feel the pressure of uncertainty in our current economy. And because the range of possible outcomes can seem vast, is it even worth planning to manage your business differently during economic uncertainty?
11 Effective Marketing Strategies To Help Streamline Your Startup
Starting a new business is an invigorating challenge that demands a robust marketing strategy. Here we'll explore the practical tools, techniques and insights to manage your entrepreneurial journey, covering everything from understanding your target audience to scaling up marketing efforts, ensuring you lay a strong foundation for brand recognition, growth and success.
High MEP Negatively Impacts Rice Exporters From Punjab
The government’s decision to set a Minimum Export Price (MEP) Control order of USD 1,200 per tonne on basmati has negatively impacted the rice export business in Punjab, reported The Tribune.
Healthcare Startup Lifechart Is Connecting Patients To Ayurveda Doctors Digitally
For the last 30 years, Mukul Shah’s mother has been suffering from Type II diabetes. The usage of general medicines for many years affected her kidneys, resulting in poor digestion, and other problems.
This Bengaluru Startup Aims To Build A 'Subscribe And Recycle' Economy For Bicycles, Toys
From toys to bicycles, children often outgrow things quickly. These items then either end up taking up space in garages or get thrown out, adding to the problem of global waste. To counter this, friends and co-founders, Pruthvi Gowda, Hrishikesh H S, Roopesh Shah, and Sapna M S, decided to launch GroClub– a startup that helps reduce the use of single-use products.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released All India Consumer Price Index (CPI) on Base 2012=100 and corresponding Consumer Food Price Index (CFPI) for Rural (R), Urban (U) and Combined (C) for the month of August 2023 (Provisional).
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:
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Sustainable development is not a desirable goal but a road that world must tread to survive. India has committed itself for net zero status. However what is of huge concern is that a few countries have started using the carbon emission issue as an excuse to create non-tariff barriers. One prominent regulations has been promulgated by European Union. Termed as Carbon Border Adjustment Mechanism (CBAM), the regulation will allow the EU to charge a tax on the import of steel, aluminium, cement, fertiliser, hydrogen, and electricity from January 1, 2026. Eventually the CBAM is to cover all industrial products. The process will start from October 1 this year, when foreign exporters must share firm-level emission data with the EU. The UK, Canada, Japan, and the US are also bracing to levy similar import taxes. It is important to note that Developed countries account for about 60 per cent of global imports and have an average industrial tariff of 2-3 per cent. CBAM will translate into a 20-35 per cent carbon tax over and above import duties. Imagine the disruption in trade in industrial goods with import taxes going up 10 times. FISME hosted a special session at this year’s WTO Public Forum 2023: : 'Boosting Green Trade: Integrating Marginalized Voices' today at WTO HQrs in Geneva. We highlighted how ill prepared the MSMEs are in developing countries to comply the new legislation risking their exclusion from global supply chains. The session also elicited suggestions and responses as to what support MSMEs need for a smooth transition. We intend to follow it up with a series of seminars.
FISME hosted a session during WTO Public Forum 2023 on the topic: ‘Boosting Green Trade: Integrating marginalised voices’ at WTO Hqrs in Geneva on 13 sept 2023. The working session explored the opportunities and challenges for marginalised voices – MSMEs, gender empowerment groups and women– arising from participation in initiatives aimed at enhancing trade in products with low carbon footprint. The session was chaired by Abhijit Das, former Director Center for WTO Studies in India with speakers Mr. Anil Bhardwaj, SG FISME and Victor Menotti (Senior Fellow, Oakland Institute). Mrs. K. Rama Devi (President ALEAP) recorded presentation was played also out.
Over the last two decades, the Indian startup ecosystem has grown tremendously. Entrepreneurs have been getting support from many corners. And, almost every day, we hear a startup success story. However, what is not talked about much is the number of startups that shut down every year. For every startup that has achieved growth, there would be another that couldn't get it right. For, running a business is no child's play. Many factors need to come together for a startup to achieve growth.
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Gita Gopinath, the first Deputy Managing Director of the International Monetary Fund, on Sunday said India will become the third-largest economy by 2027-28, based on current projections. During an exclusive interview with India Today’s News Director Rahul Kanwal, the economist said India's contribution to global GDP is around 15 per cent. Referring to India as an “engine of global growth”, Gopinath, however, added that there is a lot more work that needs to be done.
India’s industrial output rose by 5.7 per cent in July, up from 3.7 per cent in June 2023, as per the latest data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Tuesday.
The Factory output measured in terms of Index of Industrial Production (IIP) for July 2022 stood at 2.2 per cent. The mining output for July 2023 rose to 10.7 per cent, up from -3.3 per cent in the year ago period. As per reports, the manufacturing sector output grew by 4.6 per cent in July this year as against 3.1 per cent in July 2022.
The Directorate General of Foreign Trade (DGFT) has notified amendment of the Export Policy of Food Supplements containing botanicals under ITC HS code 1302 and 2106 intended for human or animal consumption to European Union (EU) and United Kingdom (UK). They will require issuance of official certificate by EIC/EIA or SHEFIXIL, read the notification released on Monday. DGFT allowed Shellac Export Promotion Council (SHEFEXIL) to issue an official certificate for a period of three months from the date of issuance of the notification.
The Reserve Bank of India (RBI) launched the “Public Tech Platform for Frictionless Credit” which is a MSME-credit-focused platform. It aims to revolutionize the credit access to MSMEs in the country, reported the news agency Asian News International (ANI). The platform will streamline and enhance credit delivery by financial institutions and contribute to greater financial inclusion, said the report.
The program, developed under the Reserve Bank Innovation Hub, will provide an end-to-end digital solution designed for easy integration by all banks, offering an open architecture with accessible APIs and standardized protocols, enabling a seamless “Plug and Play” approach.
Export-Import (EXIM) Bank of India, has provided Rs 650 crore(fund and non-fund based) to 49 micro, small & medium enterprises (MSMEs) so far under Ubharte Sitaare Programme (USP).
This programme was launched two years ago to empower the exporters from the MSME sector.
An identified company should have potential advantages by way of technology, product or process under this programme. It can be supported even if it is currently underperforming or may be unable to tap its latent potential to grow.
Union Minister for Skill Development and Entrepreneurship, Dharmendra Pradhan on Wednesday launched digital platform Skill India Digital (SID) to combine and transform the skills, education, employment, and entrepreneurship landscape of India. SID is the digital public infrastructure (DPI) for skilling, education, employment and entrepreneurship ecosystem of India. It is driven by the vision to make skill development more innovative, accessible and personalised in its embodiment, focusing on digital technology and industry 4.0 skills.
The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry has permitted the import of footwear soles under certain conditions.
The government has permitted the import of footwear soles on the condition that the component will be used in manufacturing products meant for exports, among other requirements.
In a fresh order, dated September 1, the department mentioned four kinds of material and components, in consultation with the Bureau of Indian Standards.Those materials are Moulded solid rubber soles and heels, Rubber microcellular sheets for soles and heels,
Tripura’s export volume especially with Bangladesh has significantly grown in the last few years, said Union Minister of State for Commerce and Industry Anupriya Patel. During her official state visit she revealed that Tripura is ranked fourth among Himalayan states in terms of export to foreign nations. The Minister visited different parts of Sepahijala district and reviewed the progress of development initiatives and centrally-sponsored welfare schemes in the district.
The Odisha Government on Thursday launched a 'special investment scheme for priority - stainless steel' to provide investors a 20 per cent subsidy on capital investment. The scheme was launched by Odisha Principal Secretary, Industries, Hemant Sharma at the Global Stainless-Steel Expo 2023 (GSSE 2023) in Mumbai. Speaking about the salient features of the scheme, Sharma said, “Under this scheme, businesses investing in the stainless steel downstream sector in Odisha will receive a substantial 20 per cent capital investment subsidy on their investments.
The Open Network for Digital Commerce (ONDC) signed a memorandum of understanding (MoU) with the Transport Department, Government of Kerala to expand the scope of the open mobility network in the state, according to a report in the Indian Transport & Logistics News (ITLN). The MoU was signed by S. Sreejith, IPS (Transport Commissioner, Kerala) and Shireesh Joshi (CBO, ONDC) in the presence of Antony Raju (Minister of Transport, Kerala), P Rajeev (Minister of Industries, Kerala), K Babu (MLA, Kerala), Loknath Behera (MD, KMRL), Biju Prabhakar, IAS (Transport Secretary) and Sujith Nair (CEO, FIDE).
The Assam chief minister Himanta Biswa Sarma informed that the state is likely to attract investment worth Rs 40,000 crore in the semiconductor industry soon.
“We are competing with three states including Gujarat and Odisha and are hopeful of making a breakthrough," he said. As per reports, the state government has approved Assam Electronics Policy 2023 for attracting future investments in the sector. Earlier, the Assam cabinet had approved productivity linked incentives for the industry.
India and Russia to explore new maritime routes for exploring trade and commerce opportunities between two countries. In this regard, Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal met with A.O. Chekunkov, the Minister of the Russian Federation for the Development of the Far East and the Arctic in Vladivostok, Russia on Thursday. During their meeting, both the leaders discussed the possibility of usage of new transport corridors like the Northern Sea Route (NSR) as well as the Eastern Maritime Corridor (EMC) between Vladivostok and Chennai.
The central government clarified on Tuesday that it has maintained the Most Favoured Nation (MFN) duty on apples, walnuts and almonds, which still applies to all imported products, including US-origin products, at 50%, 100% and Rs 100 per kg, respectively. However it has withdrawn additional duties on eight US origin products, including apples, walnuts and almonds vide notification number 53/2023 (Custom). This comes as the outcome of decision to resolve six outstanding World Trade Organisation (WTO) disputes between the US and India through Mutually Agreed Solutions in June 2023, said the Ministry of Commerce.
According to the FISME factor, 100% of MSMEs think that 'Make in India' initiative is creating a better environment for domestic manufacturing.
Technology and automation are reshaping the nature of work and employment. One of the significant trends emerging from this transformation is the shift towards a transactional workforce. Traditionally, employment has revolved around long-term relationships between employers and employees.
Starting a new business is an invigorating challenge that demands a robust marketing strategy. Here we'll explore the practical tools, techniques and insights to manage your entrepreneurial journey, covering everything from understanding your target audience to scaling up marketing efforts, ensuring you lay a strong foundation for brand recognition, growth and success.
The government’s decision to set a Minimum Export Price (MEP) Control order of USD 1,200 per tonne on basmati has negatively impacted the rice export business in Punjab, reported The Tribune.
For the last 30 years, Mukul Shah’s mother has been suffering from Type II diabetes. The usage of general medicines for many years affected her kidneys, resulting in poor digestion, and other problems.
From toys to bicycles, children often outgrow things quickly. These items then either end up taking up space in garages or get thrown out, adding to the problem of global waste. To counter this, friends and co-founders, Pruthvi Gowda, Hrishikesh H S, Roopesh Shah, and Sapna M S, decided to launch GroClub– a startup that helps reduce the use of single-use products.
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“ To attain knowledge, add things every day. To attain wisdom, remove things every day. ”
