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President Message
Prime Minister Modi delivered his 11th address from ramparts of the Red Fort. He tried to sketch his vision of a developed Bharat by 2047. MSMEs figured prominently in this vision. I picked four important points that he posited.
Firstly, he emphasized the need for technology up-gradation and MSMEs could leverage FDI reforms for international collaboration to access advanced technologies and new markets.
Secondly, he highlighted the pivotal role of the State governments in attracting investment and creating a conducive business environment. State-level initiatives focusing on land availability, infrastructure development, and good governance are essential for MSMEs. He called MSMEs should closely monitor state government responses to the call for creating a competitive investment climate.
Thirdly, he reiterated that MSMEs must invest in quality management systems and adhere to stringent production standards.
Fourthly, he tried to orient MSMEs to opportunities in Green space: India’s ambitious goal of reaching 500 GW of renewable energy by 2030, the Green Hydrogen Mission and the rise in demand for electric vehicles (EVs) and renewable energy solutions, like the PM Surya Ghar Yojana. Green initiatives present both new opportunities and energy efficiency gains.
I feel that all the pointers are worth pursuing.
With the constitution of the 18th Lok Sabha, the ‘Friends of MSMEs in Parliament’ have returned to support the backbone of the Indian economy—the Micro, Small, and Medium Enterprises (MSMEs). The group of Members of Parliament recently met in New Delhi to hold the 5th Samwad (dialogue) with MSME representatives. The Federation of Indian Micro and Small & Medium Enterprises (FISME) acts as the Secretariat for the Forum.
Lok Sabha MP from Indore, Shankar Lalwani, has assumed the Chairmanship of ‘Friends of MSMEs in Parliament’ for the current Lok Sabha, while former MP of Meerut, Rajendra Agrawal, will serve as the Convenor
The Central Executive Committee (CEC) meeting of FISME was held on August 7, 2024 in New Delhi. The Committee deliberated on important programmes such as the IFCI-FISME Center of Excellence for Aspiring SMEs, the 'Friends of MSMEs in Parliament' Forum and IPFC (MoMSME). Members also discussed the activities that could be proposed under the IC Scheme of MoMSME. Additionally, they reviewed important developments and policy decisions on banking/ finance-related announcements and employment-related measures.
Starting a business is one of the most exciting and rewarding experiences you can have. But where do you begin? There are several ways to approach creating a business, along with many important considerations. To help take the guesswork out of the process and improve your chances of success, follow our comprehensive guide on how to start a business. We’ll walk you through each step of the process, from defining your business idea to registering, launching and growing your business.
On India’s 78th Independence Day, Prime Minister Narendra Modi delivered his longest-ever speech from the iconic Red Fort, where he outlined the nation’s economic trajectory and aspirations.
The ‘Viksit Bharat’ initiative aims to make India a developed nation by 2047, with public input playing a crucial role in shaping this vision, particularly in areas like manufacturing and traditional medicine.Modi set an ambitious goal for India to become the world’s third-largest economy, urging citizens and policymakers alike to work towards achieving this milestone without delay.Modi lauded the reforms in India’s banking sector, noting that Indian banks are now counted among ...
The Federation of Indian Micro and Small & Medium Enterprises (FISME) has been officially nominated as a representative on the India-UAE SME Committee, established under the Comprehensive Economic Partnership Agreement (CEPA) between the Government of India and the Government of the United Arab Emirates (UAE).
The India-UAE CEPA, which came into force with an aim to boost trade and investment between the two countries, includes a dedicated chapter (Chapter 13) focused on Micro, Small, and Medium Enterprises (SMEs).
The Export-Import Bank of India (India Exim Bank) forecasts that the nation's merchandise exports will achieve a record USD 111.7 billion in the second quarter of fiscal year 2025, representing a 4.2 per cent year-on-year growth. This projection follows Q1 FY25 exports of USD 109.11 billion. Non-oil exports are expected to contribute USD 89.8 billion, marking a 6.26 per cent increase from the previous year. These figures suggest a continued upward trend in India's trade performance, supported by robust economic activity.
In a new report released on Monday, ratings agency ICRA projects robust growth for India's active pharmaceutical ingredients (API) sector.
The agency forecasts a compound annual growth rate (CAGR) of 7-8 per cent for its sample set of API producers through 2029, with revenues expected to climb from an estimated USD 13-14 billion in 2023. This growth trajectory is attributed to several key factors. Rising demand in the pharmaceutical formulations industry is expected to drive expansion, alongside an increasing geriatric population and higher prevalence of chronic diseases.
The Drugs Controller General of India (DCGI) has introduced new standard operating procedures and guidelines aimed at improving product traceability across the pharmaceutical supply chain.
This initiative comes in response to growing concerns over counterfeit and substandard medicines in the market reported Livemint.
The DCGI's new good-distribution practices seek to address the challenge of ensuring product traceability, which has been hampered by inadequate documentation throughout the distribution network.
These guidelines are designed to help identify the precise point in the supply chain where adulteration or introduction of counterfeit drugs may occur.
In a significant move to assess the efficacy of government initiatives, Niti Aayog, India's premier policy think tank, has called for proposals to evaluate centrally sponsored schemes (CSS) across nine vital sectors.
This comprehensive review aims to scrutinise programs in health, agriculture, education, and other crucial areas of national development. The evaluation process, set to be one of the most extensive in recent years, requires separate applications for each sector through the Government e-Marketplace (GeM) portal.
In a significant move to boost India's railway infrastructure, the Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has given the green light to eight major railway projects.
With a combined estimated cost of Rs. 24,657 crore (approximately $3.3 billion), these projects are set to transform connectivity across seven states. The approved initiatives will add 900 kilometers to the existing railway network, covering 14 districts across Odisha, Maharashtra, Andhra Pradesh, Jharkhand, Bihar, Telangana, and West Bengal.
The Reserve Bank of India (RBI) Governor, Shaktikanta Das, announced today in the bi-monthly monetary policy statement that the repo rate, the central bank’s rate for short-term loans to banks, will remain unchanged at 6.5 per cent. The decision reflects a cautious approach amid evolving economic conditions.
Governor Das highlighted that inflation and growth are currently balanced, but emphasised the need for vigilance concerning food prices.
Chief Minister Thakur Sukhvinder Singh Sukhu announced that Himachal Pradesh will brand and market natural farming products under distinct trademarks to ensure better prices for farmers.
During a review meeting, Sukhu emphasised expanding natural farming and introduced plans for a comprehensive certification, packaging, and marketing system. A specialised lab for soil testing and product certification will also be established.
Expressing concern over rising cancer cases linked to chemical farming, Sukhu urged farmers to adopt chemical-free practices.
The Confederation of Indian Industry (CII) launched its Tamil Nadu Micro Entrepreneurs Forum to support 1000 Micro enterprises in nine districts initially including, Chennai, Coimbatore, Tiruppur, Erode, Karur, Tiruchirappalli, Madurai, Tuticorin, and Salem.
At a recent event in Chennai, Minister for Industries T R B Rajaa highlighted the sector's importance, noting that MSMEs contribute 30 per cent of Tamil Nadu's industrial output and 45 per cent of its exports.
The state government is poised to introduce an independent space policy by the end of the fourth quarter of 2024, with a strategic emphasis on fostering innovation and growth within the startup ecosystem and micro, small, and medium enterprises (MSMEs).
IT Minister Priyank Kharge, in an exclusive interview with The Times of India, revealed that the new policy will centre around four pivotal areas: skill development, incubation, innovation, and research.
Madhya Pradesh Chief Minister Mohan Yadav announced on Thursday that the state has secured investment proposals totalling Rs 3,200 crore, with international tech giants Nvidia and Google among the prospective investors.
These investments are expected to create over 7,000 jobs in the region. The announcement came following an interactive session held in Bengaluru, which saw participation from more than 500 attendees. The event featured one-on-one meetings with representatives from over 30 prominent companies, including Lap India Private Limited, Reliance Consumer Products Limited, DHL Global, Tech Mahindra, Microsoft, and Kirloskar Systems.
The governments of India and the United States have formalised their commitment to strengthening cooperation in the small and medium enterprise (SME) sector.
S. C. L Das, Secretary, Ministry of Micro, Small and Medium Enterprises, and Isabel Casillas Guzman, Administrator, U.S. Small Business Administration, signed a Memorandum of Understanding (MoU) in New Delhi, on Tuesday. The agreement, which follows directives outlined in the India-US Joint Statement of June 2023, establishes a framework for bilateral discussions on issues affecting micro, small, and medium enterprises (MSMEs).
Mauritius is actively pursuing enhanced industrial collaboration with Coimbatore, as stated by Soomilduth Bholah, the Minister for Financial Services and Good Governance of Mauritius, during the inauguration of 'Elektrotec 2024' on Friday.
The event, an industrial electrical and electronics fair organised by the Coimbatore District Small Industries Association (CODISSIA), served as a platform for the Mauritian delegation to express their interest in fostering innovation and partnership opportunities with India.
Do the recent Union Budget announcements address the major challenges faced by MSMEs?
According to the FISME factor, 30% of MSMEs think that the recent Union Budget announcements address the major challenges faced by MSME while 70% can’t say.
Slow productivity: The antidote to burnout in a frenzied world
In our hyper-connected, always-on world, the pressure to be constantly productive has reached a fever pitch. The relentless pursuit of efficiency and productivity has led to a surge in burnout rates, with employees feeling overwhelmed, exhausted, and disconnected from their work. To combat this epidemic, a counterintuitive approach is gaining traction: slow productivity.
Why Your Business Should Practice Continuous Accounting: How CFOs Can Make the Switch
Advances in technology have enabled businesses of all sizes to become more competitive in their processes. Cloud computing and automation in particular have transformed the way financial teams manage their day-to-day operations, and savvy accounting practitioners are slowly shifting away from the report-to-record (R2R) model and into continuous accounting.
Several months ago, we discussed a report from Constant Contact, Small Business Now: The Current State of SMB Marketing, showing that small business owners were struggling to market their products and services and how 73% of them weren’t confident their current marketing strategies were helping them grow their companies.
While that initial article highlighted the marketing challenges business owners were facing, it didn’t offer many solutions.
Indian Steel Association Urges Government to Impose Export Tax on Low-Grade Iron Ore
In a move aimed at addressing domestic shortages and bolstering India's ambitious steel production goals, the Indian Steel Association (ISA) has called for the implementation of export taxes on low-grade iron ore and pellets.
This proposal, detailed in a letter to the federal Ministry of Steel dated July 17, seeks to curb exports and ensure adequate supply for the country's burgeoning steel industry.
Luxury redefined: How Luxelan is revolutionising Indian homes with AI- empowered interiors
Revolutionising Indian homes with unmatched craftsmanship, Luxelan's seamless turnkey solutions redefine luxury interiors. Experience a new standard in elegance, efficiency, and ease. Luxury homebuyers deserve a seamless experience, but the current market is fragmented and stressful. Luxelan identified a gap in the market: a lack of single-source, organised, and professional luxury interior design firms. This approach, often involving multiple vendors, creates a chaotic experience for even high-end homeowners, hindering the journey between acquiring a dream home and finally enjoying it.
EyeROV Secures Rs 10 Crore in Pre-Series A Funding to Expand Marine Robotics Innovation
In a significant development for India's deep-tech sector, marine robotics startup EyeROV has successfully raised ₹10 crore (approximately $1.2 million) in a Pre-Series A funding round. The investment, led by Unicorn India Ventures, marks a pivotal moment for the Kochi-based company as it sets its sights on international expansion and product development.
Founded in 2016 by IIT alumni Johns T Mathai and Kannappa Palaniappan P, EyeROV has rapidly established itself as a pioneer in the marine robotics field.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released the employment related statistics in the formal sector covering the period September 2017 onwards.
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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You are receiving this Newsletter because you are included in our mailing list of recipients who are involved or interested in FISME or Indian MSMEs. You are welcome to partly or fully reproduce and disseminate the contents of this publication provided that you acknowledge the source.
Prime Minister Modi delivered his 11th address from ramparts of the Red Fort. He tried to sketch his vision of a developed Bharat by 2047. MSMEs figured prominently in this vision. I picked four important points that he posited.
Firstly, he emphasized the need for technology up-gradation and MSMEs could leverage FDI reforms for international collaboration to access advanced technologies and new markets.
Secondly, he highlighted the pivotal role of the State governments in attracting investment and creating a conducive business environment. State-level initiatives focusing on land availability, infrastructure development, and good governance are essential for MSMEs. He called MSMEs should closely monitor state government responses to the call for creating a competitive investment climate.
Thirdly, he reiterated that MSMEs must invest in quality management systems and adhere to stringent production standards.
Fourthly, he tried to orient MSMEs to opportunities in Green space: India’s ambitious goal of reaching 500 GW of renewable energy by 2030, the Green Hydrogen Mission and the rise in demand for electric vehicles (EVs) and renewable energy solutions, like the PM Surya Ghar Yojana. Green initiatives present both new opportunities and energy efficiency gains.
I feel that all the pointers are worth pursuing.
With the constitution of the 18th Lok Sabha, the ‘Friends of MSMEs in Parliament’ have returned to support the backbone of the Indian economy—the Micro, Small, and Medium Enterprises (MSMEs). The group of Members of Parliament recently met in New Delhi to hold the 5th Samwad (dialogue) with MSME representatives. The Federation of Indian Micro and Small & Medium Enterprises (FISME) acts as the Secretariat for the Forum.
Lok Sabha MP from Indore, Shankar Lalwani, has assumed the Chairmanship of ‘Friends of MSMEs in Parliament’ for the current Lok Sabha, while former MP of Meerut, Rajendra Agrawal, will serve as the Convenor
The Central Executive Committee (CEC) meeting of FISME was held on August 7, 2024 in New Delhi. The Committee deliberated on important programmes such as the IFCI-FISME Center of Excellence for Aspiring SMEs, the 'Friends of MSMEs in Parliament' Forum and IPFC (MoMSME). Members also discussed the activities that could be proposed under the IC Scheme of MoMSME. Additionally, they reviewed important developments and policy decisions on banking/ finance-related announcements and employment-related measures.
Starting a business is one of the most exciting and rewarding experiences you can have. But where do you begin? There are several ways to approach creating a business, along with many important considerations. To help take the guesswork out of the process and improve your chances of success, follow our comprehensive guide on how to start a business. We’ll walk you through each step of the process, from defining your business idea to registering, launching and growing your business.
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The Federation of Indian Micro and Small & Medium Enterprises (FISME) has been officially nominated as a representative on the India-UAE SME Committee, established under the Comprehensive Economic Partnership Agreement (CEPA) between the Government of India and the Government of the United Arab Emirates (UAE).
The India-UAE CEPA, which came into force with an aim to boost trade and investment between the two countries, includes a dedicated chapter (Chapter 13) focused on Micro, Small, and Medium Enterprises (SMEs).
The Export-Import Bank of India (India Exim Bank) forecasts that the nation's merchandise exports will achieve a record USD 111.7 billion in the second quarter of fiscal year 2025, representing a 4.2 per cent year-on-year growth. This projection follows Q1 FY25 exports of USD 109.11 billion. Non-oil exports are expected to contribute USD 89.8 billion, marking a 6.26 per cent increase from the previous year. These figures suggest a continued upward trend in India's trade performance, supported by robust economic activity.
In a new report released on Monday, ratings agency ICRA projects robust growth for India's active pharmaceutical ingredients (API) sector.
The agency forecasts a compound annual growth rate (CAGR) of 7-8 per cent for its sample set of API producers through 2029, with revenues expected to climb from an estimated USD 13-14 billion in 2023. This growth trajectory is attributed to several key factors. Rising demand in the pharmaceutical formulations industry is expected to drive expansion, alongside an increasing geriatric population and higher prevalence of chronic diseases.
The Drugs Controller General of India (DCGI) has introduced new standard operating procedures and guidelines aimed at improving product traceability across the pharmaceutical supply chain.
This initiative comes in response to growing concerns over counterfeit and substandard medicines in the market reported Livemint.
The DCGI's new good-distribution practices seek to address the challenge of ensuring product traceability, which has been hampered by inadequate documentation throughout the distribution network.
These guidelines are designed to help identify the precise point in the supply chain where adulteration or introduction of counterfeit drugs may occur.
In a significant move to assess the efficacy of government initiatives, Niti Aayog, India's premier policy think tank, has called for proposals to evaluate centrally sponsored schemes (CSS) across nine vital sectors.
This comprehensive review aims to scrutinise programs in health, agriculture, education, and other crucial areas of national development. The evaluation process, set to be one of the most extensive in recent years, requires separate applications for each sector through the Government e-Marketplace (GeM) portal.
In a significant move to boost India's railway infrastructure, the Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has given the green light to eight major railway projects.
With a combined estimated cost of Rs. 24,657 crore (approximately $3.3 billion), these projects are set to transform connectivity across seven states. The approved initiatives will add 900 kilometers to the existing railway network, covering 14 districts across Odisha, Maharashtra, Andhra Pradesh, Jharkhand, Bihar, Telangana, and West Bengal.
The Reserve Bank of India (RBI) Governor, Shaktikanta Das, announced today in the bi-monthly monetary policy statement that the repo rate, the central bank’s rate for short-term loans to banks, will remain unchanged at 6.5 per cent. The decision reflects a cautious approach amid evolving economic conditions.
Governor Das highlighted that inflation and growth are currently balanced, but emphasised the need for vigilance concerning food prices.
Chief Minister Thakur Sukhvinder Singh Sukhu announced that Himachal Pradesh will brand and market natural farming products under distinct trademarks to ensure better prices for farmers.
During a review meeting, Sukhu emphasised expanding natural farming and introduced plans for a comprehensive certification, packaging, and marketing system. A specialised lab for soil testing and product certification will also be established.
Expressing concern over rising cancer cases linked to chemical farming, Sukhu urged farmers to adopt chemical-free practices.
The Confederation of Indian Industry (CII) launched its Tamil Nadu Micro Entrepreneurs Forum to support 1000 Micro enterprises in nine districts initially including, Chennai, Coimbatore, Tiruppur, Erode, Karur, Tiruchirappalli, Madurai, Tuticorin, and Salem.
At a recent event in Chennai, Minister for Industries T R B Rajaa highlighted the sector's importance, noting that MSMEs contribute 30 per cent of Tamil Nadu's industrial output and 45 per cent of its exports.
The state government is poised to introduce an independent space policy by the end of the fourth quarter of 2024, with a strategic emphasis on fostering innovation and growth within the startup ecosystem and micro, small, and medium enterprises (MSMEs).
IT Minister Priyank Kharge, in an exclusive interview with The Times of India, revealed that the new policy will centre around four pivotal areas: skill development, incubation, innovation, and research.
Madhya Pradesh Chief Minister Mohan Yadav announced on Thursday that the state has secured investment proposals totalling Rs 3,200 crore, with international tech giants Nvidia and Google among the prospective investors.
These investments are expected to create over 7,000 jobs in the region. The announcement came following an interactive session held in Bengaluru, which saw participation from more than 500 attendees. The event featured one-on-one meetings with representatives from over 30 prominent companies, including Lap India Private Limited, Reliance Consumer Products Limited, DHL Global, Tech Mahindra, Microsoft, and Kirloskar Systems.
The governments of India and the United States have formalised their commitment to strengthening cooperation in the small and medium enterprise (SME) sector.
S. C. L Das, Secretary, Ministry of Micro, Small and Medium Enterprises, and Isabel Casillas Guzman, Administrator, U.S. Small Business Administration, signed a Memorandum of Understanding (MoU) in New Delhi, on Tuesday. The agreement, which follows directives outlined in the India-US Joint Statement of June 2023, establishes a framework for bilateral discussions on issues affecting micro, small, and medium enterprises (MSMEs).
Mauritius is actively pursuing enhanced industrial collaboration with Coimbatore, as stated by Soomilduth Bholah, the Minister for Financial Services and Good Governance of Mauritius, during the inauguration of 'Elektrotec 2024' on Friday.
The event, an industrial electrical and electronics fair organised by the Coimbatore District Small Industries Association (CODISSIA), served as a platform for the Mauritian delegation to express their interest in fostering innovation and partnership opportunities with India.
According to the FISME factor, 30% of MSMEs think that the recent Union Budget announcements address the major challenges faced by MSME while 70% can’t say.
In our hyper-connected, always-on world, the pressure to be constantly productive has reached a fever pitch. The relentless pursuit of efficiency and productivity has led to a surge in burnout rates, with employees feeling overwhelmed, exhausted, and disconnected from their work. To combat this epidemic, a counterintuitive approach is gaining traction: slow productivity.
Advances in technology have enabled businesses of all sizes to become more competitive in their processes. Cloud computing and automation in particular have transformed the way financial teams manage their day-to-day operations, and savvy accounting practitioners are slowly shifting away from the report-to-record (R2R) model and into continuous accounting.
Several months ago, we discussed a report from Constant Contact, Small Business Now: The Current State of SMB Marketing, showing that small business owners were struggling to market their products and services and how 73% of them weren’t confident their current marketing strategies were helping them grow their companies.
While that initial article highlighted the marketing challenges business owners were facing, it didn’t offer many solutions.
In a move aimed at addressing domestic shortages and bolstering India's ambitious steel production goals, the Indian Steel Association (ISA) has called for the implementation of export taxes on low-grade iron ore and pellets.
This proposal, detailed in a letter to the federal Ministry of Steel dated July 17, seeks to curb exports and ensure adequate supply for the country's burgeoning steel industry.
Revolutionising Indian homes with unmatched craftsmanship, Luxelan's seamless turnkey solutions redefine luxury interiors. Experience a new standard in elegance, efficiency, and ease. Luxury homebuyers deserve a seamless experience, but the current market is fragmented and stressful. Luxelan identified a gap in the market: a lack of single-source, organised, and professional luxury interior design firms. This approach, often involving multiple vendors, creates a chaotic experience for even high-end homeowners, hindering the journey between acquiring a dream home and finally enjoying it.
In a significant development for India's deep-tech sector, marine robotics startup EyeROV has successfully raised ₹10 crore (approximately $1.2 million) in a Pre-Series A funding round. The investment, led by Unicorn India Ventures, marks a pivotal moment for the Kochi-based company as it sets its sights on international expansion and product development.
Founded in 2016 by IIT alumni Johns T Mathai and Kannappa Palaniappan P, EyeROV has rapidly established itself as a pioneer in the marine robotics field.
“The power of concentration is the only key to the treasure-house of knowledge. ”
