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President Message
General Elections are likely to be held in mid-April. Political parties are gearing up for the epic duel. Soon the process of drafting the Election Manifestoes will commence. As an advocacy group, FISME held a series of consultations with stakeholders and identified areas of critical interventions. The draft of the recommendations were presented during 4th 'Samwad' (dialogue) with Members of Parliament. The recommendations included amending zoning/ building byelaws to ensure self-employed people working from home can work legally and access finance and support schemes; notifying IBC Rules for Individuals to pave way for an honourable exit to failed entrepreneurs allowing redeployment of resources for creation of new jobs; Commissioning studies to map Carbon intensity in 62 export intensive MSME clusters and develop roadmap of greening their processes and products; Releasing White Paper on developing the Financial Sector for India's Entrepreneurial Society with a focus on manufacturing; Revamping and strengthening Grievance Redressal mechanism for Banks; Expanding coverage of acceptance of Insurance Surety in place of Bank Guarantees in all Government purchases; Ensuring swift, effective and affordable justice to resolve contractual disputes with widespread use of Alternative Dispute Resolutions (ADRs) and providing legal aid; Ensuring that all government departments and PSUs report filing and progress of cases of litigations and arbitration every month; Launch National Technological Mission for MSMEs to benchmark technological level and develop roadmap for its upgradation to international level and Releasing White Paper to identify and remove impediments in growth of Small to Medium sized enterprises to help MSMEs acquire scale of economies and remove regulations holding growth of medium sector. We hope some of these recommendations will find place in the manifestoes of major political parties and trigger change for good.
FISME, as the secretariat of the forum 'Friends of MSMEs in Parliament', organized the "4th Samwad: Dialogue with MSMEs" at the Shangri La Eros Hotel, on February 5, 2024. A set of issues iterated by MSME stakeholders were discussed with MPs for sending to political parties for inclusion in their election manifestoes for general elections 2024. Among the key points discussed were the advocacy for legalizing remote work for the self-employed, reforming insolvency regulations to alleviate the stigma of failure and prevent entrepreneur suicides, and enhancing resource efficiency and financial accessibility for MSMEs.
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, 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.Before You Begin: Get in the Right Mindset The public often hears about overnight successes because they make for a great headline.
Indian Prime Minister Narendra Modi's government will present its final budget on Thursday before elections, with plans expected to be fiscally prudent with a focus on infrastructure spending but heavy on political messaging ahead of the national vote. Finance Minister Nirmala Sitharaman will announce the budget for the financial year 2024/25 which starts April 1 at 0530 GMT. She is expected to highlight the Modi government's 10-year economic performance, but will hold back on expensive schemes to lower the fiscal deficit. The budget could serve as an economic manifesto for Modi's party by laying out his vision for the economy for the next five years.
The Centre is on the verge of approving a policy to extend concessions on import duty for electric cars priced above Rs 30 lakh for a duration of 2-3 years.
This move potentially opens the door for Tesla's entry into the Indian market, according to a report by ET released on Thursday. As per the report, this extension is expected to be contingent upon bank guarantees provided by the US-based car manufacturer, aimed at securing investments for the establishment of an electric vehicle (EV) factory in India.
The Commerce Ministry has emphasised the government's prioritisation of maintaining adequate domestic supplies. This focus has been highlighted as a significant factor contributing to the substantial 9 per cent year-on-year (YoY) decrease in agriculture exports observed from April to December 2023.
The ministry pointed out that agriculture exports during this period have grown by 8 per cent if commodities like wheat, non-basmati rice, broken rice and sugar are excluded.
The Apparel Export Promotion Council (AEPC) has formally requested the Central Board of Indirect Taxes and Customs (CBIC) to suspend the practice of trans-shipping Bangladesh's export cargo through the Delhi Air Cargo complex to third countries.
In response to the matter, Sudhir Sekhri, Chairman of AEPC, highlighted the escalating logistical challenges exacerbated by the ongoing Red Sea crisis. He underscored the detrimental impact on export logistics, with a notable shift from sea to air transportation.
The government anticipates a Rs 10,000-crore investment under the Production-Linked Incentive (PLI) scheme for speciality steel in the fiscal year 2025. This amount will be in addition to the Rs 16,000 crore expected in the current financial year.
As of December-end, companies selected under the PLI scheme for speciality steel have already invested Rs 12,900 crore, with an additional Rs 3,000 crore expected before March, according to the Ministry of Steel. These companies had committed investments of Rs 21,000 crore by the end of this financial year.
The Ministry of Micro, Small, and Medium Enterprises (MSME) is poised to achieve a milestone as it unveils multiple Technology Centers, Extension Centers, and Development and Facilitation Offices throughout the nation.
In a press release issued by the Ministry, it was announced that the inauguration ceremony, slated for Wednesday, will be spearheaded by Union Minister for MSME, Narayan Rane, along with Rakesh Sachan, Minister of MSME, Khadi, Village Industries, Sericulture Industries, Handloom, and Textile, representing the Government of Uttar Pradesh.
The Department of Telecommunications (DoT) has unveiled the Shark Tank-inspired 'Startup Facilitation Platform,' a novel initiative aimed at streamlining funding avenues for emerging tech ventures.
Functioning as a liaison between start-ups and venture capitalists, this platform seeks to bolster investment opportunities for start-ups, reported BW. Led by the DoT, efforts under the 'Startup Facilitation Platform' focus on linking start-ups operating in cutting-edge fields like Artificial Intelligence (AI) and cybersecurity with potential investors.
A fresh quality control regime encompassing 145 steel products has been initiated by the government, as per a new gazette notification.
This new directive supersedes the previous quality control regime, which governed 111 products ranging from stainless steel pipes and tubes to primary cells and primary battery parts. Notably, many of the quality control orders, including specifications for Steel Wire for Staples, Pins, and Clips, are immediately enforceable.
In a significant move towards fostering entrepreneurship and economic growth in Nagaland, SIDBI (Small Industries Development Bank of India) has partnered with the Government of Nagaland to establish Swavalamban Connect Kendra's (SCKs) across the state.
This collaborative effort aims to revolutionise the entrepreneurial landscape in Nagaland and empower local talent to become job creators. The inauguration ceremony, graced by the Honourable Chief Minister of Nagaland, Neiphiu Rio, witnessed the unveiling of the first Swavalamban Connect Kendra in Kohima.
Andhra Pradesh Industries and IT Minister Gudivada Amarnath laid the foundation stones for numerous industries in a monumental initiative totalling Rs 4,178 crore.
Emphasising the government's commitment to facilitating new ventures, Minister Amarnath inaugurated eight projects remotely from the Velagapudi state secretariat. Among these projects were endeavours by India Limited, APIIC, AP MSME Corporation, the Birla group, Hella Infra, and Vesuvius India Ltd.
Karnataka Electricity Regulatory Commission (KERC) Chairman P. Ravikumar urged the Chamundeshwari Electricity Supply Corporation (CESC) to extend power bill rebates to MSMEs during a public hearing, on Wednesday.
Mr. Ravikumar, addressing concerns raised by industry representatives, questioned the rationale behind withholding rebates from MSMEs
In a significant move aimed at enhancing India's defence and aerospace manufacturing capabilities, the Micro, Small, and Medium Enterprises (MSME) Technology Centre in Visakhapatnam has forged a strategic partnership with Jindal Stainless.
This collaboration, marked by the signing of a memorandum of understanding (MoU), aims to produce value-added products tailored for the missile and satellite launch vehicle segments.
ZF, a leading automotive systems supplier, has inaugurated its 19th manufacturing plant in India at Oragadam, Tamil Nadu.
This move is part of the company's Rs 1,800 crore project aimed at strengthening its manufacturing footprint in India and meeting the increasing demand for automotive systems. The new manufacturing facility, covering an area of 44.08 acres, signifies ZF's commitment to local manufacturing excellence and global demand fulfilment.
Prime Minister Narendra Modi and Sheikh Mohamed bin Rashid Al Maktoum virtually laid the foundation stone of Bharat Mart on Wednesday.
This initiative aims to pave the way for the Indian Micro, Small and Medium Enterprise (MSME) sector to access international buyers effectively, reported Business Standard. The mart is set to be constructed by DP World at the Jebel Ali Free Trade Zone in Dubai, as per a statement from Ministry of External Affairs. The Prime Minister emphasised the pivotal role of Bharat Mart in bolstering exports for India's MSMEs across regions like the Gulf, West Asia, Africa, and Eurasia.
How do you view the Interim Budget presented by Finance Minister on 1st Feb 2024?
According to the FISME factor, 30% of MSMEs think that the Interim Budget presented by the Finance Minister on February 1st, 2024 is good, while 60% think it is so-so.
The double-edged sword: Exploring the risks of excessive workplace resilience
Resilience – the ability to bounce back from adversity and thrive under pressure – is often hailed as a key ingredient for success in the dynamic world of work. It empowers individuals to overcome setbacks, adapt to change, and maintain a positive outlook, fostering personal growth and contributing to a resilient organisational culture. But what happens when the pursuit of resilience becomes an obsession?
Master Financial Management For Startups With Expert Tips
In the fast-paced world of business, financial management stands as a critical pillar of success. Whether you are a seasoned entrepreneur or just starting your business journey, mastering financial management is essential. In this comprehensive guide, we will delve into the key financial management tips that can propel your business toward sustainable growth and prosperity.
Since the advent of the Internet, small business marketing teams have had to constantly update their efforts. Just 20 years ago, social media was in its infancy, traditional print advertisements were still marketing priorities, and no one knew what an "influencer" was.
CAIT Urges Finance Minister To Delay Enforcement Of IT Payment Provisions
The Confederation of All India Traders (CAIT) has stepped up its efforts to address concerns surrounding Income Tax Law 43(B)H among traders nationwide, including those in Delhi.
CAIT representatives engaged with Union Finance Minister Nirmala Sitharaman to convey these concerns and propose a solution, on Wednesday.
Homegrown Startup Naam Looks To Challenge Truecaller With Privacy-Focused Caller Id App
Scam calls have become a widespread menace. Last year, Telecom Minister Ashwini Vaishnaw cautioned against picking up calls from unknown numbers. As per a McAfee survey, 48% of Indians conned by AI call scams lost over Rs 50,000 individually. While the Telecom Regulatory Authority of India (TRAI) is taking steps to implement a caller identification system, private players are helping notify users of fraud and spam calls.
Ashok Soota: Thinking big and taking path less travelled, even with philanthropy
Ashok Soota was among the early philanthropists in India to support disability rights and inclusion. The executive chairman of Happiest Minds Technologies now wants to define his legacy with a charitable trust dedicated to medical research. Ashok Soota has always dreamt big. He spent the early years of his career at business conglomerate DCM Shriram.
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, using information on the number of subscribers who have subscribed under three major schemes, namely the Employees' Provident Fund (EPF) Scheme, the Employees' State Insurance (ESI) Scheme and the National Pension Scheme (NPS).
FISME regularly receives monthly reports on the economies of various countries from their missions in India. These reports provide information on key economic parameters, trade related information and all news relevant for importers and exporters. In this edition you can take a look at reports on:
Write your comments on the FISME Factor. Share your views and suggestions on MSME issues. Win prize! The best mail will get a special book every fortnight.
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General Elections are likely to be held in mid-April. Political parties are gearing up for the epic duel. Soon the process of drafting the Election Manifestoes will commence. As an advocacy group, FISME held a series of consultations with stakeholders and identified areas of critical interventions. The draft of the recommendations were presented during 4th 'Samwad' (dialogue) with Members of Parliament. The recommendations included amending zoning/ building byelaws to ensure self-employed people working from home can work legally and access finance and support schemes; notifying IBC Rules for Individuals to pave way for an honourable exit to failed entrepreneurs allowing redeployment of resources for creation of new jobs; Commissioning studies to map Carbon intensity in 62 export intensive MSME clusters and develop roadmap of greening their processes and products; Releasing White Paper on developing the Financial Sector for India's Entrepreneurial Society with a focus on manufacturing; Revamping and strengthening Grievance Redressal mechanism for Banks; Expanding coverage of acceptance of Insurance Surety in place of Bank Guarantees in all Government purchases; Ensuring swift, effective and affordable justice to resolve contractual disputes with widespread use of Alternative Dispute Resolutions (ADRs) and providing legal aid; Ensuring that all government departments and PSUs report filing and progress of cases of litigations and arbitration every month; Launch National Technological Mission for MSMEs to benchmark technological level and develop roadmap for its upgradation to international level and Releasing White Paper to identify and remove impediments in growth of Small to Medium sized enterprises to help MSMEs acquire scale of economies and remove regulations holding growth of medium sector. We hope some of these recommendations will find place in the manifestoes of major political parties and trigger change for good.
FISME, as the secretariat of the forum 'Friends of MSMEs in Parliament', organized the "4th Samwad: Dialogue with MSMEs" at the Shangri La Eros Hotel, on February 5, 2024. A set of issues iterated by MSME stakeholders were discussed with MPs for sending to political parties for inclusion in their election manifestoes for general elections 2024. Among the key points discussed were the advocacy for legalizing remote work for the self-employed, reforming insolvency regulations to alleviate the stigma of failure and prevent entrepreneur suicides, and enhancing resource efficiency and financial accessibility for MSMEs.
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, 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.Before You Begin: Get in the Right Mindset The public often hears about overnight successes because they make for a great headline.
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The Centre is on the verge of approving a policy to extend concessions on import duty for electric cars priced above Rs 30 lakh for a duration of 2-3 years.
This move potentially opens the door for Tesla's entry into the Indian market, according to a report by ET released on Thursday. As per the report, this extension is expected to be contingent upon bank guarantees provided by the US-based car manufacturer, aimed at securing investments for the establishment of an electric vehicle (EV) factory in India.
The Commerce Ministry has emphasised the government's prioritisation of maintaining adequate domestic supplies. This focus has been highlighted as a significant factor contributing to the substantial 9 per cent year-on-year (YoY) decrease in agriculture exports observed from April to December 2023.
The ministry pointed out that agriculture exports during this period have grown by 8 per cent if commodities like wheat, non-basmati rice, broken rice and sugar are excluded.
The Apparel Export Promotion Council (AEPC) has formally requested the Central Board of Indirect Taxes and Customs (CBIC) to suspend the practice of trans-shipping Bangladesh's export cargo through the Delhi Air Cargo complex to third countries.
In response to the matter, Sudhir Sekhri, Chairman of AEPC, highlighted the escalating logistical challenges exacerbated by the ongoing Red Sea crisis. He underscored the detrimental impact on export logistics, with a notable shift from sea to air transportation.
The government anticipates a Rs 10,000-crore investment under the Production-Linked Incentive (PLI) scheme for speciality steel in the fiscal year 2025. This amount will be in addition to the Rs 16,000 crore expected in the current financial year.
As of December-end, companies selected under the PLI scheme for speciality steel have already invested Rs 12,900 crore, with an additional Rs 3,000 crore expected before March, according to the Ministry of Steel. These companies had committed investments of Rs 21,000 crore by the end of this financial year.
The Ministry of Micro, Small, and Medium Enterprises (MSME) is poised to achieve a milestone as it unveils multiple Technology Centers, Extension Centers, and Development and Facilitation Offices throughout the nation.
In a press release issued by the Ministry, it was announced that the inauguration ceremony, slated for Wednesday, will be spearheaded by Union Minister for MSME, Narayan Rane, along with Rakesh Sachan, Minister of MSME, Khadi, Village Industries, Sericulture Industries, Handloom, and Textile, representing the Government of Uttar Pradesh.
The Department of Telecommunications (DoT) has unveiled the Shark Tank-inspired 'Startup Facilitation Platform,' a novel initiative aimed at streamlining funding avenues for emerging tech ventures.
Functioning as a liaison between start-ups and venture capitalists, this platform seeks to bolster investment opportunities for start-ups, reported BW. Led by the DoT, efforts under the 'Startup Facilitation Platform' focus on linking start-ups operating in cutting-edge fields like Artificial Intelligence (AI) and cybersecurity with potential investors.
A fresh quality control regime encompassing 145 steel products has been initiated by the government, as per a new gazette notification.
This new directive supersedes the previous quality control regime, which governed 111 products ranging from stainless steel pipes and tubes to primary cells and primary battery parts. Notably, many of the quality control orders, including specifications for Steel Wire for Staples, Pins, and Clips, are immediately enforceable.
In a significant move towards fostering entrepreneurship and economic growth in Nagaland, SIDBI (Small Industries Development Bank of India) has partnered with the Government of Nagaland to establish Swavalamban Connect Kendra's (SCKs) across the state.
This collaborative effort aims to revolutionise the entrepreneurial landscape in Nagaland and empower local talent to become job creators. The inauguration ceremony, graced by the Honourable Chief Minister of Nagaland, Neiphiu Rio, witnessed the unveiling of the first Swavalamban Connect Kendra in Kohima.
Andhra Pradesh Industries and IT Minister Gudivada Amarnath laid the foundation stones for numerous industries in a monumental initiative totalling Rs 4,178 crore.
Emphasising the government's commitment to facilitating new ventures, Minister Amarnath inaugurated eight projects remotely from the Velagapudi state secretariat. Among these projects were endeavours by India Limited, APIIC, AP MSME Corporation, the Birla group, Hella Infra, and Vesuvius India Ltd.
Karnataka Electricity Regulatory Commission (KERC) Chairman P. Ravikumar urged the Chamundeshwari Electricity Supply Corporation (CESC) to extend power bill rebates to MSMEs during a public hearing, on Wednesday.
Mr. Ravikumar, addressing concerns raised by industry representatives, questioned the rationale behind withholding rebates from MSMEs
In a significant move aimed at enhancing India's defence and aerospace manufacturing capabilities, the Micro, Small, and Medium Enterprises (MSME) Technology Centre in Visakhapatnam has forged a strategic partnership with Jindal Stainless.
This collaboration, marked by the signing of a memorandum of understanding (MoU), aims to produce value-added products tailored for the missile and satellite launch vehicle segments.
ZF, a leading automotive systems supplier, has inaugurated its 19th manufacturing plant in India at Oragadam, Tamil Nadu.
This move is part of the company's Rs 1,800 crore project aimed at strengthening its manufacturing footprint in India and meeting the increasing demand for automotive systems. The new manufacturing facility, covering an area of 44.08 acres, signifies ZF's commitment to local manufacturing excellence and global demand fulfilment.
Prime Minister Narendra Modi and Sheikh Mohamed bin Rashid Al Maktoum virtually laid the foundation stone of Bharat Mart on Wednesday.
This initiative aims to pave the way for the Indian Micro, Small and Medium Enterprise (MSME) sector to access international buyers effectively, reported Business Standard. The mart is set to be constructed by DP World at the Jebel Ali Free Trade Zone in Dubai, as per a statement from Ministry of External Affairs. The Prime Minister emphasised the pivotal role of Bharat Mart in bolstering exports for India's MSMEs across regions like the Gulf, West Asia, Africa, and Eurasia.
According to the FISME factor, 30% of MSMEs think that the Interim Budget presented by the Finance Minister on February 1st, 2024 is good, while 60% think it is so-so.
Resilience – the ability to bounce back from adversity and thrive under pressure – is often hailed as a key ingredient for success in the dynamic world of work. It empowers individuals to overcome setbacks, adapt to change, and maintain a positive outlook, fostering personal growth and contributing to a resilient organisational culture. But what happens when the pursuit of resilience becomes an obsession?
In the fast-paced world of business, financial management stands as a critical pillar of success. Whether you are a seasoned entrepreneur or just starting your business journey, mastering financial management is essential. In this comprehensive guide, we will delve into the key financial management tips that can propel your business toward sustainable growth and prosperity.
Since the advent of the Internet, small business marketing teams have had to constantly update their efforts. Just 20 years ago, social media was in its infancy, traditional print advertisements were still marketing priorities, and no one knew what an "influencer" was.
The Confederation of All India Traders (CAIT) has stepped up its efforts to address concerns surrounding Income Tax Law 43(B)H among traders nationwide, including those in Delhi.
CAIT representatives engaged with Union Finance Minister Nirmala Sitharaman to convey these concerns and propose a solution, on Wednesday.
Scam calls have become a widespread menace. Last year, Telecom Minister Ashwini Vaishnaw cautioned against picking up calls from unknown numbers. As per a McAfee survey, 48% of Indians conned by AI call scams lost over Rs 50,000 individually. While the Telecom Regulatory Authority of India (TRAI) is taking steps to implement a caller identification system, private players are helping notify users of fraud and spam calls.
Ashok Soota was among the early philanthropists in India to support disability rights and inclusion. The executive chairman of Happiest Minds Technologies now wants to define his legacy with a charitable trust dedicated to medical research. Ashok Soota has always dreamt big. He spent the early years of his career at business conglomerate DCM Shriram.
“ Always aim at perfection for only then will you achieve excellence. ”
