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President Message
The potential of India's temple economy, particularly as the historic Ram Mandir inauguration draws near, shouldn't be underestimated. From time immemorial Temples in India have been the epicenter for performing arts and crafts. Looking beyond India, examples abound of temples acting as vibrant economic hubs. Thailand's Wat Arun, for instance, drives not just tourism but also a thriving market for local artisans and souvenir makers. Similarly, Japan's Sensō-ji temple generates substantial revenue through food stalls, shops, and cultural performances, supporting surrounding businesses and generating employment. Beyond tourism, temples can be catalysts for local development. In Cambodia, Angkor Wat has fueled infrastructure projects, while in Guatemala, Mayan temple restoration programs have created skilled jobs and revived traditional crafts. Temple endowments can be made to invest in local infrastructure, skill development, and cultural preservation. This creates a virtuous cycle, attracting more pilgrims and tourists who then contribute to the local economy. Embracing a well-managed temple economy is not just about economic gain; it's about recognizing the cultural and social fabric woven around these sacred spaces. By harnessing their potential responsibly, India can unlock a unique path to sustainable and inclusive development, one inspired by its rich spiritual heritage.
Telangana State Trade Promotion Corporation Ltd. (TSTPC) in collaboration with Federation of Indian Micro and Small & Medium Enterprises (FISME) organized a multi-sector consultation with industry leaders to explore and enhance the capabilities of Telangana MSMEs on 12th Jan, 2024 in Hyderabad. TSTPC is the Telangana State Nodal Agency (SNA) for RAMP implementation.
The objective of the consultation was to share the findings of research that identified products currently being imported but can be manufactured in Telangana (Potential products in sectors namely Electronics & IT, Defense and aerospace, Engineering, Domestic Appliance, Auto Components, Plastic and Polymer, Glass & Ceramic, Life Science, Bulk Drug, Food and beverages, FMCG). And also to seek specific inputs for supporting existing units in areas like Technology, Finance, Quality/Testing, fostering a comprehensive approach.
The RAMP program envisions supporting 100 MSMEs, propelling them into the forefront of self-sustainable and globally competitive enterprises. This collaborative effort aligns with the larger national goal of promoting indigenous manufacturing and economic resilience in the MSME sector.
A stakeholder consultation meeting was jointly organized by Meerut Citizens Forum (MCF) and the Federation of Indian Micro and Small & Medium Enterprises (FISME) following a study conducted by economist and former senior advisor of the Ministry of Commerce and Industry, Manak Singhi. The study, titled 'Study for Identifying Strategies for Quadrupling Meerut's GDP,' served as the foundation for the meeting, which was administered by MP Meerut Rajendra Agrawal. MP Meerut announced Chairmen for Working Groups in Industry, Services, Agriculture, Institutional Reforms, and Education during the meeting. Coordinators for the Industry working group will cover more than 12 clusters, while the Services group will cover 6 clusters, the names of which were also announced at the meeting. A detailed action plan to quadruple the GDP of Meerut was presented by the Secretary-General of FISME, a partner in conducting the study. During the event, the State Bank of India (SBI) signed an MoU with MCF to assist Meerut-based MSME clusters. Abhishek Singhal signed the MoU on behalf of MCF, and Raj Kumar Singh, DGM, signed on behalf of SBI.
The startup world is full of risk and uncertainty. Even the most well-planned startups may find themselves needing to adjust their strategy due to conditions out of their control. The good news is that 75% of startups that pivot by making a fundamental shift in their business strategy are successful, according to research from Skynova.Making the startup pivot can be critical for success. But that does not mean it's easy. If 75% of startups successfully pivot, then 25% do not.
As per estimates, the January 22 consecration ceremony of Ram temple in Ayodhya is expected to generate an additional trade of over Rs 50,000 crore in the country in January. Moreover, the Hindu temple economy in India is said to be worth Rs 3.02 lakh crore as per NSSO survey. With the construction of the Ram Temple in Ayodhya, the temple town is all set to become a major centre of India's economy, along with faith and spirituality. In the run-up to the January 22 consecration ceremony of the Ram temple in Ayodhya...
According to the Indian Cellular and Electronics Association (ICEA), India's electronics exports to the United States (UN) surged over two-fold to USD 6.6 billion from January to September 2023.
Pankaj Mahindroo, Chairman of ICEA, highlighted that this marks an all-time high in Indian electronics exports. Importantly, the share of electronics from China in the US market has decreased, contributing to India's growth in this sector, as reported by PTI.
The latest Society of Indian Automobile Manufacturers (SIAM) data reveals a 21 per cent decline in automobile shipments from India last year. Overall exports amounted to 42,85,809 units compared to 52,04,966 units in 2022, with various overseas markets grappling with monetary and geopolitical crises.
Passenger vehicle shipments experienced a 5 per cent increase, reaching 6,77,956 units last year, compared to 6,44,842 units in 2022. Nevertheless, other segments, including commercial vehicles, two-wheelers, and three-wheelers, witnessed a decrease in exports last year.
India's petroleum product exports to Europe have significantly dropped in January due to heightened tensions in the Red Sea, declining from 350-400 thousand barrels per day in November and December to just 100 thousand barrels per day. The rising threats in the Red Sea have compelled Indian exporters to choose longer routes via the Cape of Good Hope, leading to a 60-70 per cent increase in shipping costs. Viktor Katona, lead crude analyst at Kpler, mentioned that despite exporting to Europe, Indian refiners prefer circumnavigating to Africa.
Ajay Bhatt, Minister of State for Defence, highlighted the importance of leveraging the knowledge and infrastructure assets of the Defence Research and Development Organisation (DRDO) by Micro, Small, and Medium Enterprises (MSMEs) and private industries.
During his visit to DRDO's Dr APJ Abdul Kalam Missile Complex, Hyderabad and the Research Centre Imarat (RCI) on Sunday, the minister also envisioned DRDO as a global leader in exporting weapon systems.
Prime Minister Narendra Modi inaugurated the New Enterprises & Services Tower (NEST – 01) at Santacruz Electronics Export Processing Zone (SEEPZ), on Friday.
The NEST-01 is intended primarily for units in the Gems & Jewellery sector that will be relocated from the current Standard Design Factory - I. The new tower is specifically designed to accommodate large-scale production in response to industry demand.
The announcement was made when Narendra Modi inaugurated and laid the foundation stone for numerous development projects totalling over Rs 12,700 crore in Navi Mumbai, Maharashtra.
Amazon, the e-commerce giant, aims to enhance the engagement of Micro, Small, and Medium Enterprises (MSMEs) on its export platform by implementing various awareness programs.
The company has strategised an awareness program to encompass 20 districts across the country, targeting small businesses with the potential to export niche goods. Additionally, it provides a network of service providers, collaborations with both central and state governments, and partnerships with logistics firms to streamline the export process.
Union Minister Piyush Goyal highlighted the government's focus on Quality Control Orders (QCOs), and the 'Zero Defect, Zero Effect' motto, transforming the perception of 'Made in India' on a global scale.
India is on a determined mission to establish itself as a world leader in delivering high-quality products adhering to the most stringent global standards, reported TOI.
The supply of quality products at competitive rates is a cornerstone of the broader agenda to propel India into the ranks of developed nations by 2047.
The plastic manufacturing industry is urging the state government to allocate 100 acres of land for a specialised plastic park in the city.
This request was highlighted in three meetings between members of the Plastic Manufacturers and Traders Association and officials from the industry and commerce department. Notably, last year, the state government set a three-year deadline for relocating industrial units situated in mixed land use and residential areas.
The Karnataka government is gearing up to unveil sector-specific booster kits for start-ups in the state within the next month. The Start-up Karnataka booster kit currently contains a variety of software tools, cloud credits, mentorship opportunities, access to incubators, government funding, as well as legal and financial consulting services. This kit is open to any start-up that has completed registration with the State government. With its sector-based approach, the upcoming kit from the Karnataka government is anticipated to be more practical than its predecessors,
First Solar, Inc. has officially opened its cutting-edge facility in Tamil Nadu, marking India's inaugural fully vertically integrated solar manufacturing plant.
Dr T R B Rajaa, the Minister for Industries, Promotions, and Commerce of the Government of Tamil Nadu, led the inauguration ceremony, attended by key figures like US Ambassador to India, Eric Garcetti, and Scott Nathan, CEO of the US International Development Finance Corporation (DFC).
The Power Department of the Meghalaya Government has collaborated with ONGC Tripura Power Company Ltd (OTPC), marking a significant step towards a sustainable future as they signed a Memorandum of Understanding (MOU) on Wednesday.
The MOU outlined objectives, including the development of a Pump Storage Hydropower Project, both large and small hydroelectric power projects, and innovative solutions like floating solar projects.
India has requested the U.S. to permit domestic labs for the irradiation of fruits like mangoes, aiming to assist exporters in reducing trade costs, as confirmed by an official.
Currently, exporters must conduct irradiation at U.S. ports, leading to increased expenses and uncertainties in case of consignment rejection.This matter was discussed during the 14th India-U.S. Trade Policy Forum meeting on January 12.
The official stated, "We have raised the issue of fruit irradiation, which they currently perform on their coast. Let it happen here. They can allow Indian labs to do so. It will reduce trade costs."
The central government has implemented a five-year anti-dumping duty on three Chinese products including wheel loaders, gypsum tiles and industrial laser machinery.
The objective is to protect domestic manufacturers from the influx of low-cost imports from China, in line with the suggestions made by the Directorate General of Trade Remedies (DGTR), the investigative body of the commerce ministry, as reported by ET. Through distinct investigations, the DGTR has determined that these specific products have been exported to Indian markets at prices lower than the normal value, leading to instances of dumping.
Which sector will be the primary driver of India's economic growth in 2024-25?
According to the FISME factor, 50% of the MSMEs believe that government expenditure will be the primary driver of India's economic growth in 2024-25, while reaming 50% are uncertain.
The year 2023 wasn't just marked by roaring inflation and geopolitical tremors; it also witnessed a subtler earthquake within the workforce – the rise of the 'quiet' trends. These weren't the kind of movements that dominated headlines with fiery pronouncements; they were whispers of discontent, anxieties simmering beneath the surface. Yet, their impact on employee morale, productivity, and the overall work culture was undeniable.
What Is The Best Way To Finance Your New Business?
Entrepreneurship can be a challenging yet fulfilling journey. Among the important decisions you'll have to make as a business owner is how to finance your venture. With numerous financing options available, it's crucial to determine the best fit for your unique circumstances and business type.
Marketing tips for small business in upcoming years
A small business's marketing strategy plays a significant role in determining its success. Marketing these days has become quintessential for acquiring clients and in turn, to keep your business running. To derive optimal results from marketing, a business requires several strategies that align with their company's sales objectives and branding aspirations.
Gujarat Textile Policy Deadline Passes, Industry Still Await Power Relief
The textile sector in Surat is still awaiting the power subsidy guaranteed in the 2019 Gujarat Textile Policy. The assurances given to the entrepreneurs by the state government remain largely unfulfilled, as the deadline of December 31, 2023, for the textile policy has already passed.
The promised subsidy cost is Rs. 3 per unit for LT (Low Tension) connections and Rs. 2 per unit for HT (High Tension) connections – aimed to revive the sector struggling with increasing energy costs.
Entrepreneur Expands Family Trucking Business Through Amazon Partnership
Amarnath Banik, a 38-year-old entrepreneur from Guwahati, significantly expanded his family trucking business by partnering with Amazon.
Starting with a fleet of 50 trucks and 60 drivers, his collaboration with Amazon's trucking partner program propelled the business to 200 trucks and 250 drivers.
SHG Woman Entrepreneur Scripts Success With Paper Craft
Sheetal Bhoyar, a 39-year-old postgraduate teacher and a member of a Self-Help Group (SHG), actively participated in the Entrepreneurship Development Training Programme for Paper Bags and Crafts.
This program, organised by the Rural Crafts and Engineering Department, took place in two sessions in October 2017.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released the Quick Estimates of Index of Industrial Production (IIP) and Use-Based Index for the month of November 2023 (BASE 2011-12=100).
FISME regularly receives monthly reports on the economies of various countries from their missions in India. These reports provide information on key economic parameters, trade related information and all news relevant for importers and exporters. In this edition you can take a look at reports on:
Write your comments on the FISME Factor. Share your views and suggestions on MSME issues. Win prize! The best mail will get a special book every fortnight.
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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.
The potential of India's temple economy, particularly as the historic Ram Mandir inauguration draws near, shouldn't be underestimated. From time immemorial Temples in India have been the epicenter for performing arts and crafts. Looking beyond India, examples abound of temples acting as vibrant economic hubs. Thailand's Wat Arun, for instance, drives not just tourism but also a thriving market for local artisans and souvenir makers. Similarly, Japan's Sensō-ji temple generates substantial revenue through food stalls, shops, and cultural performances, supporting surrounding businesses and generating employment. Beyond tourism, temples can be catalysts for local development. In Cambodia, Angkor Wat has fueled infrastructure projects, while in Guatemala, Mayan temple restoration programs have created skilled jobs and revived traditional crafts. Temple endowments can be made to invest in local infrastructure, skill development, and cultural preservation. This creates a virtuous cycle, attracting more pilgrims and tourists who then contribute to the local economy. Embracing a well-managed temple economy is not just about economic gain; it's about recognizing the cultural and social fabric woven around these sacred spaces. By harnessing their potential responsibly, India can unlock a unique path to sustainable and inclusive development, one inspired by its rich spiritual heritage.
Telangana State Trade Promotion Corporation Ltd. (TSTPC) in collaboration with Federation of Indian Micro and Small & Medium Enterprises (FISME) organized a multi-sector consultation with industry leaders to explore and enhance the capabilities of Telangana MSMEs on 12th Jan, 2024 in Hyderabad. TSTPC is the Telangana State Nodal Agency (SNA) for RAMP implementation.
The objective of the consultation was to share the findings of research that identified products currently being imported but can be manufactured in Telangana (Potential products in sectors namely Electronics & IT, Defense and aerospace, Engineering, Domestic Appliance, Auto Components, Plastic and Polymer, Glass & Ceramic, Life Science, Bulk Drug, Food and beverages, FMCG). And also to seek specific inputs for supporting existing units in areas like Technology, Finance, Quality/Testing, fostering a comprehensive approach.
The RAMP program envisions supporting 100 MSMEs, propelling them into the forefront of self-sustainable and globally competitive enterprises. This collaborative effort aligns with the larger national goal of promoting indigenous manufacturing and economic resilience in the MSME sector.
A stakeholder consultation meeting was jointly organized by Meerut Citizens Forum (MCF) and the Federation of Indian Micro and Small & Medium Enterprises (FISME) following a study conducted by economist and former senior advisor of the Ministry of Commerce and Industry, Manak Singhi. The study, titled 'Study for Identifying Strategies for Quadrupling Meerut's GDP,' served as the foundation for the meeting, which was administered by MP Meerut Rajendra Agrawal. MP Meerut announced Chairmen for Working Groups in Industry, Services, Agriculture, Institutional Reforms, and Education during the meeting. Coordinators for the Industry working group will cover more than 12 clusters, while the Services group will cover 6 clusters, the names of which were also announced at the meeting. A detailed action plan to quadruple the GDP of Meerut was presented by the Secretary-General of FISME, a partner in conducting the study. During the event, the State Bank of India (SBI) signed an MoU with MCF to assist Meerut-based MSME clusters. Abhishek Singhal signed the MoU on behalf of MCF, and Raj Kumar Singh, DGM, signed on behalf of SBI.
The startup world is full of risk and uncertainty. Even the most well-planned startups may find themselves needing to adjust their strategy due to conditions out of their control. The good news is that 75% of startups that pivot by making a fundamental shift in their business strategy are successful, according to research from Skynova.Making the startup pivot can be critical for success. But that does not mean it's easy. If 75% of startups successfully pivot, then 25% do not.
According to the Indian Cellular and Electronics Association (ICEA), India's electronics exports to the United States (UN) surged over two-fold to USD 6.6 billion from January to September 2023.
Pankaj Mahindroo, Chairman of ICEA, highlighted that this marks an all-time high in Indian electronics exports. Importantly, the share of electronics from China in the US market has decreased, contributing to India's growth in this sector, as reported by PTI.
The latest Society of Indian Automobile Manufacturers (SIAM) data reveals a 21 per cent decline in automobile shipments from India last year. Overall exports amounted to 42,85,809 units compared to 52,04,966 units in 2022, with various overseas markets grappling with monetary and geopolitical crises.
Passenger vehicle shipments experienced a 5 per cent increase, reaching 6,77,956 units last year, compared to 6,44,842 units in 2022. Nevertheless, other segments, including commercial vehicles, two-wheelers, and three-wheelers, witnessed a decrease in exports last year.
India's petroleum product exports to Europe have significantly dropped in January due to heightened tensions in the Red Sea, declining from 350-400 thousand barrels per day in November and December to just 100 thousand barrels per day. The rising threats in the Red Sea have compelled Indian exporters to choose longer routes via the Cape of Good Hope, leading to a 60-70 per cent increase in shipping costs. Viktor Katona, lead crude analyst at Kpler, mentioned that despite exporting to Europe, Indian refiners prefer circumnavigating to Africa.
Ajay Bhatt, Minister of State for Defence, highlighted the importance of leveraging the knowledge and infrastructure assets of the Defence Research and Development Organisation (DRDO) by Micro, Small, and Medium Enterprises (MSMEs) and private industries.
During his visit to DRDO's Dr APJ Abdul Kalam Missile Complex, Hyderabad and the Research Centre Imarat (RCI) on Sunday, the minister also envisioned DRDO as a global leader in exporting weapon systems.
Prime Minister Narendra Modi inaugurated the New Enterprises & Services Tower (NEST – 01) at Santacruz Electronics Export Processing Zone (SEEPZ), on Friday.
The NEST-01 is intended primarily for units in the Gems & Jewellery sector that will be relocated from the current Standard Design Factory - I. The new tower is specifically designed to accommodate large-scale production in response to industry demand.
The announcement was made when Narendra Modi inaugurated and laid the foundation stone for numerous development projects totalling over Rs 12,700 crore in Navi Mumbai, Maharashtra.
Amazon, the e-commerce giant, aims to enhance the engagement of Micro, Small, and Medium Enterprises (MSMEs) on its export platform by implementing various awareness programs.
The company has strategised an awareness program to encompass 20 districts across the country, targeting small businesses with the potential to export niche goods. Additionally, it provides a network of service providers, collaborations with both central and state governments, and partnerships with logistics firms to streamline the export process.
Union Minister Piyush Goyal highlighted the government's focus on Quality Control Orders (QCOs), and the 'Zero Defect, Zero Effect' motto, transforming the perception of 'Made in India' on a global scale.
India is on a determined mission to establish itself as a world leader in delivering high-quality products adhering to the most stringent global standards, reported TOI.
The supply of quality products at competitive rates is a cornerstone of the broader agenda to propel India into the ranks of developed nations by 2047.
The plastic manufacturing industry is urging the state government to allocate 100 acres of land for a specialised plastic park in the city.
This request was highlighted in three meetings between members of the Plastic Manufacturers and Traders Association and officials from the industry and commerce department. Notably, last year, the state government set a three-year deadline for relocating industrial units situated in mixed land use and residential areas.
The Karnataka government is gearing up to unveil sector-specific booster kits for start-ups in the state within the next month. The Start-up Karnataka booster kit currently contains a variety of software tools, cloud credits, mentorship opportunities, access to incubators, government funding, as well as legal and financial consulting services. This kit is open to any start-up that has completed registration with the State government. With its sector-based approach, the upcoming kit from the Karnataka government is anticipated to be more practical than its predecessors,
First Solar, Inc. has officially opened its cutting-edge facility in Tamil Nadu, marking India's inaugural fully vertically integrated solar manufacturing plant.
Dr T R B Rajaa, the Minister for Industries, Promotions, and Commerce of the Government of Tamil Nadu, led the inauguration ceremony, attended by key figures like US Ambassador to India, Eric Garcetti, and Scott Nathan, CEO of the US International Development Finance Corporation (DFC).
The Power Department of the Meghalaya Government has collaborated with ONGC Tripura Power Company Ltd (OTPC), marking a significant step towards a sustainable future as they signed a Memorandum of Understanding (MOU) on Wednesday.
The MOU outlined objectives, including the development of a Pump Storage Hydropower Project, both large and small hydroelectric power projects, and innovative solutions like floating solar projects.
India has requested the U.S. to permit domestic labs for the irradiation of fruits like mangoes, aiming to assist exporters in reducing trade costs, as confirmed by an official.
Currently, exporters must conduct irradiation at U.S. ports, leading to increased expenses and uncertainties in case of consignment rejection.This matter was discussed during the 14th India-U.S. Trade Policy Forum meeting on January 12.
The official stated, "We have raised the issue of fruit irradiation, which they currently perform on their coast. Let it happen here. They can allow Indian labs to do so. It will reduce trade costs."
The central government has implemented a five-year anti-dumping duty on three Chinese products including wheel loaders, gypsum tiles and industrial laser machinery.
The objective is to protect domestic manufacturers from the influx of low-cost imports from China, in line with the suggestions made by the Directorate General of Trade Remedies (DGTR), the investigative body of the commerce ministry, as reported by ET. Through distinct investigations, the DGTR has determined that these specific products have been exported to Indian markets at prices lower than the normal value, leading to instances of dumping.
According to the FISME factor, 50% of the MSMEs believe that government expenditure will be the primary driver of India's economic growth in 2024-25, while reaming 50% are uncertain.
The year 2023 wasn't just marked by roaring inflation and geopolitical tremors; it also witnessed a subtler earthquake within the workforce – the rise of the 'quiet' trends. These weren't the kind of movements that dominated headlines with fiery pronouncements; they were whispers of discontent, anxieties simmering beneath the surface. Yet, their impact on employee morale, productivity, and the overall work culture was undeniable.
Entrepreneurship can be a challenging yet fulfilling journey. Among the important decisions you'll have to make as a business owner is how to finance your venture. With numerous financing options available, it's crucial to determine the best fit for your unique circumstances and business type.
A small business's marketing strategy plays a significant role in determining its success. Marketing these days has become quintessential for acquiring clients and in turn, to keep your business running. To derive optimal results from marketing, a business requires several strategies that align with their company's sales objectives and branding aspirations.
The textile sector in Surat is still awaiting the power subsidy guaranteed in the 2019 Gujarat Textile Policy. The assurances given to the entrepreneurs by the state government remain largely unfulfilled, as the deadline of December 31, 2023, for the textile policy has already passed.
The promised subsidy cost is Rs. 3 per unit for LT (Low Tension) connections and Rs. 2 per unit for HT (High Tension) connections – aimed to revive the sector struggling with increasing energy costs.
Amarnath Banik, a 38-year-old entrepreneur from Guwahati, significantly expanded his family trucking business by partnering with Amazon.
Starting with a fleet of 50 trucks and 60 drivers, his collaboration with Amazon's trucking partner program propelled the business to 200 trucks and 250 drivers.
Sheetal Bhoyar, a 39-year-old postgraduate teacher and a member of a Self-Help Group (SHG), actively participated in the Entrepreneurship Development Training Programme for Paper Bags and Crafts.
This program, organised by the Rural Crafts and Engineering Department, took place in two sessions in October 2017.
“ Life is like riding a bicycle. To keep your balance, you must keep moving. ”
