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President Message
India's GDP Growth numbers are out. Moody's Ratings also increased India's GDP growth forecast for 2024 to 6.8 per cent from 6.1 per cent earlier. Although, it is increased infrastructure investment by the government that is leading growth, Indian consumers are also spending more. Another factor is Service sector boom: The IT, healthcare, and e-commerce sectors are witnessing strong growth, supported by digitization and global demand. However, there are concerns too. The growth is concentrated in certain sectors, and some key areas are lagging. This lack of uniformity can limit the overall impact and create bottlenecks. Agriculture, a crucial sector for employment, is lagging behind. While it showed resilience during the pandemic, its growth rate is modest compared to others. MSME sector has also befitted by increased government spending on infrastructure and housing. However, they continue to be constrained by difficulties in accessing credit, delayed payments and unfair competition from larger players, and navigating complex regulations can hinder MSME growth. Overall, India's growth story is promising, but needs a more balanced approach. Fostering private investment, supporting agriculture, and creating a more enabling environment for MSMEs are crucial for sustainable and broad-based growth
Following the International Conference on Economic and Trade & Technology Cooperation among MSMEs of India & South Korea, Business to Business (B2B) meetings were held on 28 February in New Delhi.
The meetings were organised by Federation of Indian Micro and Small & Medium Enterprises (FISME) and Korean SME Association in India (KOSMA) with the support of the Ministry of MSME.
Under the patronage of the Ministry of Micro, Small & Medium Enterprises (MSME), an International Conference on Economic and Trade & Technology Cooperation among MSMEs of India & South Korea was held in New Delhi on 27 February. Addressing the MSME delegates, Ambassador of the Republic of Korea to India, Chang Jae-bok, said that time is ripe for MSME-to-MSME collaborations between South Korea and India. The conference was organised by Federation of Indian Micro and Small & Medium Enterprises (FISME), in collaboration with the Korean Small & Medium Enterprises Association in India (KOSMA), marking a pivotal moment in fostering bilateral economic ties.
A 'Centre of Excellence for Aspiring SMEs' is launched to focus on the needs of Equity and Technology for rapidly growing Small and Medium Enterprises (SMEs) on 17 February.
The Centre has been set up by IFCI Limited- A Government of India enterprise and Federation of Indian Micro and Small & Medium Enterprises (FISME)- the national MSME body. Inaugurating the Center Dr. Vivek Joshi, Secretary of the Department of Financial Services, Ministry of Finance said. "The collaboration of IFCI and FISME represents a rare and unique joint effort, aimed at enhancing the multifunctioning of MSMEs in the economy."
Leadership defines success for entrepreneurs. Without the ability to lead others, your business has no way forward.
Leadership isn't a trait developed through a simple course or a skill you're born with. It comes from experience, pressure, stress and downright complex decision-making. However, there are some critical skills entrepreneurs can develop over time. To be the best leader you can be, hone your leadership skills. This ultimately benefits your business, drives growth, builds employer branding and makes your job easier.
Following the onset of the pandemic in March 2020, India's economy reeled under the impact of three successive waves of Covid-19, making it hard to surmise how fast the country could make a recovery. After all, Covid had impacted millions of jobs, decimated thousands of micro, medium and small enterprises (MSMEs) and disrupted supply chains. The Centre announced a slew of measures to support businesses through the pandemic, as part of its Rs 20 lakh crore Aatmanirbhar Bharat package—among them financial succour to MSMEs in the form of collateral-free loans or an impetus to manufacturing through production-linked incentive schemes.
In recent years, India has emerged as a formidable contender in the global electronics market, steadily chipping away at China's long-standing dominance.
A new study conducted by London-based Fathom Financial Consulting reveals significant shifts in market dynamics, particularly in key regions like the UK and US, where geopolitical tensions with China have escalated. According to the study, India's electronics exports to the US have witnessed a remarkable rise, with the ratio compared to China soaring from 2.51 per cent in November 2021 to 7.65 per cent in November of last year.
The Indian economy is anticipated to witness a growth rate of 6.5 per cent during the Fiscal Year (FY) 2024-25, as forecasted by India Ratings and Research (Ind-Ra) on Thursday.
The agency's estimation, while 50 basis points (bps) lower than the Reserve Bank of India's (RBI) projection of 7 per cent, aligns with the International Monetary Fund's (IMF) forecast of 6.5 per cent. Notably, the current fiscal year is expected to close with a growth rate of 7.3 per cent.
In an era marked by challenges in value chains and an urgent need for decarbonisation, steel companies are embracing innovation from the startup ecosystem to revolutionise their operations towards sustainability.
From Tata Steel's pioneering Innoventure program to ArcelorMittal's India Accelerator initiative, the steel industry is actively seeking fresh ideas and breakthrough technologies. Tata Steel's Innoventure, now in its fifth year, underscores the company's commitment to sustainability, with over 55 per cent of its current startup engagements focused on decarbonisation efforts.
The Reserve Bank of India (RBI) has stressed the necessity for lenders, also known as regulated entities (REs), to provide more comprehensive information regarding their climate-related financial risks.
This call comes as the central bank highlights the potential consequences of insufficient disclosure, such as mispricing of assets and misallocation of capital. To address this need, the RBI has formulated a standardised Disclosure framework for REs concerning Climate-related Financial Risks. Under this framework outlined in the "Draft Disclosure framework on Climate-related Financial Risks, 2024," REs are required to divulge detailed information independently rather than on a consolidated basis.
The Delhi High Court ruled that challenging arbitration awards under the MSME Act via writ petitions (under Article 226/227) is impermissible without first resorting to the statutory remedy provided in Section 34 of the Arbitration and Conciliation Act (A&C Act). The bench, led by Acting Chief Justice Manmohan and Justice Manmeet Pritam Singh Arora, stressed that this recourse is subject to the pre-deposit requirement under Section 19 of the MSME Development Act.
The West Bengal government has initiated the offering of land parcels sourced from unused areas of existing industries and defunct companies to foster the development of new industries.
As announced by Commerce and Industries Minister Shashi Panja, this marks a significant move, marking the first time such unused industry land will be repurposed for new ventures in the state, reported BL. Minister Panja disclosed that nine industrial parks with a collective land area of approximately 1739 acres have been established for this purpose.
Prime Minister Narendra Modi launched a series of development projects worth over Rs 17,300 crores in Thoothukudi, Tamil Nadu, on Wednesday, signifying a significant leap forward in bolstering the region's socio-economic growth.
Among the key initiatives unveiled by PM Modi is the Outer Harbor Container Terminal at V.O. Chidambaranar Port. This initiative aims to transform the port into a transhipment hub for the east coast, a strategic move that will boost India's global trade competitiveness.
The ongoing crushing season of sugar mills in Maharashtra has witnessed an extension, marked by a significant decrease in production compared to the previous year. With concerns over water scarcity and delays in crop lifting, the challenges faced by sugarcane farmers are mounting. Data from the Maharashtra sugar commissioner's office reveals that the crushing season has been prolonged this year, with 884.46 lakh tonnes of sugarcane crushed, yielding 8.845 million tonnes of sugar.
Arunachal Pradesh witnessed a historic moment as 18 indigenous products from the state received Geographical Indication (GI) certificates.
These certificates were bestowed upon the products during the inauguration session of the State Folk Music and Dance Festival, highlighting their significance as representatives of the region's rich cultural heritage and traditional craftsmanship, reported ET. Supported by the NABARD-Arunachal Pradesh Regional Office, these GI-certified products symbolise the dedication and talent of local communities.
NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India (NPCI), and Eurobank, a leading Greek bank, have inked a Memorandum of Understanding (MoU) aimed at enhancing cross-border payments through the UPI platform. The announcement comes after Greek Prime Minister Kyriakos Mitsotakis' recent visit to India, during which he held bilateral discussions with Indian Prime Minister Narendra Modi. A joint press release issued on Thursday highlights that the MoU is geared towards revolutionising international money transfers, particularly focusing on streamlining remittances from Greece to India.
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.
The most important issue for MSMEs which they want the attention of political parties to:
According to the FISME factor, 100% of MSMEs think that access to finance, ease of doing business and support for technology upgrading are the most important issues for MSMEs, which they want the attention of political parties to focus on.
How New Approaches To Finance Are Solving Credit Problems For SMEs, Startups
IAlthough India has made significant progress in advancing its financial inclusion agenda, SMEs (small and medium enterprises) are still underserved. Even though SMEs play a major role in India's economic growth and are important contributors to job creation, access to finance has been a key constraint for these small businesses. During the second day of TechSparks 2023 in Delhi, Karun Arya, Chief Growth Officer at GetVantage; Mukesh Mohan Gupta, President of Chamber of Indian MSMEs; and Kartik Bakshi, Head of Merchant Lending at BharatPe, discussed fresh financial strategies for SMEs and startups. They also gave some tips to small businesses to access easy financing.
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.
Tips and tricks for effective performance marketing campaigns
With the rise of digitisation, brands are increasingly shifting towards unparalleled marketing strategies as an effective tactic to solidify their position as market leaders. Emerging as the beacon of prowess for businesses to accomplish their marketing objectives- performance marketing has completely altered the foundations of successful marketing.
Clothing Manufacturers Seek Access To Finance & Simplified Regulatory Compliance
The Clothing Manufacturers of India (CMAI) has called upon the Indian government to grant industry status to the retail sector and streamline the single brand Foreign Direct Investment (FDI) policy.
These recommendations were highlighted during a recent CEO roundtable discussion held at the Bharat Tex 2024 conference and exhibition, attended by key industry players and government officials.
Eugenie.AI Is Helping Manufacturing Firms Reduce Carbon Emissions
In India's bustling manufacturing sector, which is crucial for economic growth, there's a substantial environmental concern—emissions. Industries like steel, cement, and chemicals contribute significantly to greenhouse gas (GHG) emissions. As one of the world's largest greenhouse gas emitters, India sees its largest emissions from the power sector at 37%, trailed by the agricultural sector at 21%, manufacturing at 17%, and the transportation sector at 9%, according to an IMF Working Paper titled: A Framework for Climate Change Mitigation in India.
Indian Startup NRT Secures $52 Million For Defence And Aerospace Innovation
In a groundbreaking development for the Indian defence and aerospace sector, Newspace Research & Technologies (NRT), a pioneering drone manufacturer, has successfully closed a monumental equity raise of USD 52 million in a bridge round.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released the Second Advance Estimates (SAE) of National Income, 2023-24; Quarterly Estimates of Gross Domestic Product (GDP) for October-December quarter (Q3) of 2023-24 along with its expenditure components and following Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation
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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India's GDP Growth numbers are out. Moody's Ratings also increased India's GDP growth forecast for 2024 to 6.8 per cent from 6.1 per cent earlier. Although, it is increased infrastructure investment by the government that is leading growth, Indian consumers are also spending more. Another factor is Service sector boom: The IT, healthcare, and e-commerce sectors are witnessing strong growth, supported by digitization and global demand. However, there are concerns too. The growth is concentrated in certain sectors, and some key areas are lagging. This lack of uniformity can limit the overall impact and create bottlenecks. Agriculture, a crucial sector for employment, is lagging behind. While it showed resilience during the pandemic, its growth rate is modest compared to others. MSME sector has also befitted by increased government spending on infrastructure and housing. However, they continue to be constrained by difficulties in accessing credit, delayed payments and unfair competition from larger players, and navigating complex regulations can hinder MSME growth. Overall, India's growth story is promising, but needs a more balanced approach. Fostering private investment, supporting agriculture, and creating a more enabling environment for MSMEs are crucial for sustainable and broad-based growth
Following the International Conference on Economic and Trade & Technology Cooperation among MSMEs of India & South Korea, Business to Business (B2B) meetings were held on 28 February in New Delhi.
The meetings were organised by Federation of Indian Micro and Small & Medium Enterprises (FISME) and Korean SME Association in India (KOSMA) with the support of the Ministry of MSME.
Under the patronage of the Ministry of Micro, Small & Medium Enterprises (MSME), an International Conference on Economic and Trade & Technology Cooperation among MSMEs of India & South Korea was held in New Delhi on 27 February. Addressing the MSME delegates, Ambassador of the Republic of Korea to India, Chang Jae-bok, said that time is ripe for MSME-to-MSME collaborations between South Korea and India. The conference was organised by Federation of Indian Micro and Small & Medium Enterprises (FISME), in collaboration with the Korean Small & Medium Enterprises Association in India (KOSMA), marking a pivotal moment in fostering bilateral economic ties.
A 'Centre of Excellence for Aspiring SMEs' is launched to focus on the needs of Equity and Technology for rapidly growing Small and Medium Enterprises (SMEs) on 17 February.
The Centre has been set up by IFCI Limited- A Government of India enterprise and Federation of Indian Micro and Small & Medium Enterprises (FISME)- the national MSME body. Inaugurating the Center Dr. Vivek Joshi, Secretary of the Department of Financial Services, Ministry of Finance said. "The collaboration of IFCI and FISME represents a rare and unique joint effort, aimed at enhancing the multifunctioning of MSMEs in the economy."
In recent years, India has emerged as a formidable contender in the global electronics market, steadily chipping away at China's long-standing dominance.
A new study conducted by London-based Fathom Financial Consulting reveals significant shifts in market dynamics, particularly in key regions like the UK and US, where geopolitical tensions with China have escalated. According to the study, India's electronics exports to the US have witnessed a remarkable rise, with the ratio compared to China soaring from 2.51 per cent in November 2021 to 7.65 per cent in November of last year.
The Indian economy is anticipated to witness a growth rate of 6.5 per cent during the Fiscal Year (FY) 2024-25, as forecasted by India Ratings and Research (Ind-Ra) on Thursday.
The agency's estimation, while 50 basis points (bps) lower than the Reserve Bank of India's (RBI) projection of 7 per cent, aligns with the International Monetary Fund's (IMF) forecast of 6.5 per cent. Notably, the current fiscal year is expected to close with a growth rate of 7.3 per cent.
In an era marked by challenges in value chains and an urgent need for decarbonisation, steel companies are embracing innovation from the startup ecosystem to revolutionise their operations towards sustainability.
From Tata Steel's pioneering Innoventure program to ArcelorMittal's India Accelerator initiative, the steel industry is actively seeking fresh ideas and breakthrough technologies. Tata Steel's Innoventure, now in its fifth year, underscores the company's commitment to sustainability, with over 55 per cent of its current startup engagements focused on decarbonisation efforts.
The Reserve Bank of India (RBI) has stressed the necessity for lenders, also known as regulated entities (REs), to provide more comprehensive information regarding their climate-related financial risks.
This call comes as the central bank highlights the potential consequences of insufficient disclosure, such as mispricing of assets and misallocation of capital. To address this need, the RBI has formulated a standardised Disclosure framework for REs concerning Climate-related Financial Risks. Under this framework outlined in the "Draft Disclosure framework on Climate-related Financial Risks, 2024," REs are required to divulge detailed information independently rather than on a consolidated basis.
The Delhi High Court ruled that challenging arbitration awards under the MSME Act via writ petitions (under Article 226/227) is impermissible without first resorting to the statutory remedy provided in Section 34 of the Arbitration and Conciliation Act (A&C Act). The bench, led by Acting Chief Justice Manmohan and Justice Manmeet Pritam Singh Arora, stressed that this recourse is subject to the pre-deposit requirement under Section 19 of the MSME Development Act.
The West Bengal government has initiated the offering of land parcels sourced from unused areas of existing industries and defunct companies to foster the development of new industries.
As announced by Commerce and Industries Minister Shashi Panja, this marks a significant move, marking the first time such unused industry land will be repurposed for new ventures in the state, reported BL. Minister Panja disclosed that nine industrial parks with a collective land area of approximately 1739 acres have been established for this purpose.
Prime Minister Narendra Modi launched a series of development projects worth over Rs 17,300 crores in Thoothukudi, Tamil Nadu, on Wednesday, signifying a significant leap forward in bolstering the region's socio-economic growth.
Among the key initiatives unveiled by PM Modi is the Outer Harbor Container Terminal at V.O. Chidambaranar Port. This initiative aims to transform the port into a transhipment hub for the east coast, a strategic move that will boost India's global trade competitiveness.
The ongoing crushing season of sugar mills in Maharashtra has witnessed an extension, marked by a significant decrease in production compared to the previous year. With concerns over water scarcity and delays in crop lifting, the challenges faced by sugarcane farmers are mounting. Data from the Maharashtra sugar commissioner's office reveals that the crushing season has been prolonged this year, with 884.46 lakh tonnes of sugarcane crushed, yielding 8.845 million tonnes of sugar.
Arunachal Pradesh witnessed a historic moment as 18 indigenous products from the state received Geographical Indication (GI) certificates.
These certificates were bestowed upon the products during the inauguration session of the State Folk Music and Dance Festival, highlighting their significance as representatives of the region's rich cultural heritage and traditional craftsmanship, reported ET. Supported by the NABARD-Arunachal Pradesh Regional Office, these GI-certified products symbolise the dedication and talent of local communities.
NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India (NPCI), and Eurobank, a leading Greek bank, have inked a Memorandum of Understanding (MoU) aimed at enhancing cross-border payments through the UPI platform. The announcement comes after Greek Prime Minister Kyriakos Mitsotakis' recent visit to India, during which he held bilateral discussions with Indian Prime Minister Narendra Modi. A joint press release issued on Thursday highlights that the MoU is geared towards revolutionising international money transfers, particularly focusing on streamlining remittances from Greece to India.
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, 100% of MSMEs think that access to finance, ease of doing business and support for technology upgrading are the most important issues for MSMEs, which they want the attention of political parties to focus on.
IAlthough India has made significant progress in advancing its financial inclusion agenda, SMEs (small and medium enterprises) are still underserved. Even though SMEs play a major role in India's economic growth and are important contributors to job creation, access to finance has been a key constraint for these small businesses. During the second day of TechSparks 2023 in Delhi, Karun Arya, Chief Growth Officer at GetVantage; Mukesh Mohan Gupta, President of Chamber of Indian MSMEs; and Kartik Bakshi, Head of Merchant Lending at BharatPe, discussed fresh financial strategies for SMEs and startups. They also gave some tips to small businesses to access easy financing.
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.
With the rise of digitisation, brands are increasingly shifting towards unparalleled marketing strategies as an effective tactic to solidify their position as market leaders. Emerging as the beacon of prowess for businesses to accomplish their marketing objectives- performance marketing has completely altered the foundations of successful marketing.
The Clothing Manufacturers of India (CMAI) has called upon the Indian government to grant industry status to the retail sector and streamline the single brand Foreign Direct Investment (FDI) policy.
These recommendations were highlighted during a recent CEO roundtable discussion held at the Bharat Tex 2024 conference and exhibition, attended by key industry players and government officials.
In India's bustling manufacturing sector, which is crucial for economic growth, there's a substantial environmental concern—emissions. Industries like steel, cement, and chemicals contribute significantly to greenhouse gas (GHG) emissions. As one of the world's largest greenhouse gas emitters, India sees its largest emissions from the power sector at 37%, trailed by the agricultural sector at 21%, manufacturing at 17%, and the transportation sector at 9%, according to an IMF Working Paper titled: A Framework for Climate Change Mitigation in India.
In a groundbreaking development for the Indian defence and aerospace sector, Newspace Research & Technologies (NRT), a pioneering drone manufacturer, has successfully closed a monumental equity raise of USD 52 million in a bridge round.
