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President Message
On 10th March, India signed a Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) which consists of four countries namely Iceland, Liechtenstein, Norway, and Switzerland. After Australia, this is the second agreement with developed markets and first with Western countries. Negotiations are in final stages for FTAs with EU and UK. It is a good way of testing the European waters before the final EU FTA. Tariff is eliminated from over 92% their tariff lines covering nearly 99.6% of India's exports to them. This translates to cheaper exports for Indian MSMEs, making them more competitive in the EFTA market. The sectors that need to exploit the opportunity include Textiles and Garments, Handicrafts, Leather etc. Besides exports, the agreement secures investment for India to the tune of over $ 100 Bn which could boost Joint ventures in areas like pharma and food processing. The TEPA aims to simplify customs procedures and regulations, making it easier for MSMEs to export and import goods. This could reduce costs and administrative burdens for MSMEs engaged in cross-border trade. MSMEs should carefully study the agreement and its implications for their businesses. The EFTA-TEPA holds promise for Indian MSMEs by offering reduced tariffs, increased investment opportunities, and streamlined trade procedures. However, MSMEs need to be proactive in understanding the agreement and its potential benefits for their specific businesses.
Technology is moving at an incredible and almost overwhelming pace. Technology has the potential to disrupt industries and create real threats to existing businesses. To avoid becoming obsolete and falling behind, entrepreneurs should have a strategy to aggressively embrace and utilize technology to their advantage.
The challenge is that there seems to be an unending stream of advice and recommendations for entrepreneurs to leverage these cutting-edge technologies, but very little explains specifically what entrepreneurs should be doing to implement these tools. Here are some practical ways that entrepreneurs can start embracing new technologies today.
India on Sunday (March 10) signed a trade agreement with the four-nation European Free Trade Association (EFTA), an intergovernmental grouping of Iceland, Liechtenstein, Norway and Switzerland. The deal brings in $100 billion in investment over 15 years, with the EFTA looking at joint ventures that will help India diversify imports away from China. Here, we explain its significance for India. Why is the timing of the signing crucial for India? Over 64 countries, including India, are headed into elections this year, which could mean a long pause in free trade agreements (FTAs) for India and its trade partners.
Economists at Morgan Stanley have identified investment as a significant catalyst behind India's burgeoning economy, drawing parallels to the robust expansion witnessed in the mid-2000s.
This resurgence in investment, particularly from private enterprises, alongside expanding exports and a more stable economic environment, signals promising prospects for India's economic trajectory. According to Morgan Stanley economists, India's investment as a percentage of gross domestic product (GDP) is on a steady upward trajectory, poised to reach 36 per cent by 2027 from a recent low of 28 per cent in 2021.
India's retail inflation, measured on the basis of Consumer Price Index (CPI), eased to 5.09 per cent in February, providing some respite after remaining stubbornly high for over a year. The latest figure marks a marginal decline from 5.1 per cent in January and 5.69 per cent in December 2023.
Notably, the inflation rate has now stayed within the Reserve Bank of India's tolerance level of 2-6 per cent for six consecutive months. However, it is the 53rd straight week that the headline number has exceeded the RBI's medium-term target of 4 per cent.
Foreign direct equity (FDI) inflows into India contracted by 21 per cent year-on-year to USD 41.31 billion in 2023, according to data released by the Department for Promotion of Industry and Internal Trade (DPIIT).
The sustained contraction in FDI inflows to India reflects various factors contributing to the cautious investor sentiment. High inflation rates and a slowdown in developed countries have significantly impacted investor confidence, leading to a decline in overseas investments flowing into the country.
The Small Industries Development Bank of India (SIDBI) has announced the 'Empowering Women and Enhancing their Business through E-Mobility' (E-WEE) scheme.
This initiative aims to accelerate the adoption of electric vehicles (EVs) among rural women entrepreneurs, starting in Rajasthan and Gujarat. The E-WEE scheme is an extension of SIDBI's ongoing rural e-mobility pilot project with the Self-Employed Women's Association (SEWA) and Natural Resources Defence Council (NRDC).
Under the leadership of Union Minister of MSME Narayan Rane, the 16th Governing Council and 15th Annual General Meeting of the National Institute for MSME (ni-msme) took place in New Delhi on Wednesday.
This meeting marked a significant milestone as the Union Minister gave his seal of approval for the establishment of two pioneering centres at UdyamAlok, ni-msme, Hyderabad, designed to propel the MSME sector to unprecedented heights.
In a bid to bolster local economies and nurture grassroots entrepreneurship, NITI Aayog has rolled out the 'Vocal for Local' initiative as part of its Aspirational Blocks Programme on Wednesday.
The 'Vocal for Local' initiative signifies a pivotal step towards economic empowerment and self-sufficiency at the grassroots level. BVR Subrahmanyam, CEO of Niti Aayog underscored the importance of collaboration with entities like Government e-Marketplace (GeM) and Open Network for Digital Commerce (ONDC) to bolster micro-enterprises within Aspirational Blocks.
In a significant move aimed at bolstering India's burgeoning AI ecosystem, the Cabinet has approved an allocation of over Rs 10,300 crore for the IndiaAI Mission on Friday.
This substantial financial injection, spread over the next five years, signifies a pivotal step towards accelerating various components of the mission. The IndiaAI Mission encompasses a range of strategic initiatives, including the establishment of the IndiaAI Compute Capacity, the IndiaAI Innovation Centre (IAIC), the IndiaAI Datasets Platform,
In a significant partnership between the Andhra Pradesh State Energy Conservation Mission (APSECM) and the Bureau of Energy Efficiency (BEE) under the Union Ministry of Power, a pioneering energy efficiency and decarbonisation project has been unveiled.
This project is aimed at enhancing energy efficiency across various industry clusters in the state, focusing on Micro, Small, and Medium Enterprises (MSMEs). These clusters include food processing, gold ornaments, imitation jewellery, and pharmaceuticals.
Chief Minister Bhajanlal Sharma announced on Thursday that the central government has sanctioned Rs 114.80 crore for Rajasthan under the Raising and Accelerating MSME Performance (RAMP) programme.
This funding injection aims to invigorate the state's Micro, Small and Medium Enterprises (MSMEs) sector and bolster its capacity, catering to the financial requirements of MSMEs. Sharma emphasised that these funds will contribute to the state's vision of achieving the goal of Developed India-Developed Rajasthan.
In a significant move aimed at aiding Micro, Small and Medium Enterprises (MSMEs) unit operators, the state government of Uttar Pradesh has announced the rollback of conversion charges imposed for industrial activities on agricultural land.
Responding to appeals from industrial bodies, the MSME department affirmed the continuity of provisions outlined in the 2017-18 policy. With over 90 lakh MSMEs operating in the state, this decision is poised to benefit numerous unit operators who have sought permission from the 29 housing development authorities for land use conversion.
Union Minister of State for Electronics & IT, Rajeev Chandrasekhar, has inaugurated the new Software Technology Parks of India (STPI) centres in Thiruvananthapuram and Kochi, aiming to significantly enhance the electronics, IT sector, and start up ecosystem in Kerala.
These centres are set to play a pivotal role in fortifying Kerala's IT infrastructure, offering cutting-edge facilities to budding tech start-ups, thus facilitating their innovation, expansion, and global competitiveness.
With Swedish companies seeking to shift their focus away from China in the Asian markets, India has risen as a favoured destination for Swedish business investments, said Sweden's ambassador to India, Jan Thesleff.
"While numerous Swedish companies maintain operations in China, they exhibit a desire to diversify their presence across Asia. India emerges as one of the favoured choices, with Swedish firms establishing manufacturing facilities and expanding their business activities in the country," Thesleff told Mint.
Shilpak Ambule, High Commissioner of India to Singapore, emphasised the Commission's dedication to attracting more investments into India's thriving economy while speaking at the '2024 Budget Analysis Singapore and India' event, on Tuesday.
Ambule highlighted the impressive progress in infrastructure, renewable energy, and advanced technology sectors, underscoring India's growth potential. "We are very much committed to getting more investments from Singapore into India which is a growth story," he stated.
Large organisations are not monolithic entities. Within them exist micro-cultures – smaller, specialised communities united by shared interests, values, or backgrounds. These vibrant ecosystems, often overlooked, hold the key to fostering collaboration, innovation, and ultimately, organisational success. "These micro-cultures," explains Venkattesh R, former president, DCB Bank, "develop their own norms, practices, and social dynamics that contribute to the overall culture." A marketing department, for example, might cultivate a culture of creativity and risk-taking, distinct from the more process-driven environment of finance.
7 tips for pitching your business ideas to investors to start your journey
A successful business needs a good idea to work on and turn it into a successful enterprise. But the business idea is worthless if you haven't got sufficient funding. Young business entrepreneurs need money to invest in their business, and for that they need to pitch their business ideas to potential investors. If you are also looking for tips to start pitching your business ideas to investors, then this article is for you.
There's No Secret Formula to Being Good at Networking — But There Is One Thing You Need
Is the journey to success in business networking bound by mathematical formulas, or is it about something else? Here's what I've found is the actual secret to making connections in networking.
Decades ago, I went to a breakout session at a BNI conference that was called "The Mathematical Formula for Networking Success." Well, as the founder of the organization, I absolutely had to see this presentation to learn the working formula for successful business networking.
Alloy Steel Producers Seek Expansion Of PLI 2.0 To Super-Alloys & Titanium Alloys
Alloy steel producers in India have urged the government to extend the ambit of the Productivity Linked Incentive (PLI) 2.0 scheme to cover more value-added categories like super-alloys and titanium alloys, among other categories.
This initiative comes in response to the annual import bill for these alloys exceeding Rs 5,000 crore.
Rs 50 Lakhs In 1 Year! This Bangalore Couple's Pandemic Project Became A Booming Mushroom Business
Jashid Hameed and Prithvi Kini, a Bangalore-based couple, found more than just love during the pandemic's unexpected twists; they discovered a shared vision that would eventually lead to the inception of Nuvedo. Jashid, once an operations manager in the fast-paced world of fast fashion, and Prithvi, a pioneering member of India's first quantum cybersecurity firm, both felt an increasing disconnection from their professional lives.
Rural E-Commerce Startup Rozana Secures $22.5M Funding to Expand Reach
Rural e-commerce startup Rozana has announced a significant milestone, securing a USD 22.5 million funding round led by Bertelsmann India Investments (BII), with Fireside Ventures and existing investors joining the investment.
The funding infusion will fuel Rosszana's expansion efforts, particularly in bolstering its logistics and supply chain infrastructure to extend its reach into new districts, thus enabling rural communities to access essential products more easily, according to Ankur Dahiya, CEO and Co-founder of Rozana.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released the All India Consumer Price Index (CPI) on Base 2012=100 and corresponding Consumer Food Price Index (CFPI) for Rural (R), Urban (U) and Combined (C) for the month of February 2024 (Provisional).
FISME regularly receives monthly reports on the economies of various countries from their missions in India. These reports provide information on key economic parameters, trade related information and all news relevant for importers and exporters. In this edition you can take a look at reports on:
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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On 10th March, India signed a Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) which consists of four countries namely Iceland, Liechtenstein, Norway, and Switzerland. After Australia, this is the second agreement with developed markets and first with Western countries. Negotiations are in final stages for FTAs with EU and UK. It is a good way of testing the European waters before the final EU FTA. Tariff is eliminated from over 92% their tariff lines covering nearly 99.6% of India's exports to them. This translates to cheaper exports for Indian MSMEs, making them more competitive in the EFTA market. The sectors that need to exploit the opportunity include Textiles and Garments, Handicrafts, Leather etc. Besides exports, the agreement secures investment for India to the tune of over $ 100 Bn which could boost Joint ventures in areas like pharma and food processing. The TEPA aims to simplify customs procedures and regulations, making it easier for MSMEs to export and import goods. This could reduce costs and administrative burdens for MSMEs engaged in cross-border trade. MSMEs should carefully study the agreement and its implications for their businesses. The EFTA-TEPA holds promise for Indian MSMEs by offering reduced tariffs, increased investment opportunities, and streamlined trade procedures. However, MSMEs need to be proactive in understanding the agreement and its potential benefits for their specific businesses.
Economists at Morgan Stanley have identified investment as a significant catalyst behind India's burgeoning economy, drawing parallels to the robust expansion witnessed in the mid-2000s.
This resurgence in investment, particularly from private enterprises, alongside expanding exports and a more stable economic environment, signals promising prospects for India's economic trajectory. According to Morgan Stanley economists, India's investment as a percentage of gross domestic product (GDP) is on a steady upward trajectory, poised to reach 36 per cent by 2027 from a recent low of 28 per cent in 2021.
India's retail inflation, measured on the basis of Consumer Price Index (CPI), eased to 5.09 per cent in February, providing some respite after remaining stubbornly high for over a year. The latest figure marks a marginal decline from 5.1 per cent in January and 5.69 per cent in December 2023.
Notably, the inflation rate has now stayed within the Reserve Bank of India's tolerance level of 2-6 per cent for six consecutive months. However, it is the 53rd straight week that the headline number has exceeded the RBI's medium-term target of 4 per cent.
Foreign direct equity (FDI) inflows into India contracted by 21 per cent year-on-year to USD 41.31 billion in 2023, according to data released by the Department for Promotion of Industry and Internal Trade (DPIIT).
The sustained contraction in FDI inflows to India reflects various factors contributing to the cautious investor sentiment. High inflation rates and a slowdown in developed countries have significantly impacted investor confidence, leading to a decline in overseas investments flowing into the country.
The Small Industries Development Bank of India (SIDBI) has announced the 'Empowering Women and Enhancing their Business through E-Mobility' (E-WEE) scheme.
This initiative aims to accelerate the adoption of electric vehicles (EVs) among rural women entrepreneurs, starting in Rajasthan and Gujarat. The E-WEE scheme is an extension of SIDBI's ongoing rural e-mobility pilot project with the Self-Employed Women's Association (SEWA) and Natural Resources Defence Council (NRDC).
Under the leadership of Union Minister of MSME Narayan Rane, the 16th Governing Council and 15th Annual General Meeting of the National Institute for MSME (ni-msme) took place in New Delhi on Wednesday.
This meeting marked a significant milestone as the Union Minister gave his seal of approval for the establishment of two pioneering centres at UdyamAlok, ni-msme, Hyderabad, designed to propel the MSME sector to unprecedented heights.
In a bid to bolster local economies and nurture grassroots entrepreneurship, NITI Aayog has rolled out the 'Vocal for Local' initiative as part of its Aspirational Blocks Programme on Wednesday.
The 'Vocal for Local' initiative signifies a pivotal step towards economic empowerment and self-sufficiency at the grassroots level. BVR Subrahmanyam, CEO of Niti Aayog underscored the importance of collaboration with entities like Government e-Marketplace (GeM) and Open Network for Digital Commerce (ONDC) to bolster micro-enterprises within Aspirational Blocks.
In a significant move aimed at bolstering India's burgeoning AI ecosystem, the Cabinet has approved an allocation of over Rs 10,300 crore for the IndiaAI Mission on Friday.
This substantial financial injection, spread over the next five years, signifies a pivotal step towards accelerating various components of the mission. The IndiaAI Mission encompasses a range of strategic initiatives, including the establishment of the IndiaAI Compute Capacity, the IndiaAI Innovation Centre (IAIC), the IndiaAI Datasets Platform,
In a significant partnership between the Andhra Pradesh State Energy Conservation Mission (APSECM) and the Bureau of Energy Efficiency (BEE) under the Union Ministry of Power, a pioneering energy efficiency and decarbonisation project has been unveiled.
This project is aimed at enhancing energy efficiency across various industry clusters in the state, focusing on Micro, Small, and Medium Enterprises (MSMEs). These clusters include food processing, gold ornaments, imitation jewellery, and pharmaceuticals.
Chief Minister Bhajanlal Sharma announced on Thursday that the central government has sanctioned Rs 114.80 crore for Rajasthan under the Raising and Accelerating MSME Performance (RAMP) programme.
This funding injection aims to invigorate the state's Micro, Small and Medium Enterprises (MSMEs) sector and bolster its capacity, catering to the financial requirements of MSMEs. Sharma emphasised that these funds will contribute to the state's vision of achieving the goal of Developed India-Developed Rajasthan.
In a significant move aimed at aiding Micro, Small and Medium Enterprises (MSMEs) unit operators, the state government of Uttar Pradesh has announced the rollback of conversion charges imposed for industrial activities on agricultural land.
Responding to appeals from industrial bodies, the MSME department affirmed the continuity of provisions outlined in the 2017-18 policy. With over 90 lakh MSMEs operating in the state, this decision is poised to benefit numerous unit operators who have sought permission from the 29 housing development authorities for land use conversion.
Union Minister of State for Electronics & IT, Rajeev Chandrasekhar, has inaugurated the new Software Technology Parks of India (STPI) centres in Thiruvananthapuram and Kochi, aiming to significantly enhance the electronics, IT sector, and start up ecosystem in Kerala.
These centres are set to play a pivotal role in fortifying Kerala's IT infrastructure, offering cutting-edge facilities to budding tech start-ups, thus facilitating their innovation, expansion, and global competitiveness.
With Swedish companies seeking to shift their focus away from China in the Asian markets, India has risen as a favoured destination for Swedish business investments, said Sweden's ambassador to India, Jan Thesleff.
"While numerous Swedish companies maintain operations in China, they exhibit a desire to diversify their presence across Asia. India emerges as one of the favoured choices, with Swedish firms establishing manufacturing facilities and expanding their business activities in the country," Thesleff told Mint.
Shilpak Ambule, High Commissioner of India to Singapore, emphasised the Commission's dedication to attracting more investments into India's thriving economy while speaking at the '2024 Budget Analysis Singapore and India' event, on Tuesday.
Ambule highlighted the impressive progress in infrastructure, renewable energy, and advanced technology sectors, underscoring India's growth potential. "We are very much committed to getting more investments from Singapore into India which is a growth story," he stated.
According to the FISME factor, 30% of MSMEs think that the GDP growth of 6.8% is sustainable over next year, while 70% don't know.
Large organisations are not monolithic entities. Within them exist micro-cultures – smaller, specialised communities united by shared interests, values, or backgrounds. These vibrant ecosystems, often overlooked, hold the key to fostering collaboration, innovation, and ultimately, organisational success. "These micro-cultures," explains Venkattesh R, former president, DCB Bank, "develop their own norms, practices, and social dynamics that contribute to the overall culture." A marketing department, for example, might cultivate a culture of creativity and risk-taking, distinct from the more process-driven environment of finance.
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A successful business needs a good idea to work on and turn it into a successful enterprise. But the business idea is worthless if you haven't got sufficient funding. Young business entrepreneurs need money to invest in their business, and for that they need to pitch their business ideas to potential investors. If you are also looking for tips to start pitching your business ideas to investors, then this article is for you.
Is the journey to success in business networking bound by mathematical formulas, or is it about something else? Here's what I've found is the actual secret to making connections in networking.
Decades ago, I went to a breakout session at a BNI conference that was called "The Mathematical Formula for Networking Success." Well, as the founder of the organization, I absolutely had to see this presentation to learn the working formula for successful business networking.
Alloy steel producers in India have urged the government to extend the ambit of the Productivity Linked Incentive (PLI) 2.0 scheme to cover more value-added categories like super-alloys and titanium alloys, among other categories.
This initiative comes in response to the annual import bill for these alloys exceeding Rs 5,000 crore.
Jashid Hameed and Prithvi Kini, a Bangalore-based couple, found more than just love during the pandemic's unexpected twists; they discovered a shared vision that would eventually lead to the inception of Nuvedo. Jashid, once an operations manager in the fast-paced world of fast fashion, and Prithvi, a pioneering member of India's first quantum cybersecurity firm, both felt an increasing disconnection from their professional lives.
Rural e-commerce startup Rozana has announced a significant milestone, securing a USD 22.5 million funding round led by Bertelsmann India Investments (BII), with Fireside Ventures and existing investors joining the investment.
The funding infusion will fuel Rosszana's expansion efforts, particularly in bolstering its logistics and supply chain infrastructure to extend its reach into new districts, thus enabling rural communities to access essential products more easily, according to Ankur Dahiya, CEO and Co-founder of Rozana.
“ If you want to shine like a sun, first burn like a sun. ”
