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President Message
The ongoing festive season, coupled with the concurrent marriage season, has emerged as a significant driver of economic demand in India. This period, traditionally marked by increased consumer spending, has injected much-needed vitality into various sectors, offering a glimmer of hope for sustained economic growth. It is heartening to see a surge in automobile sales, particularly in two-wheelers and four-wheelers. This trend is expected to continue, supported by attractive financing schemes and new model launches. Sales of electronic goods, home appliances, and other consumer durables have seen a significant uptick. The demand for apparel, footwear, and accessories has increased, driven by weddings, festivals, and changing fashion trends. The festive season has led to a surge in domestic tourism, with people traveling to various destinations for vacations and family gatherings. This has benefited the hospitality industry, including hotels, restaurants, and travel agencies. Further, the festive season is considered an auspicious time for property purchases. The combination of attractive offers, lower interest rates, and increased disposable income has boosted real estate sales. The marriage season, often coinciding with the festive period, has led to increased demand for gold and diamond jewelry. This has positively impacted the jewelry industry. The positive impact of the festive and marriage seasons will provide a much-needed boost to economic growth and employment generation. However, it is crucial to note that while the festive season offers a temporary respite, addressing long-term structural challenges such as unemployment, inflation, and income inequality remains essential for sustained economic recovery.
Scaling a business in 2025 will require a strategic approach, blending preparation, execution and follow-through. As leaders prepare for annual strategic planning, x`success hinges on both clarity of vision and disciplined execution.
Drawing on three decades of experience in helping companies scale, applying the 10 Rockefeller Habits has consistently yielded improved growth, revenue and profitability for businesses that follow these principles. To ensure your strategic planning session for 2025 is impactful, here are the essential components, key lessons from Scaling Up, and common mistakes to avoid.
India’s Diwali festivities are energizing market momentum, with anticipated high consumer spending and e-commerce activity projected to add to the country’s economic growth. Retailers expect record-breaking sales, especially as Diwali shopping peaks, aligning with the World Bank’s revised forecast for India’s 7.5% GDP growth in 2024. Festive demand is crucial for sectors like retail, automotive, and consumer goods, as consumer confidence returns post-COVID. This surge could counteract recent economic slowdowns and contribute significantly to India’s trajectory as the world’s fastest-growing economy....
The Income Tax Department has announced an extension of the income tax return (ITR) filing deadline for specific categories of taxpayers for the Financial Year 2023-24 (Assessment Year 2024-25).
The new deadline has been pushed from October 31, 2024, to November 15, 2024, providing additional time for compliance. The extension specifically targets taxpayers who are required to submit their tax audit reports by September 30, 2024, and were originally mandated to file their ITR by October 31, 2024. This decision was formally communicated through a circular issued by the Ministry of Finance on October 26, 2024.
India’s private sector economy continues to thrive, reflecting robust growth as highlighted by the latest HSBC Flash PMI survey compiled by S&P Global.
In October, the composite output index registered a strong 58.6, indicating expansion for the thirty-ninth consecutive month. This figure marks an increase from September's final reading of 58.3, surpassing the long-run average of 54.7 and illustrating the resilience of the Indian economy amid global uncertainties.
Overseas investments from India demonstrated robust growth in the first half of fiscal year 2024, recording a significant increase of 58 percent, according to recent data released by the Finance Ministry.
The Overseas Direct Investment (ODI) reached USD 8.9 billion during April-September 2024, compared to USD 5.6 billion in the corresponding period of the previous fiscal year. September witnessed a moderation in investment flows, with outbound investments declining to USD 1.45 billion, marking a three-month low.
The Insolvency and Bankruptcy Board of India (IBBI) has issued a directive requiring Insolvency Professionals (IPs) to mandatorily list all unsold assets from ongoing liquidation processes on the eBKray platform starting November 1.
The move aims to enhance transparency and efficiency in the liquidation process of corporate debtors. Under the new guidelines, IPs must register all assets within seven days of submitting the asset memorandum to the Adjudicating Authority for liquidation processes initiated on or after October 29, 2024.
A mounting backlog of payments to micro, small and medium enterprises (MSMEs) has reached Rs 21,108 crore across 90,000 applications, according to recent data fr0m the MSME Samadhaan portal.
The portal, which tracks delayed payments fr0m government entities, reveals state governments as the largest defaulters with pending dues of Rs 3,170 crore, while central public sector undertakings follow with Rs 2,191 crore in outstanding payments.
In a significant move to improve healthcare affordability, the Indian government has directed pharmaceutical companies to lower prices of three critical anti-cancer medications, following recent customs duty exemptions and GST reductions.
The National Pharmaceutical Pricing Authority (NPPA) has issued a formal memorandum requiring manufacturers to reduce the Maximum Retail Price (MRP) of Trastuzumab, Osimertinib, and Durvalumab.
In a significant move to strengthen India's domestic aluminium sector, the Aluminium Association of India (AAI) has presented an ambitious pre-budget proposal to the government, seeking enhanced import protection and investment support for an industry deemed critical to national development. The proposal, submitted to the Department for Promotion of Industry and Internal Trade (DPIIT), calls for raising import duties on primary and downstream aluminium products from 7.5 per cent to 10 per cent, marking a pivotal shift in the country's industrial policy approach.
Andhra Pradesh is emerging as a prime destination for investment, with its robust connectivity, extensive coastline, and business-friendly policies, as highlighted by Minister for Education, IT, and Electronics, Nara Lokesh.
In a recent interaction with representatives from the US-India Business Council (USIBC) and Indiaspora, Lokesh promoted the state’s readiness to welcome new industries, detailing the many advantages that Andhra Pradesh offers for business expansion and development.
Karnataka’s Information Technology Minister Priyank Kharge has unveiled two flagship programs—ELEVATE 2024 and the Karnataka Acceleration Network (KAN), aimed at fostering innovation and supporting startup growth through funding, mentorship, and market access across the state.
At the launch, Kharge emphasised Karnataka’s goal of consolidating its reputation as a global hub for innovation. “Bengaluru is home to 45 unicorns, valued at USD 161 billion.
Uttar Pradesh Chief Minister Yogi Adityanath announced on Wednesday that the state’s economy is set to reach Rs 32 lakh crore by March 2025, positioning it as a vital contributor to India’s USD 5 trillion economy goal. Speaking at a function organised by Business Standard, the Chief Minister emphasised that UP's economy, currently at Rs 26 lakh crore, has seen unprecedented growth from Rs 12 lakh crore during previous administrations.
Rajasthan State Industrial Development and Investment Corporation (RIICO) has announced a significant policy shift, introducing provisions for direct land allotment in select industrial areas to expedite industrial development.
This decision comes as a response to longstanding industry demands, moving away fr0m the traditional auction system that has been criticised for inflating land prices and hindering the state's industrial growth.
In a significant development highlighting the deepening economic ties between two of Asia's major economies, India and Saudi Arabia are charting new territory in their bilateral relationship, exploring collaborations in cutting-edge sectors that could reshape their traditional trade partnership.
The strategic expansion into emerging fields such as fintech, clean hydrogen, and new technologies marks a decisive shift from the conventional oil-dominated trade relationship between the two nations. This development comes as India maintains its position as Saudi Arabia's second-largest trade partner, while Saudi Arabia holds its ground as India's fourth-largest trading partner.
Prime Minister Narendra Modi and Spanish Prime Minister Pedro Sanchez held comprehensive bilateral discussions at the historic Laxmi Vilas Palace in Vadodara, addressing key global issues and strengthening economic ties between the two nations.
During the talks, which marked the first visit by a Spanish head of state in nearly two decades, the leaders engaged in discussions covering Ukraine, West Asia, and the ongoing Free Trade Agreement (FTA) negotiations between India and the European Union. Secretary (West) of the Ministry of External Affairs, Tanmaya Lal, reported that Prime Minister Modi emphasised India's stance on conflict resolution through diplomatic channels rather than military confrontation. The economic dimension of the bilateral relationship took centre stage as both leaders met with a delegation of 15 Spanish CEOs.
Industry 4.0 is another term for being smart – being informed, enabled, connected, quick to identify/analyse and fast to respond. At its core, Industry 4.0 has three important aspects – data, technology and human capital. Together, these three aspects have created countless new opportunities, as well as challenges, for businesses and for their Human Resource (HR) functions.
Top 5 government schemes for startups in India to support entrepreneurs
India is going through the era of startups, where the country is creating a robust ecosystem for businesses and entrepreneurs. India is now called the 'Startup Hub' as it has more than 99,000 startups, and 107 unicorn companies worth $30 billion. Prime Minister Narendra Modi has started several initiatives to help the budding entrepreneurs.
In the olden days, marketing products were quite limited. Advertisements were done only through newspapers, TV, radio, and letters. In the 1950s, marketers had all the power. They used to think that whatever they made, people would buy it. Just make one thing, and the rest will sell itself!
But now the times have changed. Now the power is in the hands of the customers. They decide what to buy, when to buy, and how to buy.
EEPC India Opposes Protectionist Measures On Low-Cost Steel Imports
The Engineering Export Promotion Council of India (EEPC India) has taken a firm stance against proposed protectionist measures on low-cost steel imports, particularly emphasising the potential impact on Micro, Small, and Medium Enterprises (MSMEs).
EEPC India Chairman Arun Kumar Garodia emphasises the critical nature of maintaining competitive steel pricing, noting the significant price advantage that Chinese steel currently offers to downstream industries.
Grain Commerce Platform Arya.ag Gets USD 19 Mn From US DFC
Arya.ag, a leading Indian grain commerce platform, has secured a USD 19.8 million commitment from the United States International Development Finance Corporation (DFC) to guarantee a debt facility for its agri-commerce subsidiary Aryatech.
The funding, announced Monday, follows the company's USD 29 million equity round raised in the previous quarter.
Danish Power Makes Strong Market Debut With 50% Premium On NSE SME
Danish Power, the Rajasthan-based company, marked a significant milestone today as its shares debuted on the National Stock Exchange's SME platform at Rs 570, recording a premium of 50 percent over its issue price of Rs 380 per share.
The initial public offering (IPO), which opened for subscription on October 22, garnered substantial investor interest with an oversubscription of 126.65 times.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released the results of Annual Survey of Industries (ASI) for the reference periods April 2022 to March 2023 (i.e. financial year 2022-23).
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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The ongoing festive season, coupled with the concurrent marriage season, has emerged as a significant driver of economic demand in India. This period, traditionally marked by increased consumer spending, has injected much-needed vitality into various sectors, offering a glimmer of hope for sustained economic growth. It is heartening to see a surge in automobile sales, particularly in two-wheelers and four-wheelers. This trend is expected to continue, supported by attractive financing schemes and new model launches. Sales of electronic goods, home appliances, and other consumer durables have seen a significant uptick. The demand for apparel, footwear, and accessories has increased, driven by weddings, festivals, and changing fashion trends. The festive season has led to a surge in domestic tourism, with people traveling to various destinations for vacations and family gatherings. This has benefited the hospitality industry, including hotels, restaurants, and travel agencies. Further, the festive season is considered an auspicious time for property purchases. The combination of attractive offers, lower interest rates, and increased disposable income has boosted real estate sales. The marriage season, often coinciding with the festive period, has led to increased demand for gold and diamond jewelry. This has positively impacted the jewelry industry. The positive impact of the festive and marriage seasons will provide a much-needed boost to economic growth and employment generation. However, it is crucial to note that while the festive season offers a temporary respite, addressing long-term structural challenges such as unemployment, inflation, and income inequality remains essential for sustained economic recovery.
Scaling a business in 2025 will require a strategic approach, blending preparation, execution and follow-through. As leaders prepare for annual strategic planning, x`success hinges on both clarity of vision and disciplined execution.
Drawing on three decades of experience in helping companies scale, applying the 10 Rockefeller Habits has consistently yielded improved growth, revenue and profitability for businesses that follow these principles. To ensure your strategic planning session for 2025 is impactful, here are the essential components, key lessons from Scaling Up, and common mistakes to avoid.
The Income Tax Department has announced an extension of the income tax return (ITR) filing deadline for specific categories of taxpayers for the Financial Year 2023-24 (Assessment Year 2024-25).
The new deadline has been pushed from October 31, 2024, to November 15, 2024, providing additional time for compliance. The extension specifically targets taxpayers who are required to submit their tax audit reports by September 30, 2024, and were originally mandated to file their ITR by October 31, 2024. This decision was formally communicated through a circular issued by the Ministry of Finance on October 26, 2024.
India’s private sector economy continues to thrive, reflecting robust growth as highlighted by the latest HSBC Flash PMI survey compiled by S&P Global.
In October, the composite output index registered a strong 58.6, indicating expansion for the thirty-ninth consecutive month. This figure marks an increase from September's final reading of 58.3, surpassing the long-run average of 54.7 and illustrating the resilience of the Indian economy amid global uncertainties.
Overseas investments from India demonstrated robust growth in the first half of fiscal year 2024, recording a significant increase of 58 percent, according to recent data released by the Finance Ministry.
The Overseas Direct Investment (ODI) reached USD 8.9 billion during April-September 2024, compared to USD 5.6 billion in the corresponding period of the previous fiscal year. September witnessed a moderation in investment flows, with outbound investments declining to USD 1.45 billion, marking a three-month low.
The Insolvency and Bankruptcy Board of India (IBBI) has issued a directive requiring Insolvency Professionals (IPs) to mandatorily list all unsold assets from ongoing liquidation processes on the eBKray platform starting November 1.
The move aims to enhance transparency and efficiency in the liquidation process of corporate debtors. Under the new guidelines, IPs must register all assets within seven days of submitting the asset memorandum to the Adjudicating Authority for liquidation processes initiated on or after October 29, 2024.
A mounting backlog of payments to micro, small and medium enterprises (MSMEs) has reached Rs 21,108 crore across 90,000 applications, according to recent data fr0m the MSME Samadhaan portal.
The portal, which tracks delayed payments fr0m government entities, reveals state governments as the largest defaulters with pending dues of Rs 3,170 crore, while central public sector undertakings follow with Rs 2,191 crore in outstanding payments.
In a significant move to improve healthcare affordability, the Indian government has directed pharmaceutical companies to lower prices of three critical anti-cancer medications, following recent customs duty exemptions and GST reductions.
The National Pharmaceutical Pricing Authority (NPPA) has issued a formal memorandum requiring manufacturers to reduce the Maximum Retail Price (MRP) of Trastuzumab, Osimertinib, and Durvalumab.
In a significant move to strengthen India's domestic aluminium sector, the Aluminium Association of India (AAI) has presented an ambitious pre-budget proposal to the government, seeking enhanced import protection and investment support for an industry deemed critical to national development. The proposal, submitted to the Department for Promotion of Industry and Internal Trade (DPIIT), calls for raising import duties on primary and downstream aluminium products from 7.5 per cent to 10 per cent, marking a pivotal shift in the country's industrial policy approach.
Andhra Pradesh is emerging as a prime destination for investment, with its robust connectivity, extensive coastline, and business-friendly policies, as highlighted by Minister for Education, IT, and Electronics, Nara Lokesh.
In a recent interaction with representatives from the US-India Business Council (USIBC) and Indiaspora, Lokesh promoted the state’s readiness to welcome new industries, detailing the many advantages that Andhra Pradesh offers for business expansion and development.
Karnataka’s Information Technology Minister Priyank Kharge has unveiled two flagship programs—ELEVATE 2024 and the Karnataka Acceleration Network (KAN), aimed at fostering innovation and supporting startup growth through funding, mentorship, and market access across the state.
At the launch, Kharge emphasised Karnataka’s goal of consolidating its reputation as a global hub for innovation. “Bengaluru is home to 45 unicorns, valued at USD 161 billion.
Uttar Pradesh Chief Minister Yogi Adityanath announced on Wednesday that the state’s economy is set to reach Rs 32 lakh crore by March 2025, positioning it as a vital contributor to India’s USD 5 trillion economy goal. Speaking at a function organised by Business Standard, the Chief Minister emphasised that UP's economy, currently at Rs 26 lakh crore, has seen unprecedented growth from Rs 12 lakh crore during previous administrations.
Rajasthan State Industrial Development and Investment Corporation (RIICO) has announced a significant policy shift, introducing provisions for direct land allotment in select industrial areas to expedite industrial development.
This decision comes as a response to longstanding industry demands, moving away fr0m the traditional auction system that has been criticised for inflating land prices and hindering the state's industrial growth.
In a significant development highlighting the deepening economic ties between two of Asia's major economies, India and Saudi Arabia are charting new territory in their bilateral relationship, exploring collaborations in cutting-edge sectors that could reshape their traditional trade partnership.
The strategic expansion into emerging fields such as fintech, clean hydrogen, and new technologies marks a decisive shift from the conventional oil-dominated trade relationship between the two nations. This development comes as India maintains its position as Saudi Arabia's second-largest trade partner, while Saudi Arabia holds its ground as India's fourth-largest trading partner.
Prime Minister Narendra Modi and Spanish Prime Minister Pedro Sanchez held comprehensive bilateral discussions at the historic Laxmi Vilas Palace in Vadodara, addressing key global issues and strengthening economic ties between the two nations.
During the talks, which marked the first visit by a Spanish head of state in nearly two decades, the leaders engaged in discussions covering Ukraine, West Asia, and the ongoing Free Trade Agreement (FTA) negotiations between India and the European Union. Secretary (West) of the Ministry of External Affairs, Tanmaya Lal, reported that Prime Minister Modi emphasised India's stance on conflict resolution through diplomatic channels rather than military confrontation. The economic dimension of the bilateral relationship took centre stage as both leaders met with a delegation of 15 Spanish CEOs.
According to the FISME factor, 100% of MSMEs think that removing prepayment charges will encourage more competition among banks for MSME clients.
Industry 4.0 is another term for being smart – being informed, enabled, connected, quick to identify/analyse and fast to respond. At its core, Industry 4.0 has three important aspects – data, technology and human capital. Together, these three aspects have created countless new opportunities, as well as challenges, for businesses and for their Human Resource (HR) functions.
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India is going through the era of startups, where the country is creating a robust ecosystem for businesses and entrepreneurs. India is now called the 'Startup Hub' as it has more than 99,000 startups, and 107 unicorn companies worth $30 billion. Prime Minister Narendra Modi has started several initiatives to help the budding entrepreneurs.
In the olden days, marketing products were quite limited. Advertisements were done only through newspapers, TV, radio, and letters. In the 1950s, marketers had all the power. They used to think that whatever they made, people would buy it. Just make one thing, and the rest will sell itself!
But now the times have changed. Now the power is in the hands of the customers. They decide what to buy, when to buy, and how to buy.
The Engineering Export Promotion Council of India (EEPC India) has taken a firm stance against proposed protectionist measures on low-cost steel imports, particularly emphasising the potential impact on Micro, Small, and Medium Enterprises (MSMEs).
EEPC India Chairman Arun Kumar Garodia emphasises the critical nature of maintaining competitive steel pricing, noting the significant price advantage that Chinese steel currently offers to downstream industries.
Arya.ag, a leading Indian grain commerce platform, has secured a USD 19.8 million commitment from the United States International Development Finance Corporation (DFC) to guarantee a debt facility for its agri-commerce subsidiary Aryatech.
The funding, announced Monday, follows the company's USD 29 million equity round raised in the previous quarter.
Danish Power, the Rajasthan-based company, marked a significant milestone today as its shares debuted on the National Stock Exchange's SME platform at Rs 570, recording a premium of 50 percent over its issue price of Rs 380 per share.
The initial public offering (IPO), which opened for subscription on October 22, garnered substantial investor interest with an oversubscription of 126.65 times.
