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President Message
International trade is dreading US President Donald Trump’s reciprocal tariff plans. In spite of a Strategic partnership between US and India, he made it clear to PM Modi during the recent summit, that when it came to tariff, he would go by reciprocity. It is difficult to assess full impact of such policies because the impact would depend upon two things: India’s response i.e. our offers for lowering tariff and response by our competitors. If tariff is applied to India’s apparel exports but not on Bangladesh’s or Sri Lanka’s, we might lose substantial business. So impact would be assessed on the case to case basis. The complexity gets accentuated because if we reduce tariff for US, we will have to reduce it for all nations (the MFN treatment principle under WTO). For example, India might reduce tariff for pharma without much difficulty via a vis US, but lower duties might see imports coming from China. A few sectors are certainly on firing line having high tariff such as Agricultural Products, Automobiles & Motorcycles, Alcoholic Beverages, Textiles and Luxury Goods. So it is not a bilateral issue but has ramifications for our trade with all other nations. It’s time Government engaged industry in discussions to identify areas where we could extend concessions without material injury while exploring market access in US markets.
A joint delegation of Friends of MSMEs in Parliament and FISME met the Chairman of the Department Related Parliamentary Standing Committee on Finance on 10th March 2025 and handed a memorandum about challenges MSMEs are facing with regards to access to finance. From Friends of MSMEs in Parliament Shri Shankar Lalwani Chairman and Shri Rajendra Agrawal, Convenor led the delegation along with Shri Dinesh Singhal, Chairman Policy Committee and Shri Neeraj Kedia, Chairman Banking and Finance Committee and Shri Anil Bhardwaj, Secretary General FISME.
The Federation of Indian Micro and Small & Medium Enterprises (FISME), serving as the secretariat of the forum 'Friends of MSMEs in Parliament' organized the "7th Samwad: Dialogue with MSMEs" in New Delhi on 6 February, 2025 to review the budget and emerging challenges faced by MSMEs. The event was chaired by Shri Shankar Lalwani, Lok Sabha MP from Indore with Shri Rajendra Agrawal, former MP of Meerut, as the Convenor of the forum. Discussions emphasized the need for legislative reforms, leveraging parliamentary institutions for MSME advocacy, and fostering dialogue between stakeholders. Key concerns raised included SMA classification, BLR ratings, delayed payments, and finance-related issues. The forum also highlighted technological upgradation, joint ventures, and MSMEs’ role in India’s 2047 vision.
The Central Executive Committee (CEC) meeting of FISME was held on 6th February 2024 in New Delhi. A comprehensive update on activities and official meetings since the last CEC was presented. The meeting also reviewed important developments, including policy updates and a special discussion on the Union Budget 2025-26, focusing on its impact on the MSME sector. Looking ahead, the forthcoming activities for 2025-26 were discussed, including the International Conference on Mass Tech Upgradation in MSME clusters and key advocacy themes. The progress of the Center of Excellence for Aspiring SMEs (CoEAS) and the FISME IPFC was also reviewed. These initiatives underscore FISME's ongoing commitment to advancing the interests of MSMEs and fostering their growth in the coming year.
Leading a small business is a unique opportunity with tons of upside. Small business is thriving today, and its impact is significant. So how to lead small business for the biggest growth and best results? There are a few key strategies you can employ. Whether you work for a small business or lead one, it’s wise to consider what’s unique about small business--because the approaches you take can make a big difference in your success and the rewards you create for yourself and others.
US President Donald Trump’s proposed reciprocal tariffs could significantly impact India’s trade strategy, forcing a shift in import-export dynamics, currency valuation, and domestic policy priorities. While India is already increasing purchases of US defence equipment and energy, the broader implications of Trump’s tariff plan extend beyond specific sectors, affecting economic growth and trade deficits. Trump has announced that the US will impose tariffs on imports equivalent to those levied by other countries on American exports.
India's wholesale inflation showed a modest decline in January 2025, easing to 2.3 per cent from 2.4 per cent in December, according to data released by the Commerce and Industry Ministry on Friday.
The slight moderation in the Wholesale Price Index (WPI) primarily reflects softening food prices and improved supply conditions. The ministry attributed January's positive inflation rate to increased prices across several key sectors, including food product manufacturing, food articles, other manufacturing activities, non-food articles, and textile manufacturing.
The Export-Import Bank of India has released its latest quarterly forecast, projecting the nation's total merchandise exports to reach USD 124.8 billion in the fourth quarter of Financial Year 2025, representing a 3.64 percent year-on-year growth.
This forecast encompasses the January-March period and signals continued resilience in India's export sector. In a detailed breakdown of the projections, India Exim Bank anticipates particularly strong performance in non-oil exports, which are expected to reach USD 109.3 billion, marking a substantial 11.34 percent growth.
The Indian automotive sector commenced 2025 with remarkable export performance, registering a substantial 40.2 percent year-over-year growth in January.
Data released by the Society of Indian Automobile Manufacturers (Siam) reveals significant expansion across all major segments, with passenger vehicles, two-wheelers, and three-wheelers all achieving double-digit growth. Passenger vehicle exports rose by 17 percent to 57,585 units, while two-wheeler exports demonstrated exceptional growth of 46.2 percent, reaching 380,528 units.
The government has mandated quality control standards for stainless steel seamless pipes and tubes through a new order issued on February 10, 2025.
The 'Stainless Steel Pipes and Tubes (Quality Control) Order, 2025,' which takes effect from August 1, requires all such products to carry the Bureau of Indian Standards (BIS) mark before they can be produced, sold, traded, imported, or stored. The Department for Promotion of Industry and Internal Trade (DPIIT) has included a specific exemption for research and development purposes, allowing manufacturers to import up to 500 kilograms of these products annually.
The Union Health Ministry has extended the deadline for small and medium-sized pharmaceutical companies to comply with revised Schedule M standards, granting them until December 31, 2025, to meet the new quality and manufacturing requirements.
This extension applies specifically to pharmaceutical units with annual turnover below Rs 250 crore, affecting approximately 8,500 companies in the MSME category. The revised Schedule M standards, introduced in December 2023, aim to align Indian pharmaceutical manufacturing practices with global standards, particularly those of the World Health Organisation (WHO).
The Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry, has issued Trade Notice No. 28/2024-25, urging exporters, trade bodies, and relevant agencies to comply with electronic issuance of Certificates of Origin (CoO) through the eCoO 2.0 platform.
Despite prior directives in Trade Notices No. 36/2023-2024 and No. 24/2024-25, reports indicate that some agencies continue to issue manual CoOs.
Assam has emerged as the region's startup powerhouse with 1,487 recognised startups, accounting for more than 70 per cent of the total 2,054 ventures in the area.
This data, released by the Department for Promotion of Industry and Internal Trade (DPIIT) as of December 31, 2024, was recently presented to the Rajya Sabha by Dr. Sukanta Majumdar, Minister of State for the Development of North Eastern Region (DoNER). The state's remarkable achievement stands in stark contrast to its regional counterparts, with Manipur recording 179 startups and Tripura following with 141. This substantial lead underscores Assam's pivotal role in driving innovation and entrepreneurship across Northeast India.
Karnataka Deputy Chief Minister D K Shivakumar has launched the state's Industrial Policy 2025-30, presenting an ambitious framework for sustainable industrial development across the region.
The policy, unveiled during the GIM Invest Karnataka 2025 event in Bengaluru on Tuesday, sets forth substantial investment and employment targets while emphasising balanced regional growth. The new policy framework establishes Karnataka's vision to emerge as Asia's premier destination for high-technology manufacturing investments.
The Government of Goa has announced its State Amritkal Agriculture Policy 2025, a comprehensive framework aimed at transforming the agricultural sector into a modern, sustainable, and integral component of the state's economy.
Chief Minister Pramod Sawant, speaking at the policy announcement on Tuesday, emphasised the government's commitment to implementing the policy within the next decade through necessary legislative amendments and monthly implementation reviews. The policy introduces several significant institutional changes, including the establishment of the Goa State Coconut, Cashew, and Mango Development Board, modeled after similar central government institutions.
In a significant diplomatic meeting at the White House on Thursday, U.S. President Donald Trump and Indian Prime Minister Narendra Modi held talks focused on bilateral trade relations, with Trump announcing India's commitment to increase purchases of American oil, gas, and military hardware to address trade imbalances.
However, Trump maintained that India would not be exempt from potential reciprocal tariffs. The Global Trade Research Initiative (GTRI), a prominent economic think tank, released an analysis on Friday suggesting that the U.S. government's proposed reciprocal tariff strategy may have limited impact on India due to fundamental differences in the two nations' export profiles.
A significant trilateral agreement in the energy sector was established during India Energy Week 2025 as the State Oil Company of Azerbaijan Republic (SOCAR), Mangalore Refinery and Petrochemicals Limited (MRPL), and Oil and Natural Gas Corporation Limited (ONGC) formalised their collaboration through a non-binding Memorandum of Understanding (MoU) on February 12, 2025. The comprehensive agreement encompasses several strategic areas of cooperation, focusing primarily on crude oil and liquefied natural gas supply chains, petroleum product trading operations, and knowledge exchange initiatives for capacity development.
Should employee-engagement framework be rational or emotional?
Whether an employee-engagement framework should be rational or emotional is a topic of significant debate in contemporary workplaces. Some argue that a rational approach, focused on logical reasoning and objective measures, is essential for effective management and productivity. On the other hand, proponents of the emotional approach emphasise the importance of creating a positive and meaningful work environment, where employees feel a deep sense of connection and fulfilment.
20 Expert Accounting Tips Every Small Business Owner Should Know
Managing your small business's finances isn’t just about crunching numbers—it’s about making data-driven decisions that keep your business healthy and positioned for growth. The right accounting strategies can streamline cash flow management, optimize tax savings and bring a new level of efficiency to your daily operations.
4 Advanced Marketing Tactics for Small Businesses That Actually Work
Going beyond the basics should be your starting point if you want to go the extra mile. Let's face it — what worked in marketing 10 years ago isn't cutting it anymore. Customer habits have changed. Technology has reshaped how businesses connect with audiences. Competitors? Don't get me started.
Ludhiana’s Hosiery Industry Struggles as Winter Season Shortens
Ludhiana’s renowned hosiery and winterwear industry is facing a severe crisis due to a shrinking winter season.
With temperatures rising and the cold spell shortening, manufacturers and retailers are struggling to clear their stock, leading to significant financial losses and market uncertainty.
How Pallav Bihani is building Boldfit into India's dependable fitness tracking brand
In India, the sports and fitness market swings like a pendulum: a raft of premium multinational brands at one end and countless desi companies that pedalling cheap products at the other. 29-year-old Bihani is creating high-quality yet affordable products at Boldfit.
How Swish is building a quick commerce platform for food delivery
The right questions, as wisdom goes, will always get you the right answers. Early last year, Aniket Shah reached out to a score of consumers in Bengaluru with a question. The query was not if food could be delivered in 10 minutes. It could be done. Players had experimented in the past, and there were pilots around it.
The Ministry of Statistics and Programme Implementation (MoSPI) has released the
Annual Survey of Unincorporated Sector Enterprises (ASUSE) Results for 2023-24 (Reference & Survey period: October 2023 to September 2024)
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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International trade is dreading US President Donald Trump’s reciprocal tariff plans. In spite of a Strategic partnership between US and India, he made it clear to PM Modi during the recent summit, that when it came to tariff, he would go by reciprocity. It is difficult to assess full impact of such policies because the impact would depend upon two things: India’s response i.e. our offers for lowering tariff and response by our competitors. If tariff is applied to India’s apparel exports but not on Bangladesh’s or Sri Lanka’s, we might lose substantial business. So impact would be assessed on the case to case basis. The complexity gets accentuated because if we reduce tariff for US, we will have to reduce it for all nations (the MFN treatment principle under WTO). For example, India might reduce tariff for pharma without much difficulty via a vis US, but lower duties might see imports coming from China. A few sectors are certainly on firing line having high tariff such as Agricultural Products, Automobiles & Motorcycles, Alcoholic Beverages, Textiles and Luxury Goods. So it is not a bilateral issue but has ramifications for our trade with all other nations. It’s time Government engaged industry in discussions to identify areas where we could extend concessions without material injury while exploring market access in US markets.
A joint delegation of Friends of MSMEs in Parliament and FISME met the Chairman of the Department Related Parliamentary Standing Committee on Finance on 10th March 2025 and handed a memorandum about challenges MSMEs are facing with regards to access to finance. From Friends of MSMEs in Parliament Shri Shankar Lalwani Chairman and Shri Rajendra Agrawal, Convenor led the delegation along with Shri Dinesh Singhal, Chairman Policy Committee and Shri Neeraj Kedia, Chairman Banking and Finance Committee and Shri Anil Bhardwaj, Secretary General FISME.
The Federation of Indian Micro and Small & Medium Enterprises (FISME), serving as the secretariat of the forum 'Friends of MSMEs in Parliament' organized the "7th Samwad: Dialogue with MSMEs" in New Delhi on 6 February, 2025 to review the budget and emerging challenges faced by MSMEs. The event was chaired by Shri Shankar Lalwani, Lok Sabha MP from Indore with Shri Rajendra Agrawal, former MP of Meerut, as the Convenor of the forum. Discussions emphasized the need for legislative reforms, leveraging parliamentary institutions for MSME advocacy, and fostering dialogue between stakeholders. Key concerns raised included SMA classification, BLR ratings, delayed payments, and finance-related issues. The forum also highlighted technological upgradation, joint ventures, and MSMEs’ role in India’s 2047 vision.
The Central Executive Committee (CEC) meeting of FISME was held on 6th February 2024 in New Delhi. A comprehensive update on activities and official meetings since the last CEC was presented. The meeting also reviewed important developments, including policy updates and a special discussion on the Union Budget 2025-26, focusing on its impact on the MSME sector. Looking ahead, the forthcoming activities for 2025-26 were discussed, including the International Conference on Mass Tech Upgradation in MSME clusters and key advocacy themes. The progress of the Center of Excellence for Aspiring SMEs (CoEAS) and the FISME IPFC was also reviewed. These initiatives underscore FISME's ongoing commitment to advancing the interests of MSMEs and fostering their growth in the coming year.
Leading a small business is a unique opportunity with tons of upside. Small business is thriving today, and its impact is significant. So how to lead small business for the biggest growth and best results? There are a few key strategies you can employ. Whether you work for a small business or lead one, it’s wise to consider what’s unique about small business--because the approaches you take can make a big difference in your success and the rewards you create for yourself and others.
India's wholesale inflation showed a modest decline in January 2025, easing to 2.3 per cent from 2.4 per cent in December, according to data released by the Commerce and Industry Ministry on Friday.
The slight moderation in the Wholesale Price Index (WPI) primarily reflects softening food prices and improved supply conditions. The ministry attributed January's positive inflation rate to increased prices across several key sectors, including food product manufacturing, food articles, other manufacturing activities, non-food articles, and textile manufacturing.
The Export-Import Bank of India has released its latest quarterly forecast, projecting the nation's total merchandise exports to reach USD 124.8 billion in the fourth quarter of Financial Year 2025, representing a 3.64 percent year-on-year growth.
This forecast encompasses the January-March period and signals continued resilience in India's export sector. In a detailed breakdown of the projections, India Exim Bank anticipates particularly strong performance in non-oil exports, which are expected to reach USD 109.3 billion, marking a substantial 11.34 percent growth.
The Indian automotive sector commenced 2025 with remarkable export performance, registering a substantial 40.2 percent year-over-year growth in January.
Data released by the Society of Indian Automobile Manufacturers (Siam) reveals significant expansion across all major segments, with passenger vehicles, two-wheelers, and three-wheelers all achieving double-digit growth. Passenger vehicle exports rose by 17 percent to 57,585 units, while two-wheeler exports demonstrated exceptional growth of 46.2 percent, reaching 380,528 units.
The government has mandated quality control standards for stainless steel seamless pipes and tubes through a new order issued on February 10, 2025.
The 'Stainless Steel Pipes and Tubes (Quality Control) Order, 2025,' which takes effect from August 1, requires all such products to carry the Bureau of Indian Standards (BIS) mark before they can be produced, sold, traded, imported, or stored. The Department for Promotion of Industry and Internal Trade (DPIIT) has included a specific exemption for research and development purposes, allowing manufacturers to import up to 500 kilograms of these products annually.
The Union Health Ministry has extended the deadline for small and medium-sized pharmaceutical companies to comply with revised Schedule M standards, granting them until December 31, 2025, to meet the new quality and manufacturing requirements.
This extension applies specifically to pharmaceutical units with annual turnover below Rs 250 crore, affecting approximately 8,500 companies in the MSME category. The revised Schedule M standards, introduced in December 2023, aim to align Indian pharmaceutical manufacturing practices with global standards, particularly those of the World Health Organisation (WHO).
The Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry, has issued Trade Notice No. 28/2024-25, urging exporters, trade bodies, and relevant agencies to comply with electronic issuance of Certificates of Origin (CoO) through the eCoO 2.0 platform.
Despite prior directives in Trade Notices No. 36/2023-2024 and No. 24/2024-25, reports indicate that some agencies continue to issue manual CoOs.
Assam has emerged as the region's startup powerhouse with 1,487 recognised startups, accounting for more than 70 per cent of the total 2,054 ventures in the area.
This data, released by the Department for Promotion of Industry and Internal Trade (DPIIT) as of December 31, 2024, was recently presented to the Rajya Sabha by Dr. Sukanta Majumdar, Minister of State for the Development of North Eastern Region (DoNER). The state's remarkable achievement stands in stark contrast to its regional counterparts, with Manipur recording 179 startups and Tripura following with 141. This substantial lead underscores Assam's pivotal role in driving innovation and entrepreneurship across Northeast India.
Karnataka Deputy Chief Minister D K Shivakumar has launched the state's Industrial Policy 2025-30, presenting an ambitious framework for sustainable industrial development across the region.
The policy, unveiled during the GIM Invest Karnataka 2025 event in Bengaluru on Tuesday, sets forth substantial investment and employment targets while emphasising balanced regional growth. The new policy framework establishes Karnataka's vision to emerge as Asia's premier destination for high-technology manufacturing investments.
The Government of Goa has announced its State Amritkal Agriculture Policy 2025, a comprehensive framework aimed at transforming the agricultural sector into a modern, sustainable, and integral component of the state's economy.
Chief Minister Pramod Sawant, speaking at the policy announcement on Tuesday, emphasised the government's commitment to implementing the policy within the next decade through necessary legislative amendments and monthly implementation reviews. The policy introduces several significant institutional changes, including the establishment of the Goa State Coconut, Cashew, and Mango Development Board, modeled after similar central government institutions.
In a significant diplomatic meeting at the White House on Thursday, U.S. President Donald Trump and Indian Prime Minister Narendra Modi held talks focused on bilateral trade relations, with Trump announcing India's commitment to increase purchases of American oil, gas, and military hardware to address trade imbalances.
However, Trump maintained that India would not be exempt from potential reciprocal tariffs. The Global Trade Research Initiative (GTRI), a prominent economic think tank, released an analysis on Friday suggesting that the U.S. government's proposed reciprocal tariff strategy may have limited impact on India due to fundamental differences in the two nations' export profiles.
A significant trilateral agreement in the energy sector was established during India Energy Week 2025 as the State Oil Company of Azerbaijan Republic (SOCAR), Mangalore Refinery and Petrochemicals Limited (MRPL), and Oil and Natural Gas Corporation Limited (ONGC) formalised their collaboration through a non-binding Memorandum of Understanding (MoU) on February 12, 2025. The comprehensive agreement encompasses several strategic areas of cooperation, focusing primarily on crude oil and liquefied natural gas supply chains, petroleum product trading operations, and knowledge exchange initiatives for capacity development.
According to the FISME factor, 60% of MSMEs consider Union Budget 2025 excellent while 40% think it as average.
Whether an employee-engagement framework should be rational or emotional is a topic of significant debate in contemporary workplaces. Some argue that a rational approach, focused on logical reasoning and objective measures, is essential for effective management and productivity. On the other hand, proponents of the emotional approach emphasise the importance of creating a positive and meaningful work environment, where employees feel a deep sense of connection and fulfilment.
Managing your small business's finances isn’t just about crunching numbers—it’s about making data-driven decisions that keep your business healthy and positioned for growth. The right accounting strategies can streamline cash flow management, optimize tax savings and bring a new level of efficiency to your daily operations.
Going beyond the basics should be your starting point if you want to go the extra mile. Let's face it — what worked in marketing 10 years ago isn't cutting it anymore. Customer habits have changed. Technology has reshaped how businesses connect with audiences. Competitors? Don't get me started.
Ludhiana’s renowned hosiery and winterwear industry is facing a severe crisis due to a shrinking winter season.
With temperatures rising and the cold spell shortening, manufacturers and retailers are struggling to clear their stock, leading to significant financial losses and market uncertainty.
In India, the sports and fitness market swings like a pendulum: a raft of premium multinational brands at one end and countless desi companies that pedalling cheap products at the other. 29-year-old Bihani is creating high-quality yet affordable products at Boldfit.
The right questions, as wisdom goes, will always get you the right answers. Early last year, Aniket Shah reached out to a score of consumers in Bengaluru with a question. The query was not if food could be delivered in 10 minutes. It could be done. Players had experimented in the past, and there were pilots around it.
