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President Message
While speaking at the Economic Times World Leaders Forum, PM Modi outlined an agenda of reforms. Key takeaways for MSMEs include the government's commitment to simplifying GST and other procedural frameworks, reducing the burden of compliance, and improving the ease of doing business. The government has already introduced a simplified GST registration scheme and a two-tier tax structure to benefit small traders and businesses. The focus on indigenous innovation, as seen in the development and rapid rollout of 5G and ongoing work on 6G, creates opportunities for MSMEs in the technology sector. Additionally, a strong and stable economy with low inflation, low interest rates, and improved credit ratings provides a conducive climate for business expansion and access to capital. The emphasis on sectors like space technology and renewable energy, where India is making significant strides, also opens up new avenues for MSME participation and growth. Overall, the speech signals a future where MSMEs are empowered to not only contribute to but also lead India's economic transformation.
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Prime Minister Narendra Modi asserted his government’s commitment and conviction in reforms, as well as its focus on making the country self-reliant by achieving goals through quantum leaps, rather than incrementalism, over the past decade. This has turned India into a robust economy that’s expected to soon contribute nearly 20% to global growth, he said...
India’s manufacturing industry recorded its fastest expansion in more than 17 years in August 2025, highlighting strong domestic demand despite global trade challenges.
The HSBC India Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 59.3 in August from 59.1 in July.
This marks the highest reading since early 2008, signaling a sharp improvement in operating conditions and robust business momentum.
India's industrial production accelerated to a four-month high of 3.5 per cent in July 2025, marking the strongest growth since March when industrial output reached 3.9 per cent, according to official data released Thursday. The Index of Industrial Production (IIP), which measures factory output, showed improvement from the previous month, though it remained below the 5 per cent growth recorded in July 2024. The National Statistics Office (NSO) maintained its revised June growth figure at 1.5 per cent, consistent with provisional estimates released the previous month.
The Gems and Jewellery Export Promotion Council (GJEPC) has called on the Centre to announce urgent relief measures following the United States’ decision to impose 50 percent tariffs on Indian goods—a step exporters warn is already impacting the USD 40 billion industry. The penal duties, which took effect on August 27, have disrupted shipments to the US—India’s largest market for diamonds—and raised concerns over slowing orders, mounting cancellations, and job losses in hubs like Surat, which processes nearly 90 percent of the world’s diamonds and directly employs about 200,000 workers.
The Department for Promotion of Industry and Internal Trade (DPIIT) held a high-level review meeting on Monday to assess challenges affecting major infrastructure projects in Karnataka, Kerala, and Telangana. The meeting, chaired by DPIIT Secretary Amardeep Singh Bhatia, brought together senior officials from central ministries, state governments, and project developers, with a focus on fast-tracking issue resolution through the Project Monitoring Group (PMG).
The Andhra Pradesh High Court has ruled that assessment orders issued without the mandatory Document Identification Number (DIN) are invalid but not void, meaning they remain operative until specifically annulled by a competent court. Section 168(1) of the Central Goods and Services Tax (CGST) Act, which prescribes the power to issue instructions or directions, states that the Central Board of Indirect Taxes and Customs (CBIC) may issue orders, instructions, or directions to central tax officers, and all such officers and persons engaged in implementing the Act shall observe and comply with those orders, instructions, or directions.
The Ministry of Power has nominated Sandeep Kishore Jain, President, Federation of Indian Micro and Small & Medium Enterprises (FISME), as a member of the Governing Council of the Bureau of Energy Efficiency (BEE) for a term of three years. The BEE, a statutory body established under the Energy Conservation Act, 2001, functions under the Ministry of Power with a mandate to promote energy efficiency and conservation across sectors. The general superintendence, direction, and management of the Bureau are vested in its Governing Council. Following the Energy Conservation (Amendment) Act, 2022, the Governing Council comprises 37 members, including seven representatives nominated for three years under Section 4(2)(p) of the Act.
Odisha’s seafood and textile industries, two of the state’s most labour-intensive sectors, are facing severe pressure following the US government’s imposition of a 50 per cent tariff on Indian exports. In response, the state government is preparing interim relief measures to support both sectors. Odisha exported seafood worth Rs 4,700 crore in 2024-25, with nearly one-third going to the US. The textile and apparel sector, though smaller with exports of Rs 85.5 crore in 2023-24, has been viewed as a high-potential industry.
Arunachal Pradesh Chief Minister Pema Khandu on Tuesday said the state is charting a “bold new growth story” through innovation, investment, and entrepreneurship.
In a post on X, Khandu highlighted several initiatives by his government aimed at positioning Arunachal Pradesh as an emerging hub for industry and startups. Central to this effort is the newly launched Industrial Development & Investment Policy 2025, designed to attract large-scale investments and create a business-friendly environment.
Prime Minister Narendra Modi visited Ahmedabad on Monday, inaugurating and laying the foundation stones for infrastructure projects worth approximately Rs 5,400 crore as part of his two-day Gujarat visit. In the power sector, Modi inaugurated distribution projects worth over Rs 1,000 crore under the Uttar Gujarat Vij Company Limited in Ahmedabad, Mehsana, and Gandhinagar. These initiatives, part of the Revamped Distribution Sector Scheme, aim to modernize infrastructure, reduce technical losses, and strengthen resilience during adverse weather conditions.
Punjab’s local industry has welcomed the state government’s decision to invest Rs 200 crore in strengthening research and development (R&D) and testing facilities, calling it a crucial step toward enhancing the competitiveness of micro, small and medium enterprises (MSMEs), Times of India reported. Punjab Industry Minister Sanjeev Arora, accompanied by Surbhi Malik, Director, Industries and senior officials, announced the initiative during a visit to the Institute of Autoparts & Hand Tools (IAHT) in Ludhiana, where he reviewed the institute’s roadmap for growth and held discussions with industry stakeholders.
On the side lines of the Shanghai Cooperation Organization (SCO) Leaders' Summit, Prime Minister Narendra Modi met with President Xi Jinping in Tianjin, China on Sunday. Concerning economic and trade relations, the two leaders recognized the role of their economies in stabilizing world trade. They underlined the need to proceed from a political and strategic perspective to expand bilateral trade and investment ties and reduce the trade deficit. They acknowledged the importance of strengthening people-to-people ties through direct flights and visa facilitation, building on the resumption of Kailash Manasarovar Yatra and tourist visa. Prime Minister noted that India and China both pursue strategic autonomy, and their relations should not be seen through a a third country lens.
On August 30, 2025, India’s Commerce and Industry Minister Piyush Goyal welcomed Dr. Thani bin Ahmed Al Zeyoudi, UAE's new Minister of Foreign Trade, for a high-level meeting in New Delhi. Their discussions centered on expanding trade and investment across three pivotal sectors: infrastructure, energy, and technology. Both leaders reaffirmed their joint commitment to deepen the India–UAE economic partnership and to explore fresh avenues for growth.A spotlight of their talks was the Comprehensive Economic Partnership Agreement (CEPA), which entered into force on May 1, 2022. Since its enactment, bilateral merchandise trade has nearly doubled, rising from USD 43.3 billion in fiscal 2020–21 to USD 83.7 billion in fiscal 2023–24. As of January 2025, this total had already reached USD 80.5 billion.
Do you expect the proposed Reforms and reduction in GST slabs indicated by PM Modi can help make Indian industry more competitive?
According to the FISME Factor, 100% of MSMEs think that the proposed reforms and reduction in GST slabs, as indicated by PM Modi, can help make Indian industry more competitive.
The Great Displacement: How automation is reshaping India’s workforce
As India progresses towards its ambition of becoming a $10 trillion economy by 2035, a profound transformation is reshaping its labour market. Automation—once confined to manufacturing assembly lines—has evolved into an immediate reality touching nearly every sector.
Invest smart, start early: A guide for young entrepreneurs on building a strong investment portfolio
In today’s fast-paced business environment, young entrepreneurs are realizing the value of smart investment strategies to secure long-term financial success. Mutual funds, with their diversified and professionally managed portfolios, offer an accessible and effective avenue for new business owners to grow their wealth steadily.
What Business Owners Must Know to Build Brand Loyalty Through Customer Experiences
Strong brands aren't built through big ad budgets but by delivering consistent, memorable customer experiences that create loyalty, trust and powerful word-of-mouth marketing.
Biostimulant Makers Face Compliance Heat Under New Fertiliser Rules
The fertiliser sector specialising in biostimulants is facing fresh regulatory pressures following the February 2025 amendment to the Fertiliser Control Order (FCO). Previously unregulated, biostimulants now fall under strict controls—driving up compliance costs and threatening the survival of many small-scale manufacturers.
Vutto secures $7M Series A funding led by RTP Global
Delhi-based startup Vutto has raised $7 million in a Series A round led by RTP Global, with participation from existing investor Blume Ventures. The company said it will use the fresh capital to strengthen vehicle sourcing, refurbishment, and customer services, while also supporting expansion into new markets.
Cloud kitchen startup Curefoods marks 5 years, sets eyes on Tier II+ expansion
Bengaluru-based quick-service restaurant (QSR) chain Curefoods has completed five years since its inception. The company, which started in 2020 with the launch of EatFit, now manages a diverse portfolio of food brands serving customers across multiple Indian cities.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released the Quarterly Estimates of Gross Domestic Product (GDP) for the April-June Quarter (Q1) of Financial Year (FY) 2025-26 along with its Expenditure components both at Constant (2011-12) and Current Prices.
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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While speaking at the Economic Times World Leaders Forum, PM Modi outlined an agenda of reforms. Key takeaways for MSMEs include the government's commitment to simplifying GST and other procedural frameworks, reducing the burden of compliance, and improving the ease of doing business. The government has already introduced a simplified GST registration scheme and a two-tier tax structure to benefit small traders and businesses. The focus on indigenous innovation, as seen in the development and rapid rollout of 5G and ongoing work on 6G, creates opportunities for MSMEs in the technology sector. Additionally, a strong and stable economy with low inflation, low interest rates, and improved credit ratings provides a conducive climate for business expansion and access to capital. The emphasis on sectors like space technology and renewable energy, where India is making significant strides, also opens up new avenues for MSME participation and growth. Overall, the speech signals a future where MSMEs are empowered to not only contribute to but also lead India's economic transformation.
India’s manufacturing industry recorded its fastest expansion in more than 17 years in August 2025, highlighting strong domestic demand despite global trade challenges.
The HSBC India Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 59.3 in August from 59.1 in July.
This marks the highest reading since early 2008, signaling a sharp improvement in operating conditions and robust business momentum.
India's industrial production accelerated to a four-month high of 3.5 per cent in July 2025, marking the strongest growth since March when industrial output reached 3.9 per cent, according to official data released Thursday. The Index of Industrial Production (IIP), which measures factory output, showed improvement from the previous month, though it remained below the 5 per cent growth recorded in July 2024. The National Statistics Office (NSO) maintained its revised June growth figure at 1.5 per cent, consistent with provisional estimates released the previous month.
The Gems and Jewellery Export Promotion Council (GJEPC) has called on the Centre to announce urgent relief measures following the United States’ decision to impose 50 percent tariffs on Indian goods—a step exporters warn is already impacting the USD 40 billion industry. The penal duties, which took effect on August 27, have disrupted shipments to the US—India’s largest market for diamonds—and raised concerns over slowing orders, mounting cancellations, and job losses in hubs like Surat, which processes nearly 90 percent of the world’s diamonds and directly employs about 200,000 workers.
The Department for Promotion of Industry and Internal Trade (DPIIT) held a high-level review meeting on Monday to assess challenges affecting major infrastructure projects in Karnataka, Kerala, and Telangana. The meeting, chaired by DPIIT Secretary Amardeep Singh Bhatia, brought together senior officials from central ministries, state governments, and project developers, with a focus on fast-tracking issue resolution through the Project Monitoring Group (PMG).
The Andhra Pradesh High Court has ruled that assessment orders issued without the mandatory Document Identification Number (DIN) are invalid but not void, meaning they remain operative until specifically annulled by a competent court. Section 168(1) of the Central Goods and Services Tax (CGST) Act, which prescribes the power to issue instructions or directions, states that the Central Board of Indirect Taxes and Customs (CBIC) may issue orders, instructions, or directions to central tax officers, and all such officers and persons engaged in implementing the Act shall observe and comply with those orders, instructions, or directions.
The Ministry of Power has nominated Sandeep Kishore Jain, President, Federation of Indian Micro and Small & Medium Enterprises (FISME), as a member of the Governing Council of the Bureau of Energy Efficiency (BEE) for a term of three years. The BEE, a statutory body established under the Energy Conservation Act, 2001, functions under the Ministry of Power with a mandate to promote energy efficiency and conservation across sectors. The general superintendence, direction, and management of the Bureau are vested in its Governing Council. Following the Energy Conservation (Amendment) Act, 2022, the Governing Council comprises 37 members, including seven representatives nominated for three years under Section 4(2)(p) of the Act.
Odisha’s seafood and textile industries, two of the state’s most labour-intensive sectors, are facing severe pressure following the US government’s imposition of a 50 per cent tariff on Indian exports. In response, the state government is preparing interim relief measures to support both sectors. Odisha exported seafood worth Rs 4,700 crore in 2024-25, with nearly one-third going to the US. The textile and apparel sector, though smaller with exports of Rs 85.5 crore in 2023-24, has been viewed as a high-potential industry.
Arunachal Pradesh Chief Minister Pema Khandu on Tuesday said the state is charting a “bold new growth story” through innovation, investment, and entrepreneurship.
In a post on X, Khandu highlighted several initiatives by his government aimed at positioning Arunachal Pradesh as an emerging hub for industry and startups. Central to this effort is the newly launched Industrial Development & Investment Policy 2025, designed to attract large-scale investments and create a business-friendly environment.
Prime Minister Narendra Modi visited Ahmedabad on Monday, inaugurating and laying the foundation stones for infrastructure projects worth approximately Rs 5,400 crore as part of his two-day Gujarat visit. In the power sector, Modi inaugurated distribution projects worth over Rs 1,000 crore under the Uttar Gujarat Vij Company Limited in Ahmedabad, Mehsana, and Gandhinagar. These initiatives, part of the Revamped Distribution Sector Scheme, aim to modernize infrastructure, reduce technical losses, and strengthen resilience during adverse weather conditions.
Punjab’s local industry has welcomed the state government’s decision to invest Rs 200 crore in strengthening research and development (R&D) and testing facilities, calling it a crucial step toward enhancing the competitiveness of micro, small and medium enterprises (MSMEs), Times of India reported. Punjab Industry Minister Sanjeev Arora, accompanied by Surbhi Malik, Director, Industries and senior officials, announced the initiative during a visit to the Institute of Autoparts & Hand Tools (IAHT) in Ludhiana, where he reviewed the institute’s roadmap for growth and held discussions with industry stakeholders.
On the side lines of the Shanghai Cooperation Organization (SCO) Leaders' Summit, Prime Minister Narendra Modi met with President Xi Jinping in Tianjin, China on Sunday. Concerning economic and trade relations, the two leaders recognized the role of their economies in stabilizing world trade. They underlined the need to proceed from a political and strategic perspective to expand bilateral trade and investment ties and reduce the trade deficit. They acknowledged the importance of strengthening people-to-people ties through direct flights and visa facilitation, building on the resumption of Kailash Manasarovar Yatra and tourist visa. Prime Minister noted that India and China both pursue strategic autonomy, and their relations should not be seen through a a third country lens.
On August 30, 2025, India’s Commerce and Industry Minister Piyush Goyal welcomed Dr. Thani bin Ahmed Al Zeyoudi, UAE's new Minister of Foreign Trade, for a high-level meeting in New Delhi. Their discussions centered on expanding trade and investment across three pivotal sectors: infrastructure, energy, and technology. Both leaders reaffirmed their joint commitment to deepen the India–UAE economic partnership and to explore fresh avenues for growth.A spotlight of their talks was the Comprehensive Economic Partnership Agreement (CEPA), which entered into force on May 1, 2022. Since its enactment, bilateral merchandise trade has nearly doubled, rising from USD 43.3 billion in fiscal 2020–21 to USD 83.7 billion in fiscal 2023–24. As of January 2025, this total had already reached USD 80.5 billion.
According to the FISME Factor, 100% of MSMEs think that the proposed reforms and reduction in GST slabs, as indicated by PM Modi, can help make Indian industry more competitive. 
As India progresses towards its ambition of becoming a $10 trillion economy by 2035, a profound transformation is reshaping its labour market. Automation—once confined to manufacturing assembly lines—has evolved into an immediate reality touching nearly every sector.
In today’s fast-paced business environment, young entrepreneurs are realizing the value of smart investment strategies to secure long-term financial success. Mutual funds, with their diversified and professionally managed portfolios, offer an accessible and effective avenue for new business owners to grow their wealth steadily.
Strong brands aren't built through big ad budgets but by delivering consistent, memorable customer experiences that create loyalty, trust and powerful word-of-mouth marketing.
The fertiliser sector specialising in biostimulants is facing fresh regulatory pressures following the February 2025 amendment to the Fertiliser Control Order (FCO). Previously unregulated, biostimulants now fall under strict controls—driving up compliance costs and threatening the survival of many small-scale manufacturers.
Delhi-based startup Vutto has raised $7 million in a Series A round led by RTP Global, with participation from existing investor Blume Ventures. The company said it will use the fresh capital to strengthen vehicle sourcing, refurbishment, and customer services, while also supporting expansion into new markets.
Bengaluru-based quick-service restaurant (QSR) chain Curefoods has completed five years since its inception. The company, which started in 2020 with the launch of EatFit, now manages a diverse portfolio of food brands serving customers across multiple Indian cities.
