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President's Message
"
It is heartening to see that finally governments- both at the center and in few states, are waking up to the need to overhaul the labour markets in India. A number of amendments have been proposed in the legislations such as The Factories Act, Apprenticeship Act, the Labour Laws (Exemption from Furnishing Returns and Maintaining Registers by Certain Establishments) Act etc. By no means, what is proposed is adequate, but MSME associations should not let this opportunity go waste. We should urgently consult our constituencies and present our views to the government.
"
The World Bank Group and Federation of Indian Micro and Small & Medium Enterprises (FISME) held a series of consultations with representatives of MSMEs and bankers to discuss innovative use of moveable assets in enhancing MSMEs’ access to finance.
The consultations were held in Mumbai, Chennai and New Delhi at World Bank/ IFC facilities on 16th, 18th and 21st July respectively.
Bulk of financing to MSMEs in India is against immoveable asset based collaterals such as land and building . The present practice impedes MSMEs access to finance greatly.
Flipkart and Federation of Indian Micro and Small & Medium Enterprises (FISME) kick-started their national campaign of connecting 50,000 MSMEs to Flipkart’s e-market place from Agra on 16th July 2014.
One of the largest clusters in North India, Agra houses thousands of MSMEs producing leather footwear, handicrafts, accessories and garments.
Ankit Agarwal of Flipkart briefed the local entrepreneurs about the potential of business through e-market place and guided them through a step-by step process for connecting them to Flipkart’s e-commerce platform.
As people are trying to navigate away from the “corporate jungle” towards the land of supposed “entrepreneurial utopia,” a lot of misconceptions arise. Perhaps this has to do with the media, advice they have received or what is heard through the grapevine but often these insights can derail a person from taking the plunge in the startup world. Or cause them to jump on the entrepreneurial bandwagon, when they have no business doing so.
Here are the five main myths I have learned about entrepreneurship.
Finance minister Arun Jaitley recently expressed his government’s intent to pursue a gradualist reform agenda, one predicated on political acceptability. Jaitley’s statement, coupled with the budget’s modest ambition, is consistent with Montek Singh Ahluwalia’s quip that India has a “strong consensus for weak reforms”. The accuracy of this narrative is suspect on two counts: many reform agendas (take financial or infrastructure reforms for instance) are politically non-controversial; and the 2014 election has damaged the weak consensus argument by granting the Narendra Modi government the clearest mandate for reforms in recent memory.
by: Suyash Rai and Milan Vaishnav
India's largest ecommerce firm Flipkart on Tuesday said it has raised USD 1 billion (over Rs 6,000 crore) in fresh funding from a group of investors, the largest so far in the fiercely competitive online shopping segment in the country.
The company did not disclose its new holding pattern. The sources said, however, that with this round of fund raising, Flipkart is valued at about USD 7 billion (around Rs 42,000 crore).
Co-led by existing investors Tiger Global Management and Naspers, Singapore's sovereign wealth fund, GIC, Accel Partners, DST Global, ICONIQ Capital, Morgan Stanley Investment Management and Sofina also participated in this latest financing round.
Kolkata-based conglomerate ITC LtdBSE 1.08 % plans to enter categories such as fruit juice, tea, coffee, chocolates and dairy products as part of its plans to become India's largest fast-moving consumer goods company by 2030, ITC chairman YC Deveshwar said.
While all these new categories will have a high gestation cost, this is the best time to absorb these, he told shareholders at the company's 103 annual general meeting in Kolkata on Wednesday.
"We are trying to build the ITC of tomorrow from the cash flows generated from the cigarette business," Deveshwar said. In 2013-14, almost 59% of ITC's net segment revenue was generated from businesses other than cigarettes.
To make Indian exports more competitive, the Narendra Modi government is drawing up an ambitious plan to build 12 dry satellite ports to spruce up the dozen major ports, so that they can dock super-sized ships and set up a new entity to speed up long-stalled port connectivity projects.
Exporters would be able to conduct all their customs and export paperwork at the dry inland ports from where their consignments would be forwarded and loaded onto a ship at the nearest sea port.
The system envisages an exporter from Jodhpur sending his goods to the Kandla or Mundhra ports in Gujarat, while one in Telangana would be linked to the Kakinada or Vizag ports.
RBI has started work on enabling banks to provide an honourable exit to unsuccessful entrepreneurs from "unattractive" businesses in the absence of a good bankruptcy legal system, RBI Executive Director, B Mahapatra said here today.
“We have been thinking how to create a regulatory structure (as) we do not have a good bankruptcy system. We are thinking about a structure so that people should voluntary withdraw from unattractive businesses," Mahapatra said addressing the ASSOCHAM National Seminar on 'Managing Stressed Assets.'
India is the only country in the BRICS grouping that has avoided a growth downgrade by IMF as it retained the country’s economic expansion forecast at 5.4 per cent for the current fiscal.
The latest World Economic Outlook by IMF retained the growth projection at 5.4 per cent in 2014-15, while for the next fiscal it has maintained a stronger growth rate at 6.4 per cent.
The BRICS grouping comprises of Brazil, Russia, India, China and South Africa. While Russia is expected to grow at 0.9 per cent, a downgrade by 1.1 per cent, for China it is 7.4 per cent down by 0.2 per cent for 2014.
In case of Brazil, the growth forecast has been cut by 0.6 per cent to 1.3 per cent and for South Africa by similar quantum to 1.7 per cent.
Amid concerns over rising cost of vegetables and other essential commodities, the government has decided to allow free movement of perishable items like fruits and vegetables so that they are made available to areas that are facing shortage.
“The Centre has advised the States to allow free movement of fruits and vegetables by delisting them from the APMC (Agricultural Produce Market Committee) Act so that availability can be ensured from surplus markets to the areas where these are in short supply,” said an official release.
Further, “An advisory to States has been issued to take action against hoarding and black marketing and effectively enforce the Essential Commodities Act, 1955 and the Prevention of Black-marketing and Maintenance of Supplies of Essential Commodities Act, 1980,” said the release quoting Minister of State for Consumer Affairs, Food and Public Distribution, Raosaheb Patil Danve.
There is a need for a national movement on anti-smuggling of food products in the country, and all stakeholders should come together to fight the menace of smuggling and counterfeiting.
This was stated by Secretary, Department of Consumer Affairs, Keshav N Desiraju, speaking at a roundtable organised by FICCI’s Committee against Smuggling and Counterfeiting Activities Destroying the Economy (CASCADE) here yesterday.
The event provided a platform for policy makers, industry and consumer organisations to address smuggling and counterfeiting in food products.
In order to boost food processing industries in the country, small and medium entrepreneurs interested in setting up food processing units are provided financial assistance under the Ministry of Food Processing Industries Technology Up gradation/ Establishment/ Modernization of Food Processing Industries Scheme.
In addition, Government of India also provides various tax incentives to the Food Processing Industries set up by SMEs and their units in the country including Uttar Pradesh, Minister of State for Food Processing Industries Sanjeev Kumar Balyan informed Lok Sabha today.
The Narendra Modi government's first budget may not have made as big a splash as had been expected but the administration plans to move at breakneck speed to ensure that its proposals are actually implemented over the next few weeks and that the prime minister is able to celebrate this in his August 15 Independence Day address.
Cabinet Secretary Ajit Seth has directed all ministries and departments to get cracking to ensure key decisions are rolled out before August 10, in time for the speech. It will be Modi's first significant speech to the country after being sworn in on May 26, and the government is keen to show a long list of achievements.
Contrary to the trend of a pick-up in industrial growth in May, the credit deployment to different segments of MSMEs remained sluggish and discouraging in the month as compared to April, 2014.
On a year-on-year basis, gross bank credit for micro and small Industry increased by 23.9 per cent. But in May 2014, the credit declined by 0.9 per cent from Rs 3,568 billion in April, 2014 to 3,549 billion, according to RBI data.
The proposed hike in industrial power tarrifs in Uttar Pradeshwould spur migration of Small and Medium Enterprises (SMEs) to the neighbouring state of Uttarakhand, Indian Industries Association (IIA) has said.
According to IIA, the proposed hike was ostensibly merely 7-10%, however in effect it would result in 25-30% increase in power tariffs for industry.
“The proposed hike would impair our cost competitiveness and we would be forced to relocate to other states offering us cheaper power,” IIA Lucknow chapter president Man Mohan Agarwal told Business Standard here.
Irrespective of the fact that the parties ruling the two states are political adversaries, the Uttar Pradesh Government is open to follow the Rajasthan model for labour reforms in order to promote job creation and employment.
Samajwadi Party ruled Uttar Pradesh is planning for labour reforms to boost investment in the state and make the state more business friendly.
The state government is working on amending the Industrial Disputes Act, Contract Labour Act, Factories Act and Boiler Act to help boost job creation and attract investment, a senior government was quoted as saying in a media report.
A new law will be enacted in Telangana to simplify the process for setting up new industrial units in the state, the state’s Chief Minister K Chandrasekhar Rao said adding that the new state will have a better single window policy than Singapore.
For starters, a `chasing cell’ will be opened in the chief minister’s office to clear investment proposals in two to three weeks. The `chasing cell’ will give 25 to 35 approvals presently given by different departments, a move which is expected to ease doing business.
Inland Waterways Authority of India (IWAI) has signed a MoU with the Government of Orissa and Ports of Paradip and Dhamra for the development and maintenance of viable stretches of National Waterways-5, of about 332 Kms in two phases. The move will help speedier movement of iron ore, coal and other industrial products from Talcher area to the ports.
“The proposed waterway will help the industries in Kalinganagar and Vyas Nagar Industrial Hub. The development of NW-5 would help in speedier and cost effective evacuation of coal, iron ore and other industrial products from Talcher area to the Ports of Paradip and Dhamra,” according to official data.
To improve the power situation in the national capital region, the Finance Minister, Arun Jaitley today said that the government has commissioned two sub-stations while three others will be constructed at various locations. Further, NDMC area will be developed as a solar city.
Jaitley who presented the budget in the absence of an elected government in Delhi said, “To improve the transmission and distribution network, Delhi Transco Limited (DTL) is going to commission a new 400 KV sub-station at Harsh Vihar and 220 KV GIS (Gas Insulated Switch gear) sub-station at Peera Garhi. It is also proposed to take up the construction of three new 220 KV GIS sub-stations at Papankalan, Tughlakabad and Rajghat Power House in the current financial year.”
West Bengal IT, Finance, Commerce and Industry Minister, Amit Mitra has said that West Bengal will be projected among the top three destinations in terms of IT, ITeS and Electronic Systems Design and Manufacturing (ESDM) by 2020.
Mitra said this during the ESDM conclave organised by the Indian Chamber of Commerce (ICC) here recently.
Although West Bengal’s share in the IT and ITeS’ revenue is just four per cent currently, plans are in the pipeline to increase its share substantially, as per official data.
Pakistan has yet to grant the most favoured nation (MFN) status to India, Parliament was informed today.
"India and Pakistan have no formal bilateral trade agreement. India granted the MFN status to Pakistan in 1996. Pakistan is yet to reciprocate," Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha.
Grant of the status to India would help in further boosting trade between the countries.
The India-US Strategic Dialogue to be held in New Delhi next will play a key role in advancing the vital commercial relationship between two countries, a top American official has said.
"There are tremendous opportunities for collaboration between the US and India, the two largest democracies in the world," US Commerce Secretary Penny Pritzker has said.
"The Strategic Dialogue will play a key role in advancing the vital commercial relationship between our two countries," she added.
Huge trade and investment opportunities exists between South Korea and India to further boost the two-way commerce between the countries which currently stands at about USD 17 billion.
"The bilateral trade between Korea and India is around USD 17 billion and I am not saying that this is enough. We have a lot more room to expand (this)," South Korean Ambassador to India, Joon-gyu Lee, said here at a function today.
To enhance economic ties, both countries implemented a comprehensive free trade agreement in 2010.
After his meetings with Prime Minister Narendra Modi and Finance Minister Arun Jaitley, World Bank President Jim Yong Kim has said he got an impression that India is keen on investment in infrastructure and skill development.
Kim was in India on a three-day visit and the two sides discussed several ways of working together.
"If you look at the need for infrastructure development in the developing countries, it's enormous. So any bank or any group of institution that are going to tackle the problem of infrastructure investment, to fight poverty, is welcome," he said.
The Fortaleza Declaration issued post sixth BRICS Summit which concluded on Tuesday stressed the need for greater cooperation in the area of Small and Medium-sized Enterprises (SMEs) among Brazil, Russia, India, China and South Africa.
The declaration noted ‘the fundamental role played by small and medium-sized enterprises in the economies of our countries as major creators of jobs and wealth’ and pledged to ‘enhance cooperation and recognize the need for strengthening intra-BRICS dialogue with a view to promote international exchange and cooperation and to foster innovation, research and development’.
Implement your employee retention strategy before hire
The most valuable employees are those who emotionally invest themselves in the mission and culture of your organization. In order to retain your best workers you must hire candidates who resonate with the values of your company. Managers often simplify employee retention strategy by focusing on perks and rewards.
But the most effective retention strategies start in the hiring process, not when employees already have one foot out the door.
How to identify and avoid tricky financial advisors?
It is a common thing to hear these days that when you are looking for a suitable investment plan to fit in to your financial plan, not every time can you expect the correct advice from the financial advisors.
While discussing about investment with an advisor, many times you might come across incorrect guidance. It is at this time where one gets to how to handle things wisely and stay protected from such advices that might trap you in the end.
Ever since the science of marketing took birth, marketers have had to constantly learn new skills to keep pace with changes in consumer behaviour and the relentless march of technology. Ancient Egyptian or Indian marketers had to learn the skills of trading and barter as they traded their necklaces for perfume and sold or exchanged many other products of value. In more recent centuries, after the invention of printing, newspapers began to be read by people and press advertising became a powerful marketing skill. Yet, marketers of that era did not have to bother about creating 30-second television advertisements or generating planograms for modern retail store formats.
Many entrepreneurs and institutions from the Khadi and Village Industries, face serious problem in establishing themselves in the consumer market, Union Minister of Micro, Small and Medium Enterprises, Kalraj Mishra informed Parliament, adding that the challenges of marketing their products faced by them are diverse.
“Khadi and Village Industries is a heterogeneous and widely dispersed sector. The challenges of marketing of their products faced by entrepreneurs and institutions are diverse, and while some of them have been successful, many of them face serious problem in establishing themselves in the consumer market,” Mishra said yesterday.
Jharkhand auto cluster to build waste disposal plant
The Adityapur Auto Cluster (AAC), which is engaged in development of industrial infrastructure, has announced plans to build a hazardous waste management facility based on a public-private-partnership model, according to a report posted on the website of the Federation of Indian Micro, Small and Medium Enterprises (FISME).
"AAC is engaged in the development of industrial infrastructure in Adityapur and as part of this endeavour, AAC has decided to undertake development and operation/maintenance of a hazardous waste management facility for Adityapur through Public Private Partnership basis," the cluster management said in a press release.
How Talha Sareshwala, a BMW retailer, built a Rs 200 cr business in 5 years
Though no one in my family or relatives had ever ventured into the stock market, I, along with my two elder brothers, was obsessed by equity investment.
Immediately after completing my graduation in 1988, I went on to do a short-term course in investment and portfolio management from NITIE in Mumbai. My brothers were already trading in the stock market after completing their training with a BSE broker. I, too, joined a brokerage as a portfolio manager. At that time, there was no organised platform for Muslim investors. I thought of tapping this niche segment and started my company, Parsoli BSE 4.94 % Corporation
" We cannot seek achievement for ourselves and forget about progress and prosperity for our community... Our ambitions must be broad enough to include the aspirations and needs of others, for their sakes and for our own. "
Buy our one-of-a-kind guide to all industrial testing laboratories in India. Find the one most convenient for getting your products tested and certified. An invaluable compendium for all industrial units and exporters.
PP: 894, Hard Cover.
Price: Rs 900.
50% discount for members.
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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This Newsletter is edited by the FISME Secretariat. We welcome contributions as well as comments and suggestions. Please write to newsletter@fisme.org.in
"
It is heartening to see that finally governments- both at the center and in few states, are waking up to the need to overhaul the labour markets in India. A number of amendments have been proposed in the legislations such as The Factories Act, Apprenticeship Act, the Labour Laws (Exemption from Furnishing Returns and Maintaining Registers by Certain Establishments) Act etc. By no means, what is proposed is adequate, but MSME associations should not let this opportunity go waste. We should urgently consult our constituencies and present our views to the government.
"
The World Bank Group and Federation of Indian Micro and Small & Medium Enterprises (FISME) held a series of consultations with representatives of MSMEs and bankers to discuss innovative use of moveable assets in enhancing MSMEs’ access to finance.
The consultations were held in Mumbai, Chennai and New Delhi at World Bank/ IFC facilities on 16th, 18th and 21st July respectively.
Bulk of financing to MSMEs in India is against immoveable asset based collaterals such as land and building . The present practice impedes MSMEs access to finance greatly.
Flipkart and Federation of Indian Micro and Small & Medium Enterprises (FISME) kick-started their national campaign of connecting 50,000 MSMEs to Flipkart’s e-market place from Agra on 16th July 2014.
One of the largest clusters in North India, Agra houses thousands of MSMEs producing leather footwear, handicrafts, accessories and garments.
Ankit Agarwal of Flipkart briefed the local entrepreneurs about the potential of business through e-market place and guided them through a step-by step process for connecting them to Flipkart’s e-commerce platform.
As people are trying to navigate away from the “corporate jungle” towards the land of supposed “entrepreneurial utopia,” a lot of misconceptions arise. Perhaps this has to do with the media, advice they have received or what is heard through the grapevine but often these insights can derail a person from taking the plunge in the startup world. Or cause them to jump on the entrepreneurial bandwagon, when they have no business doing so.
Here are the five main myths I have learned about entrepreneurship.
India's largest ecommerce firm Flipkart on Tuesday said it has raised USD 1 billion (over Rs 6,000 crore) in fresh funding from a group of investors, the largest so far in the fiercely competitive online shopping segment in the country.
The company did not disclose its new holding pattern. The sources said, however, that with this round of fund raising, Flipkart is valued at about USD 7 billion (around Rs 42,000 crore).
Co-led by existing investors Tiger Global Management and Naspers, Singapore's sovereign wealth fund, GIC, Accel Partners, DST Global, ICONIQ Capital, Morgan Stanley Investment Management and Sofina also participated in this latest financing round.
Kolkata-based conglomerate ITC LtdBSE 1.08 % plans to enter categories such as fruit juice, tea, coffee, chocolates and dairy products as part of its plans to become India's largest fast-moving consumer goods company by 2030, ITC chairman YC Deveshwar said.
While all these new categories will have a high gestation cost, this is the best time to absorb these, he told shareholders at the company's 103 annual general meeting in Kolkata on Wednesday.
"We are trying to build the ITC of tomorrow from the cash flows generated from the cigarette business," Deveshwar said. In 2013-14, almost 59% of ITC's net segment revenue was generated from businesses other than cigarettes.
To make Indian exports more competitive, the Narendra Modi government is drawing up an ambitious plan to build 12 dry satellite ports to spruce up the dozen major ports, so that they can dock super-sized ships and set up a new entity to speed up long-stalled port connectivity projects.
Exporters would be able to conduct all their customs and export paperwork at the dry inland ports from where their consignments would be forwarded and loaded onto a ship at the nearest sea port.
The system envisages an exporter from Jodhpur sending his goods to the Kandla or Mundhra ports in Gujarat, while one in Telangana would be linked to the Kakinada or Vizag ports.
RBI has started work on enabling banks to provide an honourable exit to unsuccessful entrepreneurs from "unattractive" businesses in the absence of a good bankruptcy legal system, RBI Executive Director, B Mahapatra said here today.
“We have been thinking how to create a regulatory structure (as) we do not have a good bankruptcy system. We are thinking about a structure so that people should voluntary withdraw from unattractive businesses," Mahapatra said addressing the ASSOCHAM National Seminar on 'Managing Stressed Assets.'
Amid concerns over rising cost of vegetables and other essential commodities, the government has decided to allow free movement of perishable items like fruits and vegetables so that they are made available to areas that are facing shortage.
“The Centre has advised the States to allow free movement of fruits and vegetables by delisting them from the APMC (Agricultural Produce Market Committee) Act so that availability can be ensured from surplus markets to the areas where these are in short supply,” said an official release.
Further, “An advisory to States has been issued to take action against hoarding and black marketing and effectively enforce the Essential Commodities Act, 1955 and the Prevention of Black-marketing and Maintenance of Supplies of Essential Commodities Act, 1980,” said the release quoting Minister of State for Consumer Affairs, Food and Public Distribution, Raosaheb Patil Danve.
There is a need for a national movement on anti-smuggling of food products in the country, and all stakeholders should come together to fight the menace of smuggling and counterfeiting.
This was stated by Secretary, Department of Consumer Affairs, Keshav N Desiraju, speaking at a roundtable organised by FICCI’s Committee against Smuggling and Counterfeiting Activities Destroying the Economy (CASCADE) here yesterday.
The event provided a platform for policy makers, industry and consumer organisations to address smuggling and counterfeiting in food products.
The Narendra Modi government's first budget may not have made as big a splash as had been expected but the administration plans to move at breakneck speed to ensure that its proposals are actually implemented over the next few weeks and that the prime minister is able to celebrate this in his August 15 Independence Day address.
Cabinet Secretary Ajit Seth has directed all ministries and departments to get cracking to ensure key decisions are rolled out before August 10, in time for the speech. It will be Modi's first significant speech to the country after being sworn in on May 26, and the government is keen to show a long list of achievements.
Contrary to the trend of a pick-up in industrial growth in May, the credit deployment to different segments of MSMEs remained sluggish and discouraging in the month as compared to April, 2014.
On a year-on-year basis, gross bank credit for micro and small Industry increased by 23.9 per cent. But in May 2014, the credit declined by 0.9 per cent from Rs 3,568 billion in April, 2014 to 3,549 billion, according to RBI data.
The proposed hike in industrial power tarrifs in Uttar Pradeshwould spur migration of Small and Medium Enterprises (SMEs) to the neighbouring state of Uttarakhand, Indian Industries Association (IIA) has said.
According to IIA, the proposed hike was ostensibly merely 7-10%, however in effect it would result in 25-30% increase in power tariffs for industry.
“The proposed hike would impair our cost competitiveness and we would be forced to relocate to other states offering us cheaper power,” IIA Lucknow chapter president Man Mohan Agarwal told Business Standard here.
Irrespective of the fact that the parties ruling the two states are political adversaries, the Uttar Pradesh Government is open to follow the Rajasthan model for labour reforms in order to promote job creation and employment.
Samajwadi Party ruled Uttar Pradesh is planning for labour reforms to boost investment in the state and make the state more business friendly.
The state government is working on amending the Industrial Disputes Act, Contract Labour Act, Factories Act and Boiler Act to help boost job creation and attract investment, a senior government was quoted as saying in a media report.
A new law will be enacted in Telangana to simplify the process for setting up new industrial units in the state, the state’s Chief Minister K Chandrasekhar Rao said adding that the new state will have a better single window policy than Singapore.
For starters, a `chasing cell’ will be opened in the chief minister’s office to clear investment proposals in two to three weeks. The `chasing cell’ will give 25 to 35 approvals presently given by different departments, a move which is expected to ease doing business.
Inland Waterways Authority of India (IWAI) has signed a MoU with the Government of Orissa and Ports of Paradip and Dhamra for the development and maintenance of viable stretches of National Waterways-5, of about 332 Kms in two phases. The move will help speedier movement of iron ore, coal and other industrial products from Talcher area to the ports.
“The proposed waterway will help the industries in Kalinganagar and Vyas Nagar Industrial Hub. The development of NW-5 would help in speedier and cost effective evacuation of coal, iron ore and other industrial products from Talcher area to the Ports of Paradip and Dhamra,” according to official data.
To improve the power situation in the national capital region, the Finance Minister, Arun Jaitley today said that the government has commissioned two sub-stations while three others will be constructed at various locations. Further, NDMC area will be developed as a solar city.
Jaitley who presented the budget in the absence of an elected government in Delhi said, “To improve the transmission and distribution network, Delhi Transco Limited (DTL) is going to commission a new 400 KV sub-station at Harsh Vihar and 220 KV GIS (Gas Insulated Switch gear) sub-station at Peera Garhi. It is also proposed to take up the construction of three new 220 KV GIS sub-stations at Papankalan, Tughlakabad and Rajghat Power House in the current financial year.”
West Bengal IT, Finance, Commerce and Industry Minister, Amit Mitra has said that West Bengal will be projected among the top three destinations in terms of IT, ITeS and Electronic Systems Design and Manufacturing (ESDM) by 2020.
Mitra said this during the ESDM conclave organised by the Indian Chamber of Commerce (ICC) here recently.
Although West Bengal’s share in the IT and ITeS’ revenue is just four per cent currently, plans are in the pipeline to increase its share substantially, as per official data.
Pakistan has yet to grant the most favoured nation (MFN) status to India, Parliament was informed today.
"India and Pakistan have no formal bilateral trade agreement. India granted the MFN status to Pakistan in 1996. Pakistan is yet to reciprocate," Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha.
Grant of the status to India would help in further boosting trade between the countries.
The India-US Strategic Dialogue to be held in New Delhi next will play a key role in advancing the vital commercial relationship between two countries, a top American official has said.
"There are tremendous opportunities for collaboration between the US and India, the two largest democracies in the world," US Commerce Secretary Penny Pritzker has said.
"The Strategic Dialogue will play a key role in advancing the vital commercial relationship between our two countries," she added.
Huge trade and investment opportunities exists between South Korea and India to further boost the two-way commerce between the countries which currently stands at about USD 17 billion.
"The bilateral trade between Korea and India is around USD 17 billion and I am not saying that this is enough. We have a lot more room to expand (this)," South Korean Ambassador to India, Joon-gyu Lee, said here at a function today.
To enhance economic ties, both countries implemented a comprehensive free trade agreement in 2010.
After his meetings with Prime Minister Narendra Modi and Finance Minister Arun Jaitley, World Bank President Jim Yong Kim has said he got an impression that India is keen on investment in infrastructure and skill development.
Kim was in India on a three-day visit and the two sides discussed several ways of working together.
"If you look at the need for infrastructure development in the developing countries, it's enormous. So any bank or any group of institution that are going to tackle the problem of infrastructure investment, to fight poverty, is welcome," he said.
The Fortaleza Declaration issued post sixth BRICS Summit which concluded on Tuesday stressed the need for greater cooperation in the area of Small and Medium-sized Enterprises (SMEs) among Brazil, Russia, India, China and South Africa.
The declaration noted ‘the fundamental role played by small and medium-sized enterprises in the economies of our countries as major creators of jobs and wealth’ and pledged to ‘enhance cooperation and recognize the need for strengthening intra-BRICS dialogue with a view to promote international exchange and cooperation and to foster innovation, research and development’.
According to the FISME Factor, 86 per cent of the Micro, Small and Medium Enterprises (MSMEs) think that Union Budget (2014-15) will spur growth.
The most valuable employees are those who emotionally invest themselves in the mission and culture of your organization. In order to retain your best workers you must hire candidates who resonate with the values of your company. Managers often simplify employee retention strategy by focusing on perks and rewards.
But the most effective retention strategies start in the hiring process, not when employees already have one foot out the door.
It is a common thing to hear these days that when you are looking for a suitable investment plan to fit in to your financial plan, not every time can you expect the correct advice from the financial advisors.
While discussing about investment with an advisor, many times you might come across incorrect guidance. It is at this time where one gets to how to handle things wisely and stay protected from such advices that might trap you in the end.
Ever since the science of marketing took birth, marketers have had to constantly learn new skills to keep pace with changes in consumer behaviour and the relentless march of technology. Ancient Egyptian or Indian marketers had to learn the skills of trading and barter as they traded their necklaces for perfume and sold or exchanged many other products of value. In more recent centuries, after the invention of printing, newspapers began to be read by people and press advertising became a powerful marketing skill. Yet, marketers of that era did not have to bother about creating 30-second television advertisements or generating planograms for modern retail store formats. 
Many entrepreneurs and institutions from the Khadi and Village Industries, face serious problem in establishing themselves in the consumer market, Union Minister of Micro, Small and Medium Enterprises, Kalraj Mishra informed Parliament, adding that the challenges of marketing their products faced by them are diverse.
“Khadi and Village Industries is a heterogeneous and widely dispersed sector. The challenges of marketing of their products faced by entrepreneurs and institutions are diverse, and while some of them have been successful, many of them face serious problem in establishing themselves in the consumer market,” Mishra said yesterday.
Though no one in my family or relatives had ever ventured into the stock market, I, along with my two elder brothers, was obsessed by equity investment.
Immediately after completing my graduation in 1988, I went on to do a short-term course in investment and portfolio management from NITIE in Mumbai. My brothers were already trading in the stock market after completing their training with a BSE broker. I, too, joined a brokerage as a portfolio manager. At that time, there was no organised platform for Muslim investors. I thought of tapping this niche segment and started my company, Parsoli BSE 4.94 % Corporation
" We cannot seek achievement for ourselves and forget about progress and prosperity for our community... Our ambitions must be broad enough to include the aspirations and needs of others, for their sakes and for our own. " 
Buy our one-of-a-kind guide to all industrial testing laboratories in India. Find the one most convenient for getting your products tested and certified. An invaluable compendium for all industrial units and exporters.
