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President's Message
"
At the outset I would like to thank the Finance Minister for agreeing to FISME’s long standing demand for developing a mechanism for bankruptcy and exit for MSMEs. FISME had already submitted a draft legislation in this regard. The proposals to setup a Fund for start-ups and a promise for revisiting MSME definition are timely. However, on investment allowance, MSMEs are again discriminated against. What an irony: the sector which has created almost all the jobs in last 10 years and still has the maximum potential to cerate more, is left to fend for itself. "
FISME - Intellectual Property Facilitation Centre (IPFC), New Delhi conducted a one day symposium on Copyright and IPR Laws for the senior staff of Defence Scientific Information and Documentation Centre (DESIDOC) at DRDO head quarters in New Delhi.
A team of IP experts associated with FISME-IPFC conducted the training. The experts included Dr. P.D. Kaushik – an eminent IP law expert and ex-Director, Rajiv Gandhi Institute of Contemporary Studies and Professor, IITM, Mr. Vedant Pujari, Chief consultant, FISME-IPFC and Mr. Anchit Sharma an expert on Copyright and a practising lawyer addressed the queries of the participants.
Indian industry, especially MSMEs, and the IT industry stand to gain tremendously provided they work closely with each other.
Delivering the opening remarks during launch of the NASSCOM study “India SMB market – Monetizing Emerging Opportunities”, Anil Bhardwaj, Secretary General said that the Indian industry, especially MSMEs, are at the bottom in international productivity rankings and are finding difficult to compete.
According to Mr. Bhardwaj, India’s position in the Global Competitiveness Index 2013-2014 stood at 60 while all our major competitors were ahead of us whether Malaysia (24); Korea, Rep. (25); China (29); Thailand (37); Indonesia (38) or Turkey (44).
Writing a business plan can seem daunting if you’ve never done it before. However, it’s something you can’t afford to put off or ignore. Having a sound business plan is crucial to the survival and development of your business. Alan Gleeson explains how to get it right
1. Tailor your business plan to your audience
The starting point for any business plan is audience. Who is going to read it? What is the purpose of the plan – is it to secure funding? Maybe you need to attract a business partner. Although key facts and figures will remain the same, tailor different versions of your plan to specific audiences’ needs. For example, a potential investor will be looking for a clear explanation of how they will get a good return on their investment. A bank manager will seek proof you can afford to pay back a loan before they provide funding.
It's not a radical Modi budget but a Chidambaram budget with saffron lipstick added. Many of Arun Jaitley's budget figures and policies resemble those in Chidambaram's interim budget. by Swaminathan Aiyar
The Union budget is a deep disappointment. It displays India’s weakness as a nation in full measure: articulate lofty goals, give a lot of promissory notes and then design pitiable instruments. by Pratap Bhanu Mehta
The government today announced setting up of a National Industrial Corridor Authority ( NICA) with an initial corpus of Rs 100 crore to coordinate the development of all the industrial corridors.
To boost manufacturing, the government has proposed several corridors including Amritsar Kolkata Industrial Corridor, Chennai-Bengaluru Industrial Corridor, Bengaluru Mumbai Economic Corridor and Vizag-Chennai corridor.
"A National Industrial Corridor Authority, with its headquarters in Pune, is being set up to coordinate the development of the industrial corridors, with smart cities linked to transport connectivity, which will be the cornerstone of the strategy to drive India's growth in manufacturing and urbanisation," Finance Minister Arun Jaitley said while presenting the Budget 2014-15.
In a move expected to help the cash-starved industry, the government has removed the quantitative ceiling on exports of organic sugar.
Earlier, the government had kept a ceiling of 10,000 tonnes on organic sugar exports.
"The quantity ceiling for export of organic sugar has been removed till the time export of sugar is permitted freely," Directorate General of Foreign Trade (DGFT) said in a notification.
However, it said the export of organic sugar would be permitted subject to registration of quantity with DGFT and certification by Agricultural and Processed Food Products Export Development Authority (APEDA).
The Economic Survey, an important Finance Ministry document, today asked the Centre and the states to take steps to improve business environment for small businesses, some of which can be initiated straight away.
"Over the next few years, the government, both at the centre and in states, has to consider ways of improving the business environment for small businesses. While the long-term solution is a wholesale revamping of the laws and regulations governing business, a number of steps can be taken in the short term, and a number of policy experiments could be initiated for the long term," the Economic Survey presented to Parliament said.
The importance of the manufacturing sector in reviving the fortunes of the economy is well understood. The finance ministers of the past have emphasized that the manufacturing sector needs to grow from the current levels of 16-17% of GDP to a more healthy 25% which will enable the economy to grow at a healthy 8% per annum. But these are known facts. What is less discernible, however, is what prevents the manufacturing industry from growing faster.
The five focus areas are: capacity utilization, encouraging alternative technologies, power sector, incentivizing utilization, and defence production and localization. Significantly, amending the labour laws, while important, may not work immediately. Industry should be encouraged to work within the existing labour-law framework where discipline and productivity on the shop floor is far more important than immediately having the power to retrench.
· Hikes Excise Duty On Gutka To 70 per cent From 60 per cent
· To Expand Horizon Of Service Tax
· To increase custom duty on imported flat roll steel
· Customs duty on some wind power equipment cut to 5 per cent
· 10 per cent Customs Duty On Some Telecom Products
· To hike excise duty on cigarettes by 11-72 per cent
· 10 per cent customs duty on some telecom products
· To Cut Excise Duty On Packaging Machinery To 6 per cent
The Commerce Ministry is focusing on further simplifying the procedures for exporters in order to reduce transactions cost and boost India's overseas shipments, a senior government official today said.
"Our endeavour is to make the procedure as simple as possible and make the process less painstaking...our aim is maximum governance and minimum government," Director General of Foreign Trade (DGFT) Pravir Kumar said here at a CII function. Kumar said the department would discuss all the issues faced by exporters with other ministries as well as state governments.
"Whatever problems you are facing, just send your comments we will discuss it," he said. He said the Commerce Ministry's endeavour is to minimise human intervention and make the process easy for exporters. He said the industry should identify products which need more support from the government. On issues related to special economic zones (SEZs), he said the matters are discussed at the highest level "and some solutions will come".
President of Federation of Indian Micro and Small & Medium Enterprises (FISME), D Gandhikumar has impressed upon MSME Minister Kalraj Mishra to seek amendments in the delayed payment laws so that power is given to the facilitation councils to summon the defaulting PSUs for clearance of delayed payments.
“Even though facilitation councils are working in many states, they are not having the powers to summon the public sectors and major undertakings who never turn up. So the facilitation should be given more teeth so that they can summon like courts,” Gandhikumar said in a presentation before the Minister here yesterday.
Although, legal provision has been made to ensure faster clearance of payments to the MSMEs for supply of goods to the larger companies, the mechanism for implementation has not been able to resolve the issue of delayed payments.
Payments worth several hundred crores are pending only among the PSUs.
After approving of industrial parks by China, India has now decided to extend to those parks the same benefits that are extended to special economic zones (SEZ) and national investment and manufacturing zones (NIMZ).
SEZs and NIMZs enjoy several tax related benefits. While the SEZs enjoy 100 per cent income tax exemption on export income for the first five years, 50 per cent for the next five years thereafter and 50 per cent of the ploughed back export profit for next five years; NIMZ, under the National Manufacturing Policy, has provisions of tax incentives to small and medium enterprises (SMEs).
The government on June-25 gave in-principle approval for India China industrial parks in the country which hopefully will help the Indian vendors as well. Thereafter, a MoU was signed for the setting up of such industrial parks.
Under the New Companies Act 2014, the Madhya Pradesh industries want private companies to have the liberty to take unsecured loans from their members without any limit.
“Private company should be free to take unsecured loan from its members without any limit instead of present limit of 25 per cent of paid up capital plus free reserve,” Federation of Madhya Pradesh Chambers of Commerce and Industry (FMPCCI) has suggested.
Reacting to the Union Budget 2014-15 unveiled in Parliament today, FISME Secretary General, Anil Bhardwaj said it was a comprehensive budget that addressed significant issues pertaining to the MSME sector such as access to credit, exit policy and excessive taxation.
“We have to thank the Finance Minister for acceding to FISME’s (Federation of Indian Micro, Small and Medium Enterprises) demand for having a bankruptcy framework for SMEs to exit,” Bhardwaj said.
Amidst high expectations, the Narendra Modi government is pinning hopes on micro, small and medium enterprises for job creation and skilling the unemployed youth even as it realises how vulnerable the smaller businesses find themselves in, MSME Minister Kalraj Mishra said here today.
Mishra held a meeting with representatives of MSME associations to discuss various issues concerning the sector that has been working as locomotive for the economy.
Speaking at the event, Mishra acknowledged that MSMEs are vulnerable. However, he assured representatives of industry associations that he would look into their issues and make every effort to address them.
“People have a lot of expectations. When I spoke to the people in the Ministry and discussed the issues and when I met with entrepreneurs both small and large, they presented MSME issues in such a way that I came to know how vulnerable they are.
Keeping in line with the other ministries using social media to reach out to the masses, the Ministry of MSME has also launched its Facebook and twitter accounts.
Union Minister for MSME, Kalraj Mishra inaugurated the twitter handle and Facebook account of the Ministry of MSME yesterday.
The minister said on the occasion that it is in accordance with the government’s vision to reach out to maximum number of people through social media.
Meeting long-pending demand from the industry, the government today agreed to review the definition of MSME and provide for higher capital ceiling. Besides, Finance Minister Arun Jaitley has proposed an Rs 10, 000 crore fund to act as a catalyst for start-ups.
“The definition of MSME will be reviewed to provide for a higher capital ceiling. A programme to facilitate forward and backward linkages with multiple value chain of manufacturing and service delivery will also be put in place,” Jaitley said in his Budget Speech.
The current classification marks enterprises in manufacturing sector with an investment in plant and machinery of up to Rs 25 lakh as micro, up to Rs 5 crore as small and up to Rs 10 crore as medium enterprises. Similarly, the limits for enterprises providing services are set at Rs 10 lakh, Rs 2 crore and Rs 5 crore for micro, small and medium enterprises, respectively.
Terming the Union Budget for 2014-15 as encouraging and positive, Deep Kalra, Founder Group CEO MakeMyTrip and President TiE Delhi-NCR on Thursday said the Budget 2014 has given due consideration to the startup community.
"The Rs 10,000 crore startup fund for new businesses, national accelerators and incubators for startups is a step in the right direction but we need to learn from the success and failures of the past incubators so that the new roll-out has the desired impact. We must look at tying up with credible organizations to achieve this," says Kalra.
The rail link to Katra , the base station for pilgrims to Mata Vaishno Devi holy shrine, which opened today will open new job opportunities to traders and students of the area but without in any way harming interest of Jammu, Prime Minister Narendra Modi said.
After dedicating to the nation the newly constructed railway line between Shri Mata Vaishno Devi Katra and Udhampur in the state of Jammu and Kashmir (J&K), the Prime Minister flagged off the first train –a DMU – from newly constructed Shri Mata Vaishnodevi Katra Railway Station at a programme held here.
The Union Budget has addressed many issues concerning the small scale industrial sector in keeping with its status as the largest creator of jobs and the second largest contributor to the GDP, said Karnataka Small Scale Industries Association (KASSIA) in its reaction to the Budget.
“The FM has announced several initiatives that give us hope such as developing 20 industrial clusters, promoting entrepreneurship Rs 10,000 cr fund for startups, developing national industrial corridors to link cities, revising the definition of MSME to provide for higher capital ceiling, suitably amending the Apprentice Act to strengthen the Apprentice Training Scheme, announcing a national multi-scale programme called Skill India to provide training and support for employment, creating a Venture Capital fund of Rs 10,000-crore for SMEs, and preparing the ground for introduction of GST by end of this year,” President, KASSIA, Chidananda M Rajamane said.
The Government is giving major focus towards providing good infrastructure, including public transport, solid waste disposal, sewerage treatment and drinking water in the urban areas, said Finance Minister Arun Jaitley adding that the Budgetary provision for the Pooled Municipal Debt Obligation Facility has been enhanced from Rs 5000 crore to Rs 50,000 crore with extension of the facility by five years to March 31, 2019.
Jaitley informed the House that this facility was set up in 2006 with participation of several banks to promote and finance infrastructure projects in urban areas on shared risk basis.
With a view to creating employment opportunities for youth, the Rajasthan Government has decided to amend the Apprentices Act, 1961, which makes it obligatory on the part of the employers both in public and private sector establishments having requisite training infrastructure as laid down in the Act, to engage apprentices in 254 groups of industries covered under the Act.
“Amendments will be made in the Apprentices Act 1961 to create larger opportunities of Employment for the Youth,” Rajasthan Chief Minister, Vasundhara Raje tweeted on Monday.
The Himachal Pradesh Government today announced plans to involve the private sector in developing new tourism sites and other projects like ropeways in the state.
The new tourism sites and projects will come up at Baddi in Solan district; Suketi in Sirmour district; Jhatingri in Mandi district; Shoja and 15 miles Baragaon in Kullu district; and Bilaspur.
India and Britain have agreed to strengthen cooperation in the area of small and medium enterprises underscoring the premise that such an option can help lift economy recovery in the two countries.
"Both countries emphasised the importance of investment, including in infrastructure and small and medium enterprises, to strengthen the global recovery and lift economic growth, and welcomed the G20’s work developing country-specific and collective actions on investment, including to promote long-term private sector investment, and to enhance the catalytic role of Multilateral Development Banks," said a joint statement issued yesterday by the UK Chancellor of the Exchequer and the Finance Minister of India after the seventh round of the UK-India Economic and Financial Dialogue (EFD).
India and Singapore, country's largest trade and investment partner in the ASEAN, today discussed key issues including trade and investment ties and also explored ways to build on Prime Minister Narendra Modi's theme of "smart cities".
External Affairs Minister Sushma Swaraj held talks with her counterpart from Singapore K Shanmugam during which they also discussed riots in 'Little India' district where some 400 migrant workers including Indians went on the rampage after a construction worker was knocked down and killed by a bus last December.
"The focus of the discussions were largely economic. Perhaps many of you are aware that Singapore is the source of the largest FDI flow into India last year. It is also the destination of the largest flows of foreign investment from India last year.
The domestic industry has suffered at the hands of Chinese manufacturers who are dumping electrical insulators into India forcing the Indian authorities to consider slapping anti-dumping duty on the product.
The anti-dumping duty imposed may be about USD 2042 per tonne, according to official data. The move will protect domestic players from cheap imports.
Modern Insulators Limited, WS Industries (India) Ltd, Insulator and Electrical Company, Bharat Heavy Electrical Limited and Aditya Birla Nuvo Ltd have filed the application for investigation, the Directorate General of Anti-dumping and Allied Duties said.
Norway is supporting a project to electrify 28 villages with solar Mini-grid plants in Madhya Pradesh, Uttar Pradesh, Jharkhand and Jammu and Kashmir, according to Power, Coal and New and Renewable Energy Minister Piyush Goyal. The project has been taken up under the scheme Jawaharlal Nehru National Solar Mission (JNNSM).
Goyal said the Ministry provided 30 per cent capital subsidy which ranges from Rs 27 per Wp to Rs 135 per Wp for installation of solar PV systems and power plants, an official release said.
India has conveyed its "disagreement" to the European Union on the issue of ban on Indian mangoes and a few vegetables by the 28-nation bloc.
The EU has prohibited import from India of five fruits and vegetables, which include mangoes, on account of interceptions of export consignments not compliant with EU phytosanitary (relating to plant life) regulations, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha.
India has taken several measures, including enhancement of capacity and numbers of inspecting staff and improvement in infrastructure, implementation of a standard operating procedure to guarantee safe exports and routing of all export consignments of perishables to EU through approved pack houses from April 1 to enable better inspection and certification.
India and the UK today expressed the determination to work together to tackle the menace of tax evasion even as Britain agreed to support infrastructure projects in the country.
UK Export Finance will provide a line of credit of one billion pounds (about Rs 10,000 crore) for the development of Bengaluru-Mumbai Economic Corridor (BMEC), said a joint statement issued today after a meeting between Finance Minister Arun Jaitley and UK Chancellor of Exchequer George Osborne.
"UK and India remain committed to the Base Erosion and Profit Shifting project and will continue to work together through the G20 and OECD to reform the international tax rules to ensure that they are fair and consistent," it said.
34 Percent rate the BJP government as good, on the steps it has announced/ taken
According to the FISME Factor, 34 per cent of the Micro, Small and Medium Enterprises (MSMEs), rate the steps announced/ taken by the BJP government as good, 29% rate it as average, 23% as excellent and 14% as poor.
The evolution of work and the worker: Future global trends affecting your organization
It’s not surprising that the workforce has changed drastically over the past 20 years, but how have these changes effected your organization? And what other trends do we have to look forward to that will affect it even more?
The SHRM Foundation has partnered up with the Economist Intelligence Unit to produce a report based on a series of global surveys, panel discussions, and analyses that explore the critical trends affecting organizations in order to develop some HR solutions to these challenges. Some of the key findings from the report are already apparent in today’s workforce, while others make you stop and think about how things have changed.
The three key parts of the financial picture that every business owner should know about their company
Business owners rarely go into business to deal with the financial aspects of running a company. And it's easy to understand why: You're most likely passionate about the products or services you provide and want to focus your time and energy there. So your financial responsibilities usually fall to the bottom of your "desirable duties" list.
But it's critical to the long-term success of your business that you understand some of the financial fundamentals of being a business owner. You don't have to be an accountant or a financial analyst, but it's important that you have some key skills in your business toolkit to measure the financial aspects of your business.
Here are a few interesting brand developments which tell a very relevant story for marketers who wish to address the modern Indian consumer: Bacardi Breezers, the low-alcohol global lifestyle drink, recently launched two special flavours for the Indian market – Aam Panna and Nimbu Paani. The brand called these “Indi-Mix” variants. Contrast these new flavours with the regular Breezers, which come in western inspired tastes such as cranberry, Jamaican Passion and Island Pineapple.
Quaker Oats, a global brand owned by Pepsico, actively markets in India two unique blends – Kesar & Kishmish, which is sweet, and Masala, a spicy blend. Both sell very well, and such traditional Indian flavours are leading the successful charge of oats as a breakfast food across the country.
Kerala merchants to boycott online 8F filing system
The Kerala Merchants have decided to boycott the newly implemented procedure of submitting a declaration as required by the Commercial Taxes Department for bringing merchandise from other states by road.
The decision was taken in a meeting of merchants held under the aegis of Kerala Merchants Union here yesterday. The merchants will boycott the procedure from July 15.
The Kerala Merchants’ Union had urged the state government to revoke the newly-implemented system of filing 8F form online. The Sales Tax Department had recently issued guidelines for controlling goods’ trafficking such that the buyer should file the form online rather than the transporting companies who used to fill it earlier.
We have planned a grading system for fresh start-ups: Pranav Kumar Suresh
Startup Village in Kochi, the not-for-profit business incubator, funded jointly by the government and the private sector, is set to add 200,000 sq ft of space by 2016, by when it will also have about 2,000 new start-ups, says Pranav Kumar Suresh, the village's new chief executive officer (CEO). In an interview with George Joseph, Suresh says the village is setting up an exclusive angel fund for its start-ups. Edited excerpts:
How Nitin Shah built a Rs 1000 crore fire protection company from less than Rs 20 of his own
My father had a small firefighting equipment manufacturing firm Zenith Fire services. Since the age of eight, I started accompanying him to the firm's manufacturing unit in Mumbai. As I grew, I began managing shifts at the unit during my school and college vacations. But, I was the youngest in the family and my eldest brother inherited the business. I thought about starting my own venture without any help from my family. But I did not have even Rs 20 to start out with.
" Self-discipline, a sense of justice, honesty, fairness, chivalry, moderation, public spirit, and respect for human dignity, firm ethical norms- all of these are things that people must possess before they go to market and compete with each other. These are the indispensable supports that preserve both market and competition from degeneration.” "
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
"
At the outset I would like to thank the Finance Minister for agreeing to FISME’s long standing demand for developing a mechanism for bankruptcy and exit for MSMEs. FISME had already submitted a draft legislation in this regard. The proposals to setup a Fund for start-ups and a promise for revisiting MSME definition are timely. However, on investment allowance, MSMEs are again discriminated against. What an irony: the sector which has created almost all the jobs in last 10 years and still has the maximum potential to cerate more, is left to fend for itself. "
FISME - Intellectual Property Facilitation Centre (IPFC), New Delhi conducted a one day symposium on Copyright and IPR Laws for the senior staff of Defence Scientific Information and Documentation Centre (DESIDOC) at DRDO head quarters in New Delhi.
A team of IP experts associated with FISME-IPFC conducted the training. The experts included Dr. P.D. Kaushik – an eminent IP law expert and ex-Director, Rajiv Gandhi Institute of Contemporary Studies and Professor, IITM, Mr. Vedant Pujari, Chief consultant, FISME-IPFC and Mr. Anchit Sharma an expert on Copyright and a practising lawyer addressed the queries of the participants.
Indian industry, especially MSMEs, and the IT industry stand to gain tremendously provided they work closely with each other.
Delivering the opening remarks during launch of the NASSCOM study “India SMB market – Monetizing Emerging Opportunities”, Anil Bhardwaj, Secretary General said that the Indian industry, especially MSMEs, are at the bottom in international productivity rankings and are finding difficult to compete.
According to Mr. Bhardwaj, India’s position in the Global Competitiveness Index 2013-2014 stood at 60 while all our major competitors were ahead of us whether Malaysia (24); Korea, Rep. (25); China (29); Thailand (37); Indonesia (38) or Turkey (44).
It's not a radical Modi budget but a Chidambaram budget with saffron lipstick added. Many of Arun Jaitley's budget figures and policies resemble those in Chidambaram's interim budget. by Swaminathan Aiyar
The Union budget is a deep disappointment. It displays India’s weakness as a nation in full measure: articulate lofty goals, give a lot of promissory notes and then design pitiable instruments. by Pratap Bhanu Mehta
The government today announced setting up of a National Industrial Corridor Authority ( NICA) with an initial corpus of Rs 100 crore to coordinate the development of all the industrial corridors.
To boost manufacturing, the government has proposed several corridors including Amritsar Kolkata Industrial Corridor, Chennai-Bengaluru Industrial Corridor, Bengaluru Mumbai Economic Corridor and Vizag-Chennai corridor.
"A National Industrial Corridor Authority, with its headquarters in Pune, is being set up to coordinate the development of the industrial corridors, with smart cities linked to transport connectivity, which will be the cornerstone of the strategy to drive India's growth in manufacturing and urbanisation," Finance Minister Arun Jaitley said while presenting the Budget 2014-15.
In a move expected to help the cash-starved industry, the government has removed the quantitative ceiling on exports of organic sugar.
Earlier, the government had kept a ceiling of 10,000 tonnes on organic sugar exports.
"The quantity ceiling for export of organic sugar has been removed till the time export of sugar is permitted freely," Directorate General of Foreign Trade (DGFT) said in a notification.
However, it said the export of organic sugar would be permitted subject to registration of quantity with DGFT and certification by Agricultural and Processed Food Products Export Development Authority (APEDA).
The Economic Survey, an important Finance Ministry document, today asked the Centre and the states to take steps to improve business environment for small businesses, some of which can be initiated straight away.
"Over the next few years, the government, both at the centre and in states, has to consider ways of improving the business environment for small businesses. While the long-term solution is a wholesale revamping of the laws and regulations governing business, a number of steps can be taken in the short term, and a number of policy experiments could be initiated for the long term," the Economic Survey presented to Parliament said.
The importance of the manufacturing sector in reviving the fortunes of the economy is well understood. The finance ministers of the past have emphasized that the manufacturing sector needs to grow from the current levels of 16-17% of GDP to a more healthy 25% which will enable the economy to grow at a healthy 8% per annum. But these are known facts. What is less discernible, however, is what prevents the manufacturing industry from growing faster.
The five focus areas are: capacity utilization, encouraging alternative technologies, power sector, incentivizing utilization, and defence production and localization. Significantly, amending the labour laws, while important, may not work immediately. Industry should be encouraged to work within the existing labour-law framework where discipline and productivity on the shop floor is far more important than immediately having the power to retrench.
· Hikes Excise Duty On Gutka To 70 per cent From 60
After approving of industrial parks by China, India has now decided to extend to those parks the same benefits that are extended to special economic zones (SEZ) and national investment and manufacturing zones (NIMZ).
SEZs and NIMZs enjoy several tax related benefits. While the SEZs enjoy 100 per cent income tax exemption on export income for the first five years, 50 per cent for the next five years thereafter and 50 per cent of the ploughed back export profit for next five years; NIMZ, under the National Manufacturing Policy, has provisions of tax incentives to small and medium enterprises (SMEs).
The government on June-25 gave in-principle approval for India China industrial parks in the country which hopefully will help the Indian vendors as well. Thereafter, a MoU was signed for the setting up of such industrial parks.
Under the New Companies Act 2014, the Madhya Pradesh industries want private companies to have the liberty to take unsecured loans from their members without any limit.
“Private company should be free to take unsecured loan from its members without any limit instead of present limit of 25 per cent of paid up capital plus free reserve,” Federation of Madhya Pradesh Chambers of Commerce and Industry (FMPCCI) has suggested.
Reacting to the Union Budget 2014-15 unveiled in Parliament today, FISME Secretary General, Anil Bhardwaj said it was a comprehensive budget that addressed significant issues pertaining to the MSME sector such as access to credit, exit policy and excessive taxation.
“We have to thank the Finance Minister for acceding to FISME’s (Federation of Indian Micro, Small and Medium Enterprises) demand for having a bankruptcy framework for SMEs to exit,” Bhardwaj said.
Amidst high expectations, the Narendra Modi government is pinning hopes on micro, small and medium enterprises for job creation and skilling the unemployed youth even as it realises how vulnerable the smaller businesses find themselves in, MSME Minister Kalraj Mishra said here today.
Mishra held a meeting with representatives of MSME associations to discuss various issues concerning the sector that has been working as locomotive for the economy.
Speaking at the event, Mishra acknowledged that MSMEs are vulnerable. However, he assured representatives of industry associations that he would look into their issues and make every effort to address them.
“People have a lot of expectations. When I spoke to the people in the Ministry and discussed the issues and when I met with entrepreneurs both small and large, they presented MSME issues in such a way that I came to know how vulnerable they are.
Keeping in line with the other ministries using social media to reach out to the masses, the Ministry of MSME has also launched its Facebook and twitter accounts.
Union Minister for MSME, Kalraj Mishra inaugurated the twitter handle and Facebook account of the Ministry of MSME yesterday.
The minister said on the occasion that it is in accordance with the government’s vision to reach out to maximum number of people through social media.
Terming the Union Budget for 2014-15 as encouraging and positive, Deep Kalra, Founder Group CEO MakeMyTrip and President TiE Delhi-NCR on Thursday said the Budget 2014 has given due consideration to the startup community.
"The Rs 10,000 crore startup fund for new businesses, national accelerators and incubators for startups is a step in the right direction but we need to learn from the success and failures of the past incubators so that the new roll-out has the desired impact. We must look at tying up with credible organizations to achieve this," says Kalra.
The rail link to Katra , the base station for pilgrims to Mata Vaishno Devi holy shrine, which opened today will open new job opportunities to traders and students of the area but without in any way harming interest of Jammu, Prime Minister Narendra Modi said.
After dedicating to the nation the newly constructed railway line between Shri Mata Vaishno Devi Katra and Udhampur in the state of Jammu and Kashmir (J&K), the Prime Minister flagged off the first train –a DMU – from newly constructed Shri Mata Vaishnodevi Katra Railway Station at a programme held here.
The Union Budget has addressed many issues concerning the small scale industrial sector in keeping with its status as the largest creator of jobs and the second largest contributor to the GDP, said Karnataka Small Scale Industries Association (KASSIA) in its reaction to the Budget.
“The FM has announced several initiatives that give us hope such as developing 20 industrial clusters, promoting entrepreneurship Rs 10,000 cr fund for startups, developing national industrial corridors to link cities, revising the definition of MSME to provide for higher capital ceiling, suitably amending the Apprentice Act to strengthen the Apprentice Training Scheme, announcing a national multi-scale programme called Skill India to provide training and support for employment, creating a Venture Capital fund of Rs 10,000-crore for SMEs, and preparing the ground for introduction of GST by end of this year,” President, KASSIA, Chidananda M Rajamane said.
The Government is giving major focus towards providing good infrastructure, including public transport, solid waste disposal, sewerage treatment and drinking water in the urban areas, said Finance Minister Arun Jaitley adding that the Budgetary provision for the Pooled Municipal Debt Obligation Facility has been enhanced from Rs 5000 crore to Rs 50,000 crore with extension of the facility by five years to March 31, 2019.
Jaitley informed the House that this facility was set up in 2006 with participation of several banks to promote and finance infrastructure projects in urban areas on shared risk basis.
With a view to creating employment opportunities for youth, the Rajasthan Government has decided to amend the Apprentices Act, 1961, which makes it obligatory on the part of the employers both in public and private sector establishments having requisite training infrastructure as laid down in the Act, to engage apprentices in 254 groups of industries covered under the Act.
“Amendments will be made in the Apprentices Act 1961 to create larger opportunities of Employment for the Youth,” Rajasthan Chief Minister, Vasundhara Raje tweeted on Monday.
The Himachal Pradesh Government today announced plans to involve the private sector in developing new tourism sites and other projects like ropeways in the state.
The new tourism sites and projects will come up at Baddi in Solan district; Suketi in Sirmour district; Jhatingri in Mandi district; Shoja and 15 miles Baragaon in Kullu district; and Bilaspur.
India and Britain have agreed to strengthen cooperation in the area of small and medium enterprises underscoring the premise that such an option can help lift economy recovery in the two countries.
"Both countries emphasised the importance of investment, including in infrastructure and small and medium enterprises, to strengthen the global recovery and lift economic growth, and welcomed the G20’s work developing country-specific and collective actions on investment, including to promote long-term private sector investment, and to enhance the catalytic role of Multilateral Development Banks," said a joint statement issued yesterday by the UK Chancellor of the Exchequer and the Finance Minister of India after the seventh round of the UK-India Economic and Financial Dialogue (EFD).
India and Singapore, country's largest trade and investment partner in the ASEAN, today discussed key issues including trade and investment ties and also explored ways to build on Prime Minister Narendra Modi's theme of "smart cities".
External Affairs Minister Sushma Swaraj held talks with her counterpart from Singapore K Shanmugam during which they also discussed riots in 'Little India' district where some 400 migrant workers including Indians went on the rampage after a construction worker was knocked down and killed by a bus last December.
"The focus of the discussions were largely economic. Perhaps many of you are aware that Singapore is the source of the largest FDI flow into India last year. It is also the destination of the largest flows of foreign investment from India last year.
The domestic industry has suffered at the hands of Chinese manufacturers who are dumping electrical insulators into India forcing the Indian authorities to consider slapping anti-dumping duty on the product.
The anti-dumping duty imposed may be about USD 2042 per tonne, according to official data. The move will protect domestic players from cheap imports.
Modern Insulators Limited, WS Industries (India) Ltd, Insulator and Electrical Company, Bharat Heavy Electrical Limited and Aditya Birla Nuvo Ltd have filed the application for investigation, the Directorate General of Anti-dumping and Allied Duties said.
Norway is supporting a project to electrify 28 villages with solar Mini-grid plants in Madhya Pradesh, Uttar Pradesh, Jharkhand and Jammu and Kashmir, according to Power, Coal and New and Renewable Energy Minister Piyush Goyal. The project has been taken up under the scheme Jawaharlal Nehru National Solar Mission (JNNSM).
Goyal said the Ministry provided 30 per cent capital subsidy which ranges from Rs 27 per Wp to Rs 135 per Wp for installation of solar PV systems and power plants, an official release said.
India has conveyed its "disagreement" to the European Union on the issue of ban on Indian mangoes and a few vegetables by the 28-nation bloc.
The EU has prohibited import from India of five fruits and vegetables, which include mangoes, on account of interceptions of export consignments not compliant with EU phytosanitary (relating to plant life) regulations, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha.
India has taken several measures, including enhancement of capacity and numbers of inspecting staff and improvement in infrastructure, implementation of a standard operating procedure to guarantee safe exports and routing of all export consignments of perishables to EU through approved pack houses from April 1 to enable better inspection and certification.
India and the UK today expressed the determination to work together to tackle the menace of tax evasion even as Britain agreed to support infrastructure projects in the country.
UK Export Finance will provide a line of credit of one billion pounds (about Rs 10,000 crore) for the development of Bengaluru-Mumbai Economic Corridor (BMEC), said a joint statement issued today after a meeting between Finance Minister Arun Jaitley and UK Chancellor of Exchequer George Osborne.
"UK and India remain committed to the Base Erosion and Profit Shifting project and will continue to work together through the G20 and OECD to reform the international tax rules to ensure that they are fair and consistent," it said.
According to the FISME Factor, 34 per cent of the Micro, Small and Medium Enterprises (MSMEs), rate the steps announced/ taken by the BJP government as good, 29% rate it as average, 23% as excellent and 14% as poor.
It’s not surprising that the workforce has changed drastically over the past 20 years, but how have these changes effected your organization? And what other trends do we have to look forward to that will affect it even more?
The SHRM Foundation has partnered up with the Economist Intelligence Unit to produce a report based on a series of global surveys, panel discussions, and analyses that explore the critical trends affecting organizations in order to develop some HR solutions to these challenges. Some of the key findings from the report are already apparent in today’s workforce, while others make you stop and think about how things have changed.
Business owners rarely go into business to deal with the financial aspects of running a company. And it's easy to understand why: You're most likely passionate about the products or services you provide and want to focus your time and energy there. So your financial responsibilities usually fall to the bottom of your "desirable duties" list.
But it's critical to the long-term success of your business that you understand some of the financial fundamentals of being a business owner. You don't have to be an accountant or a financial analyst, but it's important that you have some key skills in your business toolkit to measure the financial aspects of your business.
Here are a few interesting brand developments which tell a very relevant story for marketers who wish to address the modern Indian consumer: Bacardi Breezers, the low-alcohol global lifestyle drink, recently launched two special flavours for the Indian market – Aam Panna and Nimbu Paani. The brand called these “Indi-Mix” variants. Contrast these new flavours with the regular Breezers, which come in western inspired tastes such as cranberry, Jamaican Passion and Island Pineapple.
Quaker Oats, a global brand owned by Pepsico, actively markets in India two unique blends – Kesar & Kishmish, which is sweet, and Masala, a spicy blend. Both sell very well, and such traditional Indian flavours are leading the successful charge of oats as a breakfast food across the country.
The Kerala Merchants have decided to boycott the newly implemented procedure of submitting a declaration as required by the Commercial Taxes Department for bringing merchandise from other states by road.
The decision was taken in a meeting of merchants held under the aegis of Kerala Merchants Union here yesterday. The merchants will boycott the procedure from July 15.
The Kerala Merchants’ Union had urged the state government to revoke the newly-implemented system of filing 8F form online. The Sales Tax Department had recently issued guidelines for controlling goods’ trafficking such that the buyer should file the form online rather than the transporting companies who used to fill it earlier.
Startup Village in Kochi, the not-for-profit business incubator, funded jointly by the government and the private sector, is set to add 200,000 sq ft of space by 2016, by when it will also have about 2,000 new start-ups, says Pranav Kumar Suresh, the village's new chief executive officer (CEO). In an interview with George Joseph, Suresh says the village is setting up an exclusive angel fund for its start-ups. Edited excerpts:
My father had a small firefighting equipment manufacturing firm Zenith Fire services. Since the age of eight, I started accompanying him to the firm's manufacturing unit in Mumbai. As I grew, I began managing shifts at the unit during my school and college vacations. But, I was the youngest in the family and my eldest brother inherited the business. I thought about starting my own venture without any help from my family. But I did not have even Rs 20 to start out with.
" Self-discipline, a sense of justice, honesty, fairness, chivalry, moderation, public spirit, and respect for human dignity, firm ethical norms- all of these are things that people must possess before they go to market and compete with each other. These are the indispensable supports that preserve both market and competition from degeneration.” " 
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