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President's Message
"The first roundtable as part of the SIDBI-FISME national campaign on GST for MSMEs, which was held in Delhi, bears out a few key challenges that MSMEs would encounter while implementing GST. The real issues are now in operational realm. Tax authorities cannot fathom all the complexities in the course of flow of goods and services across value chains and geographical boundaries. It is imperative that MSMEs- their horizontal and vertical associations, after studying the proposed legal and operational part of GST, simulate them in their sectoral/ geographical contexts, identify lose ends and anomalies and bring it to the notice of authorities. Good news is window is still open. But we need to move fast. Following the roundtables and webinars we intend to submit the Government a dossier of suggestions every week hereafter. Please do send us your observations and comments as the draft GST legislation are on anvil.
"
SIDBI-FISME national campaign on GST: Roundtables, Webinars and Guide for MSMEs 2nd in the series GST: Identifying implications & facilitating adoption by MSMEs
25th October 2016, Mumbai
A path breaking indirect Tax reform is underway in India as GST is being rolled out. Its repercussions will be felt by all economic sectors- small or large. To apprise MSMEs of the current state of debate about GST and to elicit their feedback to develop a capacity building agenda for smooth adoption by MSMEs, SIDBI and FISME are jointly initiating a nationwide campaign to hold a series of roundtables and webinars.
The first roundtable meet of the series was organized today at India Habitat Centre in New Delhi.
Although I first struck out on my own, I quickly learned that two are better than one. Having a co-founder provided a way to fill in those areas where I lacked knowledge, expertise, skills and connections. Just take the time to find that special person that truly complements you and where you can create and hold a shared vision.
What is worrying about the slowdown in industry is not only that it is becoming more pronounced in some sectors, it also seems to be more widespread. Factory output, as measured by the IIP, declined for the second consecutive month in August, by 0.7%, on the back of a 2.5% fall in July, taking the average for the fiscal so far to a negative 0.3%.
Raising concerns about its gaping trade deficit with China, India has asked the country for faster clearance of its rice and pharmaceutical exports, grant of IT projects to Indian companies and greater market access for items such as oilseeds and tobacco.
Commerce & Industry Minister Nirmala Sitharaman, in a meeting with Chinese Vice-Minister of Finance and Commerce Wang Shouwen, pointed out that India has to be given greater market access for its goods for a long term sustainable trade relationship.
Inflation in India is expected to have cooled to a one-year low in September as good monsoon rains kept a lid on food prices, a Reuters poll showed, possibly giving more room to the central bank to cut rates again by the end of this year.
The recently formed Reserve Bank of India Monetary Policy Committee, under new Governor Urjit Patel, cut rates by 25 basis points to 6.25 per cent in a surprise move earlier this month, after inflation hit a five-month low in August.
Plummeting textile exports have prompted India to look outside traditional markets and tap the ones being served by competitors such as China. The textiles ministry is planning to do roadshows to promote Indian textiles in the new markets, officials said.
“We used to hold roadshows earlier and we want to approach new markets through these. We have identified Russia, South America and West Asia to boost exports,” said one of the officials, who did not wish to be named.
An influential section of the government is pushing for an additional Rs 50,000-60,000 crore burst of spending to give infrastructure a big mid-year push through the second supplementary demand for grants. Roads, railways and rural electrification BSE -0.12 % will be among the main beneficiaries.This is being discussed at the top levels of the government, a senior official told ET. The money will be needed as a number of departments will be close to exhausting their funds and require more money to meet targets. A final call on the amount will be taken in line with additional resources that the government is able to garner.
The Petroleum Ministry plans to promote start-ups in clean energy space with a ₹300-crore fund with resources raised mainly from oil marketing, research and development companies.
Speaking to reporters after the inauguration of Hindustan Petroleum Corporation’s Green R&D Centre near Hoskote on Friday, Petroleum Minister Dharmendra Pradhan said: “Start-ups will be encouraged in oil, gas and bio-fuels space... to develop technologies which are affordable and accessible to help oil marketing, research and development companies.”
“IOC, BPCL, HPCL, ONGC, OIL and GAIL are part of this consortium and each company will be asked to device specific business plan to take it forward,” he added. The start-ups funded under the scheme will be encouraged to monetise urban waste and rural agricultural waste in generation of biofuels.
Ringing in festival cheer for exporters, goods exports posted an increase of 4.62 per cent in September 2016 to $22.88 billion (year-on-year) — the second instance of monthly growth this fiscal — with substantial rise in shipments of gems & jewellery, engineering goods, garments & textiles, iron ore and handicrafts.
Imports during the month at $31.22 billion were 2.54 per cent lower than the same month last year as non-oil imports continued to dip. There was a fall in imports across sectors, including transport equipment, project goods, gold & silver, electronic goods, textiles, fertilizers, chemicals, dyes and iron & steel. Trade deficit, however, narrowed to $8.33 billion compared to $10.16 billion last September.
Lauding the efforts of Indian Silk Export Promotion Council for organizing international level silk far, Union Textiles Minister Smriti Irani said such fairs provides opportunity to MSMEs for showcasing their unique products to visiting overseas buyers.
The flagship event of the Indian Silk Export Promotion Council, the 5th edition of India International Silk Fair, will be inaugurated by the Irani on October 15, 2016 at Pragati Maidan, New Delhi.
MSME Ministry has called upon the prospective and existing entrepreneurs including start-ups to avail technological guidance and financial assistance for research to innovate and develop their products through MSME Centre of Excellence. S M Jamakandi, Director, MSME Centre of Excellence, while addressing the start-ups at an interactive meet jointly organised by Mysore Industries Association; Centre of Excellence, Ministry of MSME; Indian Institute of Science, Bangalore at Mysore Industries Association on Friday.
Giving an opportunity to showcase products, services & technologies to tea and coffee exporters especially the MSME entrepreneurs, the “World Tea & Coffee Expo” (WTCE) will be held for the 4th time in a row in Mumbai from October 20-22, 2016.
WTCE is a dedicated global trade event for the Tea, Coffee and allied sectors and consists of an Expo, a 2-day hi level conference and workshops.
“WTCE gives an opportunity to showcase products, services & technologies, network with focused buyers, upgrade knowledge and find practical solutions to issues faced by this vital sector,” said the organizers.
Chief Minister Sarbananda Sonowal has assured that his government will make North East as an organic hub and will set up MSMEs in the state to tap the possibilities, potentialities and prosperities of Assam in sync with the nature.
"Our Government will make North East as an organic hub of the Region and we will set up small scale industries in the State in a move to tap the possibilities, potentialities and prosperities of Assam in sync with the nature,” he said.
Dye manufacturers in Gujarat are planning to set up a company to locally manufacture two key raw materials namely, vinyl sulphone and H-acid in order to reduce industry’s dependence on China.
Recently, Gujarat Chamber of Commerce and Industry (GCCI) too had called for a boycott of China-made products.
According to a media report, Naroda Industries Association (NIA), Vatva Industries Association (VIA) as well as Gujarat Dyestuff Manufacturers Association (GDMA) through their affiliate companies are planning to jointly establish a manufacturing facility to make 1,000 tonnes H-acid and 500 tonnes of vinyl sulphone every month.
Odisha government is all set to resolve the issues relating to the micro, small and medium enterprises (MSMEs) as the Institute of Entrepreneurship Development-Odisha (IEDO) has signed a pact with NIMSME, Hyderabad, to take up research activities on this. According to a media report, the state government has agreed for MoU between the Institute of Entrepreneurship Development-Odisha (IEDO) and NIMSME. Under the pact research activities will be taken for the MSMEs and the state will be benefited immensely.
Pitching for a strong potential for growth in Russia’s trade with the state, Rajasthan Chief Minister Vasundhara Raje has said there Russia can help strengthen the state’s engineering industry, specifically in automotive, mines & mineral. Denis Manturov, Minister of Industry and Trade of the Russian Federation met the Rajasthan Chief Minister, Vasundhara Raje here on Tuesday. Both the leaders held discussions on areas of Russia – Rajasthan collaboration on several areas including mining and agriculture.
India and Brazil will sign an agreement on cooperation and facilitation of investment on the sidelines of the upcoming BRICS Summit in Goa. "Although the two countries have been part of several multilateral fora, it is important to work closer bilaterally to make the partnership truly strategic," Brazilian Ambassador to India Tovara Da Silva Nunes said. India and Brazil will sign an agreement on cooperation and facilitation of investment on the sidelines of the upcoming BRICS Summit in Goa.
China has assured India of greater market access in a move that could help bridge India’s mounting bilateral trade deficit with the Asian giant.
“The Chinese vice minister assured that China would act on the concerns expressed by India regarding market access for Indian goods in the Chinese markets,” the commerce department said in a statement on Thursday after commerce and industry minister Nirmala Sitharaman met China’s vice minister for finance and commerce Wang Shouwen. Shouwen is here to attend the sixth BRICS trade ministers’ meeting.
India and Russia are expected to sign this weekend a “complex agreement” for production of 200 Kamov 226T helicopters domestically under a nearly $1 billion deal to replace the country’s ageing Cheetah and Chetak choppers.
The agreement is expected to be inked on the sidelines of the 2016 BRICS Summit in Goa from October 13 to October 16. A variety of negotiations on the expansion of military-technical cooperation and fortification of trade relations with India will be held.
Union MSME Minister Kalraj Mishra met Lindiwe Zulu, Minister of Small Business Development, South Africa in the national capital on Thursday to discuss areas of cooperation for growth of MSMEs.
In a tweet, MSME Ministry wrote, “Min @KalrajMishra met Min Ms @LindiweZulu6 Small Dev South Africa Discuss areas of cooperation for growth of MSME.” Mishra and Zulu discussed initiatives like zero defect and zero effect (ZED) and National Manufacturing Competitiveness Programme (NMCP).
Will The Next RBI Governor Be Able To Slip Into Raghuram Rajan's Shoes Easily?
According to the FISME Factor, 100 percent of Micro, Small and Medium Enterprises (MSMEs) think that the new RBI Governor will be able to slip easily into Raghuram Rajan’s shoes.
Within two days of the launch of Pokemon Go, Nintendo's shares surged a quarter and $7.5 billion was added to its valuation.
In India alone, the app has been downloaded over 100 million times, 50 million in Singapore and boasts 9.55 million total daily US users. Pokemon Go has well and truly taken the world by storm.
Small businesses are generally set up by individuals or a group of people with a lot of passion and a lot of dedication and hard work goes behind the scenes. However remember no amount of hard work and dedication can replace the basic need to have an efficient financial system in place. All businesses whether big or small are run for profit and even if you do not break even right away you still need to know if you are heading in the right direction.
Playing with fire: Brands are now exploring war themes in advertisements
The possibility of getting ambushed outweighs incremental gain brands might get by exploiting war themes in their advertising. But can that keep them away from Ground Zero?
On September 8 this year, three days before the 15th anniversary of 9/11, Mike Bonanno did something unusual. The founder of Texas-based mattress brand Miracle apologised to the victims and families of the 9/11 attack.
Why India needs to move from a controlling to an enabling environment
1991 was a 'strategic inflection point' for India. It heralded the progress India was making in economic liberalization, globalization and market-driven ambience. Fast forward 25 years, and these strong foundations have signaled The International Monetary Fund to project that India's GDP will grow by 7.4 percent for 2016-17 - making it the world's fastest-growing large economy.
At 6 ft 3, with a build to match, 22-year-old Sanjay Dasari packs a lot of muscle. These days, Sanjay is packing, well, figuratively, a whole lot of fruits and vegetables for his one-year-old venture, Sunny Bee, a chain of six stores across Chennai that sells fresh produce.
How young achievers can turn adversity into strength to reach the ultimate goal
"Now when I climb the mountains I don't have fear of frost bite," Mark Inglis, first double amputee to climb Mount Everest, very matter-of-factly told a bunch of 40 young achievers under 40 and a gathering of top CEOs of India Inc. Inglis, a professional mountaineer, winemaker, motivational speaker, cyclist, philanthropist, paralympic medalist and an author, all-in-one, said: "Attitude defines your altitude. And to develop that you first need to have a dream."
The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, has released the Consumer Price Index numbers on base 2012=100 for rural, urban and combined for the month of June 2016
“ You must be very patient, very persistent. The world isn’t going to shower gold coins on you just because you have a good idea. You’re going to have to work like crazy to bring that idea to the attention of people. They’re not going to buy it unless they know about it. ”
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.
send mail to: newsletter@fisme.org.in
You are receiving this Newsletter because you are included in our mailing list of recipients who are involved or interested in FISME or Indian MSMEs. You are welcome to partly or fully reproduce and disseminate the contents of this publication provided that you acknowledge the source.
This Newsletter is edited by the FISME Secretariat. We welcome contributions as well as comments and suggestions. Please write to newsletter@fisme.org.in
"The first roundtable as part of the SIDBI-FISME national campaign on GST for MSMEs, which was held in Delhi, bears out a few key challenges that MSMEs would encounter while implementing GST. The real issues are now in operational realm. Tax authorities cannot fathom all the complexities in the course of flow of goods and services across value chains and geographical boundaries. It is imperative that MSMEs- their horizontal and vertical associations, after studying the proposed legal and operational part of GST, simulate them in their sectoral/ geographical contexts, identify lose ends and anomalies and bring it to the notice of authorities. Good news is window is still open. But we need to move fast. Following the roundtables and webinars we intend to submit the Government a dossier of suggestions every week hereafter. Please do send us your observations and comments as the draft GST legislation are on anvil.
"
A path breaking indirect Tax reform is underway in India as GST is being rolled out. Its repercussions will be felt by all economic sectors- small or large. To apprise MSMEs of the current state of debate about GST and to elicit their feedback to develop a capacity building agenda for smooth adoption by MSMEs, SIDBI and FISME are jointly initiating a nationwide campaign to hold a series of roundtables and webinars.
The first roundtable meet of the series was organized today at India Habitat Centre in New Delhi.
Although I first struck out on my own, I quickly learned that two are better than one. Having a co-founder provided a way to fill in those areas where I lacked knowledge, expertise, skills and connections. Just take the time to find that special person that truly complements you and where you can create and hold a shared vision.
Raising concerns about its gaping trade deficit with China, India has asked the country for faster clearance of its rice and pharmaceutical exports, grant of IT projects to Indian companies and greater market access for items such as oilseeds and tobacco.
Commerce & Industry Minister Nirmala Sitharaman, in a meeting with Chinese Vice-Minister of Finance and Commerce Wang Shouwen, pointed out that India has to be given greater market access for its goods for a long term sustainable trade relationship.
Inflation in India is expected to have cooled to a one-year low in September as good monsoon rains kept a lid on food prices, a Reuters poll showed, possibly giving more room to the central bank to cut rates again by the end of this year.
The recently formed Reserve Bank of India Monetary Policy Committee, under new Governor Urjit Patel, cut rates by 25 basis points to 6.25 per cent in a surprise move earlier this month, after inflation hit a five-month low in August.
Plummeting textile exports have prompted India to look outside traditional markets and tap the ones being served by competitors such as China. The textiles ministry is planning to do roadshows to promote Indian textiles in the new markets, officials said.
“We used to hold roadshows earlier and we want to approach new markets through these. We have identified Russia, South America and West Asia to boost exports,” said one of the officials, who did not wish to be named.
An influential section of the government is pushing for an additional Rs 50,000-60,000 crore burst of spending to give infrastructure a big mid-year push through the second supplementary demand for grants. Roads, railways and rural electrification BSE -0.12 % will be among the main beneficiaries.This is being discussed at the top levels of the government, a senior official told ET. The money will be needed as a number of departments will be close to exhausting their funds and require more money to meet targets. A final call on the amount will be taken in line with additional resources that the government is able to garner.
The Petroleum Ministry plans to promote start-ups in clean energy space with a ₹300-crore fund with resources raised mainly from oil marketing, research and development companies.
Speaking to reporters after the inauguration of Hindustan Petroleum Corporation’s Green R&D Centre near Hoskote on Friday, Petroleum Minister Dharmendra Pradhan said: “Start-ups will be encouraged in oil, gas and bio-fuels space... to develop technologies which are affordable and accessible to help oil marketing, research and development companies.”
“IOC, BPCL, HPCL, ONGC, OIL and GAIL are part of this consortium and each company will be asked to device specific business plan to take it forward,” he added. The start-ups funded under the scheme will be encouraged to monetise urban waste and rural agricultural waste in generation of biofuels.
Ringing in festival cheer for exporters, goods exports posted an increase of 4.62 per cent in September 2016 to $22.88 billion (year-on-year) — the second instance of monthly growth this fiscal — with substantial rise in shipments of gems & jewellery, engineering goods, garments & textiles, iron ore and handicrafts.
Imports during the month at $31.22 billion were 2.54 per cent lower than the same month last year as non-oil imports continued to dip. There was a fall in imports across sectors, including transport equipment, project goods, gold & silver, electronic goods, textiles, fertilizers, chemicals, dyes and iron & steel. Trade deficit, however, narrowed to $8.33 billion compared to $10.16 billion last September.
Lauding the efforts of Indian Silk Export Promotion Council for organizing international level silk far, Union Textiles Minister Smriti Irani said such fairs provides opportunity to MSMEs for showcasing their unique products to visiting overseas buyers.
The flagship event of the Indian Silk Export Promotion Council, the 5th edition of India International Silk Fair, will be inaugurated by the Irani on October 15, 2016 at Pragati Maidan, New Delhi.
MSME Ministry has called upon the prospective and existing entrepreneurs including start-ups to avail technological guidance and financial assistance for research to innovate and develop their products through MSME Centre of Excellence. S M Jamakandi, Director, MSME Centre of Excellence, while addressing the start-ups at an interactive meet jointly organised by Mysore Industries Association; Centre of Excellence, Ministry of MSME; Indian Institute of Science, Bangalore at Mysore Industries Association on Friday.
Giving an opportunity to showcase products, services & technologies to tea and coffee exporters especially the MSME entrepreneurs, the “World Tea & Coffee Expo” (WTCE) will be held for the 4th time in a row in Mumbai from October 20-22, 2016.
WTCE is a dedicated global trade event for the Tea, Coffee and allied sectors and consists of an Expo, a 2-day hi level conference and workshops.
“WTCE gives an opportunity to showcase products, services & technologies, network with focused buyers, upgrade knowledge and find practical solutions to issues faced by this vital sector,” said the organizers.
Chief Minister Sarbananda Sonowal has assured that his government will make North East as an organic hub and will set up MSMEs in the state to tap the possibilities, potentialities and prosperities of Assam in sync with the nature.
"Our Government will make North East as an organic hub of the Region and we will set up small scale industries in the State in a move to tap the possibilities, potentialities and prosperities of Assam in sync with the nature,” he said.
Dye manufacturers in Gujarat are planning to set up a company to locally manufacture two key raw materials namely, vinyl sulphone and H-acid in order to reduce industry’s dependence on China.
Recently, Gujarat Chamber of Commerce and Industry (GCCI) too had called for a boycott of China-made products.
According to a media report, Naroda Industries Association (NIA), Vatva Industries Association (VIA) as well as Gujarat Dyestuff Manufacturers Association (GDMA) through their affiliate companies are planning to jointly establish a manufacturing facility to make 1,000 tonnes H-acid and 500 tonnes of vinyl sulphone every month.
Odisha government is all set to resolve the issues relating to the micro, small and medium enterprises (MSMEs) as the Institute of Entrepreneurship Development-Odisha (IEDO) has signed a pact with NIMSME, Hyderabad, to take up research activities on this. According to a media report, the state government has agreed for MoU between the Institute of Entrepreneurship Development-Odisha (IEDO) and NIMSME. Under the pact research activities will be taken for the MSMEs and the state will be benefited immensely.
Pitching for a strong potential for growth in Russia’s trade with the state, Rajasthan Chief Minister Vasundhara Raje has said there Russia can help strengthen the state’s engineering industry, specifically in automotive, mines & mineral. Denis Manturov, Minister of Industry and Trade of the Russian Federation met the Rajasthan Chief Minister, Vasundhara Raje here on Tuesday. Both the leaders held discussions on areas of Russia – Rajasthan collaboration on several areas including mining and agriculture.
India and Brazil will sign an agreement on cooperation and facilitation of investment on the sidelines of the upcoming BRICS Summit in Goa. "Although the two countries have been part of several multilateral fora, it is important to work closer bilaterally to make the partnership truly strategic," Brazilian Ambassador to India Tovara Da Silva Nunes said. India and Brazil will sign an agreement on cooperation and facilitation of investment on the sidelines of the upcoming BRICS Summit in Goa.
China has assured India of greater market access in a move that could help bridge India’s mounting bilateral trade deficit with the Asian giant.
“The Chinese vice minister assured that China would act on the concerns expressed by India regarding market access for Indian goods in the Chinese markets,” the commerce department said in a statement on Thursday after commerce and industry minister Nirmala Sitharaman met China’s vice minister for finance and commerce Wang Shouwen. Shouwen is here to attend the sixth BRICS trade ministers’ meeting.
India and Russia are expected to sign this weekend a “complex agreement” for production of 200 Kamov 226T helicopters domestically under a nearly $1 billion deal to replace the country’s ageing Cheetah and Chetak choppers.
The agreement is expected to be inked on the sidelines of the 2016 BRICS Summit in Goa from October 13 to October 16. A variety of negotiations on the expansion of military-technical cooperation and fortification of trade relations with India will be held.
Union MSME Minister Kalraj Mishra met Lindiwe Zulu, Minister of Small Business Development, South Africa in the national capital on Thursday to discuss areas of cooperation for growth of MSMEs.
In a tweet, MSME Ministry wrote, “Min @KalrajMishra met Min Ms @LindiweZulu6 Small Dev South Africa Discuss areas of cooperation for growth of MSME.” Mishra and Zulu discussed initiatives like zero defect and zero effect (ZED) and National Manufacturing Competitiveness Programme (NMCP).
According to the FISME Factor, 100 percent of Micro, Small and Medium Enterprises (MSMEs) think that the new RBI Governor will be able to slip easily into Raghuram Rajan’s shoes.
Within two days of the launch of Pokemon Go, Nintendo's shares surged a quarter and $7.5 billion was added to its valuation.
In India alone, the app has been downloaded over 100 million times, 50 million in Singapore and boasts 9.55 million total daily US users. Pokemon Go has well and truly taken the world by storm.
Small businesses are generally set up by individuals or a group of people with a lot of passion and a lot of dedication and hard work goes behind the scenes. However remember no amount of hard work and dedication can replace the basic need to have an efficient financial system in place. All businesses whether big or small are run for profit and even if you do not break even right away you still need to know if you are heading in the right direction.
The possibility of getting ambushed outweighs incremental gain brands might get by exploiting war themes in their advertising. But can that keep them away from Ground Zero?
On September 8 this year, three days before the 15th anniversary of 9/11, Mike Bonanno did something unusual. The founder of Texas-based mattress brand Miracle apologised to the victims and families of the 9/11 attack.
1991 was a 'strategic inflection point' for India. It heralded the progress India was making in economic liberalization, globalization and market-driven ambience. Fast forward 25 years, and these strong foundations have signaled The International Monetary Fund to project that India's GDP will grow by 7.4 percent for 2016-17 - making it the world's fastest-growing large economy.
At 6 ft 3, with a build to match, 22-year-old Sanjay Dasari packs a lot of muscle. These days, Sanjay is packing, well, figuratively, a whole lot of fruits and vegetables for his one-year-old venture, Sunny Bee, a chain of six stores across Chennai that sells fresh produce.
"Now when I climb the mountains I don't have fear of frost bite," Mark Inglis, first double amputee to climb Mount Everest, very matter-of-factly told a bunch of 40 young achievers under 40 and a gathering of top CEOs of India Inc. Inglis, a professional mountaineer, winemaker, motivational speaker, cyclist, philanthropist, paralympic medalist and an author, all-in-one, said: "Attitude defines your altitude. And to develop that you first need to have a dream."
“ You must be very patient, very persistent. The world isn’t going to shower gold coins on you just because you have a good idea. You’re going to have to work like crazy to bring that idea to the attention of people. They’re not going to buy it unless they know about it. ”
