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President's Message
"
FISME’s Seminar on Defence - inaugurated by Raksha Mantri Shri Parrikar, was an eye opener. Although I had some realization of the opportunities the Indian Defence sector offered to Industry, the exposure has surprised me with its massive size: around ten to twelve lac crore! Government is in a fast track mode- reviewing and revamping the policies and procedures related to Defence production and procurement, to leverage this spending in building indigenous capabilities - Make in India. The seminar- very well attended both by MSMEs and defence experts, generated number of ideas and suggestions to facilitate MSMEs’ participation in Defence sector. We are submitting the key action points this week to the Government and release the Policy Paper on the issue by end of the month. FISME is taking a series of steps to impulse MSMEs in Defence space. It’s time MSMEs also looked at opportunities in Defence sector seriously, which could offer up technology based and skill, innovation based opportunities in allied sectors also.
"
FISME organized the Seminar to initiate a forum for discussions on the scope, prospects as well as road blocks in participation of MSMEs in defence procurement. Inaugurating the workshop, Defence Minister of Government of India, Sh. Manohar Parikkar, mentioned that MSMEs with great innovative capabilities and clusters of excellence can surely be a major player in the defence value chains. Regarding the procedural and information barriers, he mentioned that crucial requirement is of a change in mindset. The Guest of Honour at the seminar, Dr. V K Saraswat, member NITI Aayog and ex. Scientific Adviser to the Defence Minister, mentioned about his own experience of sourcing critical defence equipments from the MSME sector. Earlier in his welcome speech Dr. Sangam Kurade, President FISME, mentioned about the enormous capabilities of the MSME sector and competence of a large number of technology oriented entrepreneurs to invest time and money to work as tier -1 or tier – 2 supplier.
INDIA IS ACKNOWLEDGED as a global startup powerhouse, home to ideas and entrepreneurs shaping the future of the new economy. About 3,100 tech-based ventures were started last year, or more than eight startups every day, shows a study by industry body Nasscom. The number of Indian unicorns — that exclusive club of startups with valuations of at least $1 billion - about doubled to seven in the past year. But it is also true that 90% of new businesses wind up within 24 months, with entrepreneurs unable to cope with the marathon exertions required to sustain a business. So while the startup opportunity exists, are you the sort of person on whose door it will knock? Do you have it in you to startup?
Stake holders, down to the common citizen, must be educated on GST. Nothing will be lost if a new date is fixed, allowing sufficient time for everyone to get fully ready. We are on the cusp of the most important structural transformation of the indirect tax system. Let us not flunk the test.
Key takeaways are better consumer communication of the benefits of GST, fewer exemptions, strict anti-profiteering mechanism, and making businesses GST-ready early. As India struggles to meet the April 1, 2016, deadline to roll out the goods and services tax (GST), its biggest tax reform in decades, Malaysia introduced the value-added tax in April this year.
While chairing the third interaction through Pragati, the ICT-based multi-modal platform for Pro-Active Governance and Timely Implementation, Prime Minister Narendra Modi reviewed the progress of key infrastructure projects and stressed how improved coordination between the Centre and States could help avoid delays and cost overruns in projects.
The Prime Minister, on Wednesday, reviewed the progress of key infrastructure and related projects in various states, including Uttar Pradesh, Bihar, Madhya Pradesh, Maharashtra, Gujarat, Haryana, Chhattisgarh, Assam, Arunachal Pradesh, Manipur and Uttarakhand.
Projects were reviewed in the sectors of road and rail connectivity, bridges, power transmission lines, coal, atomic energy, and industrial infrastructure.
In a bid to help the cash starved sugar industry, Cabinet has decided to provide soft loans to the extent of Rs 6000 crore to the sugar industry.
“The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Narendra Modi today approved the proposal to provide soft loans to the extent of Rs. 6000 crore to the sugar industry,” CCEA said in a release.
CCEA has provided a one year moratorium on this loan, and will bear the interest subvention cost to the extent of Rs 600 crore for the said period.
The Union government is busy making its case before a two member Mission from the World Bank, who are currently in India to collect data and information for Doing Business Report, 2016, likely to be released in October.
The officials from the Department of Industrial Policy and Promotion (DIPP), Ministry of Corporate Affairs (MCA), Department of Economic Affairs (DEA) and Central Board of Direct Taxes (CBDT) met the members of the Mission - Nadine Abi-Chakra and Baria Nabil Daye.
Indian data on Friday is expected to paint a grim picture of the economy and could reinforce doubts about the health of the world's fastest growing major economy.
Annual output growth at factories, mines and utilities in April is estimated to hit a six-month low of 1.6 percent compared with 2.1 percent the previous month, according to economists polled by Reuters. Consumer inflation in May, meanwhile, will likely edge up to 5.0 percent from 4.87 percent the previous month on higher energy and food costs, the poll found.
The labour ministry is reexamining its proposal to bring wages of contract workers on a par with those of regular workers, evoking strong reactions from trade unions that allege that the government is backpedalling under pressure from corporates.
A senior labour ministry official said the proposal is being reconsidered because the existing salaries of the regular workers are not in sync with market rates.
"Over a period of time because of better negotiating powers of regular workers, their salaries have gone up significantly, which is not in sync with market rates. Hence, we are relooking at it and hope to finalise the changes within two-three months," the official told ET on condition of anonymity.
MSMEs have 150 to 200 billion dollars of opportunities in the defence sector for which they to need to upgrade their infrastructure in terms of modern methods of manufacturing, and also focus on quality control, certification and stringent regulatory mechanisms, former DRDO chief said.
V K Saraswat, Member NITI Aayog and former Secretary of Defence (Research & Development) and Director General of Defence Research & Development Organisation (DRDO) said this while addressing at a seminar on ‘Opportunities for MSMEs in Defence Sector’ organized body industry body FISME on Thursday.
The Centre plans to set up 500 incubation centres on PPP model across the country in the next one year to create more skilled professionals, Minister of State for Micro, Small and Medium Enterprises (MSME) Giriraj Singh said here today.
"Though 65 per cent of the Indian population is below 35 years of age, only two per cent of them are skilled. These incubation centres will provide technical knowledge to them to make them skilled professionals or entrepreneurs," he told reporters here.
At least 90% of India's startups are in six cities: Bengaluru, NCR, Mumbai, Hyderabad, Pune and Chennai, according to Nasscomm (see map). The statistics are skewed as they deal with only information technology companies, but the overall trend has been unmistakable in the past decade: startups form in a few big cities in the country.
There also clear signs that this is going to change.The immediate followers to the big cities are Kochi and Ahmedabad, but those like Mohali and Jaipur are beginning to do well too. ET spotted two cities with immense potential: Bhubaneswar and Indore. Both have a high concentration of high tech institutions, an immense amount of problems to be solved in the region, and unlimited entrepreneurial enthusiasm.
The Index of Industrial Production (IIP) for April, released on Friday, registered a growth of 4.1 per cent, far faster than the 1.6-2 per cent expected by experts, and also much faster than the 2.1 per cent registered in March.
The Consumer Price Index inflation for May, also released at the same time, rose to 5 per cent, in line with expectations. However, it was at 4.87 per cent in April.
The April data shows that manufacturing sector output rose 5.1 per cent compared to what it was in April the previous year. This growth rate is more than double the 2.25 per cent registered in March 2015 over the same month in 2014.
Telangana Chief Minister K Chandrasekhar Rao will launch the new industrial online approval system, Telangana State Industrial Project Approval and Self Certification System (TS-iPASS), today at Hitex.
State Industries minister Jupally Krishna Rao said, “TS-iPASS has been generating a lot of interest from investors in India and abroad ever since it was enacted in November last year. We were having trial runs of the new approval system since February to assess for ourselves how fast we can give approvals through an online, single window system in a hassle-free manner.
In what is expected to provide an impetus to green tea in Assam, the Guwahati Tea Auction Centre (GTAC) has decided to allow sale of green tea through its auction platform. This is the first time that green tea is being auctioned.
"This decision has been taken with a view to provide the green tea manufacturers of northeastern states a fair market which will allow them to fetch competitive prices for these high-value teas," GTAC member Dipanjal Deka told ET.
GTAC is largely a CTC (crush-tear-curl) auction centre. Deka said looking at the high value of these teas and also the limited production, the committee members decided to allow these teas to be sold in GTAC.
Verbind, an independent not for profit organisation facilitating growth of Small and Medium Enterprises (SMEs), on Monday entered into a pact with Franzen Partners to promote concept of 'Make in India' through collaboration for trade and business development of companies with focus on SMEs, start-ups, entrepreneurs and multinational companies (MNCs), a company statement said here.
Through pact with Franzen Partners, the organisation would target over 200,000 Micro, Small and Medium Enterprises (MSMEs) in Gujarat, the statement said, adding that Verbind would offer change management and skill development training to members of World Trade Centre(WTC)-Gujarat International Finance Tec-City (GIFT City).
Micro and small scale industries of Karnataka will now get interest subsidy of 6 per cent for their loan availed from Karnataka State Financial Corporation (KSFC). This was stated in a state government order issued on June 10, 2015.
“First generation entrepreneurs can avail maximum loan of Rs 70 Lakhs with 6 per cent interest subsidy through KSFC along with applicable State Govt. Investment Subsidy,” said the Mysore Industries Association.
MIA President, P Vishwanath and General Secretary, Suresh Kumar Jain was all of praises for state chief minister Siddaramaiah for fulfilling his 2014-15 Budget Commitment of Providing Loan.
Industry body MIA has been pursuing the government to provide loan for the small scale industry at 6 per cent interest rate which is given to SC/ST entrepreneurs at 4 per cent.
Manufacturers and members of various micro, small and medium enterprises from the southern districts of Tamil Nadu protested against the central government’s decision on de-reservation of 20 items from the sectors and urged the Centre to take back the order.
According to a media report, President of Madurai District Tiny and Small Scale Industries Association (MADITSSIA), VS Manimaran said the de-reservation of these products will cost losses to many crores for the small scale sector the southern districts in particular, where many of them are engaged in manufacturing operations.
Trade deficit between India and China is huge and not sustainable, DIPP Secretary Amitabh Kant said today adding that to correct this trade imbalance, it was necessary that Chinese industry invests and manufactures in India, instead of exporting its products to India.
Meanwhile, Le Yucheng, Ambassador, Embassy of People’s Republic of China in India, said the core of China-India industrial cooperation lies at the local level, as this is where the greatest potential lies.
The governments of India and China have showcased the political will to take its economic relationship to the next level by providing dynamism and momentum to investment projects. It was evident from the success of Prime Minister Narendra Modi’s recent visit to China that the two countries were ready to explore opportunities to strengthen their bilateral link, Kant said this while addressing a seminar on ‘India-China Industrial Cooperation’ organized by FICCI in partnership with the Embassy of the People’s Republic of China.
In order to encourage citizens for domestic consumption from the local markets, China has drastically cut down tariffs levied on the import of personal luxury items.
Starting from June 1, import tariffs on suits and sneakers will be brought down from 14-23 per cent to 7-10 per cent and 22-24 per cent to 12 per cent respectively, according to a report.
According to the adjusted policy, import tariffs on cosmetics and diapers will be cut from 5 per cent to 2 per cent, and 7.5 per cent to 2 per cent respectively, state-run Xinhua news agency reported.
Wooing Singapore's small and medium enterprises to venture into its market, India today said the time was right for a "quantum jump" in the bilateral economic relationship.
Prime Minister Narendra Modi's "Make in India" initiative is designed to build manufacturing sectors in the country through 25 sectors, including automotive, pharma, chemicals and textile, said Indian High Commissioner to Singapore, Vijay Thakur Singh.
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval for signing of the Memorandum of Understanding (MoU) between India and Sweden on cooperation in the field of Micro, Small and Medium Enterprises.
The objective of the MoU is to promote cooperation between the Micro, Small and Medium Enterprises of the two countries. It provides a structured framework and enabling environment to the Micro, Small and Medium Enterprise (MSME) sector of the two countries to understand each other's strengths, markets, technologies, policies etc. It also contains an agreement between the two countries to enable their respective MSMEs to participate in each other's trade fairs/exhibitions and to exchange business delegations, to understand policy and explore markets so that joint ventures, tie-ups, technology transfer etc. could take place. It does not contain or involve any financial, legal or political commitment on the part of either party. In no case does it attract any financial liability on the part of the Government of India.
Ahead of his India visit next week, US Defence Secretary Ashton Carter on Friday said America is looking for new ways to complement India's 'Act East' policy and find meaningful areas of cooperation in the Asia Pacific.
"The 2015 US-India Defense Framework I will sign next week will open up this relationship on everything from maritime security to aircraft carrier and jet engine technology cooperation," he told delegates at the Shangri-La Dialogue plenary session.
Are you satisfied with the efforts of the Modi Govt in the last one year for overall economic growth?
According to the FISME Factor, 75 percent of Micro, Small and Medium Enterprises (MSMEs) are satisfied by the efforts of the Modi Govt in the last one year for overall economic growth while 25 percent are not.
Entrepreneurs ignore conventions, redefine leadership by creating own mantras
Continuous reconstruction' may sound like jargon to most people, but within online food services startup Zomato, it's a pet term coined by cofounder Deepinder Goyal, who claims he's always ready to trash the past and rebuild. As they manage exploding growth, India's startup entrepreneurs are creating their own management rule books.
As the Goods & Service Tax or GST readies to turn from talk point to action point it is critical to gauge the readiness of SMEs to adopt, accept & optimize the proposed tax reform. With the taxation landscape of Indian companies about to change, we caught up with Sachin Menon, COO- Tax & Head Indirect Tax, KPMG to talk about the impact of GST on SMEs. Excerpts of the Q & A with Money Control users during the live chat.
At the center of every iconic brand is a stellar product or service. Where most businesses lose their track is when they feel selling a product or service merely needs good advertising so that customers perceive it to be a better product and in turn the product or service becomes a brand. The entire focus is on communication.
Textile industry faces crisis due to non-availability of cotton at competitive rate
Textile industry is reeling under crisis due to non-availability of cotton at competitive rate forcing the local mills to buy cotton from distant places, incurring additional transportation and other costs.
Industry body FICCI, in its representation to Ministry of Textiles, has sought urgent intervention of the Ministry in adequate release of procured cotton by Cotton Corporation of India (CCI) and make it available to the industry at a competitive price.
FICCI insisted that the move is required to ensure that cotton is available to the mills and industry at a competitive rate and at the earliest.
The front end that drives the business execution and growth of some of the best and biggest companies often lacks standard processes. Ranjeet Kumar and Deepak Rewadi realised this gap while working as assistant vice-president and general manager at Hindustan Coca-Cola Beverages, heading the Rajasthan and Madhya Pradesh operations, respectively.
Stylam Industries embarks on Rs 60-crore expansion plan
Panchkula-based Stylam Industries, a leading manufacturer and exporter of high pressure laminates and high-tech adhesives, has embarked upon a Rs 60-crore expansion planin laminates, exterior cladding and exterior flooring.
Satish Gupta, executive director, Stylam Industries said that the company has been more focused on the export market in the past few years and more than three-fourths of its output is exported -- to a jaw-dropping 80 countries.
The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, has released the Quick Estimates of Index of Industrial Production (IIP) with base 2004-05 for the month of April 2015.
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
"
FISME’s Seminar on Defence - inaugurated by Raksha Mantri Shri Parrikar, was an eye opener. Although I had some realization of the opportunities the Indian Defence sector offered to Industry, the exposure has surprised me with its massive size: around ten to twelve lac crore! Government is in a fast track mode- reviewing and revamping the policies and procedures related to Defence production and procurement, to leverage this spending in building indigenous capabilities - Make in India. The seminar- very well attended both by MSMEs and defence experts, generated number of ideas and suggestions to facilitate MSMEs’ participation in Defence sector. We are submitting the key action points this week to the Government and release the Policy Paper on the issue by end of the month. FISME is taking a series of steps to impulse MSMEs in Defence space. It’s time MSMEs also looked at opportunities in Defence sector seriously, which could offer up technology based and skill, innovation based opportunities in allied sectors also.
" 
FISME organized the Seminar to initiate a forum for discussions on the scope, prospects as well as road blocks in participation of MSMEs in defence procurement. Inaugurating the workshop, Defence Minister of Government of India, Sh. Manohar Parikkar, mentioned that MSMEs with great innovative capabilities and clusters of excellence can surely be a major player in the defence value chains. Regarding the procedural and information barriers, he mentioned that crucial requirement is of a change in mindset. The Guest of Honour at the seminar, Dr. V K Saraswat, member NITI Aayog and ex. Scientific Adviser to the Defence Minister, mentioned about his own experience of sourcing critical defence equipments from the MSME sector. Earlier in his welcome speech Dr. Sangam Kurade, President FISME, mentioned about the enormous capabilities of the MSME sector and competence of a large number of technology oriented entrepreneurs to invest time and money to work as tier -1 or tier – 2 supplier.
INDIA IS ACKNOWLEDGED as a global startup powerhouse, home to ideas and entrepreneurs shaping the future of the new economy. About 3,100 tech-based ventures were started last year, or more than eight startups every day, shows a study by industry body Nasscom. The number of Indian unicorns — that exclusive club of startups with valuations of at least $1 billion - about doubled to seven in the past year. But it is also true that 90% of new businesses wind up within 24 months, with entrepreneurs unable to cope with the marathon exertions required to sustain a business. So while the startup opportunity exists, are you the sort of person on whose door it will knock? Do you have it in you to startup?
While chairing the third interaction through Pragati, the ICT-based multi-modal platform for Pro-Active Governance and Timely Implementation, Prime Minister Narendra Modi reviewed the progress of key infrastructure projects and stressed how improved coordination between the Centre and States could help avoid delays and cost overruns in projects.
The Prime Minister, on Wednesday, reviewed the progress of key infrastructure and related projects in various states, including Uttar Pradesh, Bihar, Madhya Pradesh, Maharashtra, Gujarat, Haryana, Chhattisgarh, Assam, Arunachal Pradesh, Manipur and Uttarakhand.
Projects were reviewed in the sectors of road and rail connectivity, bridges, power transmission lines, coal, atomic energy, and industrial infrastructure.
In a bid to help the cash starved sugar industry, Cabinet has decided to provide soft loans to the extent of Rs 6000 crore to the sugar industry.
“The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Narendra Modi today approved the proposal to provide soft loans to the extent of Rs. 6000 crore to the sugar industry,” CCEA said in a release.
CCEA has provided a one year moratorium on this loan, and will bear the interest subvention cost to the extent of Rs 600 crore for the said period.
The Union government is busy making its case before a two member Mission from the World Bank, who are currently in India to collect data and information for Doing Business Report, 2016, likely to be released in October.
The officials from the Department of Industrial Policy and Promotion (DIPP), Ministry of Corporate Affairs (MCA), Department of Economic Affairs (DEA) and Central Board of Direct Taxes (CBDT) met the members of the Mission - Nadine Abi-Chakra and Baria Nabil Daye.
Indian data on Friday is expected to paint a grim picture of the economy and could reinforce doubts about the health of the world's fastest growing major economy.
Annual output growth at factories, mines and utilities in April is estimated to hit a six-month low of 1.6 percent compared with 2.1 percent the previous month, according to economists polled by Reuters. Consumer inflation in May, meanwhile, will likely edge up to 5.0 percent from 4.87 percent the previous month on higher energy and food costs, the poll found.
MSMEs have 150 to 200 billion dollars of opportunities in the defence sector for which they to need to upgrade their infrastructure in terms of modern methods of manufacturing, and also focus on quality control, certification and stringent regulatory mechanisms, former DRDO chief said.
V K Saraswat, Member NITI Aayog and former Secretary of Defence (Research & Development) and Director General of Defence Research & Development Organisation (DRDO) said this while addressing at a seminar on ‘Opportunities for MSMEs in Defence Sector’ organized body industry body FISME on Thursday.
The Centre plans to set up 500 incubation centres on PPP model across the country in the next one year to create more skilled professionals, Minister of State for Micro, Small and Medium Enterprises (MSME) Giriraj Singh said here today.
"Though 65 per cent of the Indian population is below 35 years of age, only two per cent of them are skilled. These incubation centres will provide technical knowledge to them to make them skilled professionals or entrepreneurs," he told reporters here.
At least 90% of India's startups are in six cities: Bengaluru, NCR, Mumbai, Hyderabad, Pune and Chennai, according to Nasscomm (see map). The statistics are skewed as they deal with only information technology companies, but the overall trend has been unmistakable in the past decade: startups form in a few big cities in the country.
There also clear signs that this is going to change.The immediate followers to the big cities are Kochi and Ahmedabad, but those like Mohali and Jaipur are beginning to do well too. ET spotted two cities with immense potential: Bhubaneswar and Indore. Both have a high concentration of high tech institutions, an immense amount of problems to be solved in the region, and unlimited entrepreneurial enthusiasm.
The Index of Industrial Production (IIP) for April, released on Friday, registered a growth of 4.1 per cent, far faster than the 1.6-2 per cent expected by experts, and also much faster than the 2.1 per cent registered in March.
The Consumer Price Index inflation for May, also released at the same time, rose to 5 per cent, in line with expectations. However, it was at 4.87 per cent in April.
The April data shows that manufacturing sector output rose 5.1 per cent compared to what it was in April the previous year. This growth rate is more than double the 2.25 per cent registered in March 2015 over the same month in 2014.
Telangana Chief Minister K Chandrasekhar Rao will launch the new industrial online approval system, Telangana State Industrial Project Approval and Self Certification System (TS-iPASS), today at Hitex.
State Industries minister Jupally Krishna Rao said, “TS-iPASS has been generating a lot of interest from investors in India and abroad ever since it was enacted in November last year. We were having trial runs of the new approval system since February to assess for ourselves how fast we can give approvals through an online, single window system in a hassle-free manner.
In what is expected to provide an impetus to green tea in Assam, the Guwahati Tea Auction Centre (GTAC) has decided to allow sale of green tea through its auction platform. This is the first time that green tea is being auctioned.
"This decision has been taken with a view to provide the green tea manufacturers of northeastern states a fair market which will allow them to fetch competitive prices for these high-value teas," GTAC member Dipanjal Deka told ET.
GTAC is largely a CTC (crush-tear-curl) auction centre. Deka said looking at the high value of these teas and also the limited production, the committee members decided to allow these teas to be sold in GTAC.
Verbind, an independent not for profit organisation facilitating growth of Small and Medium Enterprises (SMEs), on Monday entered into a pact with Franzen Partners to promote concept of 'Make in India' through collaboration for trade and business development of companies with focus on SMEs, start-ups, entrepreneurs and multinational companies (MNCs), a company statement said here.
Through pact with Franzen Partners, the organisation would target over 200,000 Micro, Small and Medium Enterprises (MSMEs) in Gujarat, the statement said, adding that Verbind would offer change management and skill development training to members of World Trade Centre(WTC)-Gujarat International Finance Tec-City (GIFT City).
Micro and small scale industries of Karnataka will now get interest subsidy of 6 per cent for their loan availed from Karnataka State Financial Corporation (KSFC). This was stated in a state government order issued on June 10, 2015.
“First generation entrepreneurs can avail maximum loan of Rs 70 Lakhs with 6 per cent interest subsidy through KSFC along with applicable State Govt. Investment Subsidy,” said the Mysore Industries Association.
MIA President, P Vishwanath and General Secretary, Suresh Kumar Jain was all of praises for state chief minister Siddaramaiah for fulfilling his 2014-15 Budget Commitment of Providing Loan.
Industry body MIA has been pursuing the government to provide loan for the small scale industry at 6 per cent interest rate which is given to SC/ST entrepreneurs at 4 per cent.
Manufacturers and members of various micro, small and medium enterprises from the southern districts of Tamil Nadu protested against the central government’s decision on de-reservation of 20 items from the sectors and urged the Centre to take back the order.
According to a media report, President of Madurai District Tiny and Small Scale Industries Association (MADITSSIA), VS Manimaran said the de-reservation of these products will cost losses to many crores for the small scale sector the southern districts in particular, where many of them are engaged in manufacturing operations.
Trade deficit between India and China is huge and not sustainable, DIPP Secretary Amitabh Kant said today adding that to correct this trade imbalance, it was necessary that Chinese industry invests and manufactures in India, instead of exporting its products to India.
Meanwhile, Le Yucheng, Ambassador, Embassy of People’s Republic of China in India, said the core of China-India industrial cooperation lies at the local level, as this is where the greatest potential lies.
The governments of India and China have showcased the political will to take its economic relationship to the next level by providing dynamism and momentum to investment projects. It was evident from the success of Prime Minister Narendra Modi’s recent visit to China that the two countries were ready to explore opportunities to strengthen their bilateral link, Kant said this while addressing a seminar on ‘India-China Industrial Cooperation’ organized by FICCI in partnership with the Embassy of the People’s Republic of China.
In order to encourage citizens for domestic consumption from the local markets, China has drastically cut down tariffs levied on the import of personal luxury items.
Starting from June 1, import tariffs on suits and sneakers will be brought down from 14-23 per cent to 7-10 per cent and 22-24 per cent to 12 per cent respectively, according to a report.
According to the adjusted policy, import tariffs on cosmetics and diapers will be cut from 5 per cent to 2 per cent, and 7.5 per cent to 2 per cent respectively, state-run Xinhua news agency reported.
Wooing Singapore's small and medium enterprises to venture into its market, India today said the time was right for a "quantum jump" in the bilateral economic relationship.
Prime Minister Narendra Modi's "Make in India" initiative is designed to build manufacturing sectors in the country through 25 sectors, including automotive, pharma, chemicals and textile, said Indian High Commissioner to Singapore, Vijay Thakur Singh.
Ahead of his India visit next week, US Defence Secretary Ashton Carter on Friday said America is looking for new ways to complement India's 'Act East' policy and find meaningful areas of cooperation in the Asia Pacific.
"The 2015 US-India Defense Framework I will sign next week will open up this relationship on everything from maritime security to aircraft carrier and jet engine technology cooperation," he told delegates at the Shangri-La Dialogue plenary session.
According to the FISME Factor, 75 percent of Micro, Small and Medium Enterprises (MSMEs) are satisfied by the efforts of the Modi Govt in the last one year for overall economic growth while 25 percent are not.
Continuous reconstruction' may sound like jargon to most people, but within online food services startup Zomato, it's a pet term coined by cofounder Deepinder Goyal, who claims he's always ready to trash the past and rebuild. As they manage exploding growth, India's startup entrepreneurs are creating their own management rule books.
As the Goods & Service Tax or GST readies to turn from talk point to action point it is critical to gauge the readiness of SMEs to adopt, accept & optimize the proposed tax reform. With the taxation landscape of Indian companies about to change, we caught up with Sachin Menon, COO- Tax & Head Indirect Tax, KPMG to talk about the impact of GST on SMEs. Excerpts of the Q & A with Money Control users during the live chat.
At the center of every iconic brand is a stellar product or service. Where most businesses lose their track is when they feel selling a product or service merely needs good advertising so that customers perceive it to be a better product and in turn the product or service becomes a brand. The entire focus is on communication.
Textile industry is reeling under crisis due to non-availability of cotton at competitive rate forcing the local mills to buy cotton from distant places, incurring additional transportation and other costs.
Industry body FICCI, in its representation to Ministry of Textiles, has sought urgent intervention of the Ministry in adequate release of procured cotton by Cotton Corporation of India (CCI) and make it available to the industry at a competitive price.
FICCI insisted that the move is required to ensure that cotton is available to the mills and industry at a competitive rate and at the earliest.
The front end that drives the business execution and growth of some of the best and biggest companies often lacks standard processes. Ranjeet Kumar and Deepak Rewadi realised this gap while working as assistant vice-president and general manager at Hindustan Coca-Cola Beverages, heading the Rajasthan and Madhya Pradesh operations, respectively.
“If somebody offers you an amazing opportunity but you are not sure you can do it, say yes--then learn how to do it later!” 
