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President's Message
"
The Modi Government has completed one year. An year ago no body knew who was
in control; today everybody knows where the buck stops! Hon. Prime Minister
has firm grip on the government and created positive vibes among large
industrial sector, within India as well as investors abroad. The policy
initiatives taken in Mining, Telecom, Petroleum, Defence, infrastructure and
in social sphere are signaling that India is on move. 'Elephant' has been
replaced by the 'Lion' and 'Make in India' seems to be the new mantra
everywhere. However, the MSMEs are yet to see the impact of the dynamism
visible in other sectors. Except the announcement of Mudra Bank (for very
small borrowers), MSME sector has remained by and large at periphery in the
Government’s scheme of things. We do hope the trend will change and MSMEs
will occupy the center stage that they deserve as the largest non-farm
employment creators. It’s time that ‘MSME First’ is adopted as the new
mantra to bring focus on ‘ease of doing business’ and to create an
environment where million enterprises bloom every year. Looking forward.....
"
Financial daily Mint, a part of HT media, and Federation of Indian Micro and Small & Medium Enterprises (FISME) jointly organised an interaction session on how small and medium enterprises (SMEs) can leverage innovation, finance and technology.
The SME workshop on ‘Gaining the Edge – Insights for SMEs’ was held on Friday here at India Habitat Centre.
Experts from different arenas including Zonal Head – Retail Banking, Delhi NCR, ICICI Bank, Bijith Bhaskar; Partner Manager, Google India, Vidyasagar Baliyara and CEO and Founder, The Personnel Lab, Rajiv Khurana address the session on the topics - Getting the Financial Support; Technologies to Make Businesses Simpler and Innovation.
Following on the declaration of BRICS Summit (2012) to consolidate trade and economic ties between member countries namely Brazil, Russia, India, China and South Africa, UNIDO facilitated an official delegation from the UNIDO Center for Industrial Cooperation (UCIIC), Moscow to India. President FISME Dr. Sanga Kurade welcomed the delegation.The UCIIC with support of UNIDO is building BRICS Technology and innovation platform. The delegation comprising of Mr. Sergey Korotkov, Director UCIIC (Russia), Mr. Andres Isaksson, Sr. Industrial Development Officer, I&TS Branch, UNIDO HQrs (Vienna) and Ms. Olesya Maltseva, National Expert at UCIIC (Russia) visited FISME on 21st May 2015. FISME shared the findings of the study it conducted for BRICS summit. The delegation members invited FISME to participate in BRICS meeting on the SMEs to be organized in July in Moscow. FISME president accepted the invitation and he would be visiting Moscow in July.
A high profile delegation led by Mr. Zhu Xueqing- the Mayor of Wuzhou city visited FISME and presented the business and investment opportunities his city offered. Wuzhou is a large city in the east of Guangxi Zhuang Autonomous Region, People's Republic of China. Though, traditionally the city is considered as a global hub of artificial jewelry, it is increasingly promoting hitech industries. Less than 2 hours away from Guagzhou, the city government offers very attractive investment terms.
Entrepreneurs need to be able to clearly define what makes their business successful upfront and hold themselves and their people accountable. The ability to assign accountability -- to predict, measure and assess the results of each metric with reliability and regularity -- is key. Keep in mind that success metrics are only as good as management’s ability to identify the right ones. One of the biggest mistakes a startup can make is failing to link the metrics they are measuring to what it really takes to be successful.
A good place to start understanding that economic theories are subject to fashion cycles as fickle as choli sleeve lengths is in India's attitude to its public sector enterprises.
For the first decade after independence, public sector enterprises were seen as the only way a poor, Third-World country with a low savings rate and under-developed capital markets could modernise. These new publicly owned enterprises in electricity, petrochemicals, telecommunications, machine tools and so on would take us into the modern industrial world.
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.
With an objective to empower the members with the right information towards contributing meaningfully to economic and social development, FICCI Ladies Organisation (FLO) is arranging an entrepreneurship session on venture for social enterprise.
The session on “Venture for Social Enterprise - Designing, Implementing and Scaling Social Enterprise/CSR Solutions for the Benefit of Marginalised Populations” will be held at FICCI premises on May 28. The programme aims to explore and develop the idea for a social enterprise, identifying the right target group and formulate successful approaches to build stakeholder relationships and highlight on the basic elements of a potential business plan.
Government announced Rs 325 crore worth projects for Northeast, out of which Rs 200 crore will be meant for projects in the State of Assam and Rs 125 crore for "Organic Farming Mission" for the entire North-Eastern region.
While addressing a public rally organised in Guwahati on Wednesday on the occasion of completion of one year of Narendra Modi government, Union Minister Jitendra Singh made the announcement. Earlier, addressing a press conference soon after his meeting with Assam Chief Minister, Tarun Gogoi, Singh said, some of the projects got stuck up for certain reasons, but moving the Ministry on a fast track, these projects have been once again revived and the work will begin very soon.
The new National Textiles Policy, which aims to achieve USD 300 billion exports by 2024-25 and create additional 35 million jobs, is likely to be announced in mid-July, post Cabinet’s approval, according to Textiles Secretary S K Panda.
Panda, recently told a news agency, that the new National Textiles Policy will be announced in mid-July.
Panda also said the Ministry has sought Rs 13,000 crore for the Technology Up-gradation Fund (TUF) scheme for the 12th Five Year Plan (2012-17).
With an aim to test raw materials, engineering products and building material conforming MSMEs to Indian and international standards, the MSME-Technology Development Centre, Agra is conducting a certificate course on chemical, metallurgical and non-destructive testing of ferrous and non-ferrous metals and engineering components.
The course content will cover the topics like chemical analysis of metal, TMT/TOR, test bar, wire tube, hardness, magnetic cracks detectors, machining charges for sample and service tax.
Micro and small scale enterprises in Karnataka can now avail financial assistance up to Rs 50 lac without any hassle. Unveiling this small industry friendly facility, Karnataka Small Scale Industries Association (KASSIA) and KASSIA Credit Cooperative Society Ltd signed a MOU with SIDBI to help the small industrial units to meet their capital expenditure.
The MOU was signed by CGM, SIDBI, Ram Nath; President, KASSIA, Chidananda M. Rajamane and President, KCCSL, Vishwanathaiah, in the presence of C&MD, SIDBI, Kshatrapathi Shivaji on Friday.
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.
Small and medium enterprises (SMEs) remain optimistic about the domestic economy and expect their turnover to expand at 7.5 per cent over the next 1-2 years, a report said.
According to a study by American Express and Jet AirwaysBSE 0.20 % carried out in association with CrisilBSE -0.65 %, a majority of the respondents see economic growth rebounding, albeit at a moderate pace.
"Around 69 per cent of the respondents expect their turnover to expand at 7.5 per cent over the next 1-2 years, with large and established SMEs anticipating a double-digit growth in the same period," the study noted.
GST, or Goods and Services Tax, is finally set to arrive in India. It has been passed by the Lok Sabha and is pending approval in the Rajya Sabha. The new indirect tax structure will most likely be rolled out from April 2016.
It is being hailed as one of the most vital reforms of recent times, which will not only simplify India's indirect taxation system, but also be the much-awaited magic wand that will have extremely positive ripple effects on India's growth story. It is seen as having the potential to transform the country into a global trading hub, as it would make import-export a lot more transparent and competitive.
Acknowledging that government is aware of the problems being faced by the MSME sector, Minister of State, Micro, Small and Medium Enterprises, Giriraj Singh informed the Upper House that the estimated contribution of manufacturing MSME sector to country’s GDP has come down from 7.52 per cent in 2008-09 to 7.04 per cent in 2012-13.
On the basis of the data on GDP published by Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation (MoSPI) and final results of the latest Census (Fourth Census), conducted (with base reference year 2006-07), wherein the data was collected till 2009 and results published in 2011-12, the estimated contribution of manufacturing MSME sector to GDP during 2008-09, 2009-10, 2010-11, 2011-12 & 2012-13 are 7.52 per cent, 7.45 per cent, 7.39 per cent, 7.27 per cent & 7.04 per cent respectively, as per the revised methodology suggested by CSO, MoSPI.
A Mega Food-Park has been inaugurated today in Nalbari in Assam, and the project has facilities of fully operational industrial sheds for SMEs, developed industrial plots for lease to food processing units, Dry Warehouse, Cold Storages, Common Effluent Treatment plant, Quality Control Labs and more.
Apart from providing direct and indirect employment to 6000 people, the Mega Food Park will leverage an additional investment of about Rs 250 crore in 30-35 food processing units and generate a turnover of about Rs 450-500 Crore annually.
Haryana's Finance and Industries Minister Abhimanyu has launched online registration and regulation of societies, registration of boilers and renewal and filing of annual return by MSMEs.
While launching the online services on Wednesday here, he said that the workflow of all the services would be visible online.
The services offered online are registration, renewal and clearance for setting up of boilers, new industries under the Micro Small and Medium Enterprises (MSME) and registration of records of cooperatives societies across the state.
Jammu and Kashmir has established its first handloom development cluster under the comprehensive Handloom Development Scheme of National Handloom Development Programme, Ministry of Textiles.
The State Minister for Industries and Commerce, Chander Parkash on Tuesday inaugurated the project in presence of Minister of State for Finance and Information Technology, Pawan Kumar Gupta and MLA Chenani Dina Nath Bhagat at Panchayat Ghar, Chenani.
In the next few weeks, about 330,000 ration cardholders in Puducherry could receive Rs 300-400 a month each in their bank accounts in lieu of their monthly quota of rice but only after the lists are validated and their bank accounts seeded with Aadhaar.
Beneficiaries will be free to spend the money on anything, not necessarily grain, as the Centre embarks on one of its most ambitious programmes in the Union Territory, to distribute cash in place of grain to streamline the public distribution system and plug leaks.
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.
Akhilesh Yadav led UP Government wants to promote India’s traditional perfume, ‘Itr’, business in the state for which he is very close to signing a twin city agreement with Grasse, world’s perfume capital.
According to an official statement by the UP Government, Yadav, who made his political debut in Kannauj in 2000, said, “UP Government wants to promote the ‘Itr’ business as one of the primary businesses in the state. “France can play a major role in this regard,” he said adding that the bilateral relation between India and France would be strengthened further through this business.
West Bengal Chief Minister Mamata Banerjee on Friday announced that her government had initiated a plan to invest over Rs 26,000 crore for the development of MSME and textile sector to create employment opportunities for six lakh people in the state. The project will be taken up in joint ventures or through PPP model.
Replying to a question in the state Assembly, Banerjee said the state government had earlier generated employment of 4.56 lakh people in the MSME sector in the last four years.
With this initiative there will be a massive improvement in the MSME sector and definitely the units like handloom, hosiery, zari and many other units, she said.
With the view to give opportunity to the entrepreneurs to access the global market, Confederation of Indian Industry (CII) with the support of the Ministry of Commerce and Industry and High Commission of India, Bangladesh is organising the ‘India Pavilion’ at Bangladesh power and energy exhibition.
The fifteen edition of Power Bangladesh will be held from December 3 to 5, 2015 at Bashundhara Convention City Kuril, Dhaka, Bangladesh.
The exhibition will focus on various topics on power sector such as transmission and distribution of electrical energy, renewable energy, conversion and storage of electrical energy, alternative sources of electrical energy, industrial power engineering, fans, blowers & accessories, power generation equipment, fire prevention, equipment & systems, power transmission, switches, technologies of energy efficiency and energy saving and many more.
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.
India's participation in the Hannover Trade Fair as Partner Country and Prime Minister Narendra Modi's presence at the inauguration had made a visible impact in Germany, said German Defence Minister Ursula von der Leyen adding that there was a strong interest now in the Make in India mission.
German Defence Minister had called upon PM Modi on Wednesday, where she mentioned that German Chancellor Angela Merkel was looking forward to her visit in October 2015 for the Inter-Governmental Commission meeting as an opportunity to deepen cooperation across all areas of bilateral relations.
In the two day meeting of the 11th India-Saudi Arabia Joint Commission, both sides discussed a wide range of issues, including trade and commerce, and acknowledged the need to explore investment opportunities in both countries.
India –Saudi Arabia Joint Commission focuses on enhancing the bilateral cooperation, knowledge exchange and economic ties between the two countries.
The two-day meeting of 11th India –Saudi Arabia Joint Commission concluded here on Friday followed by the signing of the conclusions.
Among other things, India Inc’s biggies can learn the art of pampering employees from startups. The red carpet treatment ranges from picking up your laundry to buying your groceries as Talview.com, a video interview platform, offers to its employees.
Sanjoe Jose, Co-Founder and CEO of the company, says this is basically to ensure that employees feel at home in the workplace.
The role of employee benefit insurance schemes in SMEs
Small companies should start looking at group insurance schemes for their employees owing to the extra benefits that accumulate over and above the features available against an individually bought insurance scheme.
Branding as a subject is often confused with marketing and advertising, thus leading to some avoidable mistakes. A look at six such branding mistakes that companies often commit.
The biggest mistake Indian companies make when it comes to branding is their very fragmented approach to the subject. When a company says they need branding, for most it may mean anything from a website to a logo, giving a name or simply creating a brochure or a print campaign. However, branding is a fairly structured and linear process that needs to be carried out in a scientific manner. Elements like a logo, name or advertising are important but very small blocks in the brand puzzle.
Punjab farm machinery units hit by unseasonal rain
Unseasonal rainfall in March and April, accompanied by hailstorms, has not only hit farmers but also hurt the prospects of over 2,000 units in Punjab engaged in the manufacture of farm machinery and components, whose sales had already gone into a decline over the past year.
Manufacturers want the state and central governments to encourage the farm mechanisation industry by reducing VAT on purchase of steel and increased allocation of subsidy for the purchase of farm equipment under the Rashtriya Kisan Vikas Yojna (RKYS). They also want a R&D centre in Punjab for upgradation of agricultural machinery.
SMEs adopting technology for better financial management
Nearly all of India’s small businesses believe they could have been more successful with better financial management. Those are among the findings revealed in a new whitepaper released by Intuit Inc. In the study, titled “Financial Management - An Essential Tool for a Healthy Business,” 94 percent of the entrepreneurs surveyed said they could improve their financial skills.
Given that India has the second largest number of small businesses in the world - a total of 48 million - the whitepaper sheds light on the important role that financial management plays in the life cycle of a small business. The start of the new financial year is an appropriate time for small businesses in the country to take stock of their business’s financial health.
Two of Indian-origin among richest self-made US women: Forbes
Two Indian-origin women have made it to Forbes' inaugural list of America's 50 richest self-made women, sharing the honour with high-achievers such as Facebook COO Sheryl Sandberg, media mogul Oprah Winfrey and singer Beyonce.
India-born Neerja Sethi, with a net worth of USD 1.1 billion, has been ranked 14th on the list of the most successful self-made women in the US while London-born Jayshree Ullal comes in at the 30th spot with a USD 470 million net worth.
The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, has
released the provisional estimates of national income for the financial year 2014-15 and quarterly
estimates of Gross Domestic Product (GDP) for the fourth quarter (January-March) of 2014-15.
“Nobody talks about entrepreneurship as survival, but that's exactly what it is and what nurtures creative thinking. Running that first shop taught me business is not financial science; it's about trading: buying and selling.”
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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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 Modi Government has completed one year. An year ago no body knew who was
in control; today everybody knows where the buck stops! Hon. Prime Minister
has firm grip on the government and created positive vibes among large
industrial sector, within India as well as investors abroad. The policy
initiatives taken in Mining, Telecom, Petroleum, Defence, infrastructure and
in social sphere are signaling that India is on move. 'Elephant' has been
replaced by the 'Lion' and 'Make in India' seems to be the new mantra
everywhere. However, the MSMEs are yet to see the impact of the dynamism
visible in other sectors. Except the announcement of Mudra Bank (for very
small borrowers), MSME sector has remained by and large at periphery in the
Government’s scheme of things. We do hope the trend will change and MSMEs
will occupy the center stage that they deserve as the largest non-farm
employment creators. It’s time that ‘MSME First’ is adopted as the new
mantra to bring focus on ‘ease of doing business’ and to create an
environment where million enterprises bloom every year. Looking forward.....
" 
Financial daily Mint, a part of HT media, and Federation of Indian Micro and Small & Medium Enterprises (FISME) jointly organised an interaction session on how small and medium enterprises (SMEs) can leverage innovation, finance and technology.
The SME workshop on ‘Gaining the Edge – Insights for SMEs’ was held on Friday here at India Habitat Centre.
Experts from different arenas including Zonal Head – Retail Banking, Delhi NCR, ICICI Bank, Bijith Bhaskar; Partner Manager, Google India, Vidyasagar Baliyara and CEO and Founder, The Personnel Lab, Rajiv Khurana address the session on the topics - Getting the Financial Support; Technologies to Make Businesses Simpler and Innovation.
Following on the declaration of BRICS Summit (2012) to consolidate trade and economic ties between member countries namely Brazil, Russia, India, China and South Africa, UNIDO facilitated an official delegation from the UNIDO Center for Industrial Cooperation (UCIIC), Moscow to India. President FISME Dr. Sanga Kurade welcomed the delegation.The UCIIC with support of UNIDO is building BRICS Technology and innovation platform. The delegation comprising of Mr. Sergey Korotkov, Director UCIIC (Russia), Mr. Andres Isaksson, Sr. Industrial Development Officer, I&TS Branch, UNIDO HQrs (Vienna) and Ms. Olesya Maltseva, National Expert at UCIIC (Russia) visited FISME on 21st May 2015. FISME shared the findings of the study it conducted for BRICS summit. The delegation members invited FISME to participate in BRICS meeting on the SMEs to be organized in July in Moscow. FISME president accepted the invitation and he would be visiting Moscow in July.
A high profile delegation led by Mr. Zhu Xueqing- the Mayor of Wuzhou city visited FISME and presented the business and investment opportunities his city offered. Wuzhou is a large city in the east of Guangxi Zhuang Autonomous Region, People's Republic of China. Though, traditionally the city is considered as a global hub of artificial jewelry, it is increasingly promoting hitech industries. Less than 2 hours away from Guagzhou, the city government offers very attractive investment terms.
Entrepreneurs need to be able to clearly define what makes their business successful upfront and hold themselves and their people accountable. The ability to assign accountability -- to predict, measure and assess the results of each metric with reliability and regularity -- is key. Keep in mind that success metrics are only as good as management’s ability to identify the right ones. One of the biggest mistakes a startup can make is failing to link the metrics they are measuring to what it really takes to be successful.
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.
With an objective to empower the members with the right information towards contributing meaningfully to economic and social development, FICCI Ladies Organisation (FLO) is arranging an entrepreneurship session on venture for social enterprise.
The session on “Venture for Social Enterprise - Designing, Implementing and Scaling Social Enterprise/CSR Solutions for the Benefit of Marginalised Populations” will be held at FICCI premises on May 28. The programme aims to explore and develop the idea for a social enterprise, identifying the right target group and formulate successful approaches to build stakeholder relationships and highlight on the basic elements of a potential business plan.
Government announced Rs 325 crore worth projects for Northeast, out of which Rs 200 crore will be meant for projects in the State of Assam and Rs 125 crore for "Organic Farming Mission" for the entire North-Eastern region.
While addressing a public rally organised in Guwahati on Wednesday on the occasion of completion of one year of Narendra Modi government, Union Minister Jitendra Singh made the announcement. Earlier, addressing a press conference soon after his meeting with Assam Chief Minister, Tarun Gogoi, Singh said, some of the projects got stuck up for certain reasons, but moving the Ministry on a fast track, these projects have been once again revived and the work will begin very soon.
The new National Textiles Policy, which aims to achieve USD 300 billion exports by 2024-25 and create additional 35 million jobs, is likely to be announced in mid-July, post Cabinet’s approval, according to Textiles Secretary S K Panda.
Panda, recently told a news agency, that the new National Textiles Policy will be announced in mid-July.
Panda also said the Ministry has sought Rs 13,000 crore for the Technology Up-gradation Fund (TUF) scheme for the 12th Five Year Plan (2012-17).
With an aim to test raw materials, engineering products and building material conforming MSMEs to Indian and international standards, the MSME-Technology Development Centre, Agra is conducting a certificate course on chemical, metallurgical and non-destructive testing of ferrous and non-ferrous metals and engineering components.
The course content will cover the topics like chemical analysis of metal, TMT/TOR, test bar, wire tube, hardness, magnetic cracks detectors, machining charges for sample and service tax.
Micro and small scale enterprises in Karnataka can now avail financial assistance up to Rs 50 lac without any hassle. Unveiling this small industry friendly facility, Karnataka Small Scale Industries Association (KASSIA) and KASSIA Credit Cooperative Society Ltd signed a MOU with SIDBI to help the small industrial units to meet their capital expenditure.
The MOU was signed by CGM, SIDBI, Ram Nath; President, KASSIA, Chidananda M. Rajamane and President, KCCSL, Vishwanathaiah, in the presence of C&MD, SIDBI, Kshatrapathi Shivaji on Friday.
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.
Small and medium enterprises (SMEs) remain optimistic about the domestic economy and expect their turnover to expand at 7.5 per cent over the next 1-2 years, a report said.
According to a study by American Express and Jet AirwaysBSE 0.20 % carried out in association with CrisilBSE -0.65 %, a majority of the respondents see economic growth rebounding, albeit at a moderate pace.
"Around 69 per cent of the respondents expect their turnover to expand at 7.5 per cent over the next 1-2 years, with large and established SMEs anticipating a double-digit growth in the same period," the study noted.
GST, or Goods and Services Tax, is finally set to arrive in India. It has been passed by the Lok Sabha and is pending approval in the Rajya Sabha. The new indirect tax structure will most likely be rolled out from April 2016.
It is being hailed as one of the most vital reforms of recent times, which will not only simplify India's indirect taxation system, but also be the much-awaited magic wand that will have extremely positive ripple effects on India's growth story. It is seen as having the potential to transform the country into a global trading hub, as it would make import-export a lot more transparent and competitive.
Acknowledging that government is aware of the problems being faced by the MSME sector, Minister of State, Micro, Small and Medium Enterprises, Giriraj Singh informed the Upper House that the estimated contribution of manufacturing MSME sector to country’s GDP has come down from 7.52 per cent in 2008-09 to 7.04 per cent in 2012-13.
On the basis of the data on GDP published by Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation (MoSPI) and final results of the latest Census (Fourth Census), conducted (with base reference year 2006-07), wherein the data was collected till 2009 and results published in 2011-12, the estimated contribution of manufacturing MSME sector to GDP during 2008-09, 2009-10, 2010-11, 2011-12 & 2012-13 are 7.52 per cent, 7.45 per cent, 7.39 per cent, 7.27 per cent & 7.04 per cent respectively, as per the revised methodology suggested by CSO, MoSPI.
A Mega Food-Park has been inaugurated today in Nalbari in Assam, and the project has facilities of fully operational industrial sheds for SMEs, developed industrial plots for lease to food processing units, Dry Warehouse, Cold Storages, Common Effluent Treatment plant, Quality Control Labs and more.
Apart from providing direct and indirect employment to 6000 people, the Mega Food Park will leverage an additional investment of about Rs 250 crore in 30-35 food processing units and generate a turnover of about Rs 450-500 Crore annually.
Haryana's Finance and Industries Minister Abhimanyu has launched online registration and regulation of societies, registration of boilers and renewal and filing of annual return by MSMEs.
While launching the online services on Wednesday here, he said that the workflow of all the services would be visible online.
The services offered online are registration, renewal and clearance for setting up of boilers, new industries under the Micro Small and Medium Enterprises (MSME) and registration of records of cooperatives societies across the state.
Jammu and Kashmir has established its first handloom development cluster under the comprehensive Handloom Development Scheme of National Handloom Development Programme, Ministry of Textiles.
The State Minister for Industries and Commerce, Chander Parkash on Tuesday inaugurated the project in presence of Minister of State for Finance and Information Technology, Pawan Kumar Gupta and MLA Chenani Dina Nath Bhagat at Panchayat Ghar, Chenani.
In the next few weeks, about 330,000 ration cardholders in Puducherry could receive Rs 300-400 a month each in their bank accounts in lieu of their monthly quota of rice but only after the lists are validated and their bank accounts seeded with Aadhaar.
Beneficiaries will be free to spend the money on anything, not necessarily grain, as the Centre embarks on one of its most ambitious programmes in the Union Territory, to distribute cash in place of grain to streamline the public distribution system and plug leaks.
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.
Akhilesh Yadav led UP Government wants to promote India’s traditional perfume, ‘Itr’, business in the state for which he is very close to signing a twin city agreement with Grasse, world’s perfume capital.
According to an official statement by the UP Government, Yadav, who made his political debut in Kannauj in 2000, said, “UP Government wants to promote the ‘Itr’ business as one of the primary businesses in the state. “France can play a major role in this regard,” he said adding that the bilateral relation between India and France would be strengthened further through this business.
West Bengal Chief Minister Mamata Banerjee on Friday announced that her government had initiated a plan to invest over Rs 26,000 crore for the development of MSME and textile sector to create employment opportunities for six lakh people in the state. The project will be taken up in joint ventures or through PPP model.
Replying to a question in the state Assembly, Banerjee said the state government had earlier generated employment of 4.56 lakh people in the MSME sector in the last four years.
With this initiative there will be a massive improvement in the MSME sector and definitely the units like handloom, hosiery, zari and many other units, she said.
With the view to give opportunity to the entrepreneurs to access the global market, Confederation of Indian Industry (CII) with the support of the Ministry of Commerce and Industry and High Commission of India, Bangladesh is organising the ‘India Pavilion’ at Bangladesh power and energy exhibition.
The fifteen edition of Power Bangladesh will be held from December 3 to 5, 2015 at Bashundhara Convention City Kuril, Dhaka, Bangladesh.
The exhibition will focus on various topics on power sector such as transmission and distribution of electrical energy, renewable energy, conversion and storage of electrical energy, alternative sources of electrical energy, industrial power engineering, fans, blowers & accessories, power generation equipment, fire prevention, equipment & systems, power transmission, switches, technologies of energy efficiency and energy saving and many more.
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.
India's participation in the Hannover Trade Fair as Partner Country and Prime Minister Narendra Modi's presence at the inauguration had made a visible impact in Germany, said German Defence Minister Ursula von der Leyen adding that there was a strong interest now in the Make in India mission.
German Defence Minister had called upon PM Modi on Wednesday, where she mentioned that German Chancellor Angela Merkel was looking forward to her visit in October 2015 for the Inter-Governmental Commission meeting as an opportunity to deepen cooperation across all areas of bilateral relations.
In the two day meeting of the 11th India-Saudi Arabia Joint Commission, both sides discussed a wide range of issues, including trade and commerce, and acknowledged the need to explore investment opportunities in both countries.
India –Saudi Arabia Joint Commission focuses on enhancing the bilateral cooperation, knowledge exchange and economic ties between the two countries.
The two-day meeting of 11th India –Saudi Arabia Joint Commission concluded here on Friday followed by the signing of the conclusions.
According to the FISME Factor, 100 percent of Micro, Small and Medium Enterprises (MSMEs) support opening up of FDI in e-commerce.
Among other things, India Inc’s biggies can learn the art of pampering employees from startups. The red carpet treatment ranges from picking up your laundry to buying your groceries as Talview.com, a video interview platform, offers to its employees.
Sanjoe Jose, Co-Founder and CEO of the company, says this is basically to ensure that employees feel at home in the workplace.
Small companies should start looking at group insurance schemes for their employees owing to the extra benefits that accumulate over and above the features available against an individually bought insurance scheme.
Branding as a subject is often confused with marketing and advertising, thus leading to some avoidable mistakes. A look at six such branding mistakes that companies often commit.
The biggest mistake Indian companies make when it comes to branding is their very fragmented approach to the subject. When a company says they need branding, for most it may mean anything from a website to a logo, giving a name or simply creating a brochure or a print campaign. However, branding is a fairly structured and linear process that needs to be carried out in a scientific manner. Elements like a logo, name or advertising are important but very small blocks in the brand puzzle.
Unseasonal rainfall in March and April, accompanied by hailstorms, has not only hit farmers but also hurt the prospects of over 2,000 units in Punjab engaged in the manufacture of farm machinery and components, whose sales had already gone into a decline over the past year.
Manufacturers want the state and central governments to encourage the farm mechanisation industry by reducing VAT on purchase of steel and increased allocation of subsidy for the purchase of farm equipment under the Rashtriya Kisan Vikas Yojna (RKYS). They also want a R&D centre in Punjab for upgradation of agricultural machinery.
Nearly all of India’s small businesses believe they could have been more successful with better financial management. Those are among the findings revealed in a new whitepaper released by Intuit Inc. In the study, titled “Financial Management - An Essential Tool for a Healthy Business,” 94 percent of the entrepreneurs surveyed said they could improve their financial skills.
Given that India has the second largest number of small businesses in the world - a total of 48 million - the whitepaper sheds light on the important role that financial management plays in the life cycle of a small business. The start of the new financial year is an appropriate time for small businesses in the country to take stock of their business’s financial health.
Two Indian-origin women have made it to Forbes' inaugural list of America's 50 richest self-made women, sharing the honour with high-achievers such as Facebook COO Sheryl Sandberg, media mogul Oprah Winfrey and singer Beyonce.
India-born Neerja Sethi, with a net worth of USD 1.1 billion, has been ranked 14th on the list of the most successful self-made women in the US while London-born Jayshree Ullal comes in at the 30th spot with a USD 470 million net worth.
“Nobody talks about entrepreneurship as survival, but that's exactly what it is and what nurtures creative thinking. Running that first shop taught me business is not financial science; it's about trading: buying and selling.” 
