If you are unable to view this mailer, click here.
President's Message
" Dr. Raguram Rajan, RBI Governor deserves big thanks for cutting the repo rate by 50 basis points to bring it down to 6.75%. The latest data from the Nikkei Manufacturing Purchasing Managers' Index shows that the Indian manufacturing activity has slowed more than expected to a seven-month low in September due to softening demand and output. It could be argued though that there was a case for a deeper cut, at least of 100 basis, to kick-start investment. Looks the RBI does not want take the entire responsibility of reviving the investment cycle. It wants the government to do its bit as well. Now, the real test is when and how much the banks pass on the cut to the businesses and consumers.
"
FISME’s Central Executive Committee (CEC) met in Headquarters to review progress of various initiatives and projects and to also to discuss upon the current issues confronting the sector. Chaired by Dr. Sangam Kurade, the Committee reviewed the KNN project and had convened a special session about FISME’s strategy for Social media. Use of Social Media was found to be of critical importance in this day and age. Capability to leverage Social Media for furthering the cause of Federation was considered to be made an important criteria for people to become CEC member. CEC members discussed about FISME’s representations for Union Budget, NITI aayog and RBI.
A delegation of Zinc nutrients manufacturers from industry body FISME (Federation of Indian Micro and Small & Medium Enterprises), led by Neeraj Kedia, Past President of FISME, met Sanjeev Kumar Balyan, Minister of State in Ministry of Agriculture to apprise him about the difficulties being faced by the small Zinc fertiliser manufacturers due to the faulty implementation of Fertilisers Control Order by the State Government.
The meeting took place September 22, 2015 at his office. The delegation also requested the Minister to provide level playing field to the small manufacturers of fertilisers vis – a – vis the large players.
I believe that startups should be optimized for speed.
Speed is their greatest weapon (often times the only weapon). So, when I see decisions that should be made faster or a focus on the wrong things it really bothers me and makes me want to convince them to start making more decisions faster. – Hiten Shah, Co-Founder, CrazyEgg and KISSmetrics
“By reducing the key policy rate by a sharp 50 basis points, the RBI has left banks with little excuse to hold lending rates.
Given his predilection for surprising the markets, the Reserve Bank of India governor’s move to slash the repo rate by 50 basis points is a big boost for the markets and the economy.”
In a big jump, India has moved up 16 positions to rank 55th on a global index of the world's most competitive economies, where Switzerland remains on top.
The jump in India's position underlines the country's recent economic recovery, improvement in the competitiveness of the country's institutions and its macroeconomic environment and a "slight improvement" in infrastructure, the World Economic Forum (WEF) said in its latest Global Competitiveness Report.
India is ready to give preferential duty concessions on all products to SAARC members to give a boost to free trade in the region, Union Minister Nirmala Sitharaman said today.
At present, India gives zero-duty access for least developed countries (LDCs) of South Asian Association for Regional Cooperation (SAARC) for 100 per cent of tariff lines, except for alcohol and tobacco.
"For non-LDCs also, India has generously allowed preferential trade access for 90 per cent to the total tariff lines. We are prepared to go to 100 per cent level in terms of the SAFTA (South Asia Free Trade Agreement) roadmap agreed by India with Pakistan in September 2012," Commerce and Industry Minister Nirmala Sitharaman said here.
In a big boost for the markets and economy, RBI governor Raghuram Rajan cut repo rate by 50 basis points to 6.75%. The repo rate now stands at a 4-1/2 year low. Rajan kept the Cash Reserve Ratio ( CRR) unchanged at 4%.
"Since our last review, the bulk of our conditions for further accommodation have been met. The January 2016 target of 6 per cent inflation is likely to be achieved. In the monetary policy statement of April 2015, the Reserve Bank said that it would strive to reach the mid-point of the inflation band by the end of fiscal 2017-18. Therefore, the focus should now shift to bringing inflation to around 5 per cent by the end of fiscal 2016-17," RBI said.
Exports from India are still not out of the woods, with as many as 23 key sectors, including petroleum, engineering and leather, declining in August mainly due to a fall in global prices and a demand downturn.
In all, 23 out of 30 sectors closely monitored by the Commerce Ministry were in the negative zone last month, according to ministry data.
This has prompted exporters' body FIEO to seek immediate intervention of the government to arrest the decline.
India's exports declined 20.66 per cent in August to $21.26 billion, pushing up the trade deficit to $12.47 billion.
India has said that it believes in enhancement of trade by bringing down both tariff and non-tariff barriers and was continuously working to achieve the same.
"We believe that removal of barriers will ultimately benefit all countries," BS Bhalla, joint secretary, Department of Industrial Policy & Promotion (DIPP), said at the South Asia Economic Conclave organised by industry body CII on Tuesday.
Business and government representatives from the eight SAARC countries are participating in the conclave on achieving inclusive growth through deeper economic integration.
Issues such as easier visa norms, freer movement of goods and viability of a common currency need to be discussed and sorted out between the countries, Bhalla pointed out.
In order to facilitate e-commerce, RBI today permitted banks to enter into pacts with Online Payment Gateway Service Providers (OPGSPs) for import payments.
The facility, the RBI added will "only be available for import of goods and software (as permitted in the prevalent Foreign Trade Policy) of value not exceeding $2,000".
Foreign entities, desirous of operating as OPGSP, will have to open a liaison office in India with the approval of the Reserve Bank before operationalising the arrangement with any bank.
The Khadi and Village Industries Commission (KVIC) is organising an entrepreneurship development programme on how to raise finance in new and existing enterprises on October 3 and 4 at KVIC Training Centre, New Delhi.
Individuals including architects consultants, micro and small entrepreneurs, engineers, contractors, business looking at diversification, new entrepreneurs, students, servicemen and retired persons will be participating in the two day certificate course.
With the view to promote ease of doing business, the Ministry of MSME has come out with a one page Udhyog Aadhaar Memorandum, which can be filled now on by the micro, small and medium enterprises online. However, in exceptional cases, where online filing is not possible due to any reason, a hard copy of the form can be submitted to the District Industry Centre which shall file the Memorandum online on behalf of them.
In a notification, the MSME Ministry said, “…after obtaining recommendations of the Advisory Committee in this behalf, specifies that MSMEs shall file Udyog Aadhaar Memorandum…”
The government is planning to remove some conditions and restrictions in its policy on foreign direct investment (FDI), to attract more of it, Economic Affairs Secretary Shaktikanta Das said on Wednesday.
"The next area we are looking at is with regard to FDI reforms. New sectors have been opened up and sectoral caps have been liberalised but there is a lot more to do," he said at an event organised by business chamber Assocham.
FDI policy has various conditionalities and restrictions, he said. "The effort is to make FDI policy simple and progressive. I won't be able to spell out details because it is work in progress."
Demonstrating its commitment to delivering trusted cloud services that enable people and organizations around the world to achieve more, Microsoft today announced the availability of Microsoft Azure services via local datacentre regions in India.
“Governments, large businesses, small and medium businesses (SMBs) and citizens can use the massive computing power now available locally to fuel India’s inclusive growth, spur innovation and accelerate digital transformation,” Microsoft’s press release said.
As the first public cloud provider from India, Microsoft has opened three new regions – Central India in Pune, South India in Chennai, and West India in Mumbai.
The Central Government has decided to continue to support the programmes for the development of backward districts of Andhra Pradesh and provide assistance for creation of New Capital of Andhra Pradesh including the Raj Bhawan, High Court, Government Secretariat, Legislative Assembly, Legislative Council, and such other essential infrastructure, according to the Ministry of Finance.
Accordingly, the Central Government has announced a further ‘Special Assistance’ of Rs 1000 crore during the current Financial Year 2015-16, it added.
The Gujarat Government on Sunday announced a new tourism policy for 2015-2020 with an objective to make the state one amongst the top five tourist states of India in terms of local, national and international tourist footfalls by 2025.
On the occasion of World Tourism Day, state tourism minister Saurabh Patel announced the government's decision to grant an ‘industry’ status to the tourism sector for the first time.
In order to boost entrepreneurship in tourism sector and make it attractive for investments, a series of tax relaxations were also announced. These include 100 per cent reimbursement on stamp duty, and exemption for luxury tax, entertainment tax and electricity duty, including several capital subsidies for new infrastructure and expansion of built up tourism units in the policy.
After facing criticism for paying meagre compensation to cotton growers, Punjab Chief Minister Parkash Singh Badal today announced to disburse Rs 600 crore of compensation to farmers whose crops were damaged by Whitefly attack in the state.
Badal said that he was well aware about the agony faced by the farming community due to whopping loss suffered by them on account of pest attack for which he had asked the officers yesterday to disburse Rs 600 crore so that farmers could be bailed out during this hour of crisis.
In order to attract investment from private sector and to sensitise them for investment in the State, Government of Rajasthan is organising Resurgent Rajasthan Summit on November 19 and 20 here at Jaipur Exhibition and Convention Center, EPIP Sitapura.
The two day programme will focus on sectors like MSMEs, ESDM, infrastructure, minerals, textiles, defence manufacturing, tourism, healthcare, agro and food processing, IT, auto engineering and renewable energy.
Tamil Nadu farmers will be taken on a study tour to countries which are well developed in horticultural crop production to learn new technologies.
Chief Minister J Jayalalithaa announced this while making a suo motu statement in the Assembly.
Announcing a host of schemes for the agriculture sector, she also said that 10,000 farmers will be taken to other states to learn new techniques.
"Countries, including Israel, get a higher crop yield by following advanced scientific technologies. To enable Tamil Nadu farmers learn several technologies like improving quality of produce, economical and efficient water use, 100 top farmers will be taken on a study tour to countries well developed in horticultural crop production. Similarly, 10,000 farmers will be taken to other states to learn technologies followed there," she said.
Aimed at giving a big boost to startups in India, as many as seven MoUs have been signed between various organisations of India and the US.
The MoUs were signed as Prime Minister Narendra Modi attended the India-US Start-up Konnect 2015 here.
The first MoU between Centre for Cellular and Molecular Platforms and the California Institute for Quantitative Biosciences is to develop Indo-US Life Science Sister Innovation Hub so as to enhance science-based entrepreneurship, research, academia and businesses by leveraging each other's ecosystems.
Australian dairy exporters have asked the government to push for a free trade agreement (FTA) with India in a bid to improve the access to the country's huge market.
Australian agriculture service provider Cargill said that while current demand was growing at seven per cent a year, production was rising by just four per cent and India was set to become a net importer by 2020, according to AAP news report.
The local dairy exporters were now seeking the FTA with India in the face of stiff tariff barriers of between 30 and 60 per cent on dairy products.
India and Bahrain is to move on from a typical buyer-seller relationship to one of partners in progress. A Joint Business Council has been established between FICCI and Bahrain Chamber of Commerce and Industry (BCCI) to play a crucial role in upgrading the ties between India and Bahrain.
This platform will give the crucial feedback to the respective governments which in turn will help the governments to frame policies that will be conducive to enhancing trade and investment between the two nations.
Singapore's small and medium enterprises (SMEs) should move out of their "comfort zone" and go regional, especially enter the Indian market, a top Singapore-India chamber official has said.
Speaking at a forum over the weekend, Singapore Indian Chamber of Commerce and Industry ( SICCI) Chairman R Theyvandran asked the SMEs to venture into India as the time is right with a stable economy.
"India is now on a great drive to attract many industries," Theyvandran told some 200 businessmen at the "India-Singapore Trade: Challenges & Opportunities."
An MSME delegation from Jammu and Kashmir participated at the 30th International Packaging and Food Processing Systems Exhibition (IPAK) held from September 3 to 6, 2015 in Istanbul, Turkey.
A delegation of twelve members of registered micro, small and medium enterprises (MSMEs) representing various industries such as food processing, packaging, cement, packaging tapes, building material and house hold products was led by Bari Brahmana Industries Association (BBIA) President, Lalit Kumar Mahajan.
Do you believe the economy will be able to take the economic burden of implementing OROP?
According to the FISME Factor, 50 percent of Micro, Small and Medium Enterprises (MSMEs) agree that the economy will be able to take the economic burden of implementing OROP while 50 percent disagree.
People have been critical to the success of an organisation at all times. However, over the years, the importance of the human resource has increased immeasurably, hand-in-hand with the emergence of the knowledge-era. In the times to come, organisations would have to manage their environment with a great deal of agility and imagination. Agility has become the underpinning factor for organizations to not only survive, but to thrive in the VUCA World. For this, a very specialized human capital and more importantly, an enthused culture that inspires excellence, is required for organisations to flourish.
Across the world, the backbone of any developed economy has been a robust Small & Medium Enterprises platform. These SMEs are the top employment generators and contribute significantly to the economy and society as a whole. Many towns in developed economy love to invite SMEs to set up shop rather than big Enterprise. The importance of SMEs in the growth of any economy can never be understated.
Companies should keep the customers at the centre of things
A lot of companies claim that customers are at the centre of their attention and they do everything around their customers' needs. At this point it is important to first define who the customer is. Is it just the person who is purchasing your product, consuming your service, or do you consider all stakeholders in your business as customers? I am a subscriber to the latter view. One cannot have a thriving business unless all stakeholders are benefiting from the relationship.
'Achieving 25% of GDP from mfg, 100 mn jobs by 2022 tough'
Considering the rate at which the Modi government's ambitious 'Make in India' initiative is progressing, its target of creating 100 million jobs and achieving 25 per cent of GDP from manufacturing sector by 2022 may be difficult to meet, says a recent survey.
Though the performance of the manufacturing sector has improved in the past few months, the progress is not enough to achieve the targets of 'Make in India' drive, according to a joint report by research firm The Boston Consulting Group and apex industry chamber Confederation of Indian Industry.
Depending on the stage of growth of the company, an entrepreneur needs to skillfully adapt herself to changing needs. People who startup and sustain themselves for the long-term usually have certain traits - an ability to stomach risk, to visualize solutions when there are problems, to attract people to pursue a common objective, to enjoy change and so on.
It's often said that dreamers change the world.
At some stage in our lives we've probably all been overcome by a game-changing idea that we have desperately wanted to convert to reality.
Yet as any entrepreneur will tell you, the strength and conviction of your own vision is not enough. To build power and momentum, it's essential that these dreams are shared with others. Whether it is customers, investors or employees, the belief of others is often just as an important factorin success.
The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, has released the CPI (Rural, Urban, Combined) on Base 2012=100 for the month of August 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.
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
" Dr. Raguram Rajan, RBI Governor deserves big thanks for cutting the repo rate by 50 basis points to bring it down to 6.75%. The latest data from the Nikkei Manufacturing Purchasing Managers' Index shows that the Indian manufacturing activity has slowed more than expected to a seven-month low in September due to softening demand and output. It could be argued though that there was a case for a deeper cut, at least of 100 basis, to kick-start investment. Looks the RBI does not want take the entire responsibility of reviving the investment cycle. It wants the government to do its bit as well. Now, the real test is when and how much the banks pass on the cut to the businesses and consumers.
"
FISME’s Central Executive Committee (CEC) met in Headquarters to review progress of various initiatives and projects and to also to discuss upon the current issues confronting the sector. Chaired by Dr. Sangam Kurade, the Committee reviewed the KNN project and had convened a special session about FISME’s strategy for Social media. Use of Social Media was found to be of critical importance in this day and age. Capability to leverage Social Media for furthering the cause of Federation was considered to be made an important criteria for people to become CEC member. CEC members discussed about FISME’s representations for Union Budget, NITI aayog and RBI.
A delegation of Zinc nutrients manufacturers from industry body FISME (Federation of Indian Micro and Small & Medium Enterprises), led by Neeraj Kedia, Past President of FISME, met Sanjeev Kumar Balyan, Minister of State in Ministry of Agriculture to apprise him about the difficulties being faced by the small Zinc fertiliser manufacturers due to the faulty implementation of Fertilisers Control Order by the State Government.
The meeting took place September 22, 2015 at his office. The delegation also requested the Minister to provide level playing field to the small manufacturers of fertilisers vis – a – vis the large players.
I believe that startups should be optimized for speed.
Speed is their greatest weapon (often times the only weapon). So, when I see decisions that should be made faster or a focus on the wrong things it really bothers me and makes me want to convince them to start making more decisions faster. – Hiten Shah, Co-Founder, CrazyEgg and KISSmetrics
In a big jump, India has moved up 16 positions to rank 55th on a global index of the world's most competitive economies, where Switzerland remains on top.
The jump in India's position underlines the country's recent economic recovery, improvement in the competitiveness of the country's institutions and its macroeconomic environment and a "slight improvement" in infrastructure, the World Economic Forum (WEF) said in its latest Global Competitiveness Report.
India is ready to give preferential duty concessions on all products to SAARC members to give a boost to free trade in the region, Union Minister Nirmala Sitharaman said today.
At present, India gives zero-duty access for least developed countries (LDCs) of South Asian Association for Regional Cooperation (SAARC) for 100 per cent of tariff lines, except for alcohol and tobacco.
"For non-LDCs also, India has generously allowed preferential trade access for 90 per cent to the total tariff lines. We are prepared to go to 100 per cent level in terms of the SAFTA (South Asia Free Trade Agreement) roadmap agreed by India with Pakistan in September 2012," Commerce and Industry Minister Nirmala Sitharaman said here.
In a big boost for the markets and economy, RBI governor Raghuram Rajan cut repo rate by 50 basis points to 6.75%. The repo rate now stands at a 4-1/2 year low. Rajan kept the Cash Reserve Ratio ( CRR) unchanged at 4%.
"Since our last review, the bulk of our conditions for further accommodation have been met. The January 2016 target of 6 per cent inflation is likely to be achieved. In the monetary policy statement of April 2015, the Reserve Bank said that it would strive to reach the mid-point of the inflation band by the end of fiscal 2017-18. Therefore, the focus should now shift to bringing inflation to around 5 per cent by the end of fiscal 2016-17," RBI said.
Exports from India are still not out of the woods, with as many as 23 key sectors, including petroleum, engineering and leather, declining in August mainly due to a fall in global prices and a demand downturn.
In all, 23 out of 30 sectors closely monitored by the Commerce Ministry were in the negative zone last month, according to ministry data.
This has prompted exporters' body FIEO to seek immediate intervention of the government to arrest the decline.
India's exports declined 20.66 per cent in August to $21.26 billion, pushing up the trade deficit to $12.47 billion.
In order to facilitate e-commerce, RBI today permitted banks to enter into pacts with Online Payment Gateway Service Providers (OPGSPs) for import payments.
The facility, the RBI added will "only be available for import of goods and software (as permitted in the prevalent Foreign Trade Policy) of value not exceeding $2,000".
Foreign entities, desirous of operating as OPGSP, will have to open a liaison office in India with the approval of the Reserve Bank before operationalising the arrangement with any bank.
The Khadi and Village Industries Commission (KVIC) is organising an entrepreneurship development programme on how to raise finance in new and existing enterprises on October 3 and 4 at KVIC Training Centre, New Delhi.
Individuals including architects consultants, micro and small entrepreneurs, engineers, contractors, business looking at diversification, new entrepreneurs, students, servicemen and retired persons will be participating in the two day certificate course.
With the view to promote ease of doing business, the Ministry of MSME has come out with a one page Udhyog Aadhaar Memorandum, which can be filled now on by the micro, small and medium enterprises online. However, in exceptional cases, where online filing is not possible due to any reason, a hard copy of the form can be submitted to the District Industry Centre which shall file the Memorandum online on behalf of them.
In a notification, the MSME Ministry said, “…after obtaining recommendations of the Advisory Committee in this behalf, specifies that MSMEs shall file Udyog Aadhaar Memorandum…”
The government is planning to remove some conditions and restrictions in its policy on foreign direct investment (FDI), to attract more of it, Economic Affairs Secretary Shaktikanta Das said on Wednesday.
"The next area we are looking at is with regard to FDI reforms. New sectors have been opened up and sectoral caps have been liberalised but there is a lot more to do," he said at an event organised by business chamber Assocham.
FDI policy has various conditionalities and restrictions, he said. "The effort is to make FDI policy simple and progressive. I won't be able to spell out details because it is work in progress."
Demonstrating its commitment to delivering trusted cloud services that enable people and organizations around the world to achieve more, Microsoft today announced the availability of Microsoft Azure services via local datacentre regions in India.
“Governments, large businesses, small and medium businesses (SMBs) and citizens can use the massive computing power now available locally to fuel India’s inclusive growth, spur innovation and accelerate digital transformation,” Microsoft’s press release said.
As the first public cloud provider from India, Microsoft has opened three new regions – Central India in Pune, South India in Chennai, and West India in Mumbai.
The Central Government has decided to continue to support the programmes for the development of backward districts of Andhra Pradesh and provide assistance for creation of New Capital of Andhra Pradesh including the Raj Bhawan, High Court, Government Secretariat, Legislative Assembly, Legislative Council, and such other essential infrastructure, according to the Ministry of Finance.
Accordingly, the Central Government has announced a further ‘Special Assistance’ of Rs 1000 crore during the current Financial Year 2015-16, it added.
The Gujarat Government on Sunday announced a new tourism policy for 2015-2020 with an objective to make the state one amongst the top five tourist states of India in terms of local, national and international tourist footfalls by 2025.
On the occasion of World Tourism Day, state tourism minister Saurabh Patel announced the government's decision to grant an ‘industry’ status to the tourism sector for the first time.
In order to boost entrepreneurship in tourism sector and make it attractive for investments, a series of tax relaxations were also announced. These include 100 per cent reimbursement on stamp duty, and exemption for luxury tax, entertainment tax and electricity duty, including several capital subsidies for new infrastructure and expansion of built up tourism units in the policy.
After facing criticism for paying meagre compensation to cotton growers, Punjab Chief Minister Parkash Singh Badal today announced to disburse Rs 600 crore of compensation to farmers whose crops were damaged by Whitefly attack in the state.
Badal said that he was well aware about the agony faced by the farming community due to whopping loss suffered by them on account of pest attack for which he had asked the officers yesterday to disburse Rs 600 crore so that farmers could be bailed out during this hour of crisis.
In order to attract investment from private sector and to sensitise them for investment in the State, Government of Rajasthan is organising Resurgent Rajasthan Summit on November 19 and 20 here at Jaipur Exhibition and Convention Center, EPIP Sitapura.
The two day programme will focus on sectors like MSMEs, ESDM, infrastructure, minerals, textiles, defence manufacturing, tourism, healthcare, agro and food processing, IT, auto engineering and renewable energy.
Tamil Nadu farmers will be taken on a study tour to countries which are well developed in horticultural crop production to learn new technologies.
Chief Minister J Jayalalithaa announced this while making a suo motu statement in the Assembly.
Announcing a host of schemes for the agriculture sector, she also said that 10,000 farmers will be taken to other states to learn new techniques.
"Countries, including Israel, get a higher crop yield by following advanced scientific technologies. To enable Tamil Nadu farmers learn several technologies like improving quality of produce, economical and efficient water use, 100 top farmers will be taken on a study tour to countries well developed in horticultural crop production. Similarly, 10,000 farmers will be taken to other states to learn technologies followed there," she said.
Aimed at giving a big boost to startups in India, as many as seven MoUs have been signed between various organisations of India and the US.
The MoUs were signed as Prime Minister Narendra Modi attended the India-US Start-up Konnect 2015 here.
The first MoU between Centre for Cellular and Molecular Platforms and the California Institute for Quantitative Biosciences is to develop Indo-US Life Science Sister Innovation Hub so as to enhance science-based entrepreneurship, research, academia and businesses by leveraging each other's ecosystems.
Australian dairy exporters have asked the government to push for a free trade agreement (FTA) with India in a bid to improve the access to the country's huge market.
Australian agriculture service provider Cargill said that while current demand was growing at seven per cent a year, production was rising by just four per cent and India was set to become a net importer by 2020, according to AAP news report.
The local dairy exporters were now seeking the FTA with India in the face of stiff tariff barriers of between 30 and 60 per cent on dairy products.
India and Bahrain is to move on from a typical buyer-seller relationship to one of partners in progress. A Joint Business Council has been established between FICCI and Bahrain Chamber of Commerce and Industry (BCCI) to play a crucial role in upgrading the ties between India and Bahrain.
This platform will give the crucial feedback to the respective governments which in turn will help the governments to frame policies that will be conducive to enhancing trade and investment between the two nations.
Singapore's small and medium enterprises (SMEs) should move out of their "comfort zone" and go regional, especially enter the Indian market, a top Singapore-India chamber official has said.
Speaking at a forum over the weekend, Singapore Indian Chamber of Commerce and Industry ( SICCI) Chairman R Theyvandran asked the SMEs to venture into India as the time is right with a stable economy.
"India is now on a great drive to attract many industries," Theyvandran told some 200 businessmen at the "India-Singapore Trade: Challenges & Opportunities."
An MSME delegation from Jammu and Kashmir participated at the 30th International Packaging and Food Processing Systems Exhibition (IPAK) held from September 3 to 6, 2015 in Istanbul, Turkey.
A delegation of twelve members of registered micro, small and medium enterprises (MSMEs) representing various industries such as food processing, packaging, cement, packaging tapes, building material and house hold products was led by Bari Brahmana Industries Association (BBIA) President, Lalit Kumar Mahajan.
According to the FISME Factor, 50 percent of Micro, Small and Medium Enterprises (MSMEs) agree that the economy will be able to take the economic burden of implementing OROP while 50 percent disagree.
People have been critical to the success of an organisation at all times. However, over the years, the importance of the human resource has increased immeasurably, hand-in-hand with the emergence of the knowledge-era. In the times to come, organisations would have to manage their environment with a great deal of agility and imagination. Agility has become the underpinning factor for organizations to not only survive, but to thrive in the VUCA World. For this, a very specialized human capital and more importantly, an enthused culture that inspires excellence, is required for organisations to flourish.
Across the world, the backbone of any developed economy has been a robust Small & Medium Enterprises platform. These SMEs are the top employment generators and contribute significantly to the economy and society as a whole. Many towns in developed economy love to invite SMEs to set up shop rather than big Enterprise. The importance of SMEs in the growth of any economy can never be understated.
A lot of companies claim that customers are at the centre of their attention and they do everything around their customers' needs. At this point it is important to first define who the customer is. Is it just the person who is purchasing your product, consuming your service, or do you consider all stakeholders in your business as customers? I am a subscriber to the latter view. One cannot have a thriving business unless all stakeholders are benefiting from the relationship.
Considering the rate at which the Modi government's ambitious 'Make in India' initiative is progressing, its target of creating 100 million jobs and achieving 25 per cent of GDP from manufacturing sector by 2022 may be difficult to meet, says a recent survey.
Though the performance of the manufacturing sector has improved in the past few months, the progress is not enough to achieve the targets of 'Make in India' drive, according to a joint report by research firm The Boston Consulting Group and apex industry chamber Confederation of Indian Industry.
Depending on the stage of growth of the company, an entrepreneur needs to skillfully adapt herself to changing needs. People who startup and sustain themselves for the long-term usually have certain traits - an ability to stomach risk, to visualize solutions when there are problems, to attract people to pursue a common objective, to enjoy change and so on.
It's often said that dreamers change the world.
At some stage in our lives we've probably all been overcome by a game-changing idea that we have desperately wanted to convert to reality.
Yet as any entrepreneur will tell you, the strength and conviction of your own vision is not enough. To build power and momentum, it's essential that these dreams are shared with others. Whether it is customers, investors or employees, the belief of others is often just as an important factorin success.
“ Failure is an option here. If things are not failing, you are not innovating enough. ”
