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President Message
As I conclude my two-year tenure as President of FISME, I do so with a deep sense of gratitude and fulfillment. It has been an honour to be the voice of India’s MSMEs at the highest policy tables, engaging constructively with key stakeholders including Cabinet Ministers and Members of Parliament. This period has been marked by both persistent advocacy and meaningful outcomes. Among the most significant was FISME’s sustained engagement on the issue of pre-payment charges levied by banks on MSMEs—an issue that directly impacted the financial flexibility of small enterprises. After a prolonged and evidence-based effort, the policy shift by the RBI stands as a testament to what collective representation can achieve.
Institutionally, we have also strengthened FISME’s role in the MSME ecosystem. Our partnership with IFCI- a Govt of India Enterprise, to operationalize the Centre of Excellence for Aspiring SMEs (CoEAS) reflects a forward-looking approach for Medium sized enterprises. Further, FISME’s role as the Secretariat to the ‘Friends of MSMEs in Parliament’ initiative has helped deepen dialogue between policymakers and entrepreneurs, ensuring that MSME concerns remain visible and actionable. These achievements are not individual, but collective. They are the result of the trust and support of our members, the dedication of the FISME team, and the collaborative spirit of our partners. As I hand over the baton to our incoming President Shri Rakesh Chhabra ji , I remain confident that FISME will continue to build on this momentum—championing reforms, enabling enterprises, and strengthening India’s MSME landscape. I will continue to take the voice of MSMEs forward at whichever forum Iam invited to. With sincere thanks and best wishes for the journey ahead to FISME & MSMEs in India.
FISME conducted a study titled “Making Digital Advertising Work for MSMEs: Evidence, Measurement Gaps and Policy Pathways,” highlighting key challenges faced by MSMEs in evaluating digital ad performance. The findings revealed issues such as low transparency in ad placements and spending, limited channel diversification, and inconsistent use of performance metrics. The report was released on 24 March by the Friends of MSMEs in Parliament and discussed during its 11th meeting in New Delhi. The meeting was chaired by Shankar Lalwani, MP (Indore) with Rajendra Agrawal (former MP Meerut) as Convenor. Other Members of Parliament present were Jagdambika Pal, MP, Domariaganj, UP; Sujeet Kumar, MP (RS), Odisha; Jagadish Shettar, MP, Belagavi, Karnataka; Dharambir Singh, MP, Bhiwani, Haryana; Sanjay Dina Patil, MP, Mumbai North – East; Dr. Rajkumar Sangwan, MP, Baghpat, UP and Atul Garg, MP, Ghaziabad, UP.
In an era of relentless technological disruption, global competition, supply chain shocks, and fierce battles for talent, many companies pour enormous effort into sophisticated strategies and ambitious initiatives. Yet results often disappoint. Harvard Business School professor Felix Oberholzer -Gee poses a pointed question in his insightful book Better, Simpler Strategy: A Value-Based Guide to Exceptional Performance: How can it be that so many organizations, staffed with talented and highly engaged employees, have so little to show for their hard work.
India has launched a relief package worth ₹497 crore to support exporters affected by the US-Israel-Iran conflict, which has increased freight costs and insurance premiums. The initiative aims to ensure trade continuity and bolster exporter confidence.New Delhi: Amid the escalating war between US-Israel and Iran and its spreading impact on maritime logistics across the Gulf region, India on Thursday announced a major relief package—RELIEF (resilience & logistics intervention for export facilitation ), under its Export Promotion Mission. The package will be undertaken with an financial outlay of ₹497 crore under the mission, the government said....
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The government has removed the per-consignment value limit for exports through courier services, in a move aimed at facilitating trade and improving ease of doing business. Earlier, courier exports were capped at Rs 10 lakh per consignment. The amendment removes this limit entirely, allowing shipments of any value through registered courier services, subject to applicable regulations under the Customs Act, 1962 and ITC (HS) export policy.Shipping & Logistics
The new provision will come into effect from April 1, 2026, after which the existing value cap will stand withdrawn.
India’s engineering goods exports recorded strong growth in February 2026, despite ongoing geopolitical tensions and global economic uncertainties. Exports rose 12.9 per cent year-on-year (YoY) to USD 10.36 billion from USD 9.17 billion in February 2025. Commenting on the data, Pankaj Chadha, Chairman, Engineering Export Promotion Council (EEPC) India, noted that the double-digit growth comes as a silver lining amid global trade disruptions.
The National Statistics Office (NSO) has in a survey found strong capital expenditure (CAPEX) trends in the private corporate sector, with actual investments closely aligning with earlier intentions and indicating continued momentum in the coming years. According to the latest forward-looking CAPEX survey conducted during October–December 2025, the actual capex incurred in 2024–25 stood at Rs 173.5 crore per enterprise, compared to the intended Rs 180.2 crore, resulting in a high realisation ratio of 96.3 percent. This suggests that corporate investment activity largely remained on track.
The Reserve Bank of India (RBI) has extended the implementation of its revised capital market exposure norms by three months to July 1, 2026, from the earlier deadline of April 1. The central bank said the decision follows representations from banks, capital market intermediaries (CMIs), and industry bodies seeking more time and clarity on operational aspects. The amendments were originally issued on February 13, 2026, after public consultation.
The revised framework aims to enable bank financing for corporate acquisitions, rationalise limits on loans against financial assets, and adopt a principle-based approach for lending to CMIs.
The Ministry of Electronics and Information Technology (MeitY) has approved 29 additional proposals under the Electronics Components Manufacturing Scheme (ECMS), following the earlier approval of 46 applications worth Rs 54,567 crore. The new proposals, involving a projected investment of Rs 7,104 crore and production of Rs 84,515 crore, are expected to generate 14,246 direct jobs.
With this, a total of 75 applications have been cleared under the scheme, with total investments of Rs 61,671 crore and the potential to create over 65,000 direct jobs.
In a move aimed at strengthening port infrastructure and maritime logistics, Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal has approved the redevelopment of berthing facility at New Mangalore Port for handling liquid bulk cargo on a Public-Private Partnership (PPP) basis. The Berth 9 upgrade at the port involves dismantling ageing infrastructure and developing a modern berth to handle crude oil, petroleum products (POL), and LPG.
The Lok Sabha on Monday passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2025 which seeks to reduce delays, maximise value for all stakeholders and improve governance of all processes for companies going through corporate insolvency resolution process (CIRP) under the insolvency law. Among the key new provisions, the Bill has provided for a “creditor-initiated insolvency resolution process” with an out-of-court initiation mechanism for genuine business failures. Once implemented, this will help ease the burden on judicial systems, promote ease of doing business and improve access to credit.
The Gujarat government has fixed a nominal stamp duty of Rs 300 for internal land transactions among lineal and collateral heirs, in a move aimed at simplifying property transfers and reducing disputes. The decision provides relaxation from the existing jantri-based stamp duty system for inheritance-related land transactions, according to an official statement, reported The Times Of India.
Uttar Pradesh is stepping up efforts to position itself as a manufacturing hub by leveraging its extensive micro, small and medium enterprises (MSME) base. The government is working to strengthen industrial clusters, link small enterprises with larger supply chains, and showcase visible economic gains. As part of these efforts, approvals worth nearly Rs 500 crore have been granted for two manufacturing clusters—Rs 245 crore for an Integrated Manufacturing Logistic Hub in Sambhal and Rs 213 crore for a cluster in Meerut, both being developed along the upcoming Ganga Expressway, according to The Indian Express.
The Jharkhand state unit of National Bank for Agriculture and Rural Development (NABARD) has projected a potential bank credit of Rs 98,871.67 crore for priority sectors in 2026–27. The MSME segment accounts for the largest share, according to the State Focus Paper released at a State-Level Bankers’ Committee meeting. NABARD Chief General Manager Deepmala Ghosh said the State Focus Paper provides a realistic assessment of sectoral potential and credit requirements, helping align institutional finance with local priorities and enabling banks and stakeholders to plan interventions effectively for balanced and sustainable development.
The industrial cluster of Ludhiana, often referred to as India’s ‘Manchester’, is facing structural constraints in transitioning towards a greener industrial model, with institutional and financial barriers limiting compliance with evolving environmental norms, according to think tank Ideas For India. Historically built on low capital intensity, flexible labour, and dispersed production across textiles, hosiery, bicycle components, and electroplating, Ludhiana’s MSME-led ecosystem delivered strong manufacturing density and export competitiveness.
Japan has committed Official Development Assistance (ODA) worth JPY 275.858 billion (about Rs 16,420 crore) for four key infrastructure and development projects spanning urban transport, healthcare and agriculture sectors in the states of Maharashtra, Karnataka and Punjab. "Loan agreements have also been signed between the Government of India and the Japan International Cooperation Agency (JICA)," Finance Ministry said in a press release on Friday.
The India–Africa Strategic Partnership Meet was held on the third day of the Bharat Electricity Summit 2026 in New Delhi. The key meet which brought together policymakers, ministers, industry leaders and representatives from African nations and global institutions was chaired by Union Power Minister Manohar Lal. The discussions emphasised strengthening India–Africa cooperation in renewable energy expansion, grid interconnection, energy storage, and institutional capacity building.
What is the biggest challenge Indian businesses face due to Middle East conflict?
According to the FISME factor, 70% MSMEs believe that rising transportation costs are the biggest challenge Indian businesses face due to Middle East conflict, while 30% think supply shortages are the main issue..
Are performance ratings still relevant in the age of continuous feedback?
As organisations adopt agile ways of working, real-time goals and faster feedback loops, the traditional model of annual or biannual performance ratings is increasingly being questioned. Ratings were originally designed to bring structure, fairness and comparability to performance management. Yet in fast-moving roles today, they often struggle to capture the continuous learning, effort and course correction that happen throughout the year. At the same time, continuous feedback is gaining ground. It promises faster alignment, stronger development conversations and greater transparency between managers and employees.
How financial fitness can help entrepreneurs achieve long-term success
Financial fitness isn’t a one-time exercise. Just like staying physically fit requires regular workouts, keeping your finances in shape means tracking and adjusting them regularly. Being an entrepreneur is no small feat. You’re constantly juggling tasks, taking risks, and putting your heart into building something meaningful. But amidst all the hustle, one thing that often takes a backseat is your financial health. Just like physical fitness keeps your body in shape, financial fitness ensures your business and personal finances remain strong and resilient over the long term. Let’s explore how focusing on financial fitness can help you not just survive but thrive as an entrepreneur.
Cold email in 2026: What still works vs what doesn't
Your inbox probably gets more visits from strangers than your front door.
We all receive dozens of emails from people we have never met. Most are deleted in seconds. Some never even reach the inbox because spam filters block them first. This is why cold email often gets a bad reputation. A lot of it feels irrelevant, automated, or easy to ignore.
But cold email is far from dead. In 2026, businesses still use it to start conversations and find new customers. What has changed is the approach. Generic mass emails are easy to spot and rarely get replies.
MP Industries Raise Alarm Over 4.8% Power Tariff Hike, Seek VAT Relief
Industrial units across key manufacturing hubs in Madhya Pradesh have raised concerns over the recent electricity tariff hike approved by the Madhya Pradesh Electricity Regulatory Commission (MPERC), stating that it could significantly increase operational costs amid already challenging market conditions. Major industrial regions such as Pithampur, Mandideep and clusters around Indore have indicated that the tariff increase will add to cost pressures for manufacturing units. Industry representatives noted that electricity forms a critical component of production, and even modest hikes can have a substantial impact on operating expenses.
CashKaro's Swati Bhargava talks ambition, health, and overcoming bias at SheSparks
"Ambition doesn't look at the comfort of your life; that calling just comes from within," shared CashKaro's Swati Bhargava, highlighting lessons from her journey from the small town of Ambala to Singapore, London, and back to India, managing a Rs 600 crore topline. At SheSparks 2025, YourStory's flagship event for women, Swati Bhargava, Co-founder of CashKaro and EarnKaro, took the audience through the lessons and blessings that have shaped her journey.
He sold butter on a bicycle, now his GRB is India’s ghee king
GRB Dairy Foods is on course to achieving Rs 1,400 crore in annual revenue. The company sells ghee, sweets, snacks, and spices in more than 40 countries. And more importantly, it has never taken a single rupee from any outside investor. Ask G.R. Balasubramaniam whether he suffered to build what he built, and he will shut you down politely but firmly. “A labourer carries 100 kilograms on his back,” he says. “How can I say I suffered? A man who cannot feed his family—that is suffering. Everything else is just life.”
The National Statistical Office (NSO), Ministry of Statistics And Programme Implementation (MoSPI) has released the Quick Estimate of Index of Industrial Production and Use-Based Index for the month of February 2026 (Base 2011-12=100).
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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As I conclude my two-year tenure as President of FISME, I do so with a deep sense of gratitude and fulfillment. It has been an honour to be the voice of India’s MSMEs at the highest policy tables, engaging constructively with key stakeholders including Cabinet Ministers and Members of Parliament. This period has been marked by both persistent advocacy and meaningful outcomes. Among the most significant was FISME’s sustained engagement on the issue of pre-payment charges levied by banks on MSMEs—an issue that directly impacted the financial flexibility of small enterprises. After a prolonged and evidence-based effort, the policy shift by the RBI stands as a testament to what collective representation can achieve.
Institutionally, we have also strengthened FISME’s role in the MSME ecosystem. Our partnership with IFCI- a Govt of India Enterprise, to operationalize the Centre of Excellence for Aspiring SMEs (CoEAS) reflects a forward-looking approach for Medium sized enterprises. Further, FISME’s role as the Secretariat to the ‘Friends of MSMEs in Parliament’ initiative has helped deepen dialogue between policymakers and entrepreneurs, ensuring that MSME concerns remain visible and actionable. These achievements are not individual, but collective. They are the result of the trust and support of our members, the dedication of the FISME team, and the collaborative spirit of our partners. As I hand over the baton to our incoming President Shri Rakesh Chhabra ji , I remain confident that FISME will continue to build on this momentum—championing reforms, enabling enterprises, and strengthening India’s MSME landscape. I will continue to take the voice of MSMEs forward at whichever forum Iam invited to. With sincere thanks and best wishes for the journey ahead to FISME & MSMEs in India.
FISME conducted a study titled “Making Digital Advertising Work for MSMEs: Evidence, Measurement Gaps and Policy Pathways,” highlighting key challenges faced by MSMEs in evaluating digital ad performance. The findings revealed issues such as low transparency in ad placements and spending, limited channel diversification, and inconsistent use of performance metrics. The report was released on 24 March by the Friends of MSMEs in Parliament and discussed during its 11th meeting in New Delhi. The meeting was chaired by Shankar Lalwani, MP (Indore) with Rajendra Agrawal (former MP Meerut) as Convenor. Other Members of Parliament present were Jagdambika Pal, MP, Domariaganj, UP; Sujeet Kumar, MP (RS), Odisha; Jagadish Shettar, MP, Belagavi, Karnataka; Dharambir Singh, MP, Bhiwani, Haryana; Sanjay Dina Patil, MP, Mumbai North – East; Dr. Rajkumar Sangwan, MP, Baghpat, UP and Atul Garg, MP, Ghaziabad, UP.
In an era of relentless technological disruption, global competition, supply chain shocks, and fierce battles for talent, many companies pour enormous effort into sophisticated strategies and ambitious initiatives. Yet results often disappoint. Harvard Business School professor Felix Oberholzer -Gee poses a pointed question in his insightful book Better, Simpler Strategy: A Value-Based Guide to Exceptional Performance: How can it be that so many organizations, staffed with talented and highly engaged employees, have so little to show for their hard work.
The government has removed the per-consignment value limit for exports through courier services, in a move aimed at facilitating trade and improving ease of doing business. Earlier, courier exports were capped at Rs 10 lakh per consignment. The amendment removes this limit entirely, allowing shipments of any value through registered courier services, subject to applicable regulations under the Customs Act, 1962 and ITC (HS) export policy.Shipping & Logistics
The new provision will come into effect from April 1, 2026, after which the existing value cap will stand withdrawn.
India’s engineering goods exports recorded strong growth in February 2026, despite ongoing geopolitical tensions and global economic uncertainties. Exports rose 12.9 per cent year-on-year (YoY) to USD 10.36 billion from USD 9.17 billion in February 2025. Commenting on the data, Pankaj Chadha, Chairman, Engineering Export Promotion Council (EEPC) India, noted that the double-digit growth comes as a silver lining amid global trade disruptions.
The National Statistics Office (NSO) has in a survey found strong capital expenditure (CAPEX) trends in the private corporate sector, with actual investments closely aligning with earlier intentions and indicating continued momentum in the coming years. According to the latest forward-looking CAPEX survey conducted during October–December 2025, the actual capex incurred in 2024–25 stood at Rs 173.5 crore per enterprise, compared to the intended Rs 180.2 crore, resulting in a high realisation ratio of 96.3 percent. This suggests that corporate investment activity largely remained on track.
The Reserve Bank of India (RBI) has extended the implementation of its revised capital market exposure norms by three months to July 1, 2026, from the earlier deadline of April 1. The central bank said the decision follows representations from banks, capital market intermediaries (CMIs), and industry bodies seeking more time and clarity on operational aspects. The amendments were originally issued on February 13, 2026, after public consultation.
The revised framework aims to enable bank financing for corporate acquisitions, rationalise limits on loans against financial assets, and adopt a principle-based approach for lending to CMIs.
The Ministry of Electronics and Information Technology (MeitY) has approved 29 additional proposals under the Electronics Components Manufacturing Scheme (ECMS), following the earlier approval of 46 applications worth Rs 54,567 crore. The new proposals, involving a projected investment of Rs 7,104 crore and production of Rs 84,515 crore, are expected to generate 14,246 direct jobs.
With this, a total of 75 applications have been cleared under the scheme, with total investments of Rs 61,671 crore and the potential to create over 65,000 direct jobs.
In a move aimed at strengthening port infrastructure and maritime logistics, Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal has approved the redevelopment of berthing facility at New Mangalore Port for handling liquid bulk cargo on a Public-Private Partnership (PPP) basis. The Berth 9 upgrade at the port involves dismantling ageing infrastructure and developing a modern berth to handle crude oil, petroleum products (POL), and LPG.
The Lok Sabha on Monday passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2025 which seeks to reduce delays, maximise value for all stakeholders and improve governance of all processes for companies going through corporate insolvency resolution process (CIRP) under the insolvency law. Among the key new provisions, the Bill has provided for a “creditor-initiated insolvency resolution process” with an out-of-court initiation mechanism for genuine business failures. Once implemented, this will help ease the burden on judicial systems, promote ease of doing business and improve access to credit.
The Gujarat government has fixed a nominal stamp duty of Rs 300 for internal land transactions among lineal and collateral heirs, in a move aimed at simplifying property transfers and reducing disputes. The decision provides relaxation from the existing jantri-based stamp duty system for inheritance-related land transactions, according to an official statement, reported The Times Of India.
Uttar Pradesh is stepping up efforts to position itself as a manufacturing hub by leveraging its extensive micro, small and medium enterprises (MSME) base. The government is working to strengthen industrial clusters, link small enterprises with larger supply chains, and showcase visible economic gains. As part of these efforts, approvals worth nearly Rs 500 crore have been granted for two manufacturing clusters—Rs 245 crore for an Integrated Manufacturing Logistic Hub in Sambhal and Rs 213 crore for a cluster in Meerut, both being developed along the upcoming Ganga Expressway, according to The Indian Express.
The Jharkhand state unit of National Bank for Agriculture and Rural Development (NABARD) has projected a potential bank credit of Rs 98,871.67 crore for priority sectors in 2026–27. The MSME segment accounts for the largest share, according to the State Focus Paper released at a State-Level Bankers’ Committee meeting. NABARD Chief General Manager Deepmala Ghosh said the State Focus Paper provides a realistic assessment of sectoral potential and credit requirements, helping align institutional finance with local priorities and enabling banks and stakeholders to plan interventions effectively for balanced and sustainable development.
The industrial cluster of Ludhiana, often referred to as India’s ‘Manchester’, is facing structural constraints in transitioning towards a greener industrial model, with institutional and financial barriers limiting compliance with evolving environmental norms, according to think tank Ideas For India. Historically built on low capital intensity, flexible labour, and dispersed production across textiles, hosiery, bicycle components, and electroplating, Ludhiana’s MSME-led ecosystem delivered strong manufacturing density and export competitiveness.
Japan has committed Official Development Assistance (ODA) worth JPY 275.858 billion (about Rs 16,420 crore) for four key infrastructure and development projects spanning urban transport, healthcare and agriculture sectors in the states of Maharashtra, Karnataka and Punjab. "Loan agreements have also been signed between the Government of India and the Japan International Cooperation Agency (JICA)," Finance Ministry said in a press release on Friday.
The India–Africa Strategic Partnership Meet was held on the third day of the Bharat Electricity Summit 2026 in New Delhi. The key meet which brought together policymakers, ministers, industry leaders and representatives from African nations and global institutions was chaired by Union Power Minister Manohar Lal. The discussions emphasised strengthening India–Africa cooperation in renewable energy expansion, grid interconnection, energy storage, and institutional capacity building.
According to the FISME factor, 70% MSMEs believe that rising transportation costs are the biggest challenge Indian businesses face due to Middle East conflict, while 30% think supply shortages are the main issue.. 
As organisations adopt agile ways of working, real-time goals and faster feedback loops, the traditional model of annual or biannual performance ratings is increasingly being questioned. Ratings were originally designed to bring structure, fairness and comparability to performance management. Yet in fast-moving roles today, they often struggle to capture the continuous learning, effort and course correction that happen throughout the year. At the same time, continuous feedback is gaining ground. It promises faster alignment, stronger development conversations and greater transparency between managers and employees.
Financial fitness isn’t a one-time exercise. Just like staying physically fit requires regular workouts, keeping your finances in shape means tracking and adjusting them regularly. Being an entrepreneur is no small feat. You’re constantly juggling tasks, taking risks, and putting your heart into building something meaningful. But amidst all the hustle, one thing that often takes a backseat is your financial health. Just like physical fitness keeps your body in shape, financial fitness ensures your business and personal finances remain strong and resilient over the long term. Let’s explore how focusing on financial fitness can help you not just survive but thrive as an entrepreneur.
Your inbox probably gets more visits from strangers than your front door.
We all receive dozens of emails from people we have never met. Most are deleted in seconds. Some never even reach the inbox because spam filters block them first. This is why cold email often gets a bad reputation. A lot of it feels irrelevant, automated, or easy to ignore.
But cold email is far from dead. In 2026, businesses still use it to start conversations and find new customers. What has changed is the approach. Generic mass emails are easy to spot and rarely get replies.
Industrial units across key manufacturing hubs in Madhya Pradesh have raised concerns over the recent electricity tariff hike approved by the Madhya Pradesh Electricity Regulatory Commission (MPERC), stating that it could significantly increase operational costs amid already challenging market conditions. Major industrial regions such as Pithampur, Mandideep and clusters around Indore have indicated that the tariff increase will add to cost pressures for manufacturing units. Industry representatives noted that electricity forms a critical component of production, and even modest hikes can have a substantial impact on operating expenses.
"Ambition doesn't look at the comfort of your life; that calling just comes from within," shared CashKaro's Swati Bhargava, highlighting lessons from her journey from the small town of Ambala to Singapore, London, and back to India, managing a Rs 600 crore topline. At SheSparks 2025, YourStory's flagship event for women, Swati Bhargava, Co-founder of CashKaro and EarnKaro, took the audience through the lessons and blessings that have shaped her journey.
GRB Dairy Foods is on course to achieving Rs 1,400 crore in annual revenue. The company sells ghee, sweets, snacks, and spices in more than 40 countries. And more importantly, it has never taken a single rupee from any outside investor. Ask G.R. Balasubramaniam whether he suffered to build what he built, and he will shut you down politely but firmly. “A labourer carries 100 kilograms on his back,” he says. “How can I say I suffered? A man who cannot feed his family—that is suffering. Everything else is just life.”
