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In the first year of ascendance to power itself, Modi Government launched one of its most ambitious initiatives to revitalize the manufacturing sector through Make-in-India programme. From the ramparts of Red Fort, PM Modi gave a clarion call to the global companies to come to India to produce goods for both Indian market and the world. Follow-up was patchy in the beginning and was confined to price preference in Government purchases. It was followed up with series of policy measures over the next 10 years covering infrastructure, access to finance, ease of doing business (EODB) and Production Linked Incentives (PLI) Schemes.
India improved its position in World Bank’s EODB ranking from 147th in 2014 to 77th by 2019. At the level of both National & State politics – economy and manufacturing came to the central stage. PLI schemes produced remarkable results and catapulted India to one of the largest manufacturers of high-tech electronics - especially iPhones. PLI schemes cover over 16 sectors. India also made bold multi-billion-dollar bets on semi-conductor chips.
Has Make in India achieved its objective? How has it benefited MSMEs? I feel Make-in-India is not a fixed goal but way to continuously build capacities to produce world class goods. MSMEs have benefitted indirectly both by improved regulatory environment and ease in accessing finance through spate of credit guarantees established in last ten years. Overall, we have covered a fair bit of ground. But global competition and uncertainties require much more reforms
In a significant move to promote technological advancement and sustainability among Indian Micro, Small, and Medium Enterprises (MSMEs), the Federation of Indian Micro and Small & Medium Enterprises (FISME) and IFCI Ltd., under the Ministry of Finance, have established the ‘Centre of Excellence for Aspiring SMEs’.
The visit, organised under the Asian Productivity Organisation (APO) framework and in collaboration with the India National Productivity Council (NPC) and Taiwan’s China Productivity Centre (CPC), aims to strengthen bilateral cooperation on smart green technologies.
A high-level roundtable discussion focusing on the challenges faced by Micro, Small, and Medium Enterprises (MSMEs) was held in New Delhi on 28 September.
The discussion centred on persistent issues affecting MSMEs, with particular emphasis on financial access difficulties and payment delays. The event was attended by several key government officials, demonstrating the importance of the issues at hand. S.C.L. Das, Secretary, Ministry of MSME, led the government representation.
Evaluating your business performance every year is an important step for ongoing success. Stepping back to review financials, sales, inventory, processes and more provides valuable insights. It identifies what's working well to double down on and spots areas needing improvement.
This checklist will guide business owners through a thorough annual evaluation. Completing each section will reveal how your business has performed financially and operationally in the past year. It will also surface opportunities to refine strategies and optimize your workflows.
The Modi government's flagship initiative 'Make in India' launched 10 years ago has helped the country boost exports, push investments and promote manufacturing. Under the initiative, launched on September 25, 2014, a series of measures have been taken by the government to boost local manufacturing.
These initiatives include the rollout of production linked incentive (PLI) schemes for 14 sectors, easing foreign direct investment (FDI) norms, reducing compliance burden to improve business climate,...
In a significant announcement for exporters, the Director General of Foreign Trade (DGFT) confirmed on Monday that exporters will continue to benefit from the Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme.
This extension provides crucial support for exporters as they navigate global markets. In a separate notice, the DGFT also announced the extension of the Interest Equalisation Scheme for pre- and post-shipment rupee export credit by an additional three months.
India’s current account deficit (CAD) widened slightly to USD 9.7 billion, or 1.1 per cent of GDP, in the first quarter of FY2024-25, compared to USD 8.9 billion (1 per cent of GDP) in the same period a year ago, according to data released by the Reserve Bank of India (RBI) on Monday. This represents a shift from the surplus of USD 4.6 billion (0.5 per cent of GDP) recorded in Q4 FY2023-24. The surplus for Q4 FY2023-24 was revised down from the previously reported USD 5.7 billion due to adjustments in merchandise import data, highlighting the impact of higher import figures on the nation's external balance.
In a significant policy shift, the Indian government has lifted its ban on the export of non-basmati white rice, a move that has been met with widespread approval from traders and exporters.
This decision, announced by the Ministry of Commerce and Industry on Friday, comes after months of restrictions aimed at stabilising domestic rice prices and ensuring sufficient supply amidst rising inflationary pressures. The export ban, initially imposed in July 2023, was a precautionary measure taken in response to concerns over domestic availability.
In a significant announcement, India's Textile Minister Giriraj Singh has outlined a comprehensive roadmap for the nation's textile sector, projecting substantial growth and job creation by 2030.
The plan aims to nearly double the industry's value from its current USD 164 billion to USD 350 billion, potentially generating between 45 to 60 million new jobs. Speaking at the ministry's 100-day programme, Singh highlighted the strategic importance of the previously approved seven PM Mega Integrated Textile Region and Apparel (MITRA) parks.
In a significant boost to Bengal’s MSME sector, around 3,500 traders have joined Amazon Global Selling this year, allowing them to tap into major international markets like the US, UK, Canada, Australia, and Germany.
These traders come from a range of districts across the state, including Kolkata, South and North 24 Parganas, Burdwan, Howrah, Hooghly, and Darjeeling, signaling a broad participation across urban and semi-urban areas.
In a significant move towards regional economic cooperation, India has signed crucial agreements under the Indo-Pacific Economic Framework (IPEF) focusing on Clean Economy and Fair Economy.
The signing ceremony took place on Saturday during Prime Minister Narendra Modi's visit to Delaware, USA, for the Quad Summit. The Clean Economy Agreement, falling under Pillar-III of IPEF, aims to boost technical cooperation, enhance workforce development, and increase investment in climate-friendly technologies.
The Delhi High Court has issued a significant ruling that could have far-reaching implications for micro, small and medium enterprises (MSMEs) engaged in long-term contracts.
In a judgment delivered on January 30, 2024, the court affirmed that MSMEs may claim benefits under the MSMED Act, 2006, even if they obtain registration during the course of an ongoing contract. The case arose from a dispute between Mahanagar Telephone Nigam Limited (MTNL) and an architectural consultant.
The Rajasthan Cabinet has approved a wide-ranging ‘Rajasthan Investment Promotion’ scheme, aimed at boosting economic growth and attracting diverse investments across multiple sectors.
Deputy Chief Minister Diya Kumari announced key features of the new policy, including significant reductions in investment thresholds for incentives. The minimum investment required for the Standard Services Package has been lowered from Rs 50 crore to Rs 25 crore, with a further reduction to Rs 10 crore for tourism projects.
In a significant move aimed at boosting the Micro, Small, and Medium Enterprises (MSME) sector, the Government of Andhra Pradesh has approved a proposal for establishing a second MSME Technology Centre-cum-Testing Facility in the state.
The new centre, to be located in Amaravati within the Capital Region Development Authority (CRDA) area, is being set up by the Ministry of MSME, Government of India. This decision marks a change from the earlier approved site at the Mega Industrial Hub in Kopparthy, Kadapa district.
In a significant boost to the state’s industrial landscape, the State Level Single Window Clearance Authority (SLSWCA) convened on Tuesday, headed by Chief Secretary Manoj Ahuja, to clear 31 industrial projects.
These initiatives collectively represent a staggering investment of Rs 4,954.26 crore, promising to generate employment for over 24,162 individuals across various sectors.
In a major developmental push, Uttar Pradesh Chief Minister Yogi Adityanath on Wednesday launched infrastructure projects worth Rs 750 crore in Ghaziabad, along with various public welfare initiatives.
Speaking at an event held at the Ghantaghar Ramlila Maidan, Adityanath emphasised his government's commitment to development and job creation, particularly for the youth.
In a significant development for India's infrastructure sector, the City of London is poised to commit USD 10 billion in investments into key Indian projects over the next year.
This landmark initiative aims to channel funds from London-based asset managers into high-profile infrastructure projects, including highways and the National Capital Region’s rapid transport systems. The infusion of "patient capital" from London is expected to herald a new era of large-scale investment in India's rapidly expanding infrastructure sector.
In a historic leap for India's defence and technological landscape, the country is set to create its first national security-focused semiconductor fabrication plant.
This development, a result of a landmark agreement between India and the United States, will produce advanced chips for the US armed forces, allied militaries, and the Indian defence sector. The announcement follows a high-profile meeting between Indian Prime Minister Narendra Modi and US President Joe Biden in Delaware.
What change in GST design would most benefit MSMEs?
According to the FISME factor, 70% of MSMEs believe that GST on land and immovable property would most benefit them, while 30% think that a reduction in tax rates would be more beneficial.
Can ‘Unbossing’ solve employee engagement problems?
Picture a company ensnared in the cobwebs of its past, its culture as obsolete as a VHS tape in the age of streaming. As the world around it hurtles forward, this company clings desperately to its outdated norms, blind to the dangers of stagnation. Such a company is on a slow march to irrelevance, not because it lacks talent or resources, but because it’s shackled by a culture that no longer serves its purpose. In today’s dynamic environment, companies can’t afford to view their organisational culture as set in stone.
20 Tips To Better Manage Business Finances In Unpredictable Times
Across industries, businesses continue to be impacted by high interest rates and inflation. These factors not only directly impact entrepreneurs by raising the cost of doing business at unpredictable rates but customers are also affected by increased costs across the board, causing them to become much more selective about where, how and when they spend their money.
The Beginner's Guide to Local SEO — How to Boost Your Visibility and Win More Business in Your Area
Local search engine optimization (SEO) is one of the most important aspects of SEO strategy. For many businesses, the local community makes up most or all of their customer base. But even for larger businesses with multiple locations, local SEO is a powerful tool to help your ideal audience find you faster and easier by bringing you to the top of their search results.
In fact, local SEO is one of the best places to get started if you're new to SEO, because it's often much easier to achieve high search results ranking for localized queries rather than general queries.
UP MSMEs Demand Conversion of 46,500 Acres of Leasehold Industrial Land to Freehold
Industrialists in Uttar Pradesh, particularly those from the Micro, Small, and Medium Enterprises (MSME) sector, are urging the state government to convert nearly 46,500 acres of leasehold industrial land into freehold.
These parcels, spread across 156 industrial areas and promoted by the Uttar Pradesh State Industrial Development Authority (UPSIDA), are considered crucial for bolstering the state’s industrial landscape.
Greenzo Energy Secures Green Hydrogen Project at Ennore Supercritical Thermal Power Plant
Greenzo Energy, a leading manufacturer of alkaline electrolyzers, announced on Monday that it has won a major green hydrogen project in Tamil Nadu.
The project was awarded through a competitive bidding process and will be implemented at the Ennore SEZ Supercritical Thermal Power Plant (TPP), which is operated by the Tamil Nadu Generation and Distribution Corporation (TANGEDCO).
SME IPO Rappid Valves India Limited Surges On Stock Market Debut
Rappid Valves India Limited made a strong debut on the NSE SME platform on September 20, with shares opening at Rs 312, marking a significant 40 per cent premium over the issue price of Rs 222 per share.
This robust performance slightly underperformed grey market expectations, which had anticipated a 45 per cent premium.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released the results of Annual Survey of Industries (ASI) for the reference periods April 2022 to March 2023 (i.e. financial year 2022- 23) referred to as ASI 2022-23.
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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In the first year of ascendance to power itself, Modi Government launched one of its most ambitious initiatives to revitalize the manufacturing sector through Make-in-India programme. From the ramparts of Red Fort, PM Modi gave a clarion call to the global companies to come to India to produce goods for both Indian market and the world. Follow-up was patchy in the beginning and was confined to price preference in Government purchases. It was followed up with series of policy measures over the next 10 years covering infrastructure, access to finance, ease of doing business (EODB) and Production Linked Incentives (PLI) Schemes.
India improved its position in World Bank’s EODB ranking from 147th in 2014 to 77th by 2019. At the level of both National & State politics – economy and manufacturing came to the central stage. PLI schemes produced remarkable results and catapulted India to one of the largest manufacturers of high-tech electronics - especially iPhones. PLI schemes cover over 16 sectors. India also made bold multi-billion-dollar bets on semi-conductor chips.
Has Make in India achieved its objective? How has it benefited MSMEs? I feel Make-in-India is not a fixed goal but way to continuously build capacities to produce world class goods. MSMEs have benefitted indirectly both by improved regulatory environment and ease in accessing finance through spate of credit guarantees established in last ten years. Overall, we have covered a fair bit of ground. But global competition and uncertainties require much more reforms
In a significant move to promote technological advancement and sustainability among Indian Micro, Small, and Medium Enterprises (MSMEs), the Federation of Indian Micro and Small & Medium Enterprises (FISME) and IFCI Ltd., under the Ministry of Finance, have established the ‘Centre of Excellence for Aspiring SMEs’.
The visit, organised under the Asian Productivity Organisation (APO) framework and in collaboration with the India National Productivity Council (NPC) and Taiwan’s China Productivity Centre (CPC), aims to strengthen bilateral cooperation on smart green technologies.
A high-level roundtable discussion focusing on the challenges faced by Micro, Small, and Medium Enterprises (MSMEs) was held in New Delhi on 28 September.
The discussion centred on persistent issues affecting MSMEs, with particular emphasis on financial access difficulties and payment delays. The event was attended by several key government officials, demonstrating the importance of the issues at hand. S.C.L. Das, Secretary, Ministry of MSME, led the government representation.
Evaluating your business performance every year is an important step for ongoing success. Stepping back to review financials, sales, inventory, processes and more provides valuable insights. It identifies what's working well to double down on and spots areas needing improvement.
This checklist will guide business owners through a thorough annual evaluation. Completing each section will reveal how your business has performed financially and operationally in the past year. It will also surface opportunities to refine strategies and optimize your workflows.
In a significant announcement for exporters, the Director General of Foreign Trade (DGFT) confirmed on Monday that exporters will continue to benefit from the Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme.
This extension provides crucial support for exporters as they navigate global markets. In a separate notice, the DGFT also announced the extension of the Interest Equalisation Scheme for pre- and post-shipment rupee export credit by an additional three months.
India’s current account deficit (CAD) widened slightly to USD 9.7 billion, or 1.1 per cent of GDP, in the first quarter of FY2024-25, compared to USD 8.9 billion (1 per cent of GDP) in the same period a year ago, according to data released by the Reserve Bank of India (RBI) on Monday. This represents a shift from the surplus of USD 4.6 billion (0.5 per cent of GDP) recorded in Q4 FY2023-24. The surplus for Q4 FY2023-24 was revised down from the previously reported USD 5.7 billion due to adjustments in merchandise import data, highlighting the impact of higher import figures on the nation's external balance.
In a significant policy shift, the Indian government has lifted its ban on the export of non-basmati white rice, a move that has been met with widespread approval from traders and exporters.
This decision, announced by the Ministry of Commerce and Industry on Friday, comes after months of restrictions aimed at stabilising domestic rice prices and ensuring sufficient supply amidst rising inflationary pressures. The export ban, initially imposed in July 2023, was a precautionary measure taken in response to concerns over domestic availability.
In a significant announcement, India's Textile Minister Giriraj Singh has outlined a comprehensive roadmap for the nation's textile sector, projecting substantial growth and job creation by 2030.
The plan aims to nearly double the industry's value from its current USD 164 billion to USD 350 billion, potentially generating between 45 to 60 million new jobs. Speaking at the ministry's 100-day programme, Singh highlighted the strategic importance of the previously approved seven PM Mega Integrated Textile Region and Apparel (MITRA) parks.
In a significant boost to Bengal’s MSME sector, around 3,500 traders have joined Amazon Global Selling this year, allowing them to tap into major international markets like the US, UK, Canada, Australia, and Germany.
These traders come from a range of districts across the state, including Kolkata, South and North 24 Parganas, Burdwan, Howrah, Hooghly, and Darjeeling, signaling a broad participation across urban and semi-urban areas.
In a significant move towards regional economic cooperation, India has signed crucial agreements under the Indo-Pacific Economic Framework (IPEF) focusing on Clean Economy and Fair Economy.
The signing ceremony took place on Saturday during Prime Minister Narendra Modi's visit to Delaware, USA, for the Quad Summit. The Clean Economy Agreement, falling under Pillar-III of IPEF, aims to boost technical cooperation, enhance workforce development, and increase investment in climate-friendly technologies.
The Delhi High Court has issued a significant ruling that could have far-reaching implications for micro, small and medium enterprises (MSMEs) engaged in long-term contracts.
In a judgment delivered on January 30, 2024, the court affirmed that MSMEs may claim benefits under the MSMED Act, 2006, even if they obtain registration during the course of an ongoing contract. The case arose from a dispute between Mahanagar Telephone Nigam Limited (MTNL) and an architectural consultant.
The Rajasthan Cabinet has approved a wide-ranging ‘Rajasthan Investment Promotion’ scheme, aimed at boosting economic growth and attracting diverse investments across multiple sectors.
Deputy Chief Minister Diya Kumari announced key features of the new policy, including significant reductions in investment thresholds for incentives. The minimum investment required for the Standard Services Package has been lowered from Rs 50 crore to Rs 25 crore, with a further reduction to Rs 10 crore for tourism projects.
In a significant move aimed at boosting the Micro, Small, and Medium Enterprises (MSME) sector, the Government of Andhra Pradesh has approved a proposal for establishing a second MSME Technology Centre-cum-Testing Facility in the state.
The new centre, to be located in Amaravati within the Capital Region Development Authority (CRDA) area, is being set up by the Ministry of MSME, Government of India. This decision marks a change from the earlier approved site at the Mega Industrial Hub in Kopparthy, Kadapa district.
In a significant boost to the state’s industrial landscape, the State Level Single Window Clearance Authority (SLSWCA) convened on Tuesday, headed by Chief Secretary Manoj Ahuja, to clear 31 industrial projects.
These initiatives collectively represent a staggering investment of Rs 4,954.26 crore, promising to generate employment for over 24,162 individuals across various sectors.
In a major developmental push, Uttar Pradesh Chief Minister Yogi Adityanath on Wednesday launched infrastructure projects worth Rs 750 crore in Ghaziabad, along with various public welfare initiatives.
Speaking at an event held at the Ghantaghar Ramlila Maidan, Adityanath emphasised his government's commitment to development and job creation, particularly for the youth.
In a significant development for India's infrastructure sector, the City of London is poised to commit USD 10 billion in investments into key Indian projects over the next year.
This landmark initiative aims to channel funds from London-based asset managers into high-profile infrastructure projects, including highways and the National Capital Region’s rapid transport systems. The infusion of "patient capital" from London is expected to herald a new era of large-scale investment in India's rapidly expanding infrastructure sector.
In a historic leap for India's defence and technological landscape, the country is set to create its first national security-focused semiconductor fabrication plant.
This development, a result of a landmark agreement between India and the United States, will produce advanced chips for the US armed forces, allied militaries, and the Indian defence sector. The announcement follows a high-profile meeting between Indian Prime Minister Narendra Modi and US President Joe Biden in Delaware.
According to the FISME factor, 70% of MSMEs believe that GST on land and immovable property would most benefit them, while 30% think that a reduction in tax rates would be more beneficial.
Picture a company ensnared in the cobwebs of its past, its culture as obsolete as a VHS tape in the age of streaming. As the world around it hurtles forward, this company clings desperately to its outdated norms, blind to the dangers of stagnation. Such a company is on a slow march to irrelevance, not because it lacks talent or resources, but because it’s shackled by a culture that no longer serves its purpose. In today’s dynamic environment, companies can’t afford to view their organisational culture as set in stone.
Across industries, businesses continue to be impacted by high interest rates and inflation. These factors not only directly impact entrepreneurs by raising the cost of doing business at unpredictable rates but customers are also affected by increased costs across the board, causing them to become much more selective about where, how and when they spend their money.
Local search engine optimization (SEO) is one of the most important aspects of SEO strategy. For many businesses, the local community makes up most or all of their customer base. But even for larger businesses with multiple locations, local SEO is a powerful tool to help your ideal audience find you faster and easier by bringing you to the top of their search results.
In fact, local SEO is one of the best places to get started if you're new to SEO, because it's often much easier to achieve high search results ranking for localized queries rather than general queries.
Industrialists in Uttar Pradesh, particularly those from the Micro, Small, and Medium Enterprises (MSME) sector, are urging the state government to convert nearly 46,500 acres of leasehold industrial land into freehold.
These parcels, spread across 156 industrial areas and promoted by the Uttar Pradesh State Industrial Development Authority (UPSIDA), are considered crucial for bolstering the state’s industrial landscape.
Greenzo Energy, a leading manufacturer of alkaline electrolyzers, announced on Monday that it has won a major green hydrogen project in Tamil Nadu.
The project was awarded through a competitive bidding process and will be implemented at the Ennore SEZ Supercritical Thermal Power Plant (TPP), which is operated by the Tamil Nadu Generation and Distribution Corporation (TANGEDCO).
Rappid Valves India Limited made a strong debut on the NSE SME platform on September 20, with shares opening at Rs 312, marking a significant 40 per cent premium over the issue price of Rs 222 per share.
This robust performance slightly underperformed grey market expectations, which had anticipated a 45 per cent premium.
“All Birds find shelter during rain. But Eagle avoids rain by flying above clouds. ”
