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Saturday, January 23, 2016
"The latest IIP numbers have reinforced what FISME has been saying time and again that at ground MSMEs are experiencing a remarkable slow-down in business. The production has contracted by 3.2 percent in November - the lowest in over four years. What is remarkable is that the poor performance is because of manufacturing sector and a sharp decline in capital goods output. During the meeting with Finance Minister last week, where I represented MSME sector, almost all corporate leaders stressed on infusing investment to stimulate demand. Besides seeking parity on investment allowance with large companies, I highlighted two issues Firstly, to give a fillip to MSME sector and start-up India, the Govt. may consider introducing an off-set clause – much like in Defence sector, in all infrastructure projects beyond a threshold to ensure a certain percentage of business goes to MSMEs. It would have an exalting multiplier effect in the economy. Secondly, reviving/ recreating project financing institutions (State Finance Corporations) in absence of which new projects in manufacturing sector are not coming up. "
In a meeting convened on 5th Jan 2016 by Department of Financial Services, Ministry of Finance on non-tax matters focusing finance related issues in context of Budget 2016-17, FISME stressed the need to revive/ recreate State Financial Corporation to fill the crying need of project finance. FISME proposed several interventions for consideration for Budget 2016. Elaborating on the SFC the issue, it was mentioned that the SFCs played yeoman’s role in financing MSME ventures. Being arms of the State Government, they could also coordinate support from other state agencies to facilitate early grounding of the projects.
Dr. Sangam Kurade, President, FISME was invited to attend a meeting with Shri Arun Jaitley, Finance Minister, for pre budget discussions on Industry related issue on 06th Jan 2016. In his presentation, Dr. Kurade raised the issues crucial for growth of the MSME sector at the meeting attended by senior Government officers and doyens of the industry. Citing the logjam in the parliament on GST Bill, Dr. Kurade mentioned that Government can easily introduce inter state GST which will address an important tax issues for the industry. He also mentioned on removal of capital gains to promote re investment in MSMEs and linking of investment allowance with employment generated. To wards revitalizing the sluggish domestic market, Dr. Kurade requested for off set clause for MSMEs in all Government Orders above a ceiling amount, like in defence, which will open up large markets in, say supply to DMIC, Bullet trains and other futuristic projects of the Government. He also strongly presented the position of FISME to make e commerce a marketing avenue for MSME products, by restricting share of cheap imports in e trade.
Many people start businesses for the money. But hopefully that’s not the only reason. Marie Forleo, founder of Marie TV and B-School, shared the secret of entrepreneurial success: “The money is not the bottom line. The people who I see that are the most successful -- there’s something deeper that drives them. There’s this strong burning desire to make a difference.” And those entrepreneurs who are purely chasing the money? They’re the ones who crash and burn. These are just a few of the hundreds of lessons we’ve learned interviewing the greatest minds in business today. There is so much more to be learned from these entrepreneurial greats, but the powerful lessons above will give any new or even established entrepreneur an edge in their business.
After scaling a five-year-high growth of 9.9% in October, industrial output contracted 3.2% in November, its first drop since October 2014, showed the official data released on Tuesday. Retail inflation inched up to 5.61% in December from 5.41% in the previous month, as food inflation rose to 6.40% last month, compared with 6.07% in November. Manufacturing hit -4.4% in November, compared with 4.7% a year before. Mining rose just 2.3% in November, against 4% a year earlier, while electricity production barely rose (0.7% in Novemver against 10% in the same period last fiscal), the data showed. Importantly, the output of capital goods, a gauge for fixed corporate investment, shrank 24.4% in November, against a 7% expansion a year earlier.
India's foreign reserves eased to $350 billion by the end of December last year, down about $5 billion from its record peak seen in mid-2015, according to a report published today by a leading Singapore-based bank. Currency valuations and the authorities' active presence to contain rupee volatility likely influenced the pace of reserve accumulation, DBS Bank said in its today's report on Asian economies. The report said despite the modest pullback, the current stock is comfortable on domestic metrics, especially with regard to the import cover (10x) and adequacy to cover short-debt external debt levels.
The Ministry of Mines has sought for comments and suggestions from the stakeholders on the draft Mines and Minerals (Development and Regulation) (Amendment) Bill, 2016 seeking to amend the Mines and Minerals (Development and Regulation) Act, 1957. As part of the Pre-Legislative Consultation Policy, the draft Bill along with an Explanatory Note explaining the provisions of the proposed draft Bill are made available on the website of the Ministry of Mines at www.mines.gov.in inviting comments/suggestions from the general public, Governments of States and Union Territories, Mining Industry, Stake Holders, Industry Associations, and other persons and entities concerned, on the draft Bill.
India on Friday called the slide in China's yuan a "worrying" development for its flagging exports and said it was discussing possible measures to deal with a likely surge in imports from its northern neighbour. Trade Minister Nirmala Sitharaman said the yuan's fall would worsen India's trade deficit with China. While the government would not rush into any action, it had discussed likely steps it could take to counter an expected flood of cheap steel imports with domestic producers and the finance ministry, she said. The comments came a day after China allowed the biggest fall in the yuan in five months, pressuring regional currencies and sending global stock markets tumbling as investors feared it would trigger competitive devaluations.
India’s consumer inflation probably edged up for the fifth straight month in December, driven by higher food prices, complicating the central bank’s task of steering monetary policy at a time of international deflation. Retail inflation has been picking up since August, mainly due to a surge in prices of items like lentils and posing a challenge to Prime Minister Narendra Modi, whose party recently lost local elections in Gujarat, the state he ran for over a decade. The government has revised its economic growth target to 7 to 7.5 percent for the fiscal year that ends on March 31 from an earlier estimate of 8.1 to 8.5 percent, due to weak farm output and declining exports.
National Board for micro, small and medium enterprises – the highest policy making body for the sector will meet on January 18, 2016 at Vigyan Bhawan, New Delhi. The Board chaired by Kalraj Mishra, Union Minister for MSME will brainstorm on issues like Udyog Aadhar, Enterprise Creation (Start-Up), Access to Credit, Public Procurement Policy and New Initiatives of the Government for the sector. The meeting is being held at a crucial juncture when the 4 crore plus MSME population of India are singing under credit squeeze, enormous delayed payments and severe demand recession.
Faster refund of state taxes, improved rail-road connectivity, land and environment clearances were among the major issues discussed at a meeting of central and state governments and industry in quest of measures to arrest persistent fall in exports. Besides, the first meeting of the Council for Trade Development and Promotion chaired by Commerce and Industry Minister Nirmala Sitharaman, also deliberated on quality and standards of products, labour issues and the Assistance to States for Infrastructure Development of Exports (ASIDE scheme).
Government has constituted a Committee headed by Prabhat Kumar, Ex Cabinet Secretary and the first Governor of Jharkhand state, to make appropriate recommendations for a national policy of MSME. As per the notification issued under the signature of Development Commissioner MSME, the Committee is expected to submit its comprehensive recommendations to the Ministry covering issues like Digital India, Start up India and Make in India, by June, 2016. Prabhat Kumar also headed the office Development Commissioner (MSME), then SSI, the implementation arm of the Government of schemes and programmes for the MSME sector, during 1992 -95, when a number of initiatives were taken for upscaling the sector.
The Andhra Pradesh government on Monday announced its retail policy — the first state to do so. It offered greater flexibility in labour laws pertaining to working hours for ease of doing business in the retail sector. The state has included food and grocery retail enterprises under the Essential Services Maintenance Act (ESMA) to dissuade strikes. It has also declared distribution centres and warehouses of retail enterprises as public utilities under the Industrial Disputes Act, 1947, to prevent flash labour strikes.
The Common Facility Centre (CFC) at Rajkot Engineering Research and Testing Centre, which has been recently dedicated by the state chief minister Anandiben Patel, will help the local industries in testing and research at an affordable costs, President of Rajkot Engineering Association (REA), Bhavesh Patel told KNN. The CFC was established at a cost of Rs 15 crore by REA, in association with state and central government, to test submersible pumps and electric motors for energy efficiency as well as material testing and instrument calibration. On this occasion, CM Patel expressed her pleasure on getting international standard facilities at the door-step of the industry.
Dalit entrepreneurs in the state will soon get incentives to launch projects as part of the Maharashtra government's outreach to encourage Dalits to set up more businesses here. The state Cabinet is likely to clear a proposal by month-end which envisages a number of sops to encourage these entrepreneurs. The sops may include preferential allotment of MIDC land and funds to set up businesses. According to state government officials, under the new policy, every integrated township being set up in the state will see a portion of land allocated to these business people.
On Friday, the Odisha Micro Small and Medium Enterprises (MSME) trade fair has kicked off in the state capital at IDCO Exhibition grounds. This a seven daylong event inaugurated by the Chief Minister Naveen Patnaik of Odisha. The Event is being organised by the State MSME department. Chief Minister Naveen Patnaik said “The State Government is organising the Fair to provide a platform to the entrepreneurs of the state to showcase their products and services and have direct interaction with buyers.
Fragrance and Flavour Development Centre (FFDC) under Ministry of MSME is going to organise a training session which would be centred around the creation of fragrance and flavours using raw materials and its application. FFDC is launching a 5 day training session in Kannauj, which would commence from Jan18-22. The course is designed to skill the participants in creating fragrance & flavour using raw materials through the method of compounding and its applications in cosmetics and food production in the concerned industry.
A melange of colourful traditional Pathein umbrellas, puppets, velvet slippers, lacquer work and jade items from Myanmar are among major attractions at the ongoing Dastkari Haat craft bazaar at Dilli Haat here. For the 30th edition of the annual festival which commenced on January 1, Dastkari Haat Samiti, supported by Ministry of External Affairs and the Embassy of India in Myanmar, has collaborated to exhibit traditional crafts like shell craft, basketry, mat weaving, handloom textile weaving, hyacinth grass weaving and jewellery from the neighbouring country.
The West Bengal MSMEs are all set to woo global investors during the world's leading trade fair for industrial technology, Hannover Messe 2016 to be held in April this year in Hannover, Germany. In this context, the Federation of Small and Medium Industries (FOSMI) is organizing a meeting to discuss about the opportunities and way forward. “Discussions will include the presentation of exposure visit to UK by participating SME Group and to UK during 30th April to 5th May 2016 after the trade fair in Hannover Messe, Germany,” FOSMI said.
With an endeavour to promote local goods produced in the remote areas through traditional marketing system, Cabinet today have its ex-post-facto approval for pact between India and Bangladesh for setting up Border Haats. The move will give boost to the micro enterprises in the area. The move aims towards improving economic well-being of marginalised sections of society. The Union Cabinet chaired by the Prime Minister Narendra Modi has given its ex-post-facto approval for the Memorandum of Understanding (MoU) between India and Bangladesh for -MoU and Mode of Operation of Border Haats signed on 23.10.2010 with Bangladesh for setting up Border Haats on India-Bangladesh Border;
India and France are close to a deal to buy 36 combat planes from Dassault, India’s defence minister said on Monday, after months of wrangling over price and other terms of the sale. French President Francois Hollande is due in New Delhi this month as a guest of honour at a military parade and the two sides are expected to seal the pact for the Rafale fighters either just before he arrives or during the visit.
According to the FISME Factor, about 73 percent of Micro, Small and Medium Enterprises (MSMEs) think that PM”S Lahore visit will help our country improve relations with Pakistan while 13 percent think otherwise.
Motivating employees is a purposeful challenge that requires more than an annual review or a promise of incredible perks. Various studies have shown that managers see motivation in terms of the size of the compensation. With profitability returning to some sectors and geographies, experts see signs of big bonuses making a comeback this year. But how effective are performance incentives in driving excellence?
Early-to-mid stage startups are facing a severe capital crunch while raising their series B and C -or second and third - rounds of funding, which is critical to speed up a venture's growth. The last quarter of 2015 saw a drop of 50% in the number of series B rounds and an 80% fall in series C rounds from the previous three months, according to data collated by Tracxn for TOI, signalling a major pullback from investors who sign cheques of around $20-50 million. The trend is likely to get even more pronounced over the next few quarters as funding slows down.
The National Capital Region's air quality has been bad for years now, and the debate around why and who's responsible has been equally pungent and partisan. Delhiites have wondered about the costs they may be paying by living in such a gas chamber, where levels of noxious gases and harmful particulate matter go up as much as 10 times the prescribed safe limits. Those who could escape the city - expats, foreign correspondents, well-to-do retirees and the rich with houses and offices in other, less polluted metros - have done so. Enter the Aam Aadmi Party's (AAP) odd-even scheme to allow cars with odd and even registration numbers on the roads on alternate days.
To promote start-ups, the chambers suggested removing the entire regulatory burden for initial few years and ease of opening and closing the start-up business. Former Ficci President Harsh Pati Singhania said the government should have to look at several issues such as facilitating and closing of start-ups, funding and tax ambiguity for funders.
Aditya Rao's first professional tryst with Bengaluru was in 2009. When he had come for his first job at Mercedes-Benz as a mechanical engineer. Fresh from BITS Pilani, little did he know that six years down the line, he would be part of a digital wave that would sweep India. Rao now heads LocalOye, a mobile marketplace for hiring local service professionals. It offers a gamut of services, from plumbers to electricians to mehendi artists and yoga instructors. The online platform, which went 'mobile-only' in July 2015 and later resumed some of its services on the desktop in September, helps users book and pay for services provided by its partners.
Hotel aggregator OYO Rooms has forayed into south-east Asia through the launch of its operations in Malaysia. The startup has aggressively scaled its presence in India to offers 40,000 rooms. "Malaysia is our first port-of-call given the attractive characteristics of the market such as higher-than-average mobile penetration and a large internet population," Ritesh Agarwal, founder and CEO, OYO Rooms said in a press statement. "Unbranded hotel room supply accounts for a majority share of hotel supply worldwide.. OYO's model is suitable for markets with large share of unbranded budget supply such as South-East Asia, Africa and South America."
“Opportunity is missed by most people because it is dressed in overalls and looks like work. ”
Buy our one-of-a-kind guide to all industrial testing laboratories in India. Find the one most convenient for getting your products tested and certified. An invaluable compendium for all industrial units and exporters.
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