The Financial Express Prominent MSME representative body Federation of Indian Micro and Small & Medium Enterprises (FISME) has urged the government for a comprehensive policy response to the existing Special Mention Account (SMA) framework to help revive MSME accounts with incipient stress.  In its recommendations for the upcoming budget FISME said the SMA framework should not stop just at the identification of stressed accounts and halting of banking operations of the accounts but must also posit suitable guidelines for their revival.  “SMA framework, a handiwork of Raghuram Rajan We are flooded with complaints that instead of reviving struggling MSMEs the framework in fact is leading to premature closures,” FISME said in its recommendations.  The issue with the SMA framework is that it lacks a mechanism to consider the qualitative reasons for the delay in loan repayment by the MSME the MSME account becomes a pariah and banks restrict bringing banking operations of the unit to a grinding halt there is no guidance on what the bank manager has to do next for MSME revival the bank moves to recover money by selling assets.”  After last year’s budget, RBI held consultations with MSME associations What it came out with was a proposal for a fund to provide an additional 10 per cent loan for revival FISME said this response was not even close to a halfway house.  The federation requested that the quantum of funds for supporting the revival of SMA accounts should be based on the need and not rigidly pegged at 10 per cent Another issue raised by FISME in its recommendations was related to BLR (bank loan ratings) BLR in India is a measure of the creditworthiness of an individual or organization regarding their ability to repay a bank loan This rating is issued by credit rating agencies, such as CRISIL, ICRA, CARE Ratings based on a detailed evaluation of financial performance The ratings are also applicable to MSMEs and unlisted entities Borrowers with higher BLR are considered less risky and can secure loans at more favourable interest rates BLR is challenging because unlike large enterprises small businesses often lack robust financial records and are perceived as high-risk due to their small scale and sectoral volatility well-established entities with stable financials The announcement in the last budget that PSU banks would be encouraged to develop their own credit assessment models was seen as a nudge to banks to abandon the use of BLR However, the lack of explicit RBI guidelines on the issue has allowed the practice to continue, more or less, FISME said as it called for guidelines to be issued by the Reserve Bank of India (RBI) for banks and other financial institutions that MSMEs and unlisted companies do not mandatorily require BLR.  Other key recommendations by FISME for the upcoming budget were:  Subscribe to Financial Express SME (FE Aspire) newsletter now: Your weekly dose of news, views, and updates from the world of micro, small, and medium enterprises Moody’s predicts that India-Pakistan tensions will hinder Pakistan’s access to external financing and put pressure on its foreign reserves India’s stable macroeconomic conditions are supported by growth but a sustained escalation in tensions could impact fiscal strength Moody’s expects periodic flare-ups but not an all-out military conflict Fisme Urges Govt To Address MSME Financing Woes In Budget 2025-26 Fisme emphasises the need for a policy environment that supports MSME growth and competitiveness, including reduced collateral requirements, simplified loan procedures, and a focus on export promotion In its representation for Budget 2025-26, the Federation of Indian Micro and Small & Medium Enterprises (Fisme) has emphasised the issues related to finance, protectionism, the government’s purchase policy, and ease of doing business. The issue is that SMA framework’s trigger is automatic, computer-driven, and lacks a mechanism to consider the qualitative reasons of delay, Fisme said. “Once red-flagged, the account becomes a pariah and banks restrict, even withdraw, banking facilities bringing banking operations of the unit to a grinding halt. Post-SMA mark, there is no guidance what the bank manager has to do next for revival: No road map, No SOP, No standing instructions.” The account is allowed to slip into a non-performing asset (NPA), Fisme said. “Once NPA, the bank moves to recover money by selling assets... A temporarily stressed account thus is forced to turn into full-fledged NPA, killing the business and the associated employment.” There is an urgent need for a comprehensive policy response, Fisme said. It also highlighted the problem with bank loan ratings (BLRs), which are credit ratings that indicate a borrower’s ability to repay a bank loan on time. Fisme called them “another misconceived measure of the UPA era.” Third-party ratings were imposed on MSMEs and unlisted companies. The RBI needs to issue guidelines to banks and financial institutions that MSMEs and unlisted companies do not mandatorily require BLR rating. Fisme also emphasized on need-based financing for MSMEs which “would enable banks to provide more tailored and flexible financing solutions. Cash flow-based financing focuses on an MSME's ability to generate cash to repay loans, rather than solely on collateral. Banks may be encouraged to consider need based financing as an independent mode of financing using combining need-based assessment with cash flow analysis.” Fisme desires reduced collateral requirements for high-performing MSMEs. Also, “there is need for EXIM bank to lend liberally to exporters particularly budding exporters.” Powered by Hocalwire We will not share your information with anyone Home > MSME FISME Asks GoM To Approve Protectionist Measures on Imports Jan 4 (KNN) The Federation of Indian Micro and Small & Medium Enterprises (FISME) has called for immediate government intervention following the recent HSBC India Manufacturing Purchasing Manager's Index (PMI) report which revealed manufacturing activity has hit a 12-month low.  The industry body presented its concerns during a meeting with Chief Economic Advisor V Nageswaran where it outlined several key recommendations to address the impact of increasing protectionist measures on the sector Central to FISME's proposals is the recommendation for comprehensive analysis of quality control orders (QCOs) and safeguard duties by prestigious institutions such as the Indian Institutes of Management or the Indian Institute of Foreign Trade.  The federation emphasised that such assessment should precede any new implementation of tariff or non-tariff barriers with explicit involvement of MSME stakeholders and user industries in the decision-making process.  They also advocated for the formation of a group of ministers to oversee these measures The industry body expressed particular concern over recent QCOs in the steel sector which have introduced 151 rigorous standards that effectively restrict imports.  these restrictions have enabled domestic producers to implement substantial price increases.  The organisation noted that similar constraints are being extended to other essential materials potentially compromising MSMEs' ability to access cost-competitive raw materials In a memorandum submitted to the government FISME warned of far-reaching consequences for employment across multiple sectors.  "The decline in MSME competitiveness due to higher input costs and reduced market access will lead to job losses within the sector," the memorandum stated adding that these effects would cascade into related industries such as transportation The organisation cautioned that diminished competitiveness in the MSME sector could significantly impair India's overall employment growth trajectory ‘Investmeet’ in Hyderabad on Wednesday for investors in capital market Revenue of flavour market in India has enhanced at a CAGR of 9.9% in FY' 2010-2015: Ken Research Separate bidding process for MSMEs under Make - I & II will boost domestic industry: Defence Experts Jewellers strike over proposed 1% excise enters 28th day today Gujarat, Maharashtra contribute 46% to India's exports; share of top 5 is 69%: Study Designed by Redhoney HistoryNet Allen saw a sudden puff of smoke that rolled forward with a jet of yellow flame Men curled up as smoke and flame rolled over them and he dazedly thought of burning leaves’ scattered in the cellars of half-ruined houses and strung out behind a battered stone wall that spanned the northern edge of the village They had been fighting for weeks and had not eaten a scrap of food for four days They had long since used up their grenades German artillery had knocked out their only machine gun The doughboys occupied the village of Fismette on the north bank of France’s Vesle River German troops occupied the steep hillsides that dominated the village to the north To the south the debris-choked river flowed 45 feet wide and 15 deep A man could swim it if he didn’t mind slithering across submerged coils of barbed wire and risking German machine-gun fire the only way across was a shattered stone footbridge that barely linked one bank to the other Clambering over the bridge was a slow business—impossible in daylight For the past two hours the Germans had bombarded Fismette with every gun in their arsenal and German observers stationed on the hills above or flying in planes overhead would watch the Americans’ every movement for at least the next 12 hours It was at this moment—when the doughboys’ situation seemed impossibly desperate—the Germans chose to attack A full battalion of elite stormtroopers armed with rifles grenades and flamethrowers rushed the weak American line As thick black smoke and flames spurted toward them The Pennsylvania National Guard’s 28th Division the famed “Keystone,” was among the best the Americans had in France in the summer of 1918 “They struck me as the best soldiers I had ever seen,” said Brig commander of the division’s 55th Infantry Brigade survivors who didn’t seem to be oppressed by the death of other men.” When the United States entered World War I in April 1917 the Pennsylvania National Guard’s 109th 111th and 112th infantry regiments formed the 7th Division Later that year the unit was redesignated the 28th Division assigned to the American Expeditionary Forces and shipped to France under the command of Maj Serving as a sharpshooter during the Spanish-American War he had received the Distinguished Service Cross for single-handedly killing the entire crew of a Spanish artillery piece Muir’s men affectionately called him “Uncle Charley.” The Pennsylvanians entered combat for the first time in early July 1918 fighting as part of the American III Corps under Maj As no independent American Army in France yet existed they were under the overall command of Maj Attacking northward from the Marne River about 50 miles east of Paris they pushed into an enemy-held salient backed by the Aisne River On August 4 the Americans captured the town of Fismes on the south bank of the Vesle River They had advanced 20 miles in just over a month and cleared out most of the German salient Degoutte nevertheless ordered the 28th Division to cross the Vesle capture Fismette and hold it as a bridgehead Muir and Bullard vehemently disagreed with Degoutte’s orders The bridgehead at Fismette was too vulnerable Enemy-held hills overlooked it on all sides and withdrawal under fire over the Vesle would be next to impossible and the American generals had to swallow their objections Until the independent American Army that General John J Pershing had sought for so long became a reality they had no choice but to follow the Frenchman’s orders The Germans did not concede Fismette easily troops of the 112th Infantry attacked the village They tried again the following morning after American artillery had laid down a heavy barrage and after a savage street fight they gained enough of a toehold to hang on counterattacks and constant hand-to-hand fighting engulfed Fismette in an inferno of flame a literate young man from Pittsburgh who would later become a successful novelist approached the riverbank opposite Fismette late on the evening of August 9 His company of the 111th Infantry had been fighting the Germans for six weeks and had not received rations for the past few days Allen’s thoughts were less than cheerful as he gazed across the Vesle at a churning cloud of smoke flickering with muzzle flashes and echoing with gunfire and explosions The infantrymen crossed the stone bridge just after midnight they prayed enemy flares would not light up the sky and expose them to machine-gun fire The Germans still held much of the village and contested the Americans house to house Allen’s captain led them through the village until they reached its northern edge just before dawn on a half-wooded upward slope cut by a small gully German machine guns barked at them furiously from the shelter of some trees The captain ordered an attack but was shot dead as he led his men into the open Allen and the others continued forward another 50 yards before retiring to the village with heavy losses The few remaining officers in Allen’s company held a hurried conference in an old dugout Their standing orders were to attack and seize the hills above Fismette but this seemed insane when even survival was problematic had to return to headquarters in Fismes and seek further orders Allen approached the riverbank by slithering down a muddy ditch dragging his belly painfully over strands of barbed wire half-submerged in the mud Small clouds of German mustard gas filled the ditch in places the gas burned his hands and other exposed patches of skin Allen nevertheless made it to the river’s edge The lieutenant crossed the Vesle beneath the bridge sometimes swimming and other times crawling over submerged barbed wire American and German machine guns constantly raked the shore There seemed no way forward and no way back “I lay there in the river for a minute and gave up,” he later remembered Allen noticed a small culvert that offered just enough cover for him to make his way into Fismes A few minutes later he was racing down rubble-strewn streets toward the dugout serving as battalion headquarters No signposts were necessary—all he had to do was follow the macabre trail of dead runners’ corpses He arrived at the dugout to the sight of an unexploded German shell wedged into the wall just over the entrance wounded soldiers and malingerers to reach his battalion major The major looked rather pleased with himself for he had so far received only positive reports of the fighting in Fismette Several hours later an officer shook Allen awake and ordered him to guide a group of reinforcements back into Fismette and the surrounding area was strewn with shell holes A sentry warned that the slightest sound would provoke German machine guns to open fire on the bridge and that several runners had been killed trying to cross no more!” he said to himself over and over sheltering nearby and waiting to fire at German muzzle-flashes lieutenant—they are shooting low when they cut loose!” Allen sucked in his stomach and led his men carefully over the bridge The doughboys stood frozen and prepared to die “was undoubtedly the most intense moment I ever knew.” The flare seemed to float eternally The hours that followed sank only partially into Allen’s memory “In that great time,” he later wrote “there was never any rest or let-up until the body was killed or it sank exhausted.” Around him Months afterward many members of the regiment would receive medals in tribute to their bravery in Fismette Mestrovitch rescued his wounded company commander under fire on August 10 and carried him to safety Mestrovitch would receive the Medal of Honor for this act of heroism—but posthumously Lieutenant Bob Hoffman would return home with a Croix de guerre He spent his days and nights in Fismette scouting German positions and fighting off counterattacks One morning Hoffman noticed German preparations for an attack and deployed his men in a block of ruined houses they had linked together with strongpoints and tunnels The Americans had just taken their positions poking their rifles through apertures in the crumbling stone walls when German soldiers came rushing down the street Hoffman never forgot the sight: “Clumpety-clump with their high boots and huge coal-bucket helmets their eyes almost popping out of their heads as they dashed down the street As the 50 or so Germans advanced further into the village they stumbled into preset kill zones and were shot down to a man a young German popped into the doorway of the house where Hoffman had taken shelter and paused to catch his breath standing in the semidarkness of the ruined house hesitated for a split second as he decided what to do—shoot the German challenge him to fight or just stick a bayonet in him He chose the last option and lunged forward The surprised German died spitted on the lieutenant’s bayonet After three days of fighting the 111th seemed in no condition to withstand a determined enemy attack One evening Hoffman led a scouting party that captured a teenaged German soldier The frightened boy told his captors that German shock troops had arrived and were preparing an all-out assault on Fismette Hoffman crept out along the village outskirts in a search for evidence to corroborate the boy’s story American reinforcements had crossed the bridge without drawing fire The only enemy activity seemed to be in the air An unusual number of German planes were aloft sputtering along slowly—and uncontested—above the village A sense of stillness and expectancy reinforced Hoffman’s sense of foreboding Back across the river in Fismes the 111th regimental officers thought the tide had turned in their favor Muir kept relaying messages from Degoutte—attack attack—and as the German guns fell silent it seemed the Frenchman’s persistence had borne fruit to clear the Germans out of Fismette and seize the surrounding heights Hoffman and Allen received their orders early in the morning on August 11 They must rouse every available man and attack at dawn the doughboys must also drive them from the surrounding hills whose 3rd Battalion would spearhead the attack The word “murder” also popped into Hoffman’s mind as he watched Donnelly assemble his men Neither Allen nor Hoffman took part in the initial attack—but they would share in its aftermath the German artillery burst forth with sudden After a few minutes a handful of doughboys—all that remained of the battalion—came staggering back down the hill the dying and men driven half-mad by shell concussions made a feeble attempt to care for the wounded before he too hunkered down in a basement There was nothing more any of them could do The German bombardment continued all the rest of that day and through the night “meant only one thing.” Hardly conscious of what he was doing he ordered every man who could stand out of the dugout and drove them toward a wall to face the enemy attack “They are all dead up there along the wall thought the same: “Everywhere I looked were dead men There seemed to be no live men around to man the guns.” “Here they come!” someone shouted Another flash burst among some nearby houses One of Allen’s men stood up and whirled to face him staring wide-eyed into the lieutenant’s face Hoffman felt the same knot of terror in the pit of his stomach as he watched the flamethrowers move forward clutching hoses that spewed liquid fire up to 50 yards His body seemed to shrivel with the heat as banks of smoke wafted past him From behind the wall and along the village perimeter they opened fire on the German stormtroopers They concentrated on the men with flamethrowers Their morale soared when a bullet punctured a flamethrower tank and a German erupted into flames until all that remained was the smell of burning flesh Rifle and grenade-toting German infantry surged forward regardless and managed to drive the doughboys from several houses That night troops of the 109th and 112th regiments relieved the survivors Hoffman’s entire company had been reduced to just 32 men Allen was in no condition to call roll for his company he was evacuated and spent the remainder of the war in a French hospital The tragedy of Fismette had yet to reach its denouement The Americans cleared the village step by step and on August 22 they declared it under control By this time the defense of Fismette had reverted to the hands of the 112th Infantry knew the division was exhausted and that it lacked further reserves to meet a German attack Rickards invited Bullard and Muir to his headquarters in Fismes all three men agreed the Americans must abandon Fismette Muir promptly issued an order to evacuate the “uselessly small bridgehead,” and Bullard approved Bullard’s chief of staff tattled to Degoutte before Rickards could execute the order Degoutte countermanded Muir’s order and ordered Bullard and Muir to hold Fismette at all costs That night companies G and H of the 112th—236 men in all—took up positions in Fismette German artillery laid down a barrage around the village destroying the bridge over the Vesle and sealing off the beleaguered Americans Twenty minutes later 1,000 German stormtroopers with machine guns hand grenades and the dreaded flamethrowers descended on Fismette The Pennsylvanians held on doggedly for several hours inflicting severe casualties on the attackers The Germans nevertheless broke through to the river at several points separating the Americans into isolated pockets they then methodically destroyed Just over 30 doughboys managed to swim across the Vesle to safety an estimated 75 were killed and 127 taken prisoner Bullard blamed Degoutte for the disaster and wrote a letter to Pershing describing how the French general had countermanded Muir’s orders to evacuate Fismette Degoutte tried to make amends by publicly praising the 28th Division for its gallantry A few days later he confronted Bullard at headquarters “Why did you not disobey the order given by General Degoutte?” he demanded From then on the bulk of American forces in Europe would fight under American command even as Hervey Allen and Bob Hoffman fought for their lives in Fismette the independent American First Army was formed It would spearhead the American drive to victory that ended with the armistice on Nov For further reading Ed Lengel recommends Toward the Flame: A Memoir of World War I and Doughboy War: The American Expeditionary Force in World War I Whether they produced battlefield images of the dead or daguerreotype portraits of common soldiers In 1964 an Ohio woman took up the challenge that had led to Amelia Earhart’s disappearance how Wild Bill Donovan shaped the American intelligence community During the 1835–42 Second Seminole War and as Army scouts out West these warriors from the South proved formidable “History is a guide to navigation in perilous times History is who we are and why we are the way we are.” HistoryNet.com is brought to you by HistoryNet LLC, the world’s largest publisher of history magazines photo galleries and over 25,000 articles originally published in our nine magazines Subscribe to receive our weekly newsletter with top stories from master historians sign me up! NPC Facilitate B2B Partnerships for Indian and Taiwanese SMEs Oct 1 (KNN) In a significant move to promote technological advancement and sustainability among Indian Micro the Federation of Indian Micro and Small & Medium Enterprises (FISME) and IFCI Ltd. have established the ‘Centre of Excellence for Aspiring SMEs’ 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 The delegation of Taiwanese experts from various sectors like fertiliser specialising in cutting-edge environmental technologies presented their innovations at a meeting held on October 1 aimed at assisting fast-growing Indian SMEs in acquiring advanced technologies and forming joint ventures (JVs) both domestically and internationally marks a strategic step in India's MSME modernisation drive The Centre is expected to focus on creating partnerships with key East and Southeast Asian countries The discussion centred around areas critical to Indian industry including wastewater treatment for Common Effluent Treatment Plants (CETPs) and circular biotech solutions for the pharmaceutical and agricultural sectors Taiwanese expertise in wastewater management could prove transformative for India’s efforts to achieve Zero Liquid Discharge (ZLD) and Zero Waste Disposal (ZWD) standards in CETPs ensuring sustainable water use and improved industrial efficiency Taiwanese experts also highlighted innovations in creating a circular ecosystem for e-waste and solar panel recycling emphasising the importance of sustainable resource management While only a few responses from FISME members were expected due to the short notice of the meeting two senior officials from the Centre of Excellence were deputed to engage with the Taiwanese delegation and explore opportunities for future collaborations The meeting also touched upon the potential for future delegations to Taiwan where Indian SMEs could explore Taiwan’s advanced manufacturing and green technology solutions firsthand Both nations reaffirmed their commitment to advancing resource resilience and energy efficiency in line with the United Nations' Net-Zero Resilient Climate Advocacy This collaboration signifies a promising leap towards building sustainable with MSMEs at the forefront of technological innovation Working for promoting entrepreneurship and Improving market access for Indian Micro & Small and Medium Enterprises (MSME’s) the Federation of Indian Micro and Small & Medium Enterprises (FISME) has reached out to 28 countries to help in identifying and addressing operational as well as policy obstacles their SMEs are facing in India Already a part of official Trade Facilitation set up in India (under TFA) and a Member of Board of Trade (Ministry of Commerce & Industry) the FISME wrote to the New Delhi-based embassies and high commissions of Asian and other continent countries in May this year USA and Iran have responded to the FISME call while the commercial attaches and ministers of other embassies are in touch FISME told Asian Community News (ACN) Network The Korean ambassador in India Shin Bong-kil was  quick to respond to the FISME call as he recently invited its team led by president Animesh Saxena to the embassy following which the Korean counterpart KOSMA (Korean Small & Medium Enterprises Association in India) and FISME may soon sign an MoU to facilitate Koreans SMEs in India and offer them handholding and matchmaking opportunities “FISME has taken a call to work with foreign companies/MNCs and identify operational and policy obstacles especially those fall under Trade Facilitation Being part of official Trade Facilitation set up in India (under TFA) and a Member of Board of Trade (Ministry of Commerce & Industry) we can leverage our presence and help foreign companies in ironing out their difficulties,” the FISME president Animesh Saxena wrote to the embassies and high commissions FISME – India’s largest network with over 750 SME associations as its members providing them the support system in the SME sector “India is one of the fastest growing large economies and a lot of foreign companies are interested in accessing the Indian market Many even consider using India as a base to manufacture to cater to local demand as well as use it for supplying to regional/global markets most of them find getting a foothold here quite challenging,” Saxena stated in the letter He said that FISME was of the firm belief that the presence of foreign companies augurs well for India as well as Indian MSMEs “We think that most companies venturing beyond shores carry innovating ideas MNCs lead global value chains and their presence here means opportunities for MSMEs to plug in their global network too,” he added The embassies and high commissions of the countries the FISME wrote to include Argentina Also read: FISME to play key role in facilitating Korean MSMEs in India; may soon sign MoU with KOSMA People in Japan jubilant over Modi’s re-election as PM; distribute Jalebis, Samosas Indonesia’s “The Food Diplomacy: Makan Ngga Makan Asal Kumpul” exhibition reaches New Delhi and website in this browser for the next time I comment FISME Seeks Review Of SMA Classification Norms Ahead Of Budget 2025-26 Dec 31 (KNN) The Federation of Indian Micro and Small & Medium Enterprises (FISME) has submitted comprehensive recommendations to the finance ministry calling for significant reforms in MSME credit access ahead of the upcoming budget the organisation advocates for reduced collateral requirements for asset-heavy and high-turnover MSMEs arguing that such measures would enable businesses to reinvest in growth while fostering financial discipline within the sector The federation has highlighted concerns regarding the current Special Mention Account (SMA) framework the existing automated system lacks flexibility in considering qualitative factors behind payment delays often resulting in severe consequences for flagged accounts The organisation suggests that support funds for SMA MSMEs should be allocated based on actual requirements rather than adhering to a fixed 10 per cent threshold FISME has called for the elimination of Bank Loan Rating (BLR) requirements for assessing MSME creditworthiness This proposal gains particular relevance following the government's FY25 budget announcement directing public sector banks to develop their credit assessment models The federation notes that the absence of explicit Reserve Bank of India guidelines on this matter has allowed the continuation of existing practices The organisation has also raised concerns about trade protectionism warning against the imposition of duties on essential raw materials such as steel FISME argues that such measures could significantly impact MSME production costs and global competitiveness the federation emphasises the critical need for enhanced export financing support noting that MSMEs contribute approximately 50 per cent of India's merchandise exports while facing considerable international market challenges FISME IPFC To Assist MSMEs Get Reimbursement For Filing IPRs Oct 10 (KNN) In a significant boost for Micro the Federation of Indian Micro and Small and Medium Enterprises (FISME) has announced that its Intellectual Property Facilitation Centre (IPFC) will assist these businesses in securing reimbursement for their Intellectual Property Rights (IPR) filings.  while aiming to strengthen in general the competitiveness of MSMEs so that they can become a part of the global business community will specifically endeavour to build greater awareness among MSMEs about IPR issues and provide insights to them on the complex mechanism of creation ensuring that MSMEs can make informed decisions regarding their intellectual property One of the key features of the IPFC is its facilitation of financial assistance for eligible MSMEs The Ministry of MSME provides grants to support the costs associated with obtaining various forms of intellectual property.  The maximum financial assistance available includes Rs 5 lakh for foreign patents Rs 2 lakh for Geographical Indications (GI) registration and Rs 0.10 lakh for trademark registration.  aims to enhance the protection of innovations and creations within the MSME sector thereby promoting entrepreneurship and fostering economic growth These financial incentives are crucial for MSMEs By offsetting some of the costs associated with IPR filings FISME and the Ministry of MSME are empowering these enterprises to innovate without the fear of financial burden This initiative aligns with the government's broader strategy to enhance the competitive edge of Indian MSMEs on a global scale By facilitating access to intellectual property rights and providing financial support the FISME IPFC is paving the way for innovation-driven growth in the MSME sector which is vital for the overall development of the Indian economy Home > Videos The Federation of Indian Micro and Small & Medium Enterprises (FISME) has termed the Union Budget as functional and one that will give a boost to Micro FISME welcomed the Credit Guarantee Scheme for the purchase of machinery up to Rs Instead of going through a complicated project assessment process businesses can now seek loans under the scheme to buy machinery without any collateral or third-party guarantee This will significantly boost technology upgradation The announcement to do away with the practice of bank loan rating through credit rating agencies was also well-received The Finance Minister has asked banks to develop their own risk assessment models This will end the expenses and harassment MSMEs faced at the hands of rating agencies FISME welcomed the announcement of a fund to help stressed MSMEs red-flagged under the ‘special mention account’ (SMA) category they termed the measure a "halfway house" as the major issue of a lack of empowered officials at branch levels remains unaddressed Read More: https://knnindia.co.in/news/newsdetails/MSME//budget-prioritizes-stability-with-msme-boost-fisme Your email address will not be published.Required fields are marked * IOB opens MSME branch for local entrepreneurs in Delhi The upcoming budget would focus on infrastructure: Economist Akash Jindal (Watch Video) Govt should focus on markets where Indian garment exporters have edge over others: Ajay Sahai Union Coal & Power Minister Piyush Goyal Speaks on budget allocations to ministry Kanhaiya Kumar addresses media; diverts all attention from budget session Employment Based PLI Scheme For MSMEs During Pre-Budget Consultations with FM Jun 22 (KNN) In the series of pre-budget consultations Finance Minister Nirmala Sitharaman and her entire team met the representatives of MSMEs on Friday Small & Medium Enterprises (FISME) presented a 10-point agenda before the Finance Minister asking for a review of regulatory and promotional policies in view of ‘geo-political turmoil’ President FISME Sandeep Kishore Jain highlighted the need for Performance Linked Incentive (PLI) Scheme for MSMEs FISME proposes MSME specific sector-agnostic PLI focusing employment” He congratulated Finance Minister for having announced replacement of Insurance Surety in place of Bank Guarantees but pointed out scant progress at ground as only a few agencies accept them in place of BGs.   FISME asked for sensitization of procurement agencies and also General Insurance companies Attracting the attention of policy makers towards MSMEs affected by a series of disruptions in global supply chains due to regional conflicts and wars such as Russia-Ukraine FISME demanded review of SMA classification The SMA classification in Banks is triggered and a red flag raised even if principal/ interest payments get delayed by 30 days.  Once an account figures in SMA the account becomes a pariah for both inside as well as outside the bank bringing even the normal banking operations to a grinding halt This is creating false alarms and even resulting into forced closures.  FISME also demanded a disaster support mechanism for MSMEs in international trade Asia's share of global GDP will increase to around 60% FISME suggested change of course for trade promotional efforts from West to Asia.  On Bank Loan Rating (BLR) from RBI/ SEBI approved rating agencies FISME commented that though it was an advisory but followed as a rule “Rating Agencies judge listed company’s ‘Return on Investment (ROI)’ and assign A C type of ratings to inform the uninformed retail investor The same agencies were suddenly mandated to rate MSMEs for short term ‘Solvency’ with the same yardstick MSME’s typically scored BBB- which meant higher interest rates and demand for additional collateral security.” Sandeep Jain noted He also highlighted how QCO on CRGO steel demonstrated poor consultations.  Imposition of QCO on CRGO- a key ingredient for power transformers resulted in a severe shortage of the raw material and shooting-up its prices although CRGO is not even manufactured in India.  On the perennial problem of delays in payment of suppliers FISME has suggested to bring in The Payments Act “Payment is not the ‘essence’ in the Indian Contracts Act.   As a result payments are delayed by buyers with impunity has since been amended and replaced in Britain with a new Late Payment of commercial Debt Act The merit of bringing in ‘Payment Act’ in India may be investigated to instill transparency in procurement both in public and private domains reduce litigation and significantly improve cash flow of businesses- big or small” To create ease of doing business at ground and rein in regulatory excesses FISME has proposed extensive Multi-Tiered Grievance Redressal and Feedback Mechanism.   The Multi-Tiered Mechanism should have Accessibility Data-Driven Policymaking and Transparency & Accountability FISME Holds Roundtable With Think-tanks On Impact of Reciprocal Tariff On Indian MSMEs Mar 31 (KNN) To assess the likely impact of President Trump’s trade measures especially the reciprocal tariff on Indian MSMEs Federation of Indian Micro and Small & Medium Enterprises (FISME) convened a roundtable with India’s top economists have shown a consistent upward trend and touched $77.5 billion in FY24 Indian MSMEs account for almost half of India’s exports and have dominant position in exports to US in Textiles and Apparels Researchers and economists who deliberated the various scenario included Abhijit Das-  Former Director of Center for WTO Studies Jayant Dasgupta Former Ambassador of India at WTO Tariffs and Trade  Expert  Arun Goyal,  Formal trade negotiator Atul Kaushik Trade and  Commerce expert Pranav Kumar and  Debjit Ghosh from KPMG Experts analyzed the likely reciprocal tariff on MSME dominant sectors and how much leeway India had to negotiate with US The prospects of a comprehensive bilateral trade agreement with US was also discussed in length.  The group members also deliberated on trade-off between opting for tariff cuts or a comprehensive agreement with US Convenor of ‘Friends of MSMEs in Parliament’ and former Member of Parliament from Meerut Rajendra Agrawal jointly presided over the session with President FISME Sandeep Kishore Jain The discussion was moderated by FISME Secretary General Anil Bhardwaj FISME Policy Committee Chairman Dinesh Singha and Treasurer C.S Goel with senior officials of FISME participated in the closed group discussions.   FISME is to share the insights with India’s negotiating teams While the formal media briefing is not shared by FISME a public discussion is programmed after April 2 post US announcement on tariff measures.    FISME said “a relationship with Kotak is often seen to come with hidden costs overcharging for routine services and poor service delivery.” A copy of the note was seen by Financial Express Online which has over 700 member associations representing around 20 lakh MSMEs in its note has cited challenges around non-compliance charges foreclosure charges; not issuing no-dues clearances applying ‘debit freezes’ without prior intimation Below are the screenshots of the advisory note by FISME to its members:  on challenging this harassment by Kotak in a court or at ombudsman a flimsy argument is offered that it is not their responsibility to inform customers individually and that the customer ought to have checked the Kotak website- meaning thereby that what is written in the fine lines if foe the customer to read and understand,” FISME said in the note Subscribe to Financial Express SME newsletter now: Your weekly dose of news Kotak Mahindra Bank’s spokesperson Rohit Rao in response to FISME’s allegations told Financial Express Online makes unfounded allegations against our bank FISME has concealed and misrepresented vital facts We vehemently deny each and every allegation Kotak Mahindra Bank never indulges in practices that are either against banking norms or are immoral or illegal The bank serves numerous MSME customers across India and has always endeavoured to provide high quality service to its esteemed customers I would request you to refrain from writing anything that is malicious or incorrect in your esteemed publication.”  Secretary General of FISME said Kotak Mahindra Bank should revoke the non-compliance and other charges imposed on the five whistleblower MSMEs (based on which issues were raised by FISME against the bank) and they be allowed to exit the bank the bank should come out with transparent guidelines on non-compliance charges the red flag should be raised monthly/ quarterly Raising the non-compliance charges at the time when the customer is exiting must be considered mala fide and prohibited,” Bhardwaj told Financial Express Online.  SME sector has been among the growth areas for Kotak Mahindra Bank one of the largest private lenders in the country The bank had recorded a 21 per cent year-on-year growth in its SME segment to Rs 18,994 crore during Q3 FY2022 from Rs 15,702 crore in Q3 FY2021 and 4 per cent from Rs 18,205 crore during Q2 FY2022 “We focused on new quality client acquisition both in the secured and unsecured space in the MSME segment 85% of the book qualifies for priority sector We will continue to grow in the MSME space by expanding distribution footprint multiple and deeper channels and technology enablement,” Shanti Ekambaram Kotak Mahindra Bank had said during Q3 earnings call The bank had also partnered with National Small Industries Corporation (NSIC) in August last year to offer business and working capital loans at ‘attractive’ interest rates to MSMEs registered with NSIC Indian healthcare companies and international private equity firms are preparing to bid for Sahyadri Hospitals bought by Ontario Teachers’ Pension Plan Board for Rs 2500 crore in 2019 is expected to be sold for Rs 4500-5000 crore Other interested parties include Torrent Group Home > Sectors > Export/Imports FISME Flays Imposition Of Countervailing Duties Upto 10% On Copper Wire Apr 9 (KNN) The Directorate General of Trade Remedies (DGTR) has recommended countervailing duties ranging from 3.46 per cent to 10.27 per cent on copper wire imports from Vietnam these duties would impact the profit margins of electrical wire manufacturers who are the primary importers of this commodity The investigation was initiated following an application filed by the Indian Primary Copper Producers' Association Federation of Indian Micro and Small & Medium Enterprises (FISME) has criticized the move and stated it would adversely impact large number of downstream industries mostly MSMEs Reacting sharply to the development FISME has said that large corporate lobbies are  pushing Government for more and more protection through Anti-dumping Safeguard duties and Quality Control Orders (QCOs) The protection is leading to constriction of manufacturing in the country Hindalco Industries Limited and Vedanta Limited provided the costing data for the investigation and are referred to as the domestic industry in this case exports from PT Karya Sumiden Indonesia will face a 4.98 per cent countervailing duty while those from PT Tembaga Mulia Semanan Tbk will attract a 3.75 per cent duty Any other Indonesian exporter will be subject to a 7.94 per cent duty while Metrod Malaysia Sdn Bhd has been exempted from duties all other Malaysian producers will face a 10.27 per cent countervailing duty Vietnamese copper producers will be required to pay a 7.13 per cent duty on their exports to India FISME’s Pre-budget proposals call for reforming Regulations & Public Procurement Nov 20 (KNN) Targeted regulatory reforms create benefits for businesses like tax breaks according to the  pre-budget proposals submitted by Federation of Indian Micro and Small & Medium Enterprises (FISME) The Union Ministry of Finance had sought pre-budget proposals from major industry bodies including FISME and has also created a portal to seek suggestions from public at large Realizing that Government’s finances are already starched the national MSME body stated that their proposals required low fiscal spend but aimed to create higher desirable impact namely economic growth.  FISME has listed reforms in Public Procurement as a priority area in view of 25% set-aside for MSMEs in central purchases and ‘Make in India.  It  asked for creation of an institutional mechanism where complaints related to discriminatory pre-qualification criteria could be addressed While asking authorities to make a distinction between not only the ‘foreign firms’ and ‘domestic firms’ but also the ‘foreign owned’ firms and the ‘locally owned’ firms,  it also suggested for mandatory registration of all Govt buyers on TReDS platforms and permission to Insurance Companies to offer Bank Guarantees.  FISME memo raised a number of problematic clauses in Companies Act and sought exemption under section 462 of the Companies Act 2013 for  appointment of Independent Directors and Women Directors Acceptance of Fixed Deposits from Public and Compulsory Cost Audit of Companies To augment flow of credit to MSMEs especially to cash starved SMME sector FISME suggested that Indian banks should be exempted from following Basel norms for 3 yrs  including doing  away with BLR ratings Ease of Doing Business for MSMEs: Federation of Indian Micro and Small & Medium Enterprises (FISME) is calling for suggestions to put before the central government as they seek to revise the definition of Micro Small and Medium Enterprises (MSMEs) in the country The criteria for Udyam registration eligibility might also be reviewed.  The last drastic modification to the definition of Micro Small and Medium Enterprises (MSME) occurred two years back in 2020 when the investment and turnover figures were increased to accommodate medium enterprises.  Also Read: CCI seen as ‘accommodative’ towards antitrust violations by MSMEs instead of imposing fine: Report The recent rise in the raw material prices has increased the turnover of many small enterprises as a result of which they have crossed the threshold of small enterprises and graduated to medium turnover of many medium enterprises got affected and they became small businesses.  the transition made them ineligible to access subsidies and public procurement that are reserved exclusively for micro and small enterprises.    There are sectors such as defense where capital investments is high but turnover is low investment is quite low but turnover is extremely high it is difficult to fit such huge sectors in the existing MSME definition the Union Government is likely to amend the criterion of turnover and investment for the enterprises that are capital heavy There is also the possibility of introducing a rollover clause of a few years to assist MSMEs that have moved from one threshold to another in the sector.  Federation of Indian Micro and Small & Medium Enterprises (FISME) is amidst collating suggestions to present to the Government for the new definition.  According to the revised definition of MSMEs that was approved by the government in June 2020 the investment limit for micro enterprises was increased to Rs 1 crore (from Rs 25 lakhs) while the turnover limit was capped at Rs 5 crore Also Read: CAIT seeks action against B2B wholesaler Lots Wholesale Solutions for alleged FDI policy violations the investment limit was increased to Rs 10 crore  from Rs 5 crore and the turnover limit was set to Rs 50 crore the investment limit was increased to Rs 50 crore from Rs 10 crore along with the turnover limit at Rs 250 crore The revised definition had also removed the distinction between the manufacturing and services sectors April saw a 3% increase in automobile retail sales in India, reaching 2.28 million units. Festive demand, improved consumer sentiment, and a pause in the global tariff war were key factors. While all segments except commercial vehicles saw growth, cautious consumer behavior and price hikes impacted the market. Credit and Finance for MSMEs: MSME representative organisation Federation of Indian Micro and Small & Medium Enterprises (FISME) has levelled allegations of ‘unethical practices’ against private lender Axis Bank in dealing with MSMEs According to an advisory note issued by FISME on September 7 the federation cautioned MSMEs based on the “serious complaints lodged by a large number of MSME customers of the bank against such practices.” A copy of the note was seen by FEAspire (erstwhile Financial Express Online) the bank may levy fake claims in the name of ‘non-compliance charges’ against its MSME borrowers who intend to switch to other banks quarterly or annually at the time of renewal of credit limit etc but are suddenly raised when an unsatisfied MSME customer wants to switch to another Bank,” said FISME The quantum of charges can be any amount decided whimsically without even furnishing any non-compliance details or rationale FISME said citing a case where 2 per cent charges of cash credit limit were levied which reaches out to 2 million MSMEs through 740 associations also claimed that the bank demands foreclosure charges from 2 per cent to 4 per cent of the sanctioned limits from MSME customers who want to exit Axis Bank “It is scandalous that in order to prop up profits banks like Axis are imposing non-compliance and foreclosure charges on hapless MSMEs defying the very banking code (Code of Banks Commitment to Micro and Small Enterprise) of which Axis itself is a signatory Indian needs a separate banking regulator,” Neeraj Kedia Axis Bank denying FISME’s allegations told FEAspire “As one of India’s largest private sector banks we continue to support the nation’s growth engine – the MSME sector – in every possible way We are a large Bank with a growing MSME customer base that is diversified across geographies and sectors This growth would not have been possible without the trust and faith that the MSME businesses continue to have in us and we take this responsibility very seriously.” “We categorically refute the baseless allegations made in this communication All applicable charges and fees are very clearly and transparently communicated to our customers The various lending facilities are provided to the customers only after getting the Sanction letter and loan documentation terms and conditions duly accepted by the customer we also have an effective customer redressal mechanism in place and have always taken any customer grievance with utmost seriousness and aimed to resolve it at the earliest We would urge you to refrain from giving credence to such unfounded allegations,” the bank said Meanwhile, among other charges levelled against Axis Bank by FISME were not releasing securities nor issuing no-dues clearances to MSMEs who intend to switch to another bank. Importantly, the federation had levelled similar charges against Kotak Mahindra Bank in April this year the latter had “resolved foreclosure/ non-compliance related cases after having been brought to their notice by FISME,” it said Also read: Govt looking for in situ solutions for MSMEs: FM Sitharaman on deriving benefits from India’s workforce April saw a 3% increase in automobile retail sales in India and a pause in the global tariff war were key factors While all segments except commercial vehicles saw growth cautious consumer behavior and price hikes impacted the market World Bank jointly conducts workshop on gender dimensions of trade facilitation in India July 13 (KNN) The Federation of Indian Micro and Small & Medium Enterprises (FISME) and World Bank jointly organised a workshop on the interlinkages between trade facilitation and gender in cross-border trade on July 12 The primary aim of the workshop was to discuss the methodological approach for a study on understanding the reasons behind low women participation in the trade sector It served as a platform for key stakeholders to share their perspectives on women employment in logistics and international trade as well as share knowledge and good practices on the key agenda representatives of World Bank made a presentation on the best practices in terms of gender participation in trade issues and challenges faced by Indian women in trade sector Senior Trade Facilitation Specialist at World Bank highlighted the initiatives being taken by the World Bank to make all its programmes gender inclusive He also laid stress on the importance of gender inclusive policy making FISME in his concluding remarks stressed on the importance of women entrepreneurs in the economic growth of the country Bhardwaj also talked about the need for taking feedback from women entrepreneurs and women-based associations to have a more robust trade policy The workshop was attended by women entrepreneurs representatives of women based industrial associations Federation of Indian Women Entrepreneurs (FIWE) Consortium of Women Entrepreneurs of India (CWEI) and Ms Association of Lady Entrepreneurs of Andhra Pradesh (ALEAP) represented women based industrial associations at the workshop NEW DELHI: In order to ensure smooth entry survival and success of Korean Small and Medium Enterprises (SMEs) in India the Korean Small & Medium Enterprises Association (KOSMA) and India’s national MSME body – the Federation of Indian Micro and Small & Medium Enterprises (FISME) announced to work together and increase the footprint of Korean companies in India Both sides announced this on Monday during the “2023 Management Strategy Seminar & Meeting” organized in New Delhi by KOSMA The event aimed at explaining and guiding the India-based Korean SMEs about various challenges present in ever-growing Indian market and also discussing the management strategy of Korean SMEs at the center FISME’s top sleuths including its Director General and Vice Presidents also attended the event The participating companies included TMS TECHNOV M SYSTEMS PRIVATE LIMITED These Korean and Indian SMEs also displayed their products and services during this event The KOSMA held this seminar & meeting to present management strategies for Korean SMEs entering India and strengthen cooperation between related organizations and Korean companies in Chennai The event began with the key note address of Park Seong-heum followed by congratulatory speech by Yang Kwang-seok of Korean Embassy in India The Management Strategy Seminar witnessed session on India overview Korean companies entering India and 2023 India Economic Outlook by KIEP Current state of Investment in India by Korean Companies Information on Support Policies (including examples) Personnel/labor management of Korean companies entering India Risk management cases of Korean companies entering India Introduction of Indian Federation of Small and Medium Enterprises (FISME) and Cooperation with KOSMA and Reliance METL Jhajjar Industrial Complex Factory Site and Introduction of Incentives The Solo Group said FISME would be open to working closely with KOSMA and facilitate bringing in Korean SMEs to India and set up  their facilities here United  Korean Community Association in India FISME and President Rai Industries Association were also present on the occasion and  FISME) had inked a mutual “help each other” agreement in the year 2019 Both the sides signed Memorandum of Understanding (MoU) with the intent of assisting each other in boosting investment and facilitating smooth entry and functioning of Korean SMEs into India the then KOSMA chairman signed the MoU for the Korean side the then president of FISME that represents over 700 small medium and micro enterprise associations in India signed for the Indian side during the seminar titled “How to Come to India Survival & Sustainability of SME Sector in Indian Market” the FISME had signed a Memorandum of Understanding (MoU) with Yangsan Chamber of Commerce and Industries (YCCI) of South Korea to support and strengthen MSMEs in both the countries FISME will help the entrepreneurs based in Yangsan city to form business ties with the Indian small and medium enterprises (SMEs) Production Linked Incentive Scheme 2.0 for IT Hardware to establish India as global electronics manufacturing hub Korea Fair in India 2023 Draws Massive Crowd in Delhi FISME raises Axis Bank’s exploitative foreclosure issue of MSMEs to MD & Board Small and Medium Enterprises (FISME) has brought private lender Axis Bank under its advocacy radar for the exploitative foreclosure issue faced by the bank’s MSME customers In an effort to protect the rights of MSMEs the New Delhi headquartered association has sent a letter to Amitabh Chaudhry The MSME Association has called out the Bank for employing practices which are against the Indian Banking norms and are in complete defiance of 'Code of Bank's Commitment to Micro and Small Enterprises' (CBCMSE) of which Axis is a signatory Speaking exclusively with KNN on this matter Chairman Banking & Finance Committee at FISME said “Although Axis Bank is a signatory to the CBCMSE it is charging foreclosure/ prepayment from MSMEs.” Explaining the intent of the letter Kedia said that Axis Bank is refraining from its commitment being a signatory to the Code but FISME will ensure that the interests of MSMEs are safeguarded FISME has received over a dozen cases pertaining to Axis Bank out of which seven have been reported in writing where dissatisfied MSME customers have been subjected to heavy penalties while exiting “The Bank officials acquire new MSME accounts promising moon But MSMES soon discover the trap as they brace for higher interest rates over charging and substandard services,” read the letter the moment the distraught MSMEs opt for changing bank the foreclosure / prepayment charges are imposed non-compliance charge are levied at the time of exit FISME has suggested that the Board should seek details from Axis officials about the foreclosure charges and non-compliance collected from MSEs The body has asked the bank to see in how many cases the charges were collected in contravention of the CBCMSE Code and appropriate action initiated It has also said that the bank should prohibit levying charges at the time of leaving the bank and consider them as mala-fide and informed that inaction and nonresponsive behaviour from the bank will constrain it to issue an advisory to MSMEs in this regard Executive Director at RBI in Mumbai has also been apprised by the association about the cases which is said to be getting escalated to Ministry of MSME Department of Financial Services and the central bank.  (KNN Bureau) FISME cautions MSMEs against unethical practices by Axis Bank Sept 9 (KNN) Federation of Indian Micro and Small & Medium Enterprises (FISME) has released an advisory asking its MSME members to be cautious about the unethical and wrong practices at Axis Bank The MSME body has asked its members who are existing customers of Axis Bank Ltd or are considering to switch to Axis to beware of the private lender’s unethical practices.  It has received complaints from large number of MSME customers of Axis that are being harassed who intend to switch to other banks The MSME customers at Axis Bank have also complained about raising exorbitant demands for foreclosure charges ranging from 2 to 4 per cent of the sanctioned limits from them who wish to exit Axis FISME had brought private lender Axis Bank under its advocacy radar for the exploitative foreclosure issue faced by the bank’s MSME customers FISME called out the Bank for employing practices which are against the Indian Banking norms and are in complete defiance of 'Code of Bank's Commitment to Micro and Small Enterprises' (CBCMSE) of which Axis is a signatory.  (KNN Bureau) Apr 1 (KNN) Auto-component manufacturer and alumnus of IIT-Kanpur Sandeep Jain has been unanimously elected President of the Federation of Indian Micro and Small & Medium Enterprises (FISME) for 2024-25 His name was approved at the meeting of the Central Executive Committee of FISME held in New Delhi.  Before ascending to the Presidentship In its long tradition of being politically neutral and run democratically FISME holds annual elections for one-third members of the strength of its CEC and the newly constituted body elects the President for the year.     Jain has taken over the reins of FISME from Prashant Patel manufacturer of Dyes and Chemicals having plants in Ahmedabad and Surat Sandeep Jain is a B.Tech in Mechanical Engineering from IIT Kanpur and started his career with TVS Electronics & Tata Unisys and later set-up SOLO Group based in Gurgaon in 1991.  SOLO is a fully integrated CNC Machine shop supplying Precision Machined Castings of ferrous and non-ferrous alloys operating from 3 plants housing 52 CNC machines and employing 150 people The company is supplying precision machined parts and components to OEMs in the Auto supply chain Keeping in view that FISME’s thematic focus is both reforming the legacy constraints in the MSME eco-system and also the emerging challenges of tech and climate change shaping the markets who is expected to simultaneously address legacy challenges and embrace emerging trends like AI and climate solutions to ensure MSME relevance Jain outlined key priorities for his presidency stating “I would like to work towards enhancing the Ease of Doing Business for MSMEs in India This includes requesting simpler regulations and procedures from various government departments reducing litigation with customers and banks and introducing and strengthening the concepts of sustainability green manufacturing and reduced carbon footprint amongst MSMEs.” Jain is also an alumnus of the prestigious Indo-German Manager Training program and is the Northern Region head for IGBDA - an association of the alumnus of this program His personal interests are building and flying large radio control models (Aeromodeling) Heartiest congratulations Sandy on your election as President FISME for 2024-25 IFCI & FISME Establish 'Centre of Excellence For Aspiring SMEs’ In India Feb 20 (KNN) A 'Centre of Excellence for Aspiring SMEs' is launched to focus on the needs of Equity and Technology for rapidly growing Small and Medium Enterprises (SMEs) The Centre has been set up by IFCI Limited- A Government of India enterprise and Federation of Indian Micro and Small & Medium Enterprises (FISME)- the national MSME body.  Secretary of the Department of Financial Services “The collaboration of IFCI and FISME represents a rare and unique joint effort aimed at enhancing the multifunctioning of MSMEs in the economy.” Joshi released a Handbook on “Making Aspiring Small & Medium Enterprises Ready for External Equity,” which highlighted the positive impact of listing on exchanges on SMEs' performance and introducing key considerations for equity investors “I believe the Handbook released today would be truly helpful for the targeted MSMEs” IFCI elucidated the conceptualisation of the Centre and its strategic role in addressing key needs of the SME sector.   “At growth stage graduating from small to medium inability to bring in equity capital becomes a challenge for SME promoters Through a range of strategic services the Centre would help such SMEs” Vice President FISME Rakesh Chhabra highlighted that besides assisting SMEs in accessing to Equity and Technology the Centre would play an important role in removing perverse incentives in the policy environment which discouraged Small enterprises to graduate to Medium size.   we need enterprises having ‘economies of scale’ While Small is still beautiful but it is time we celebrate that it is glorious to be big and successful” The event also featured a panel discussion on "SME Capital Markets Momentum – Broadening the base and reaching new heights," with experts from NSE the Centre of Excellence signed a Memorandum of Understanding (MoU) with the Korean Small & Medium Enterprises Association in India (KOSMA) The aim is to explore collaboration opportunities between SMEs of India and South Korea This includes the establishment of joint ventures and the exchange of knowledge released an impact report on its e-Stamping business during the event showcasing several benefits such as enhanced security The event witnessed participation from a large number of MSMEs as well as delegates from various associations Home > Sectors > Others FISME Urges UP Government to Reform Labour Courts and Tribunals April 21 (KNN) In a series of appeals to top government officials the Federation of Indian Micro and Small & Medium Enterprises (FISME) has raised concerns over the functioning of labour courts and industrial tribunals in Uttar Pradesh call for structural reforms to address massive delays and inefficiencies plaguing the current system FISME points out that a significant number of disputes remain unresolved for years primarily due to the delay in appointing presiding officers and administrative staff Many of these tribunals are run by retired IAS or judicial officers who often lack administrative oversight to ensure timely and quality judgments evidence is recorded not in the presence of the judge but by a stenographer in an adjacent room FISME argues that such practices not only undermine justice but also burden litigants—mostly MSMEs—with financial The federation has recommended that UP adopt the model followed by neighbouring states like Delhi and Uttarakhand where in-service judicial officers serve as presiding officers They have also urged the government to fill all vacant positions and use technology to monitor case progress The plea from FISME emphasises that timely justice is crucial for the GDP growth and for the broader economic ecosystem of the state an auto-component manufacturer and alumnus of IIT-Kanpur has been unanimously elected as the President of the Federation of Indian Micro and Small & Medium Enterprises (FISME) for the year 2024-25 In line with FISME’s tradition of holding annual elections Jain’s name was approved in a meeting of the Central Executive Committee held in New Delhi FISME elects one-third of its CEC members annually and the newly constituted body elects the President for the year Jain takes over the presidency from Prashant Patel a manufacturer of dyes and chemicals based in Ahmedabad and Surat He previously served as the Vice President of FISME A B.Tech in Mechanical Engineering from IIT Kanpur Jain started his career with TVS Electronics & Tata Unisys before establishing SOLO Components Pvt Ltd a precision machined castings company based in Gurgaon SOLO Components is a fully integrated CNC machine shop supplying precision machined castings of ferrous and non-ferrous alloys It operates from three plants housing 52 CNC machines and employs 150 people The company supplies precision machined parts and components to OEMs in the auto supply chain With FISME’s focus on reforming legacy constraints in the MSME ecosystem and addressing emerging challenges like technology and climate change the industry body has relied on Jain’s expertise to address both legacy challenges and embrace trends like AI Additional Achievements Jain is also an alumnus of the prestigious Indo-German Manager Training program and serves as the Northern Region head for IGBDA – the association of alumni of this program Welcome to the Current Affairs Section of Adda247 If you are preparing for Government Job Exams then it is very important for you to read the Daily Current Affairs All the important updates based on current affairs are included in this Daily Current Affairs 2024 article You are using an outdated browser. Please upgrade your browser to improve your experience PRNewswireNew Delhi [India], January 22: The Federation of Indian Micro and Small & Medium Enterprises (FISME), a not-for-profit working towards the progression of Indian MSMEs is seeking additional 9 months of time till 25th September 2025 for the successful implementation of the Invoice Management System (IMS) This comes on the backdrop of the advisory issued by The GST Network (GSTN) to introduce the IMS functionality on the GST portal in September last year A proper pilot for a 9-month period allowing for testing feedback and refinement before a full nationwide launch will ensure successful implementation.While the core purpose of the IMS is to help taxpayers accurately claim input tax credits by allowing them to accept reject or keep pending the invoices received from their suppliers their inability to do the same seamlessly is creating challenges for entire ecosystem.Firstly While taxpayers can choose whether to use the system the actions taken by recipients will still impact the suppliers If a non-IMS supplier's customer decides to reject an invoice or credit note in the system it will still impact the compliance of the suppliers.Secondly the timeline for implementation is too short Businesses are being given just two weeks between the API release and the IMS go-live to make the necessary software changes and train their teams especially for larger enterprises with complex invoice management processes ANI will not be responsible in any way for the content of the same) Amplus Solar Rebrands to Gentari - a Unified Step Forward to Drive Next Phase of Clean Energy Growth Tianneng makes an appearance at the AsiaBike Exhibition Sonalika Ushers In FY'26 With 11,962 Overall Tractor Sales In April'25 Serenity Hostel most trusted Premium Hostel and PG in Bangalore founded by Sridhar Srinivasan alumni of IIMN SOTC Announces Limited-Time Early Bird Offers on Europe Tour Packages 2025 Sai Ganga Panakeia (Novadigm Health) Unveils Revolutionary Hub-and-Spoke Healthcare Vision and Launches New Version of "Docture-Poly" at T-Hub Vietnam Proposes 10-Year Golden Visa to Boost Long-Term Tourism and Investment copyrights © aninews.in | All rights Reserved FISME to collate feedback for MSME Public Procurement Policy Small and Medium Enterprises (MoMSME) is planning to review the Public Procurement Policy the Ministry has roped in Federation of Indian Micro and Small & Medium Enterprises (FISME) an apex body for MSME associations in the country to prepare a draft Public Procurement Policy MoMSME has asked FISME to seek feedback from stakeholders and associations and incorporate them in the draft policy According to the Public Procurement Policy all central government agencies have to ensure that at least 20% of their procurement is from the Micro and Small sector (excluding Medium enterprises) 4% of total procurement (20% of the total MSE share) has to be from SC/ST entrepreneurs It has been operationalized through Government order duly approved by the Cabinet it has become mandatory from 1st April 2015 But only 61 PSUs have achieved the target of 20% procurement the MSE suppliers and associations have been raising serious concerns about various anti-competitive practices adopted by buying agencies to crowd out MSEs from procurement the Department Related Parliamentary Standing Committee on Industry met on 27th January 2017 under Chairmanship of Member of Parliament Sharad Yadav and asked Government to address woes of MSEs Ministry of MSME convened a meeting of selected associations to identify constraints faced by MSMEs in supplying to the central agencies “A number of issues were raised by associations including problems like discretionary pre-qualification criteria delay in payments and non-compliance of provisions of the Policy in letter and spirit by Central agencies/ PSUs,” FISME President Dr Sangam Kurade said The Secretary MSME expressed willingness of the Ministry to suitably amend the Order plugging certain loopholes which are exploited by buying agencies to exclude MSE suppliers from public procurement FISME has sought inputs from MSME associations and other stakeholders about the PPP for MSEs and suggestions to strengthen the policy The feedback can be sent  via email by  28th February 2017 to debashis@fisme.org.in Mar 11 (KNN) On the eve of India’s going to General Elections the Central Executive Committee of Federation of Indian Micro and Small & Medium Enterprises (FISME)- the major MSME body in India has elected Animesh Saxena as its President for the year 2019-20.  Managing Director of a leading export house from NCR Delhi Neetee Clothings Pvt Ltd.,   Animesh Saxena is an alumni of BHU He graduated form Banaras Hindu University (BHU) Varanasi in 1980 from where he also did his MBA (1982) and later PhD.  ‘My vision would be to place FISME as an effective  think-tank for influencing policy matters for MSMEs’ he said articulating his priorities immediately after becoming President.  ‘FISME would play a more active role in the Eastern and North Eastern part of India also’ he added He has held several key positions in FISME before assuming Presidentship he has been associated with and led industry bodies such as Udyog Vihar Industries Association (Gurgaon) Garment Exporters & Manufactures Association (GEMA) New Delhi as well as with social institutions such as Mahamana Malviya Mission was established in 1992 and is a Government recognised Star Export House It is engaged in manufacture and exports of Garments to leading fashion stores all over to world Home > Economy FISME invited by RBI to interact with Bankers specializing in MSME finance June 20 (KNN) As part of the RBI’s National Mission for Capacity Building of Bankers for financing MSME Sector (NAMCABS) FISME was invited to interact with the Bankers on the challenges MSMEs face in getting Bank loans FISME had an hour long discussions with the Bankers at RBI Delhi,  on the different issues starting from collateral demanded by the banks to the redressal of NPAs Under NAMSCAB  periodic  workshop/ training  are being organized by RBI for capacity building of branch managers of Specialised MSME Branches The broad objectives of NAMCABS are to build skills for MSME lending and develop entrepreneurial sensitivity among the field level functionaries of specialized MSME branches of commercial banks The mission is to train Branch Managers of specialised MSME branches of all banks Executive Member of FISME and Shri R.P.Singh FISME interacted with the bankers related to problems being faced by MSEs in availing loan from banks Jatia pointed out that the MSMEs are presently facing the problems of credit from the banks The banks are not providing the adequate amount of loan to the MSMEs and the loan sanctioning process of the banks is very long and formalistic The owners of the MSMEs have to produce different types of documents to prove their worthiness SMEs are not able to access loans from financial institutions because of the conditions attached to the loan,  particularly regarding collateral Jatia also requested banks to develop eco-friendly mechanism between MSEs and banks Bankers participating in the programme raised the issue of lack of trans transparency in MSMEs MSMEs do not open up their businesses to outsiders and they do not give the true information about their assets Better transparency and dialogue between SMEs and financial institutions would surely help to solve some of the challenges SMEs face in accessing loans was the unanimous opinion of the Bankers present Jun 5 (KNN) The bi-monthly briefing of the RBI Governor Shaktikanta Das on the meeting of the monetary policy committee turned out to be a damp squib said the Federation of Indian Micro and Small & Medium Enterprises (FISME) It further said that though it was known that the committee has almost no scope to tweak the interest rates businesses particularly the MSMEs were expecting further easing of the credit environment to tide over the crisis caused by the 2nd attack of the pandemic ''The least expected was a across the board moratorium on all repayments of loans and suspension of the crippling SMA norms as per the statement of the Governor even has not gone halfway The moratorium has been increased by one year only for the loan under the emergency credit guarantee scheme (ECLGS) which is only 20 per cent of the total outstanding of the MSMEs who got the benefit under ECLGS,'' FISME added the suspension of the non performing classification goes RBI has brought resolution framework 2.0 under which accounts of MSMEs of may be restructured provided these accounts are considered ‘standard’ as on 31st march The moot question remains how an enterprise asking for restructuring of the loan now may remain standard after yearlong onslaught of the pandemic induced adverse economic condition Another highlight of the Governor’s announcement was allocation of a soft loan of Rs 16000 crore to SIDBI with the expressed purpose of assisting the MSMEs SIDBI takes the easy route of refinancing the NBFCs who set their own term for releasing loan to MSMEs FISME further said that the RBI could also have announced a few non - monetary measures to help the MSMEs FISME in its representation to the RBI Governor had asked for suspension of the external credit rating doing away with the SMA classifications etc which would not have any monetary implications but could have made life of the small entrepreneurs easier at least all PSUs to onboard the RBI devised TReDS platform could have provided some liquidity to against the delayed payments But it appears RBI has de-skilled from using all such innovative tools besides taking care of the balance sheets of the Banks and fulfilling deficit financing of the Government Home > MSME > Medium Aug 19 (KNN) Coimbatore Small Scale Industries Association (CODISSIA) the leading body of MSMEs in Tamil Nadu will be organising a seminar on make in India in defence acquisition on 19th August the leading federation of MSMEs in India and the only MSME body being consulted by the Defence Ministry for participation of MSMEs in defence acquisition is working with CODISSIA to make it a hub of defence suppliers and vendors To make participation of MSMEs in Defence procurements systemic FISME has initiated formation of a MSME Defence Suppliers’ Group as a platform  for handholding of MSMEs in defence strategic supplies through information sharing techno-managerial consultancy and strong advocacy The seminar is being organised concurrently with the SUBCON 2016 Exhibition and Fair being organised by CODISSIA from 18th to 20th August The annual  programme is a source of successful outsourcing for the public sector undertakings and about 250 MSME Units from various fields will be  displaying their manufacturing capabilities To link MSMEs with the defence acquisition FISME has supported CODISSIA in arranging participation by defence organisations like DRDO the R&D institution of Ministry of  Defence and Garden Reach Shipbuilders and Goa Shipyard Besides executives from the above organisations eminent experts on defence procurement will also participate in the programme to explain the MSMEs the intricacies of defence supplies and quality standards Since announcement of the ‘Make in India’ mission for Defence Procurements by Shri Manohar Parrikar FISME is consistently following up with the Defence Ministry for a respectable share for MSMEs in Defence Procurements Besides forwarding a series of position papers on the capabilities of Indian MSMEs in Defence Procurements the matter was personally taken up by the President which resulted in organising of a ‘Brainstorming Session’ by FISME which was chaired by the Defence Minister himself The due diligence of  FISME resulted in reservation of ‘Make’ projects upto Rs 10 crore in defence procurements for MSMEs as mentioned in the recently announced Defence Procurement Procedure 2016 where Ministry of Defence will support Indian Industry in developing items  not so far made in India FISME writes to RBI seeking to defer payment of instalments under ECLGS May 27 (KNN) The Federation of Indian Small and Medium Enterprises (FISME) has written to the Reserve Bank of India (RBI) seeking to defer payment of instalments under the Emergency Credit Line Guarantee Scheme (ECLGS) the umbrella body of MSME associations also said that with our experience based on ground feed-back we also urge you to quickly create a task force with just the relevant stakeholders and the beneficiaries It is our humble prayer to RBI and the GoI not to let an MSME close down until all efforts to save it have failed The alternative is scary,'' FISME said ''Along with tens and thousands of these small establishments creating a vicious circle of downward economic spiral,'' it added The ECLGS which was launched in May 2020 for MSMEs to help them tide over the impact of COVID-19 as part of Atmanirbhar Bharat The scheme was later extended to 26 more sectors FISME has now called for ECLGS 3.0 with “inbuilt flexibility” to be made available to more firms to deal with the current crisis ''Fund cash losses incurred by MSME borrowers due to the extraneous circumstances Give due weightage to the vintage of the firm and treat this period of last three years as an exception forgiving default,'' the association suggested the FISME also suggested some measures such as: Bear the cost of payrolls and/or social security Suspend SMA norms & the practices of assigning NPAs based on straight jacketed excel sheet based automated systems for Covid period Double financial powers at all levels and Bank managers encouraged to exercise discretion on a case to case basis Firms whose CAPEX may have got stuck midway BLR by external CRAs may be suspended until normalcy returns restructuring and enhancement norms may be relaxed on a case to case basis and Period of receivables from government departments/PSUs may not be capped as these are safest assets even if remaining unpaid due to cash crunch with them IIA-FISME holds conference on Rights and Obligations of MSME owners under IBC 2016 Oct 26 (KNN) In a bid to facilitate evolvement of the Insolvency and Bankruptcy Code for the Micro FISME along with Indian Industries Association the Insolvency & Bankruptcy Board of India (IBBI) and Society for Insolvency Professionals of India  (SIPI)organized a day long round table conference in Lucknow The conference explored various dimensions of the IBC including draft rules for individuals in business and also individuals having given guarantees under the new law The various stakeholders attending the conference raised suggestions for modifying the rules which includes raising the threshold limit from Rs 1000 to at least Rs 1 lakh and giving priority to MSME creditors over big creditors in case of corporate debtors Also the host body IIA said that it would study the draft rules and submit detailed suggestions to IBBI soon The roundtable conference comes as a part of the nationwide consultation that the IBBI is holding with different stakeholders including the MSME sector to seek feedback on the announced rules In order to facilitate orderly framework for resolution of stressed assets a comprehensive legislation 'Insolvency and Bankruptcy Code 2016 (IBC) is enacted by the government Also IBBI has been set up as the central body taking care of the implementation of the code throughout the country and across sectors Key officials both from the industry as well as IBBI attended the event Institute of Chartered Accountant of India Institute of Cost Accounting of India and Insolvency Professionals Apr 14 (KNN) The apex body for MSME associations in India FISME along with Goa Chamber of Commerce and Industry (GCCI) on April 8 organised an interactive session of MSMEs with Corporate President Sangam Kurade said that the interaction was very insightful with pointers to help the MSMEs in many ways According to him Bandekar had shared his experiences which can benefit many innovators Bandekar who recently joined Ola as its Corporate President is a part of Ola’s core leadership team focusing on new initiatives for the company.  He has over 20 years of experience across various industries including 10 years in e-commerce across India and South East Asia Kirit Maganlal also participated in the session Ola is India’s most popular mobile app for personal transportation.  Ola integrates city transportation for customers and driver partners onto a mobile technology platform ensuring convenient users across 102 cities can book from over 350,000 cabs and 80,000 auto-rickshaws and taxis. (KNN Bureau) National Board for Quality Promotion reconstituted; FISME to represent MSMEs Mar 10 (KNN) The National Board for Quality Promotion (NBQP) a constituent Board of Quality Council of India is being reconstituted and would now include industry body FISME as one of its members Roping in Federation of Indian Micro and Small & Medium Enterprises (FISME) the apex body for MSME associations across the country “FISME is a premier MSME sector association which is actively engaged in promoting Quality The Board has thus decided to invite FISME to join NBQP Board as a member.” NBQP is essentially engaged in activities to achieve one of the main objectives of QCI that is "to lead Nationwide Quality movement through National Quality Campaign" NBQP Board comprises of 26 members from various stakeholders like Apex Chambers (CII The Board gets reconstituted after every four years and is due for reconstitution now NBQP promotes awareness on popular standards i.e enabling industries to improve quality competitiveness in general & SME in particular The Board is presently promoting the ZED scheme (Zero Effect Zero Defect) as a National Monitoring and Implementing unit in a big way The first meeting of the We reconstituted NBQP Board will be conducted on 30th March 2017 FISME was also nominated to the Advisory committee reconstituted by Ministry of MSME for recommending any amendment in the MSME Development Act FISME-SIDBI organizes Roundtable on GST Implications for MSMEs in Ahmedabad Feb 21 (KNN) In continuation of their joint efforts towards “Identifying implications of GST and facilitating adoption by MSMEs” SIDBI the focal financial institutions for MSMEs and FISME the leading federation of MSME Associations in India The round table was organized jointly with Vatva Industries Association This was the 5th round table awareness building seminar on GST under the programme SIDBI's General Manager K Chandrasekhar Thanvi along with Bimal Jain GST Expert cum A2Z Taxcorp Executive Director and other industry experts deliberated on the subject SIDBI's General Manager K Chandrasekhar Thanvi emphasized on the importance of conducting the programme considering the importance of GST for MSMEs Thanvi said GST is a very important reform for MSME sector SIDBI has taken this initiative to handhold the MSMEs and create awareness amongst them.” The discussion will help the sector in smooth transition to GST regime an eminent expert on Taxation and author of books on GST started the session with the need for implementation of GST He said Government is trying hard to roll out GST from July 1 He defined GST as the instrument to provide a level playing field to MSMEs to enable them to grow and do business on a PAN India scale multiplicity of taxes would go away and there would be remission of double taxes He then explained methods and steps involving intrastate and interstate GST transactions by giving small examples  A lively question answer session followed and Jain responded to the issues raised by means of actual examples is handholding the MSMEs for implementation of GST by organizing roundtables like this The programme was attended by more than 30 members of different MSME associations in the state including Vatva Industries Association