Activities

SIEMA Jointly with FIEO conducted a SEMINAR ON “GST AND ITS IMPLICATIONS TO CUSTOMS (EXPORT AND IMPORTS)” It was held on 25th May 2023 . President Sri. D. Vignesh commenced the meeting. Vice President Sri. R. Arun also participated.
The following topics where discussed

• E invoice procedure for companies with a turnover above 5 crores
• Duties at the time of Import
• Procedure under GST
• Import and Export Promotion Scheme
• Project import
• Baggage
• Imports and input Tax Credit
Note: GST e-invoice is mandatory for any company with turnover more than Rs.5 crore in any financial year from 2017-18. The e-invoice for these companies comes into effect from 1st August 2023.

IEMA had arranged for a Seminar for Members on PF Concept & its Origin .
It was held on 29th May 2023. Vice President Sri. R. Arun commenced the meeting.
Advocate Mr. T. JEEVANANDAM B.A., B.L, delivered his exceptional knowledge in the field of PF and discussed the following topics:

• PF Concept and its Origin
• Applicability of the Act
• Contribution and Scheme (PF, Pension & EDLI) Benefits
• Protection of PF deposits
• Penal Provisions
• Appeal Provisions

SIEMA jointly with Si’Tarc had arranged for a gathering of COIMBATORE PUMP INDUSTRY with a discussion on the Challenged & Opportunities ahead. Dedicated to exploring the challenges and opportunities that lie ahead for the pump industry. This prestigious event brought together industry leaders, experts, and members to discuss the future path of the industry. The gathering witnessed the unveiling of the Standard Design for the V4 Pump, marking a significant milestone in the industry's evolution.

SIEMA & SiTarc will expand standardization to include Openwell Monoblocs and V6 pumps, further enhancing competitiveness across the industry.

SIEMA & SiTarc announced the initiation of the development of slurry pumps in collaboration with the Department of Heavy Industry. Once completed, this design will be made available to all SIEMA & SiTarc members, enabling them to capitalize on this innovative offering. This endeavour presents an excellent opportunity for diversification and tapping into new markets as import substitutes within India and worldwide.

SIEMA, SiTarc, CODISSIA, and LUB, are actively exploring the development of electric vehicle (EV) motors for the benefit of its members. This strategic initiative aligns with the industry's growing focus on sustainability and positions SIEMA at the forefront of the global shift towards electric mobility. Encouraging discussions have taken place with the Government of Tamil Nadu. The Association is currently working on a Detailed Project Report (DPR) that outlines the plans for this endeavour.

The Southern India Engineering Manufacturers Association (SIEMA) and the Federation of Indian Export Organizations (FIEO) organized a joint program on "Doing Business with the USA.", on 7th June 2023. The event witnessed a remarkable turnout of industry professionals, entrepreneurs, and stakeholders from both SIEMA and FIEO.

The highlight of the program was a keynote address by Mr. Navin Pathak, CEO of Entry USA, from New Jersey, a renowned expert in international business and market entry strategies. With his extensive knowledge and experience, Mr. Pathak captivated the audience by sharing valuable insights on various crucial aspects of conducting business in the United States.

The topics covered during Mr. Pathak's presentation included:

• 1. Understanding the US Markets: Mr. Pathak shed light on the intricacies of the US markets, providing participants with a comprehensive understanding of market trends, consumer behavior, and business opportunities.
• 2. Business Set-Up in the US: The session focused on the key differences between C Corporation and Limited Liability Company (LLC) structures. Mr. Pathak elaborated on the advantages, legal considerations, and tax implications of each, equipping attendees with the knowledge needed to make informed decisions.
• 3. Entry Strategy: Mr. Pathak shared valuable insights on establishing a company presence in the US, covering essential aspects such as company setup, banking, warehousing, order fulfilment, and obtaining an L1A Visa for employees working in the US.

Mr. Pathak's expert guidance helped alleviate the apprehensions of exporters regarding conducting business in the US. His insights and advice instilled confidence among the attendees, empowering them with the knowledge and assurance to embark on successful business ventures in the United States.

Furthermore, Mr. Pathak emphasized that many US companies are exploring "China+1" procurement options. He pointed out that this presents a favorable opportunity for Indian businesses to establish their presence in the US and cater to the growing demand, ultimately expanding their global footprint and contributing to bilateral trade growth.

In addition to Mr. Pathak's presentation, the event also featured a speech by Mrs. Shantasheela, Business Facilitation Officer from FaMe TN, Government of Tamil Nadu. She highlighted the proactive measures taken by the Government of Tamil Nadu and FaMe TN to support the success of Micro, Small, and Medium Enterprises (MSMEs). Mrs. Shantasheela also shed light on the various incentives available to foster business growth and development.