PHDCCI Compliments the PM for the Historic Stimulus Announced for MSME Sector, Describing them as Critical Milestones for their Growth
November 2, 2018
PHDCCI COMPLIMENTS THE PM FOR THE HISTORIC STIMULUS ANNOUNCED FOR MSME Sector, DESCRIBING THEM AS CRITICAL MILESTONES FOR THEIR GROWTH
President, PHD Chamber of Commerce and Industry (PHDCCI), Mr. Rajeev Talwar on Friday complimented the Prime Minister Mr. Narendra Modi for announcing host of measures for revival of MSMEs terming these as such milestones as will transform the entire micro, small and medium enterprises and push them substantially upward to enhancing their contribution far more to national GDP and employment generation. The Prime Minister’s meticulous and elaborate announcement of the “12-Mantra” package will be the best Diwali gift for the MSME Sector, the entrepreneurs and the huge bank of labour employed by them.
In a statement issued here today, Mr. Talwar applauded that Rs.6,000 crore pacakge announced for MSMEs through various technological upgradation channels will ultimately encourage and inspire the micro, small and medium enterprises to make products and invent processes that will ensure their global participation and upscale their demand trajectory domestically.
“Measures such as sanction of loan up to Rs.1 crore in 59 minutes for GST registered MSMEs with 2% interest subvention with turnover of Rs.20 lakh to Rs.5 crore, as also 5% interest subvention for pre and post shipment credit for this sector are extremely timely”, pointed out Mr. Talwar.
According to him, the launch of TReDS and compulsory on-boarding of CPSEs on GeM portal; simplification of filing of returns under prevailing labour laws; special relaxation in environment clearances for MSMEs; special provisions for the pharma sector are still other moves that the Chamber welcomes particularly since it is the only industry association that represents the MSME, concluded Mr. Talwar.
Koteshwar Prasad Dobhal