No concessions for MSMEs in Budget: MADITSSIA Chief

Business MInutes

Maditssia chairman Lakshminarayanan said it was sad that the MSMEs were not getting any of the benefits they were expecting.

Regarding this in a statement he said:

No concessions announced for MSMEs in the Interim Budget 2024

There is no change in the personal income limit in the income tax scheme. As a result, there will be no increase in cash flow.

There is no change in indirect taxes like GST. The GST process has not been simplified.

In the post-Covid era, 29 lakh MSMEs have become Non Performing Assert (NPA) and collapsed due to rising prices of raw materials, rising power tariff and lack of workforce. No concessions or schemes have been announced to revive such weakened small and micro enterprises.

Bank interest rates have not been reduced. As a result, micro, small and medium enterprises (MSMEs) are finding it difficult to manage their finances. Interest rates should have been lowered.

No subsidy has been provided to micro, small and medium enterprises (MSMEs) for installation of solar rooftop. As a result, there are no concessions for the industrial sector like the funds allocated to households for solar production.

On the whole, it is a matter of regret that the small, micro and medium enterprises have not received any of the expected concessions.

The funds allocated for the tourism sector should be utilised for the development of Madurai.

It is welcome that the corpus fund for start-ups for defence R & D has been made as one lakh crore rupees.

The creation of three major railway line projects is also welcome.

Thus it is stated.


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