Budget Speech to begin in 15 minutes; a look at expectations from the Budget

New Delhi, Feb 29 (KNN) The Budget Day speech would begin in the next 15 minutes. Let’s have a look at what the MSMEs expect from FM Jaitley in the Budget.

• Engineering sector: There is disparity in almost 70% of the materials imported. The duties in finished goods are lesser than that on raw materials. It should be similar

                 -Anil Aggarawal, MD, PME Power Solutions (India) Ltd
 

• Chemical sector: The government should put in efforts to boost demand. Steps taken towards ease of doing business should reflect in manufacturing.

                 -Neeraj Kedia, MD, Chakradhar Chemicals Pvt Ltd
 

• Engineering sector:  First of all, financing should be made easier and available for the MSME sector.

                 -Naveen Jain, MD, Dayachand Engineering Industries Pvt Ltd
 

• Engineering sector: There should be some relief in the excise duty. Government has also added dumping duty on steel after which the domestic goods are not at all competitive.

                 -RP Sehgal, Sr VP, Engineering Export Council of India
 

• Textile Sector: Import of raw materials should be made easier. ECGC only ensures safe companies; it should also insure risky businesses.

                 -Animesh Sexena, MD, Neetee Clothing Pvt Ltd
 

• IT sector: The benefits given to the IT sector should be extended to the MSMEs also.

                 -Dave Maan, EVP, Video Solution
 

• There should be a separate electricity tariff for micro and small scale industries for consumption of 40HP and below or 2000 units, industry body Kassia suggested while filing its objections before the Karnataka Electricity Regulatory Commission (KERC) at the public hearing held today.

                 -Karnataka Small Scale Industries Association (KASSIA)
 

• The excise limit should be raised upto Rs 5 crore keeping in mind the high cost of production for the MSMEs which makes them un-competitive in the global market.

                 -Vipin Malhan, President, Noida Entrepreneurs Association (NEA)
 

• Corporate tax should be reduced. The structure of taxes should be liberalised to give Make in India a boost and make Indian products competitive in the market.

                 -Col S Kapoor, Executive Director, Faridabad Industries Association (FIA)
 

• Facilitation Centres by MSME Ministry should be given more muscle to legally solve the issues of regional SMEs, suggest policy measures, and monitor progress. Setting up of more institutions such as the MUDRA Bank initiative that should in addition to providing financing solutions, also mentor these enterprises on how to optimize their existing financial resources. Development of an online portal that allows firms to  maintain a record of their customers/buyers’ credit transactions, with a feature that allows the same to send automated requests to customers/buyers to make the payment before and even after legally defined 45 days of credit period.

                 -R Narayan, Founder and CEO, Power2SME

• Service tax on membership fees should be exempted on MSME industries. Income tax limit should be raised on reasonable limit.

                 -D S Verma, Indian Industries Association (IIA)

(KNN Bureau)