New Delhi, Apr 2 (KNN) As India gears up for the General Elections 2019, the Indian National Congress has released its party’s manifesto and promises regulatory forbearance for Micro and Small Enterprises (MSEs).

The party promises 3 year exemption from all applicable laws and regulations (except the Minimum Wages Act and tax laws) for a period of 3 years from 1 April 2019 or, in the case of new businesses, the date of commencement of business.

Besides this, party promises to reward export oriented industries through tax rebates and incentives.

While releasing the manifesto, Congress party said “MSMEs account for 90 per cent of all employment outside agriculture. The definition of MSMEs based on capital employed is biased against labour. Congress will link the definition of "MSME to employment".

A business employing 10 persons or less will be 'micro;' between 11 and 100 will be 'small' and between 101 and 500 will be 'medium’, it said.

The manifesto said the party will announce a ‘Make for the World’ policy under which foreign and Indian companies will be invited to invest in ‘Exclusive Export-only Zones’, manufacture and export their entire production, pay no indirect taxes and pay a low rate of corporate tax.

It said that Congress will promote 'Mass Entrepreneurship' and support entrepreneurs to replicate tried and tested models of businesses in order to meet the growing demand for such goods and services.

"We will reward businesses that create new jobs by lowering the effective direct tax rates and by lowering contributions to the CSR fund,” it added.

If elected to power, the Congress President promises to create an "Enterprise Support Agency" to help entrepreneurs, including start-ups, with all-round business support including counselling, incubation, access to technology, funding, domestic and export markets, and the creation of new products, services and intellectual property.

Its manifesto proposes to create a new "Ministry of Industry, Services and Employment", in a bid to underline the link between the growth of the industry and services sectors and rapid creation of jobs.

It also proposes to boost growth of the manufacturing sector, particularly of MSMEs, through the provision of "world-class infrastructure in industrial hubs and cluster towns" in order to aid the expansion of current units and the creation of new units.

Congress, in its manifesto, said it will radically simplify the GST regime with a single moderate rate of tax, zero rating of exports, and exemption for essential goods and services, and also promise panchayats and municipalities a share of GST revenues.

The Lok Sabha Elections 2019 will be held in seven phases, from April 11 to May 19, 2019 across India's 543 constituencies in 29 states and 7 Union Territories. (KNN/YV)