FICO demands reintroduction of International Cooperation Scheme and CLCS Scheme to facilitate MSMEs

New Delhi, May 29 (KNN) In a recent meeting with PGS Rao, Director, Ministry of the MSME, Government of India, Federation of Industrial and Commercial organization (FICO) has demanded reintroduction of International Cooperation scheme and Credit Link Capital Subsidy scheme for MSMEs.

During their meeting the delegation led by FICO chairman, Gurmeet Singh Kular and secretary Rajeev Jain discussed the International Cooperation scheme, which used to facilitate industrialists during their visit to international exhibitions and conventions to upgrade themselves with latest technology the latest technology and trends worldwide during the meeting.

Emphasizing on the need to reintroduce International Cooperation scheme, a delegate from FICO said that the MSME sector needs to upgrade itself with the global technology and for this they need this scheme through which they will get financial assistance for international participation and visits.

The international Cooperation scheme has been suspended since past 2 years, he added.

The FICO delegation also demanded reintroduction of the Credit Link Capital Subsidy Scheme for induction of well established and improved technology in MSME sector by providing an upfront capital subsidy of 15 per cent (on institutional finance of up to Rs 1 crore availed by them).

“We demand that the Credit Link Capital Subsidy Scheme should be reintroduced to save the MSME sector. Banks should be instructed to facilitate the industry with the CLCSS scheme,” said Kular.

The delegation also discussed subsidies under the IC Scheme, which were pending for more than two years. The delegation asked the director to process subsidies at the earliest so as to facilitate the industry.