New Delhi, Nov 28 (KNN) S. Gurmeet Singh Kular, President along with S. Manjinder Singh Sachdeva General Secretary of Federation of Industrial & Commercial Organization (FICO) on Monday held a meeting with Dr. Arun Kumar Panda, Secretary, Ministry of Micro, Small & Medium Enterprises (MSMEs).

The FICO president submitted memorandum to the secretary MSME, demanding that the investment limit of small scale industry should be reviewed.

As per the current criteria the Micro Industry falls under 25 Lakhs, Small Industry falls under 5 Crore & Medium Industry falls under 10 Crore. FICO has demanded that Micro Industry should fall under 1 Crore, Small Industry should fall under 10 Crore, & Medium Sector should fall under 20 Crore, as the capital requirements has been increased in MSME sector since 20 years.

FICO representatives also demanded that the Credit Link Capital Subsidy Scheme (CLCSS) should be reintroduced as it is a booster to the MSME sector.

According to FICO CLCSS scheme which has been suspended by the government provides an upfront capital subsidy of 15 per cent for induction of well-established and improved technology and is a big incentive to the small businesses.

Earlier responding to the reports of discontinuation of CLCSS scheme, MSME Minister Giriraj Singh told KNN that the scheme is in action and the government has announced discontinuation of the scheme.

Despite assurance by the Minister, the different sector have time and again raised concerns that the scheme is not functioning anymore. (KNN/AG)