Finance Minister hears budget demands of industry association leaders
Updated: Jan 06, 2015 02:52:23pm
New Delhi, Jan 6 (KNN) Finance Minister Arun Jaitley along with his top officials today met industry association heads and listened to their demands on Union Budget 2015-16 here.
Presidents of FICCI, CII, ASSOCHAM and FISME were asked to present their views first followed by individual industry leaders.
Welcoming the industry captains Finance Minister sought their suggestions to put the economy on rapid growth path and said that Modi government was taking initiatives in many areas outside the scope of the Budget to bolster growth.
On behalf of Indian MSMEs, President of Federation of Indian Micro and Small & Medium Enterprises (FISME), Dr D Gandhikumar made a forceful presentation and at the very outset raised the issue of deposit rules under the new Companies Act.
“MSME owners start and operate their businesses with the help of loans and deposits from their friends and relatives only, making such deposits illegal would kill MSMEs and entrepreneurship,” Gandhikumar said.
The other issues highlighted by him included:
· Bringing down investment allowance threshold from Rs. 25 crore to zero so that MSMEs can also take advantage of the important initiative.
· Income Tax exemption to manufacturing MSMEs to encourage manufacturing and job creation.
· Doing away with BLR rating on MSMEs according to which all accounts having exposure over Rs. 5 crore is required to get a mandatory third party rating.
· Providing relief on C-form making the liability of collecting the form that of the buyer.
· Allowing insurance companies to provide non-fund based finance such as in the form of bank guarantees, bid and performance bonds etc.
· Suggested a series of measures to ensure compliance of delayed payment provisions.
· Measures to popularize SME Exchange and Factoring
· Reviewing and strengthening CGTMSE and CLCS scheme
Besides the Finance Minister and Minister of State for Finance Jayant Sinha and Secretaries of Finance, Revenue, Expenditure, Economic Affairs, Disinvestment, Commerce Chairmen of CBDT, CBEC were present.
CII was represented by its President Ajay Shriram, FICCI by Chairperson Dr. Jyotsna Suri and Assocham by Rana Kapur. (KNN/AB)
Presidents of FICCI, CII, ASSOCHAM and FISME were asked to present their views first followed by individual industry leaders.
Welcoming the industry captains Finance Minister sought their suggestions to put the economy on rapid growth path and said that Modi government was taking initiatives in many areas outside the scope of the Budget to bolster growth.
On behalf of Indian MSMEs, President of Federation of Indian Micro and Small & Medium Enterprises (FISME), Dr D Gandhikumar made a forceful presentation and at the very outset raised the issue of deposit rules under the new Companies Act.
“MSME owners start and operate their businesses with the help of loans and deposits from their friends and relatives only, making such deposits illegal would kill MSMEs and entrepreneurship,” Gandhikumar said.
The other issues highlighted by him included:
· Bringing down investment allowance threshold from Rs. 25 crore to zero so that MSMEs can also take advantage of the important initiative.
· Income Tax exemption to manufacturing MSMEs to encourage manufacturing and job creation.
· Doing away with BLR rating on MSMEs according to which all accounts having exposure over Rs. 5 crore is required to get a mandatory third party rating.
· Providing relief on C-form making the liability of collecting the form that of the buyer.
· Allowing insurance companies to provide non-fund based finance such as in the form of bank guarantees, bid and performance bonds etc.
· Suggested a series of measures to ensure compliance of delayed payment provisions.
· Measures to popularize SME Exchange and Factoring
· Reviewing and strengthening CGTMSE and CLCS scheme
Besides the Finance Minister and Minister of State for Finance Jayant Sinha and Secretaries of Finance, Revenue, Expenditure, Economic Affairs, Disinvestment, Commerce Chairmen of CBDT, CBEC were present.
CII was represented by its President Ajay Shriram, FICCI by Chairperson Dr. Jyotsna Suri and Assocham by Rana Kapur. (KNN/AB)
Loading...
