FISME asks Finance Minister to leverage Public Procurement to Spur Industrialization & Exports
New Delhi, Dec 17 (KNN) During the Pre-Budget Consultations of Finance Minister with stakeholder Groups from Industry, Trade and Services Sectors held on Tuesday here, Dr Animesh Saxena, President of Indian Micro and Small & Medium Enterprises (FISME) suggested to leverage Public Procurement for growth of industries.
Public procurement in India exceeds one third of its GDP and is estimated to be worth US Dollar One Trillion.
“India being not a signatory of Plurilateral Agreement on Public Procurement in WTO, there is enough policy space left to give special dispensation for Indian industry. If used wisely, it could help attract latest technology and help build capacities and capabilities of Indian industry especially MSMEs to withstand global competition”, Dr Saxena is said to have told Finance Minister.
The high profile meeting was Chaired by Union Finance Minister Nirmala Sitharaman along with Minister of State for Finance & Corporate affairs, Anurag Thakur and Finance Secretary Rajeev Kumar, Atanu Chakraborty Secretary Economic Affairs, Ajay Bhushan Pandey Revenue Secretary, Yogendra Tripathi, Secretary, Ministry of Tourism, Guruprasad Mohapatra, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Anup Wadhanwan, Secretary Department of Commerce, Pramod Chandra Mody, Chairman, CBDT, P.K. Das, Chairman, CBIC, Dr K.V. Subramanian, CEA and other senior officials of Ministry of Finance.
Giving an illustrative example, FISME presented names of accessories used in Power transformers to show how they alone clocked an import bill of one thousand crore.
‘Utilities could be tasked to develop them in MSME sector in India saving on import bill and developing industrial base. Similar opportunities exist in sector like Railways, Aero-space and others, he pointed out.
FISME has suggested a slew of measures to Government to improve quality of Public Procurement and to use its strategic lever for industrialization specifically ensuring MSMEs’ participation in it.
FISME President highlighted the difficulties MSME owners faced in meeting decision makers in Government agencies to ensure timely disposal of their grievances. It has demanded that all officers must ear mark certain time ‘open to public’, grievances recorded and addressed.
Stressing need to contain the propensity of Government Agencies for litigation and to make arbitration more effective, FISME has requested the office of Chief Economic Adviser to collect and report data in Economic Survey on number of commercial disputes pending, their duration and quantum of funds involved. It also suggested that guidelines might be issued directing Government agencies not to challenge awards of Arbitrators routinely to cut down litigation.
FISME’s memorandum included suggestions on investment, Industrial production, Delay in payments to MSMEs, issues arising of Insolvency & Bankruptcy Code and access to finance.
Besides FISME’s Dr Saxena, the other representatives from Trade and Industry included Vikram Kirloskar President CII, Sandip Somany, President Federation of Indian Chambers of Commerce and Industry, Deepak Sood, Secretary General ASSOCHAM, Ashish Vaid President, IMC Chamber of Commerce and Industry, DK Aggarwal , President , PHD Chamber of Commerce and Industry, Ajay Sahai, DG & CEO, FIEO, Rajeev Singh, Director General, ICC, Shri C.R. Janardhana, President, FKCCI among others. (KNN Bureau)
Mumbai, Mar 25 (KNN) The 1st Trade and Investment Working Group (TIWG) meeting under India’s…
New Delhi, Mar 24 (KNN) The growth of India’s MSME sector is heavily accelerated…
New Delhi, Mar 24 (KNN) Minister of State for MSME, Bhanu Pratap Singh Verma…
Ahmedabad, Mar 23 (KNN) The Ministry of MSME has informed the Gujarat High Court that…
New Delhi, Mar 23 (KNN) The Reserve Bank of India (RBI) has been reached out…