FOSMI seeks renewal of CLCSS for MSMEs for next 5 financial years

Kolkata, Dec 28 (KNN) Federation of Small & Medium Industries, West Bengal (FOSMI) in its Pre-Budget Memorandum for 2023-24 has suggested for the renewal of Credit Linked Capital Subsidy Scheme (CLCSS) for MSMEs and continuation for at least five consecutive financial years.

The scheme was valid up to March 31, 2020 and was discontinued after the deadline.

The suggestion calls for an increase in the upper limit of the incentive i.e. Rs 15 lakh owing to the price hike of machineries due to advanced technologies.

“Ministry of MSME should include Medium scale industries under the purview of CLCS Scheme to encourage technology up gradation and development,” said FOSMI.

It has offered suggestions on varied areas such as Prevailing Schemes, Direct and indirect taxes, Improvement of Start-up ecosystem, Ease of Doing Business, Building efficiency in litigation machinery and Adoption of Circular Economy - Reduction of Carbon footprint.

In view of Amended Technology Upgradation Fund Scheme (ATUFS), it has urged the government to either renew the existing ATUF scheme or issue new scheme for the textile sector.

Underlining how Food Processing Sector doesn’t have any capital investment subsidy scheme except Pradhan Mantri Kisan Sampada Yojana (PMKSY), FOSMI has requested the government to issue an open handed capital incentive scheme for food processing sector to promote the investment in food processing industries.  (KNN Bureau)