Industry Bodies Urge New Govt To Prioritise Economic Growth, MSME Reforms

New Delhi, Jun 7 (KNN) As Narendra Modi is poised to embark on his third term as Prime Minister of India, leading industry associations are eagerly anticipating policies aimed at bolstering economic expansion, sustainability initiatives, and fostering a culture of innovation across the nation.

The national MSME body Federation of Indian Micro and Small & Medium Enterprises (FISME) seems sanguine of the third term of NDA.

“While FISME is quite confident that there would be continuity in economic policy and focus on entrepreneurship, start-ups and MSMEs would continue, it is less confident of NDA-3 pushing for deep reforms in judicial and administrative systems which continue to deter private investors”, says Anil Bhardwaj, Secretary General of FISME.    

The Madras Chamber of Commerce and Industry (MCCI) has expressed optimism that the incoming administration will collaborate closely with stakeholders to drive accelerated development for both India and the state of Tamil Nadu.

"The industry is eagerly anticipating the new administration's policies aimed at fostering economic growth, sustainability, and innovation," remarked TR Kesavan, President, MCCI.

He expressed, "We are optimistic about collaborative efforts that will drive progress and improve the business environment of the country further."

A key priority highlighted by industry representatives is the implementation of reforms benefiting Micro, Small and Medium Enterprises (MSMEs), which form the backbone of India's economy.

CK Mohan, President, Tamil Nadu Small and Tiny Industries Association (TANSTIA), urged the government to permit MSMEs to file Goods and Services Tax (GST) returns monthly while remitting payments quarterly.

This move, he argues, would alleviate financial burdens caused by delayed payments from corporate buyers and public sector undertakings.

Additionally, TANSTIA has called for the withdrawal or exemption of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (Sarfaesi) Act for MSME units with loans up to Rs 5 crore.

S Vasudevan, General Secretary, TANSTIA, advocated for further ease of doing business reforms and stressed the importance of amending Section 43B of the Income Tax Act to address the persistent challenge of delayed payments hindering MSME growth.

(KNN Bureau)