With budget proposed, MSMEs speculate if it would ease concerns of the sector

New Delhi, Feb 5 (KNN) MSMEs which are considered as a strong pillar of growth disappointed with the Union budget 2018 that was announced by Finance Minister. Some called it a “populist budget”, “pro-farmer” budget on the other hand some named it as “pro-poor” budget.

Different sectors are expressing their concerns over the announced provisions.

Industrialist of Nagpur region believes that the budget focuses more on health, infrastructure and agriculture sector and hasn’t given much relief to industries.

In support of this statement Butibori Manufacturers Association (BMA) president Nitin Lonkar in a press interview said “The corporate tax exemption limit for small scale industries has been increased from Rs200 crore to Rs250 crore, which is not much. Steps have been taken to promote the textile sector. The Budget is more about ease of living than ease of doing business”.

Vidarbha Industries Association (VIA) president Atul Pande said “the most disappointing feature of the Budget was no mention of non-performing assets (NPAs) especially of SMEs. If NPAs were addressed, they would have generated employment.

Today many SMEs are functioning at less than half capacity or have closed down. Focusing on new investment is OK but existing industries should also be given attention”.

Manmohan Gaind, President of Manesar Industries Welfare Association said that not much has been done for MSME industries in this budget and focus has not been to generate jobs and help MSME by reduction in some interest rates chargeable to them from banks.

Neither buying machinery has been made a priority to get a better rate of interest for capex, he added.

Expressing concern, C.Babu  President of Tanstia said that the expectations were high from the budget.

MIDC Industries Association, Hingna, President Chandramohan Randhir also shared the feeling of disappointed by calling it not an industries-favored Budget.

He said "It was a pro-poor Budget. If farmers get more money for their produce, it will lead to increase in consumer spending and boost business and industry. However, the measures should not remain on paper. The move to increase corporate tax exemption limit is welcome.

The provision of providing online loans to small and medium scale enterprises (SMEs) will make the bank officials accountable. Today we don't get loans even after running from pillar to post.” (KNN/YV)