New Delhi, Feb 10 (KNN) Rajesh Masand, President, Clothing Manufacturers Association of India (CMAI) along with Ankur Gadia, Treasurer, CMAI convened with Minister for Micro, Small and Medium Enterprises, Narayan Rane, on February 8, 2024.

The meeting was held to address the pressing concerns stemming from Amendment 43(B)(h) affecting payments to MSME Units, notably within the garments industry.

The delegation sought the minister's assistance in resolving this critical situation.

During the discussion, the detrimental impact of halted supplies and cancelled orders on MSME manufacturers was emphasised.

Rane acknowledged the thoughtful proposals presented by CMAI and committed to personally addressing the matter with the finance minister, with the aim of alleviating the ongoing crisis within the garment sector.

CMAI expressed optimism regarding the potential positive outcomes resulting from these deliberations.

Masand, in a press release stated, “The prolonged issue of delayed payments within the MSME sector has impeded its growth. It is commendable that the Government has taken steps to address this systemic challenge.”

He mentioned, “However, despite sincere efforts, the unique complexities of the garment sector have led to concerns.”

“Emerging issues such as order cancellations from retailers are causing apprehensions within the industry," he further added.

In order to address the issues and propose potential solutions, CMAI has also submitted a document to the Minister of Finance and Corporate Affairs, Nirmala Sitharaman.

(KNN Bureau)