Kolkata, 5 July (KNN) Not impressed much with the Union Budget 2019-20, the Federation of Small & Medium Industries (FOSMI) said the budget did not provide any kind of lucrative benefit to Micro, Small and Medium Enterprises (MSMEs) as expected.

Middle class income group did not get appreciable benefit except the increase of income tax limit up to 5 lakh, FOSMI said.

There was reflection of earlier declared scheme for providing loans up to Rs 1 crore within 59 minutes through a dedicated online portal for ease of access to credit for MSMEs.

Under the Interest Subvention Scheme, Rs. 350 crore has been allocated for FY 2019-20 for 2% interest subvention for all GST registered MSMEs, on fresh or incremental loans.

The pension benefit offered to 3 crores shop owners with annual turnover less than 1.5 crores will benefit the small trading sector. This is indeed a good move to support small traders, said the industry association.

The proposal for the investment of 100 lakh crores for infrastructural development is definitely praise worthy, it added.

The commitment of the government towards the upliftment of rural sector is an eye catching proposal which includes development of clusters mainly inviting rural entrepreneurs to join in this effort, encourage development of rural industrial sector.

The government’s plan to organize an annual global meet of corporate leaders, industrialist, and corporate sovereign is indeed a good proposal.