New Delhi, Mar 8 (KNN) In a meeting with Union Minister for Micro, Small and Medium Enterprises Giriraj Singh, Federation of Industrial & Commercial Organization (FICO) representatives raised their concerns and issues related to MSME in Ludhiana.

FICO president Gurmeet Singh Kular, and their other representatives raised the major issue of goods & service tax (GST) refunds.

Gurmeet Singh Kular in a press interview said “Crores are lying with the state and Union government”.

He said that 100% GST refund of exporters is stuck with the government and also industry is paying huge interest to banks.

He added that the Union minister assured that from next month refunds will be given.

Traders also urged the minister to issues the notification for the change in definition of micro, small and medium enterprises from ‘investment in plant and machinery/equipment’ to ‘annual turnover’.

United Cycle and Parts Manufacturers Association (UCPMA) General Secretary Rajeev Jain raised issue of losses incurred by MSMEs.

In this regard minister said he will hold a meeting with industry representatives and also form a regulatory committee to regulate the steel prices.

Besides this, association also demanded re-introduction of the Credit Link Capital Subsidy scheme to save the MSME sector.