KASSIA welcomes step of interest subvention announced for SME loans in the interim budget

New Delhi, Feb 2 (KNN) Karnataka Small Scale Industries Association (KASSIA) has welcomed the 2% interest subvention announced for Small and Medium Enterprises (SME) loans of up to Rs 1 crore in the interim budget 2019.

KASSIA believed that this will be a positive step and benefit SME sector which has suffered in the recent years on various accounts.

“The exemption of income tax on individual incomes of up to Rs 5 lakhs will provide big relief to the middle class salaried individuals and may result in giving spurt to savings and increased consumption indirectly benefiting MSMEs,” it added.

KASSIA said, “We also welcome the decision to allow businesses with less than Rs 5 crores annual turnover to file returns under GST once in three months.”

The measures to help improve female labour force participation in work will also certainly have good social outcome. 

The proposed pension benefits announced for domestic workers and also workers in the unorganized sector will be of significant help to these important targeted groups.

Combined with the vision for the future on the 10 important dimensions pronounced in the budget, the budget is projected as an indicator of what India may be able to achieve in the coming years.