Empowering MSMEs with News & Insights

Industries in Uttarakhand appeals to govt to secure MSME dues under IBC

Updated: Jan 20, 2023 11:48:57am

Industries in Uttarakhand appeals to govt to secure MSME dues under IBC

Dehradun, Jan 20 (KNN) Industry body of Uttarakhand has urged the government to secure the MSME sector under the Insolvency and Bankruptcy Code (IBC) as they are major the suppliers to large companies who are stuck when the latter file for bankruptcy.


In conversation with KNN India, Pankaj Gupta, President, Industries Association of Uttarakhand (IAU) said, “MSMEs have also taken loan to supply to large companies but we do not get any guarantee and are trapped in such situations when big companies file for bankruptcy.”

The industries of Uttarakhand also expect the Union Minister Nirmala Sitharaman to announce reduction in income tax which would provide much-needed relief to MSMEs battering covid-19 aftershocks and global recession.

Gupta said, “MSME sector is struggling since 2020 and is now reeling under global economic pressure. The government needs to support the small industries to stay afloat.”

“As MSME industries are struggling with rising raw material prices, the FM must announce some cut in income tax and consider the rationalisation of GST rate,” he said.

The central government should bring the 18 per cent tax slab to 15 per cent, said Gupta.

The chief of IAU further said that the industries are looking forward to changes in the delayed payment act to help MSMEs.

In view of the state, he said funds for infrastructure development must be allotted in the upcoming budget.  (KNN Bureau)


    Be first to give your comments.


Required fields are marked *