CAIT COMPLIMENTED PRIME MINISTER FOR ANNOUNCING SUPPORT TO MSME SECTOR
“The various announcements made by Prime Minister Shri Narendra Modi for MSME Sector will not only give a breather to this sector but will also contribute to a great extent for overall development of MSME Sector. It’s for the first time in the Country that any Govt has taken proactive root steps to strengthen MSME Sector in the Country “- said Mr Praveen Khandelwal, Secretary General of the Confederation of All India Traders (CAIT). Mr Khandelwal has urged the Prime Minister that though traders are part of MSME Sector but still small businesses in the Country have specific problems and the time has come when an interaction with small businesses is required.
While complimenting the Prime Minister for announcing certain unique measures, Mr Khandelwal said that principle approval of loan within 59 minutes reflects commitment of the Govt towards MSME Sector and it will certainly boost business in the Country. Reduction of 2% interest rate by Banks to GST registered lenders is termed as a real Diwali Gift and will encourage more and more people to register with GST. The announcement of time bound payments by big Companies to MSME will make cash liquidity more live in the market. Sourcing of 25% of their purchases by Govt departments & companies will prove to be a boon to this sector and reservation of 3% sourcing from women entrepreneurs will encourage more & more women to become entrepreneurs . Making available technology and technical know how through hubs by the Government will encourage and strengthen domestic manufacturing in MSME Sector .
Mr. Khandelwal said that Prime Minister has emphasised the need of MSME Sector to make use of e Commerce market but since few big companies have manipulated the e Commerce market, there is an urgent need of a well defined e Commerce Policy and a Regulatory Authority to ensure fair participation of MSME in e Commerce market.