TheProcess Plant and Machinery Association of India (PPMAI) which represents the Capital goods and Process Equipment manufacturing and exporting industry in the country has welcomed various incentives provided to the Micro, Small and Medium Enterprises (MSME) in the Union budget for the year 2019-20 presented by Finance Minister Mrs Nirmala Sitharaman..
“The various incentives announced by the government to the MSME segment facilitation of easy access, loans of upto ₹1 crore to be granted to MSMEs within 59 minutes through a dedicated online portal. Allocation of Rs 350 Crore Under the interest subvention scheme for MSMEs for 2% interest subvention for all GST registered MSMEs on fresh or on incremental loans. This will help the manufacturing segment to grow and generate employment” said Mr Yatinder Pal Singh Suri, Chairman, Process Plant and Machinery Association of India (PPMAI) and Country Head an Managing Director Outokumpu India welcoming the budget.
“The impact of these incentive’s to the MSME sector will be positive as the Two per cent interest subvention would enable the cash-starved MSMEs to ensure smooth credit line flow for their firms. This government support to the MSME sector will provide stimuli to the local manufacturers to grow and prosper, This is also an answer to the employability avenues .This is also shows that the government did not get carried away by demands of raw material lobby which would have hurt the Capital Goods and MSME segment. MSMEs have an important role in supporting large industries, achieving higher levels of indigenization and generate higher employment in the country” Mr Suri said.
“With India set to become a $3 trillion economy this year, the first Union Budget by the Modi 2.0 government has introduced several benefits for the MSME sector. Over the years, MSMEs have been battling to get loans, given their inability to produce relevant assets as evidenceThe introduction of the 1 crore MSME loan brings great relief to small business owners, making easier accessibility and processing of loans through a single portal. This in turn will translate into the stability and growth of the sector” Mr Suri added.
“The proposal of investing of 100 lakh crore in infrastructure, expansion of metro rail corridors and renovation of railway stations will help boost consumption of steel and stainless steel in the country, This will also generate employment” Mr Suri said.
“The government should also come down heavily on manufacture of sub standard steel and stainless steel in the country as well as be strict for compliance of GST in the country “ he added
