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Focus given on MSME will help in increase in exports: Satkthivel

Hyderabad, Feb 1 (UNI) Federation of Indian Export Organisations (FIEO) regional chairman (Southern Region) Dr A Satkthivel on Thursday said focus given for agro sector related infrastructure will go a long way in placing India as a major producer and exporter of agro and processed food sector.

Announcement of selecting 99 cities for Smart City Programme, online loan sanctioning facility to
revamp the speeding up of loan given by the Banks to MSME, the contribution of 12 per cent of wages of new employees extending to all sectors, reducing the Women’s contribution to PF to 8 per cent for the three years of their employment with no reduction in employer’s contribution, introduction of facilities and technology leading to reduction in waste in farm sector, boost given for fishery, aquaculture and animal husbandry sectors, application of 25 per cent tax rates to MSME with a new threshold of Rs 250 crore, will increase India’s competitive advantage, as the headline tax rates are falling all across the world, Dr Satkthievel said in a statement here.

He also welcomed increased allocation of Rs.2164 crores towards remission of State Levies for the
Textile Sector and requested the Department to release all pending claims of ROSL immediately.

Appreciating the increase in allocation for Interest equalization scheme which is almost doubled from Rs 1100 crore current year to Rs.2000 Crore, he said that it pitched for including Merchant Exporters and Service exporters under this scheme.

Welcoming various initiatives mentioned in the budget for textile sector, Dr. Sakthivel said that these initiatives will help the sector to become competitive and face challenges from Bangladesh, Sri Lanka, Vietnam.

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