Focus on MSME will help increase in exports : FIEO
Chennai, Feb 1 (UNI) Federation of Indian Expoeters Organisation (FIEO) on Thursday said the focus given for agro sector related infrastructure in the budget would go a long way in placing India as a major producer and exporters of agro and processed food sector.
Reacting to the Union budget presented by Finance Minister Arun Jaitley, FIEO Southern Region Chairman A Sakthivel, while welcoming sectoral focus given in the Budget, the focus given for agro sector related infrastructure would 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, contribution of 12 per cent of wages of new employees extending to all sectors, reducing the women’s contribution to PF to eight 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, would increase India’s competitive advantage, as the headline tax rates are falling all across the world.
Dr Sakthivel also welcomed increased allocation of Rs 2,164 crore towards remission of State levies for the textile sector and requested the department to release all pending claims of ROSL immediately.
He also appreciated increased allocation for interest equalization scheme, which was almost doubled from Rs 1100 crore current year to Rs.