News Analysis India

Tag: MSME

  • congress: Triple blow of demonetisation, GST, unplanned Covid lockdowns decimated MSMEs in TN: Congress

    New Delhi: Asserting that the MSMEs are India’s “job creators”, the Congress on Monday said the triple blow of demonetisation, GST and the unplanned COVID lockdowns decimated the MSME ecosystem in Tamil Nadu and alleged the unemployment crisis of today’s India is a “Modi-made creation”. Congress general secretary Jairam Ramesh said that before the BJP came to power, Tamil Nadu boasted a thriving ecosystem of more than 10 lakh Micro, Small, and Medium Enterprises (MSMEs), more than any other state.

    “The triple blow of demonetisation, GST and the unplanned COVID lockdowns decimated the MSME ecosystem. As Rahul Gandhi has been consistently highlighting through the last ten years and as he reiterated during the INDIA bloc’s mega rally in Coimbatore on April 12, MSMEs in the Kongu Nadu region, the state’s industrial heartland, are still reeling from the Centre’s mismanagement,” Ramesh alleged.

    This “man-made disaster” brought nearly all economic activity to a standstill and businesses were unable to pay workers and consumption ground to a halt, the Congress leader claimed. “Kongu Nadu’s MSMEs, highly dependent on cash flow, were hit hard. In Tiruppur, as many as 1,000 small factories closed unable to withstand the sudden economic upheaval. Textile exports fell from the expected Rs 30,000 crore to Rs 26,000 crore,” he said.

    Ramesh said the second blow delivered by the NDA government to the MSMEs in Tamil Nadu was the GST.

    “The overly complex tax regime was brought in hastily, with no concern for the heavy expense that onerous filing requirements place on the MSMEs,” Ramesh said. The impact was that while large enterprises saw their effective tax rate rise from 27 per cent to 28 percent, the MSMEs saw their effective tax rate nearly double from the previous regime, he added. “By 2019, almost 50,000 MSMEs in Tamil Nadu were forced to shut shop. More than 5.19 lakh people lost their jobs in 2017-18 alone. In Coimbatore, MSMEs were manufacturing pumps worth Rs 50 crore daily. Post GST, the trade volume nosedived to barely Rs 5 crore. Textile exports from Tiruppur fell by Rs 16,000 crore in 2017-18,” he said.

    Ramesh further pointed out that production fell by 20-25 per cent in Sivakasi’s firecracker industry, which supports three lakh workers.

    He said the NDA’s third onslaught on the MSMEs came just as the sector was recovering from demonetisation and GST with the lockdown devastating the MSME balance sheets and severely constraining demand even as the migrant crisis was constraining labour supply.

    “MSMEs are India’s primary job creators. The devastation wrought upon them meant that by April 2020, Tamil Nadu’s unemployment rate had climbed to 49.8 per cent, the highest in the country,” Ramesh said.

    “A July 2020 survey, conducted during the first phase of the COVID-19 pandemic, indicated severe financial stresses. 31 per cent of MSMEs were considering seeking credit from predatory money lenders as commercial banks refused to lend to them,” he added.

    The Congress leader said that 55 per cent of the MSMEs laid off workers during the pandemic, with 20 per cent reporting that they laid off or had planned to lay off over 50 per cent of their workforce.

    At the national level, the Modi government’s crony capitalism has meant a deliberate neglect of MSME issues, he alleged.

    “While large corporations have received massive loan write-offs worth Rs 16 lakh crores, the MSMEs have received no such relief,” Ramesh said.

    “The Tamil Nadu Small and Tiny Industries Association (TANSTIA), the apex body of MSME associations in the State, demanded that the Union government create a separate Income Tax bracket for MSMEs to distinguish them from large corporate firms. Their pleas fell on deaf ears,” he added.

    Ramesh said the government has not intervened to help the MSMEs that face elevated raw material costs from the cartels of large-scale steel, aluminium, rubber and plastic manufacturers.

    In the Kongu Nadu region, GST refunds amounting to nearly Rs 1,200 crore are pending for around 2,000 viscose fabric weaving units, Ramesh said, adding that close to 500 units have closed because of the pending refund.

    “The Coimbatore District Small Industries Association has sought a cut in GST rates on labour charges or job work undertaken by micro and small engineering units from the current 12 per cent to either 5 per cent or nil. The demand has not been met,” he said.

    “MSMEs are India’s job creators. The unemployment crisis of today’s India is a Modi-made creation. The next time the BJP claims to be pro-industry or pro-manufacturing, it must introspect on the damage it has done to Kongu Nadu, one of India’s most important industrial belts,” Ramesh said.

  • PM Modi launches Aspirational Block Programme, asks chief secys to end ‘mindless compliances’ 

    By PTI

    NEW DELHI: Prime Minister Narendra Modi Saturday launched the Aspirational Block Programme on the lines of a similar exercise aimed at developing backward districts and asserted that India is focussing on the four pillars of infrastructure, investment, innovation and inclusion to be a developed country.

    Chairing the second national conference on chief secretaries from states on its third and last day, Modi said the entire world is looking to India to bring stability to the global supply chain and asked them to take steps for making the MSME sector “global champions” and a part of the global value chain.

    He said the country can take full advantage of this only if states take lead by maintaining focus on quality and making decisions with an “India-first” approach, according to a statement.

    The prime minister also called upon the chief secretaries to focus on ending “mindless compliances” and outdated laws and rules.

    At a time when India is initiating unparalleled reforms, there is no scope for overregulation and mindless restrictions, he tweeted.

    Modi said the states should focus on pro-development governance, ease of doing business, ease of living and provision of robust infrastructure.

    “We should move towards self-certification, deemed approvals and standardisation of forms,” he said, according to a statement.

    The prime minister also spoke about the development of both physical and social infrastructure along with a focus on the enhancement of cyber security.

    He also tweeted, “With the eyes of the world being on India, combined with the rich talent pool of our youth, the coming years belong to our nation.”

    “Strengthening our MSME (Micro, Small and Medium Enterprises) sector is important for the country to become self-reliant and to boost economic growth,” Modi said, adding that equally important is to popularise local products.

    The prime minister also discussed the significance of 2023 being the International Year of Millets and the steps to enhance the popularity of their products.

    In his address, the prime minister recalled the development “milestones” since the last conference in June 2022, citing India getting the presidency of G20, becoming the fifth biggest global economy, rapid registration of new startups, foray of private players in the space sector, launch of National Logistics Policy and the approval of National Green Hydrogen Mission.

    To make MSMEs globally competitive, they should have access to finance, technology, market and for skilling, the statement quoting Modi said.

    He also spoke about bringing more MSMEs on board the GeM portal.

    Discussing the success of the cluster approach in the development of MSMEs, he said the linkage of MSME clusters and self-help groups can be explored for promoting unique local products and getting GI tags registration for them, associating it with the endeavour of ‘one district one product”.

    This will give a fillip to the “vocal for local” campaign, Modi said, adding states should identify their best local products and help them attain national and international stature.

    He also cited the example of ‘Ekta Mall’ at the Statue of Unity in Gujarat.

    Modi emphasised on data security and the criticality of having a secure technology infrastructure for the seamless delivery of essential services.

    He said states should adopt a strong cyber security strategy and added that this investment is like insurance for the future.

    The prime minister also stressed on development of coastal areas and said the vast Exclusive Economic Zone of the country is equipped with resources and offers tremendous opportunities.

    Stressing the need for increased awareness of the circular economy, Modi highlighted Mission LiFE (Lifestyle of Environment) and the important role the states can play in furthering it.

    To promote millets, he said, millet cafes can be established at prominent public places and state government offices across the country.

    Millets can be showcased in the G20 meetings being held in states, he said.

    For the preparations related to G20 meetings in states, the prime minister stressed the importance of involving the common citizens.

    He said creative solutions should be envisaged for achieving the citizen connect.

    Modi also advised the establishment of a dedicated team for preparations related to G20 meetings.

    The statement said that Modi cautioned states on the challenges posed by drugs, international crimes, terrorism and disinformation originating on foreign soil.

    Noting that about 4,000 officers worked to hold this conference for which more than 1,15,000 man-hours were invested, the prime minister said these efforts should start reflecting on the ground as well and asked states to develop and implement action plans based on the suggestions emanating from the conference.

    “Over the last two days, we have been witnessing extensive discussions at the chief secretaries conference in Delhi. During my remarks today emphasised a wide range of subjects which can further improve the lives of people and strengthen India’s development trajectory,” he tweeted.

    The chief secretaries conference, which started on January 5, was aimed at rapid and sustained economic growth in partnership with states in coordination, the government has said.

    Modi chaired the conference in the last two days.

    NEW DELHI: Prime Minister Narendra Modi Saturday launched the Aspirational Block Programme on the lines of a similar exercise aimed at developing backward districts and asserted that India is focussing on the four pillars of infrastructure, investment, innovation and inclusion to be a developed country.

    Chairing the second national conference on chief secretaries from states on its third and last day, Modi said the entire world is looking to India to bring stability to the global supply chain and asked them to take steps for making the MSME sector “global champions” and a part of the global value chain.

    He said the country can take full advantage of this only if states take lead by maintaining focus on quality and making decisions with an “India-first” approach, according to a statement.

    The prime minister also called upon the chief secretaries to focus on ending “mindless compliances” and outdated laws and rules.

    At a time when India is initiating unparalleled reforms, there is no scope for overregulation and mindless restrictions, he tweeted.

    Modi said the states should focus on pro-development governance, ease of doing business, ease of living and provision of robust infrastructure.

    “We should move towards self-certification, deemed approvals and standardisation of forms,” he said, according to a statement.

    The prime minister also spoke about the development of both physical and social infrastructure along with a focus on the enhancement of cyber security.

    He also tweeted, “With the eyes of the world being on India, combined with the rich talent pool of our youth, the coming years belong to our nation.”

    “Strengthening our MSME (Micro, Small and Medium Enterprises) sector is important for the country to become self-reliant and to boost economic growth,” Modi said, adding that equally important is to popularise local products.

    The prime minister also discussed the significance of 2023 being the International Year of Millets and the steps to enhance the popularity of their products.

    In his address, the prime minister recalled the development “milestones” since the last conference in June 2022, citing India getting the presidency of G20, becoming the fifth biggest global economy, rapid registration of new startups, foray of private players in the space sector, launch of National Logistics Policy and the approval of National Green Hydrogen Mission.

    To make MSMEs globally competitive, they should have access to finance, technology, market and for skilling, the statement quoting Modi said.

    He also spoke about bringing more MSMEs on board the GeM portal.

    Discussing the success of the cluster approach in the development of MSMEs, he said the linkage of MSME clusters and self-help groups can be explored for promoting unique local products and getting GI tags registration for them, associating it with the endeavour of ‘one district one product”.

    This will give a fillip to the “vocal for local” campaign, Modi said, adding states should identify their best local products and help them attain national and international stature.

    He also cited the example of ‘Ekta Mall’ at the Statue of Unity in Gujarat.

    Modi emphasised on data security and the criticality of having a secure technology infrastructure for the seamless delivery of essential services.

    He said states should adopt a strong cyber security strategy and added that this investment is like insurance for the future.

    The prime minister also stressed on development of coastal areas and said the vast Exclusive Economic Zone of the country is equipped with resources and offers tremendous opportunities.

    Stressing the need for increased awareness of the circular economy, Modi highlighted Mission LiFE (Lifestyle of Environment) and the important role the states can play in furthering it.

    To promote millets, he said, millet cafes can be established at prominent public places and state government offices across the country.

    Millets can be showcased in the G20 meetings being held in states, he said.

    For the preparations related to G20 meetings in states, the prime minister stressed the importance of involving the common citizens.

    He said creative solutions should be envisaged for achieving the citizen connect.

    Modi also advised the establishment of a dedicated team for preparations related to G20 meetings.

    The statement said that Modi cautioned states on the challenges posed by drugs, international crimes, terrorism and disinformation originating on foreign soil.

    Noting that about 4,000 officers worked to hold this conference for which more than 1,15,000 man-hours were invested, the prime minister said these efforts should start reflecting on the ground as well and asked states to develop and implement action plans based on the suggestions emanating from the conference.

    “Over the last two days, we have been witnessing extensive discussions at the chief secretaries conference in Delhi. During my remarks today emphasised a wide range of subjects which can further improve the lives of people and strengthen India’s development trajectory,” he tweeted.

    The chief secretaries conference, which started on January 5, was aimed at rapid and sustained economic growth in partnership with states in coordination, the government has said.

    Modi chaired the conference in the last two days.

  • Railway going on with innovation drive!

    Express News Service

    NEW DELHI: Along with rendering both freight and passenger services, the Indian Railways (IR) has started fostering innovations within its realm of services with an objective to leverage innovative technologies developed by Indian  Start-Ups, MSMEs, innovators or entrepreneurs towards making the country self-reliant in sector of rail transportation.

    The Railways has embarked upon innovation journey through a well-thought initiative called ‘Start-ups for Railway’ (SFR). Gone with such first of its kind initiative with effect from June 13 this year, the railway has registered more than 768 entities on Indian Railway Innovation portal to participate in innovation challenges floated by railways.

    Recently, railway minister Ashwini Vaishnaw had told this newspaper that supporting and going with innovative start up, has been taken by railways seriously in order to become not only self-reliant but also creating job opportunities to the nation. As part of this initiative, the fund-sharing scheme has been made on a cost-sharing in equal proportion–50:50 between Indian Railways and the Start-ups or innovators.

    According to official data of the Ministry of Railway, so far, 311 offers for Startups have been received against 13 problem statements uploaded by railways on its innovation portal.

    ALSO READ | Railways to raise revenue by renting out defunct rail coaches for running restaurants

    “This shows how the innovators are flocking towards railways from across various sectors for their Startups”, remarked a senior railway official, adding that all offers are being evaluated through a 2-stage process.

    Notably, the railway working earnestly on a wider promotion of start-ups, has already one innovation challenge has been finalised.

    Giving break up of offers of Startups, the Ministry of Railway said that more than 60 offers from individual innovators, 81 from MSMEs and 18 from  R&D (Research and Design) organization are among a total of 311 offers received by railway.

    To promote this initiative, the railways claims to have organized more than 131 workshops meeting on Indian Railway innovation policy across the railways at all levels in which more than 1,560 start-ups, innovators participated so far.

    ALSO READ | Railways to use 5G-enabled tech to prevent train snags

    Appreciating this initiative of Indian Railways recently, Vinod Dham- who is also known as ‘Father of the Pentium Chip” for his contribution to the development of Pentium microprocessor, at a lecture program said that such initiative by railway will go a long way helping India to become more technology-driven in every part of life. He said that India is among top 3 Start Up countries and has the potential to lead the world.

    NEW DELHI: Along with rendering both freight and passenger services, the Indian Railways (IR) has started fostering innovations within its realm of services with an objective to leverage innovative technologies developed by Indian  Start-Ups, MSMEs, innovators or entrepreneurs towards making the country self-reliant in sector of rail transportation.

    The Railways has embarked upon innovation journey through a well-thought initiative called ‘Start-ups for Railway’ (SFR). Gone with such first of its kind initiative with effect from June 13 this year, the railway has registered more than 768 entities on Indian Railway Innovation portal to participate in innovation challenges floated by railways.

    Recently, railway minister Ashwini Vaishnaw had told this newspaper that supporting and going with innovative start up, has been taken by railways seriously in order to become not only self-reliant but also creating job opportunities to the nation. As part of this initiative, the fund-sharing scheme has been made on a cost-sharing in equal proportion–50:50 between Indian Railways and the Start-ups or innovators.

    According to official data of the Ministry of Railway, so far, 311 offers for Startups have been received against 13 problem statements uploaded by railways on its innovation portal.

    ALSO READ | Railways to raise revenue by renting out defunct rail coaches for running restaurants

    “This shows how the innovators are flocking towards railways from across various sectors for their Startups”, remarked a senior railway official, adding that all offers are being evaluated through a 2-stage process.

    Notably, the railway working earnestly on a wider promotion of start-ups, has already one innovation challenge has been finalised.

    Giving break up of offers of Startups, the Ministry of Railway said that more than 60 offers from individual innovators, 81 from MSMEs and 18 from  R&D (Research and Design) organization are among a total of 311 offers received by railway.

    To promote this initiative, the railways claims to have organized more than 131 workshops meeting on Indian Railway innovation policy across the railways at all levels in which more than 1,560 start-ups, innovators participated so far.

    ALSO READ | Railways to use 5G-enabled tech to prevent train snags

    Appreciating this initiative of Indian Railways recently, Vinod Dham- who is also known as ‘Father of the Pentium Chip” for his contribution to the development of Pentium microprocessor, at a lecture program said that such initiative by railway will go a long way helping India to become more technology-driven in every part of life. He said that India is among top 3 Start Up countries and has the potential to lead the world.

  • Indian Railways going on with innovation drive

    Express News Service

    NEW DELHI: Along with rendering both freight and passenger services, the Indian Railways (IR) has started fostering innovations within its realm of services with an objective to leverage innovative technologies developed by Indian  Start-Ups, MSMEs, innovators or entrepreneurs towards making the country self-reliant in sector of rail transportation.

    The Railways has embarked upon innovation journey through a well-thought initiative called ‘Start-ups for Railway’ (SFR). Gone with such first of its kind initiative with effect from June 13 this year, the railway has registered more than 768 entities on Indian Railway Innovation portal to participate in innovation challenges floated by railways.

    Recently, railway minister Ashwini Vaishnaw had told this newspaper that supporting and going with innovative start up, has been taken by railways seriously in order to become not only self-reliant but also creating job opportunities to the nation. As part of this initiative, the fund-sharing scheme has been made on a cost-sharing in equal proportion–50:50 between Indian Railways and the Start-ups or innovators.

    According to official data of the Ministry of Railway, so far, 311 offers for Startups have been received against 13 problem statements uploaded by railways on its innovation portal.

    ALSO READ | Railways to raise revenue by renting out defunct rail coaches for running restaurants

    “This shows how the innovators are flocking towards railways from across various sectors for their Startups”, remarked a senior railway official, adding that all offers are being evaluated through a 2-stage process.

    Notably, the railway working earnestly on a wider promotion of start-ups, has already one innovation challenge has been finalised.

    Giving break up of offers of Startups, the Ministry of Railway said that more than 60 offers from individual innovators, 81 from MSMEs and 18 from  R&D (Research and Design) organization are among a total of 311 offers received by railway.

    To promote this initiative, the railways claims to have organized more than 131 workshops meeting on Indian Railway innovation policy across the railways at all levels in which more than 1,560 start-ups, innovators participated so far.

    ALSO READ | Railways to use 5G-enabled tech to prevent train snags

    Appreciating this initiative of Indian Railways recently, Vinod Dham- who is also known as ‘Father of the Pentium Chip” for his contribution to the development of Pentium microprocessor, at a lecture program said that such initiative by railway will go a long way helping India to become more technology-driven in every part of life. He said that India is among top 3 Start Up countries and has the potential to lead the world.

    NEW DELHI: Along with rendering both freight and passenger services, the Indian Railways (IR) has started fostering innovations within its realm of services with an objective to leverage innovative technologies developed by Indian  Start-Ups, MSMEs, innovators or entrepreneurs towards making the country self-reliant in sector of rail transportation.

    The Railways has embarked upon innovation journey through a well-thought initiative called ‘Start-ups for Railway’ (SFR). Gone with such first of its kind initiative with effect from June 13 this year, the railway has registered more than 768 entities on Indian Railway Innovation portal to participate in innovation challenges floated by railways.

    Recently, railway minister Ashwini Vaishnaw had told this newspaper that supporting and going with innovative start up, has been taken by railways seriously in order to become not only self-reliant but also creating job opportunities to the nation. As part of this initiative, the fund-sharing scheme has been made on a cost-sharing in equal proportion–50:50 between Indian Railways and the Start-ups or innovators.

    According to official data of the Ministry of Railway, so far, 311 offers for Startups have been received against 13 problem statements uploaded by railways on its innovation portal.

    ALSO READ | Railways to raise revenue by renting out defunct rail coaches for running restaurants

    “This shows how the innovators are flocking towards railways from across various sectors for their Startups”, remarked a senior railway official, adding that all offers are being evaluated through a 2-stage process.

    Notably, the railway working earnestly on a wider promotion of start-ups, has already one innovation challenge has been finalised.

    Giving break up of offers of Startups, the Ministry of Railway said that more than 60 offers from individual innovators, 81 from MSMEs and 18 from  R&D (Research and Design) organization are among a total of 311 offers received by railway.

    To promote this initiative, the railways claims to have organized more than 131 workshops meeting on Indian Railway innovation policy across the railways at all levels in which more than 1,560 start-ups, innovators participated so far.

    ALSO READ | Railways to use 5G-enabled tech to prevent train snags

    Appreciating this initiative of Indian Railways recently, Vinod Dham- who is also known as ‘Father of the Pentium Chip” for his contribution to the development of Pentium microprocessor, at a lecture program said that such initiative by railway will go a long way helping India to become more technology-driven in every part of life. He said that India is among top 3 Start Up countries and has the potential to lead the world.

  • Will write to FM to reconsider relief for traders, middle-class: CAIT NCR

    By PTI

    NOIDA: Lamenting no sops for middle class and traders in the Budget 2022-23, the NCR chapter of the Confederation of All India Traders (CAIT) said it will be writing to the Union Finance Ministry to reconsider extending relief in these categories.

    CAIT’s NCR unit convenor Sushil Kumar Jain said in the budget, the government has given relief by reducing the tax rate on some items like textiles, electronics, and jewellery and it would definitely increase their sales.

    “The proposals on MSME are also a matter of joy but overall it looked like the government has hardly changed the budget from the last year and wants to move further for development like the previous years. There was no relief for the traders and middle class and they are disappointed with this budget,” Jain said in a statement.

    “We will again write a letter to Finance Minister Nirmala Sitharaman for reconsidering the budget and if still possible, some relief can be given to traders and the middle class,” said Jain, also the president of Noida’s Sector 18 market association.

    He said the CAIT had been repeatedly urging the Centre for reconsidering aspects of the GST and Income Tax but there has been no hearing on that too.

  • Rahul Gandhi attacks government over closing down of MSMEs during pandemic

    By PTI

    NEW DELHI: Congress leader Rahul Gandhi on Friday took a swipe at the government over the issue of shutting down of MSMEs during the Covid pandemic, saying it means “benefit” to friends and no employment opportunities in a weak economy.

    The government, he said, has admitted in Parliament that nine percent Micro Small and Medium Enterprises (MSMEs) have shut down during the pandemic.

    “I had asked some serious questions about the MSMEs from the government and in response to them they have admitted that nine percent MSMEs have closed down during Covid times.

    “Meaning benefit to friends, weak economy and end to employment, Gandhi said in a tweet in Hindi. He also shared the written reply of the government in response to his question in the Lok Sabha on Thursday.

    “National Small Industries Corporation Limited has conducted an on-line survey in August 2020, covering around 5,774 MSMES in 32 States/UTs to assess the impact of COVID-19 Pandemic on MSMES.

    It was found in the said survey that 91 percent MSMES were functional and nine percent MSMES had closed down due to the impact of COVID-19,” the government said in its written response to Gandhi’s question.

    It also said the Reserve Bank of India has informed that state-wise data on NPA in MSME sector is not available with them.

    “The National Crime Records Bureau has informed that as per published reports, a total of 9,052 self employed persons (Business) committed suicide in the year 2019 and a total of 11,716 self employed persons (Business) committed suicide in the year 2020.

    The Bureau does not categorise the suicide data by MSME business owners and entrepreneurs separately,” the Minister of Micro, Small and Medium Enterprises Narayan Rane said in his written reply to Gandhi’s question.

  • Finance Minister directs all PSUs to clear pending dues to MSMEs within 45 days

    By Express News Service
    NEW DELHI: Finance Minister Nirmala Sitharaman on Monday said the Centre is deeply concerned about the delay in payments to MSMEs and steps have been taken to ensure that all dues are paid within 45 days. Responding to a question in the Lok Sabha on government dues to the MSME sector, Sitharaman said she is “personally monitoring it”. 

    “I have reviewed it from the point of view of central government and various departments which owe money to the MSMEs. We have made sure that standard, as per rule 45 days, be not crossed and all dues be paid from the government side to the MSMEs,” Sitharaman said. 

    The FM clarified that the pendency is also on the part of state governments and state PSUs. Sitharaman also said the Centre is actively encouraging MSMEs to use the Trade Receivables Discounting System (TReDS) platform from which “these payments can be discounted”.

    In January, Union minister Nitin Gadkari had said delayed payments to the MSME sector was becoming a huge problem and the Centre was planning a new law to make it mandatory that MSME receivables are paid within 45 days. 

    On Monday, the FM also introduced a Bill in the Lok Sabha to provide a pre-packaged resolution process for financially stressed MSMEs. The Bill will replace the Ordinance, which came into effect from April 2021 to help small enterprises. The law allows for a prior bankruptcy-resolution agreement between a creditor, such as a bank, and an investor without initial approval from the National Company Law Tribunal. 

    The proposed amendments would also help notify the threshold of a default not exceeding `1 crore for initiation of pre-packaged resolution process. The Centre has already prescribed a threshold of `10 lakh for this purpose.  On GST relief to the sector, the FM said it’s up to the GST Coucil to take a call. 

  • CPM to seek rescheduling of Parliament session due to assembly polls

    By PTI
    COIMBATORE: The CPI(M) will seek rescheduling of the second phase of the budget session of Parliament beginning from March 8, in view of the assembly elections in five states, party General Secretary Sitaram Yechury said on Thursday.

    Since majority of the states such as Tamil Nadu, Puducherry, Kerala and Assam have more opposition MPs, they may find it difficult to campaign in these states, where polls are scheduled to be held from March 27 to April 6.

    Noting that the party will seek rescheduling of the session on the first day itself, Yechury said main policies related to the budget or economy can be passed and other topics can be taken up in the next session, so that MPs can campaign in their states.

    As polls in West Bengal will be conducted in eight phases, the leaders will have enough time for campaigning, he told reporters here.

    On the election scenario, Yechury alleged that the Narendra Modi-led government has completely destroyed the foundation of Constitution and federal structure and almost all the sectors like industry, education were destroyed by its wrong policies.

    Accusing the Centre of formulating policies to further ‘enrich’ the cronies and friends of the PM, the left party leader said even the MSME sector, generating largest employment next to agriculture, was totally neglected.

    Alleging that the government was targetting voices of dissent by booking them under UAPA and filing sedition cases, he said the Supreme Court has finally ruled that dissenting was not sedition.

    However, there are many such sedition cases to be disposed of, he added.

    Yechury slammed the ruling AIADMK for supporting every single measure taken by the BJP led NDA government at the Centre, including the farm bills.

    “This is not acceptable. That is why CPI(M) is today taking all measures against these parties. We are working to ensure the defeat of BJP-AIADMK alliance in Tamil Nadu. We will cooperate with all the forces to achieve the goal,” he said.

    Replying to a query whether the BJP was behind the decision of late Chief Minister Jayalalithaa’s aide V K Sasikala to quit politics, he said, “The BJP has supported and it is quite obvious.” Politburo members G Ramakrishnan who was also present said the seat-sharing deal with DMK will be finalised in another two days.

  • MSMEs ‘betrayed’ in ‘crony-centric’ budget: Congress leader Rahul Gandhi

    By PTI
    NEW DELHI: Describing the Union Budget as “crony-centric”, Congress leader Rahul Gandhi on Thursday said the micro, small, and medium enterprises (MSMEs) were given no low interest loans or GST relief which meant that the employers of India’s largest workforce were “betrayed”.

    The Congress had earlier slammed the budget, saying it was a “let down like never before”.

    The Opposition party had claimed that the budget will unravel soon.

    Finance Minister Nirmala Sitharaman on Monday presented the budget for 2021-22 in the Lok Sabha from a tablet, instead of a conventional paper document, the first paperless budget since Independence.

    Hitting out at the government, Gandhi on Thursday tweeted, “Modi’s crony centric budget means — Struggling MSMEs given no low interest loans, no GST relief.

    The employers of India’s largest workforce betrayed.”

    In his first reaction to the budget on Monday, Gandhi had alleged that the Narendra Modi government plans to handover the country’s assets to crony capitalists.

    The BJP leaders had lauded the budget for its focus on a number of measures, including substantial allocation for healthcare sector, capital expenditure, tax exemption for senior citizens and incentives for start-ups among others.

  • My mission is to make turnover of village industry to Rs 5 lakh crores in 2 years: Nitin Gadkari

    Union Minister of MSME Nitin Gadkari on Wednesday pledged to increase the business of village industry from Rs 80,000 crore to Rs 5 lakh crore in two years.

    Addressing the Confederation of Indian Industry (CII) Global MSME Business Summit, the Union Minister stated, “Currently, the turnover of our village industry is Rs 80,000 crore. My mission is to make it Rs 5 lakh crore in 2 years. “

    Gadkari said that while speaking on the topic of ‘reboot: rebound: rewinding demand and supply side’, he said that the central government aims to create five crore more jobs in the next five years. “Currently, there are 110 million people employed in the MSME sector. Our goal is to create 5 crore more jobs in the next 5 years. “

    Speaking further during the event, Union Minister Gadkari said, “To build a self-sufficient India, the most important goal for ministries is to strengthen the Indian economy and for this reason, we need to increase exports at the same time, which we need to Need to reduce imports

    Last month, at the Virtual Horacis Asia meeting, Gadkari said that the center plans to take MSME’s contribution from 30 percent to 40 percent to economic growth.

    “Our aim is to bring MSME contribution from 30 percent to 40 percent economic growth and increase MSME exports from 48 percent to 60 percent. The government is planning to create 5 crore more jobs only from MSME sectors.