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“As mentioned by the Prime Minister, the initiatives are gifts to MSMEs and as a result of this, not only MSMEs spirit and confidence level including competitiveness will get escalated but also they could concentrate and take effects fully to increase their business,” TEA president Raja M Shanmugham said in a press release thanking Prime Minister Modi for launching the historic initiative.
Shanmugham particularly highlighted the increase in interest subvention from 3 per cent to 5 per cent, which has been requested by him for the past two years to have a level playing field with other competing countries.
He welcomed sanctioning of a loan up to ₹1 crore to GST registered MSMEs in-principle approval through the 59 minute loan portal to enable easy access to credit for MSMEs. “The sanctioning of loan in just 59 minutes, i.e. less than an hour, will save a lot of time of MSM entrepreneurs,” he said.
The announcement of the stoppage of visit by inspector, the decision of his visit through a computerised random allotment, and inspectors would have to upload reports on portal within 48 hours, would enable MSMEs to do business hassle free, Shanmugham said.
While pointing out the limited staff existing in MSMEs, he said the filing of returns once in a year is a welcome measure and also thanked for merging of air pollution and water pollution laws and accepting the returns through self-certification.
“These positive measures will help Tirupur exports to bounce back and witness a positive growth,” Shanmugham said. (RKS)
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