Startups

TN chamber urges Nirmala to incentivise startups, MSMEs – Times of India


Madurai: The Tamil Nadu Chamber of Commerce and Industry has put forward its expectations of the micro small and medium enterprises (MSME) sector to Union finance minister Nirmala Sitharaman ahead of the budget presentation next week. Their key demand was that the budget focus on simplifying taxation, investment and offering further incentives to Indian startups.
The chamber stated that offering incentives to startups and MSME units could help revenue as well as employment generation, which are the key to stabilize the economy that is recovering the hit suffered due to the Covid-19 pandemic for two years. Measures such as streamlining approvals, compliance for ease of doing business, quicker adoption of technology and the accessibility of funds that can mobilize growth were among their expectations.
Pointing to the exorbitant prices of the raw materials that are not uniform and controlled, they urged the government to rationalize GST on manufacturing for MSME and bring it down to at least 12% from the existing 18%.
Various sectors should also be added to the production linked incentive (PLI) scheme to create national manufacturing champions and generate more employment opportunities.
“Since MSME sector plays a very vital role in developing the nation’s economy and creating more job opportunities in rural and urban areas, we are optimistic that the finance minister would definitely fulfil the expectations of the MSME sector in the forthcoming Union budget 2022-23,” chamber president N Jegatheesan said.





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