Friday, March 24, 2023

SMEs expect discounted corporate loan rates


Jamshedpur, Feb. 28: People in the industrial town of Jamshedpur and the industrial area in adjoining Adityapur, which houses hundreds of small and medium enterprises (SMEs) will be glued to their TV screens on Monday when Union finance minister Arun Jaitley presents the Union Budget for 2016-17 in the Lok Sabha.

The community, which has started facing funds crunch of late, is looking for corporate loans on concession, relaxation in investment norms, separate widow for small-scale industries in all statutory agency offices and social security for first generation entrepreneurs.

Entrepreneurs are of the opinion that if India wants to achieve double digit growth the union government should make provision for loans at less interest rates and pay attention to SMEs.

Rupesh Katriyar, district president of Laghu Udyog Bharati Seraikela-Kharswan unit said, the ancillary units are looking towards the Union budget with high expectations and hope the government makes provisions for the smooth function of the SMEs which is a helping hand in the growth of the country.

Ancillaries are availing long term loan at 13 percen,t while heavy industries avail the loan at 9 to 10 percent, which is a huge setback for the SMEs and central government should look in this front if they want SMEs to grow,” he said.

He added, “Separate window for the SSI units in sales tax, excise, provident fund, income tax and corporate tax offices is the need of the hour as people these days don’t have time and it will benefit the government officials if arrangement for filling different taxes were made and ancillary unit owners will be happy if the government announces something in this favor in Monday’s budget.”

Kolhan’s apex trade body Singhbhum Chamber of Commerce and Industry (SCCI) is hoping for announcement of social security measures for the entrepreneurs.

SCCI president Suresh Sonthalia said, ‘We are hoping that the finance minister announces social security measures to attract investors, increase entrepreneurship and also help the first time investors who face difficulty in running the enterprise.”

An entrepreneur said, “With India focusing on Make in India and Jharkhand taking a big leap in Ease of doing business list in the country, budget should enable more and more investment in the state and make India a manufacturing hub and growing of the SMEs.”

It a challenge for the central government and Prime Minister Narendra Modi has described the Union Budget as his ”examination” and said he is feeling fully confident on the eve of its presentation in Parliament.

“I have to face my exam tomorrow. About 125 crore people will take my examination”. Concluding his “Mann ki Baat” radio address, Modi said the Union Budget, which will be presented in Parliament tomorrow, will be his examination.

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