The announcements by Prime Minister Narendra Modi on Friday for Micro, Small and Medium Enterprises (MSMEs) will increase the confidence and competitiveness of knitwear exporters, said Raja M. Shanmugham, president of Tirupur Exporters’ Association.
Mr. Shanmugham said in a press release that the increase in interest subvention is a request of the sector for the last two years and it will help the units have a level-playing field with the competing countries.
Sanctioning of loans up to ₹1 crore in less than an hour for GST-registered MSMEs will enable easy access to credit and save a lot of time for entrepreneurs.
Business for MSMEs will be hassle free with change in the inspection system. Since the inspectors have to upload reports on the portal in 48 hours was a welcome move, he said.
With merger of air and water pollution laws and acceptance of self-certification, the units will gain.
“These positive measures will help Tirupur exports bounce and witness a positive growth,” he said.
