The Union Budget 2019-20 presented by Finance Minister Nirmala Sitharaman has, by and large, come in for appreciation by small and medium-scale industries.
The Tiruchi District Tiny and Small Scale Industries' Association (TIDITSSIA) has appreciated the announcement on 2% interest subvention on fresh loans for GST-registered MSMEs, and has welcomed the decision to extend pension benefits to retail traders and shopkeepers whose annual turnover is less than ₹1.5 crore, under the Pradan Mantri Karmayogi Mandhan Yojana.
The monthly pension of ₹3,000 assured for workers in unorganised sector, plans to start TV channel for promoting start-ups, and plana to impart entrepreneurship skill training for promoting agro industries would be helpful.
Likewise, the announcement to extend loan of one lakh rupees to every women member of self-help groups with interest subvention will be quite useful, TIDITSSIA president N. Kanagasabapathy said.
Focussing on MSME sector for creation of more employment is a welcome move, said Rajapapa Rajkumar, president, BHEL Small Scale Industries Association.
The sanction of ₹ 350 crore for interest subvention to MSME sector will release stress of MSME units struggling due to recession. Further, two percent interest subvention for GST registered MSME units will encourage many to start business.
Interest subvention for enterprises started by women was an encouraging factor, Mr. Rajappa Rajkumar pointed out.
Starting of incubation centres and clusters for fostering innovation and technology development for training around 75,000 persons will accord a thrust to the MSME sector.
