Industries needs sops to rekindle the economy | Nagpur updates

Nagpur updates:-Regional businesses want a range of sops to expand at a good rate and help to stimulate the economy. Local industry leaders are pinning a lot of hope on the 2020-21 Union budget.

Nitin Lonkar, President of the Butibori Manufacturers Association (BMA), said that more funds should be made available to micro, small and medium-sized enterprises (SMEs). “The banks do not entertain small companies. The goal of lending to this sector should be set. In addition, the interest rate for the sector should be that, “he added.

According to Lonkar, the ease of doing business for the sector needs to be improved and the reach of the Government e-Marketplace (GeM) portal needs to be expanded so that small and medium-sized enterprise can get a forum to market their products.

Chandrashekhar Shegaonkar, President of the Hingna MIDC Industries Association (MIA), said that the tax rate on goods and services (GST) should be reduced and the exemption for personal income tax (IT) should be increased to Rs5 lakh.

“Agriculture should have the status of an industry. Small farmers are often unable to maintain their lands, so if industrialists are permitted to pursue corporate farming, they can buy their land and farm profitably, “Shegaonkar added.

Suresh Rathi, president of the Vidarbha Industries Association (VIA), said he didn’t expect much from the budget because the government didn’t have enough money after the downturn in the economy. “Moreover, if the government invests Rs100 lakh crore in infrastructure, it will boost the economy. Personal IT needs to be reduced so that people have money in their hands. Exports should be supported, “Rathi said.

“Corporate dividend tax has to go if you want people to invest. The ease of doing business for businesses should be real and tangible for the grassroots, “he added.
Madhusudan Rungta, president of the Chandrapur MIDC Industries Association, said that the IT exemption should be extended to Rs10 Lakh. “Banks should make discounts for small and medium-sized enterprises if their payment is delayed. Agro-industry subsidies should be given to 30% of transport subsidies so that units far from big cities have a level playing field, “he added.

Umesh Malu, president of the Akola Industries Association, said that all tax payments should be faceless, in line with IT, and that the interest rate for small and medium-sized enterprises should be between 2% and 3%. “Countries like South Korea can export a lot of goods because their industries get very cheap loans. They expect to receive payment three years later. We can’t do that, “he said.

Malu also said that there should be a comprehensive audit of all taxes and compulsory payments, such as the Provident Fund. “I should not have to go to the chartered accountant ten times a year for various compliances. They should only have to do it once for all divisions, “he said.