: GSIA welcomes schemes for MSMEs #FinanceIndia #StockMarketNEWS #Business NT NETWORK Vasco Goa State Industries Association (GSIA) has welcomed the announcement made by the Finance Minister Nirmala

@StockMarketNEWS Tue 19 May, 2020

Posted in: #Business #FinanceIndia #StockMarketNEWS

GSIA welcomes schemes for MSMEs #FinanceIndia #StockMarketNEWS #Business
NT NETWORK



Vasco



Goa State Industries Association (GSIA) has welcomed the announcement made by the Finance Minister Nirmala Sitharaman regarding 3 lakh crore collateral free loans to MSMEs with 12 months of moratorium out of the total economic package of 20 lakh crore which was announced by Prime Minister Narendra Modi.



“We hope the banks will be proactive in implementing this decision at their branch level. Many times it happens that announcements are made but at the ground level the implementation is very poor�, said GSIA president Damodar Kochkar.



“Also, the announcement that for government procurement, global tenders will be disallowed for tenders up to Rs 200 crore will give a boost to national demand.



The financial support by way of subordinated debt for equity for stressed MSMEs and equity infusion via “funds of funds� will be a handholding measure for the MSMEs�, said Kochkar.



He disclosed that the extension of EPF contribution scheme announced earlier will not have much benefit for the MSMEs in Goa. “GSIA had requested the state government to write to the central government to make the scheme applicable to all the employees earning less than Rs 15,000 irrespective of the percentage of such employees in a company. The scheme is presently applicable to such employees earning less than Rs 15,000 and the percentage of such employees in the establishment has to be less than 90 percent�, said Kochkar and have further clarified that if a company has 50 employees and out of which 6 employees earn more than Rs 15,000 then such company is not eligible for the scheme. “In Goa with high cost of living, the salaries paid to the employees are much higher as compared to most of the other states�, maintained Kochkar.



Kochkar has welcomed another move of revision of MSME definition based on investment-cum-turnover basis. “It is proposed that Micro Enterprise will be with investment of less than Rs 1 crore and turnover of less than Rs 5 crore, small will be investment less than Rs 10 crore and turnover less than Rs 50 crore and medium with investment less than Rs 20 crore and turnover less than Rs 100 crores�, added Kochkar.
The post GSIA welcomes schemes for MSMEs appeared first on The Navhind Times.

Stock Market News & Best Intraday tips & Stocks near support

Report

Login to post a comment!