MADURAI: The Tamil Nadu Chamber of Commerce and Industry has made a few important suggestions, appeals and highlighted its expectations from the forthcoming Union Budget 2023-24 for the MSMEs (Micro, Small and Medium Enterprises) for their survival. In a press statement issued from Madurai on 17th January 2022, the TN Chamber president Mr.N.Jegatheesan had urged for announcement of some measures for a long term sustainable model considering the current economic uncertainty, soaring commodity prices and raw material disruptions.
“MSMEs need schemes like the Emergency Credit Line Guarantee Services to tide over the challenging times and meet the rising/ time sensitive capital needs. Also our MSME sector is expecting for reducing interest for late payment of GST from 18 per cent to 12 per cent, and also hope for a reduction in the Income Tax rates for partnership firms, LLPs and proprietor concerns to the maximum of 25 per cent which comprise the majority of MSMEs. The Production Linked Incentive Scheme may also be extended to the manufacturing sector of MSMEs to boost exports. We appeal to the Union Government to take remedial measures and announce incentives for the MSME sector because the Micro Small and Medium Enterprises have lot of expectations from the coming 2023-24 Union Budget,” Mr.N.Jegatheesan, president of Tamil Nadu Chamber of Commerce and Industry, has said in his press statement, which said that MSMEs are regarded as the backbone of Indian economy, they are employing over 110 million people across India in services and manufacturing areas, MSMEs contribute nearly 30 per cent to the GDP and 45 per cent of employment in the country, besides nearly 50 per cent of total exports.
