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The Union Budget for 2017 has broadly met the aspirations of the MSME sector, Sri R.Krishnamurthy, President, PIA said, and welcomed in particular the reduction in corporate tax rate to 25% for MSMEs with annual turnover less than Rs 50 crore.
According to Sri R. Krishnamurthy, the doubling of the allocation under Pradhan Mantri Mudra Yojana to Rs 2.44 trillion will definitely spur entrepreneurial growth, while the newly restructured central Trade Infrastructure for Export Scheme (TIES) will help create modern infrastructure like last mile connectivity to ports, testing labs and certification centres, and the special scheme for creating employment in leather/footwear sector addresses the lacuna of jobless growth.
PIA also welcomed other initiatives like the focus on domestic manufacturing of mobile devices and components to strengthen ‘Make in India’ and make India a global hub for electronics manufacture; establishing 100 Indian international skill centres with courses in foreign languages; allotment of Rs 4,000 crore for skill acquisition and knowledge awareness; and training of 3.5 crore youth under Sankalp program.
The MSMEs also looked forward to the decision to simplify, rationalize and amalgamate existing labor laws in 4 codes, viz. Wages, Industrial Relations, social security & welfare, safety & working conditions, though one will have to wait for the fine print for more clarity on this all important issue for MSMEs, he said.
Summing up, he said overall, the Union Budget has addressed the concerns of the MSME sector and invested on massive public spending to boost infrastructure and job creation.
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