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Set aside at least ₹5,000 crore for MSMEs in budget, says association

Set aside at least ₹5,000 crore for MSMEs in budget, says association

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The Kerala State Small Industries Association has demanded that at least ₹5,000 crore be set aside in the upcoming state budget for micro, small and medium enterprises (MSMEs), taking into account various programs that have been launched or ended by the state government TS as part of its drive to bring in new investments.

Association President A. NizarDeen said in the Association’s pre-budget suggestions to the Finance Minister that the Year of Business campaign, launched in 2022-23, had defied expectations and incorporated investments to launch more of 3.35 lakh startups. Therefore, the budget must set aside substantial sums to provide subsidies for these companies and the new ones that are arriving.

The government plans 100 private industrial parks. With each of the parks eligible to get ₹3 crore in government support, ₹300 crore will have to be set aside for this purpose. A sum of ₹2,000 crore will be needed to provide support to industries under the ‘Mission 1,000’ programme.

The association also said that subsidies allocated to industrial units should be distributed quickly to avoid penal interest. He also demanded that the benefits offered to large industrial units be extended to small units as they played an important role in the overall economic health of the country and the state.

The association also suggested that the ₹3 crore limit on subsidies to private industrial parks be removed and small and medium enterprises (SMEs) be removed from the scope of making contributions to welfare funds.

He also appealed to the Minister of Finance to help achieve an industry protection law for investors who have received all authorizations from the authorities.

The Association also reiterated its demand that the government intervene to aggregate raw materials and provide them at reasonable rates to industrial units. Materials include sand, cement, steel and aluminum.

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