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2013-03-05

FISME expresses disappointment at keeping MSMEs out of investment allowance

The Federation of Indian Small, Micro and Medium Enterprises (FISME) has expressed disappointment over the proposed investment allowance being restricted to large firms in manufacturing at the rate of 15 per cent that invest in plant and machinery during

The Federation of Indian Small, Micro and Medium Enterprises (FISME) has expressed disappointment over the proposed investment allowance being restricted to large firms in manufacturing at the rate of 15 per cent that invest in plant and machinery during the period April 1, 2013 to March 31, 2015.

Reacting to the budget proposal, FISME stated that the Finance Minister (FM) appears to have been at his doublespeak best when, in spite of his fulsome praise of the MSMEs, he ignored them while announcing grant of 15 per cent investment allowance for new investments in manufacturing facilities and restricting the benefit to co investing Rs 100 crore and above.

It is beyond comprehension what made the Finance Minister do this disservice to the MSME sector which has provided all the additional jobs in this ‘jobless corporate growth’ of the decade. This discrimination is sad and reinforces the belief that this government continues to be driven by lobbyists. With no resources to lobby, no votes in their kitty and no glamour or style in their conduct MSMEs continue to suffer the neglect, FISME further stated.

FISME however welcomed the proposal for establishing Rs 500-crore fund to set up a credit guarantee facility to boost factoring.

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