The micro, small and medium enterprise (MSME) sector is the pillar of the Indian economy, said Finance Minister Pranab Mukherjee.
The micro, small and medium enterprise (MSME) sector is the pillar of the Indian economy, said Finance Minister Pranab Mukherjee. The minister said this at a function to mark the 20th Foundation Day of the Small Industries Development Bank of India (SIDBI). He also appreciated the resilience and dynamism shown by the sector during the tough times of 2009-10.
The minister also talked about several of government’s efforts like enhancement in the limit for presumptive taxation, increasing the threshold for compulsory auditing of accounts of small businesses, extension of interest subvention for exports in certain sectors and exemption from the capital gains tax to facilitate conversion of small businesses to the limited liability partnership format.
He also said that the government would take up the recommendations of the task force.