MSMEs need that store: CIA

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Prime Time Zone, Webdesk: The Consortium of Indian Associations (CIA), an association of micro and small industries, has asked the government to set up a ‘reasonably priced’ shop to provide raw materials at low cost to MSMEs. As CIA explained to Finance Minister Nirmala Sitharaman last week, the biggest problem facing MSME right now is the availability of raw materials in a timely and affordable manner. ‘Traders are mostly selling in the market at their favorite prices. The National Small Industries Corporation (NSIC) needs to come up with a new approach to make raw materials available to micro-enterprises at affordable prices, ”said CIA Convener K Raghunathan.

In addition, he said he had asked the government to give exemption from GST to all companies till March 2022. Similarly, as a third demand, it sought permission to open ‘trade’ accounts (savings, current accounts) in banks for MSMEs. Corporates, PSUs, government ministries and banks are required to act as intermediaries for supply to state departments without delay. The CIA sought to see the MSMEs resolved within the stipulated dates. The CIA, meanwhile, said a previous request to the Parliamentary Standing Committee on Finance to repeal the tax on long-term capital gains on all investments in MSMEs was pending.

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