Plastic industry seeks tax benefits, export schemes for MSMEs
According to reports, the plastic manufacturers, have called for export promotion schemes for Micro, Small, Medium Enterprises (MSMEs) for the […]
Toshi Tiwari August 16, 2019
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According to reports, the plastic manufacturers, have called for export promotion schemes for Micro, Small, Medium Enterprises (MSMEs) for the sector as they are finding the going tough amid environmental challenges. They have also demanded the removal of anti-dumping duty on machines not made in India. In a meeting with senior officials, the plastic manufacturers also sought allocation of 25% of the land available at all industrial corridors for MSMEs at discounted rates. In fact, the industry also sought world-class infrastructure for MSMEs under the Public Private Partnership model comprising knowledge infrastructure, incubation centres, physical infrastructure, e-platforms, B2B access and technology and innovation support for the MSMEs. The manufacturers also appealed to the government to make lending to MSMEs more convenient. Meela Jayadev, president, All India Plastics Manufacturers’ Association (AIPMA) quoted, “there is a need to provide capital adequacy norms support through recognition of MSME credit ratings programme for plastic processing sector; rationalise interest rate and margin requirements for MSME who adopt credit rating programme. The manufacturers have also demanded for a helpdesk for MSMEs at banks, and the current limits under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme to be increased to ₹ 4 crore. In addition to this they have demanded direct tax exemption on export income and income generated directly or indirectly from indigenization as well as import substitution exemption for a period of five years.