Budget 2022: Ensure Hassle-Free Credit To MSMEs: PHD Chamber
NDTV
Steps should be taken in the budget to ensure hassle-free credit availability to industry, particularly for MSMEs, PHD Chamber has said
Steps should be taken in the upcoming union budget to ensure hassle-free credit availability to industry, particularly for micro, small and medium enterprises (MSMEs) and reduce the costs of doing business, said Pradeep Multani, president, PHD chamber of commerce and industry (PHDCCI).
Mr Multani suggested that the reforms should be undertaken to bolster the MSME sector given its significant contribution to the economic and social development of the country.
The industry body's president suggested extension in the timeline of the emergency credit line guarantee scheme (ECLGS) for another year till March 31, 2023.
On the taxation front, Mr Multani suggested a reduction in tax on MSME firms working as Proprietorship/ Partnerships as it will benefit the entire MSME sector. For such businesses, it is suggested that the maximum tax slab be brought down to 25 per cent, he said.
