After consultations with representatives of micro, small & medium enterprises (MSMEs) and related stakeholders, the government has committed to look into all issues faced by them, including compliance-related issues.
Finance Minister Nirmala Sitharaman and MSME Minister Nitin Gadkari met representatives from various MSME sectors on Tuesday.
“We have received major sectoral concerns by the MSME representatives and we ensured them to look into all their issues related to access to credit, banks’ reluctance to lend without collateral security, soaring compliance costs, and issues related to GST refunds among others,” said a government source, adding, “The government is committed to look into all issues, including the compliance-related requirements of MSMEs and their stakeholders across all ministries.”
In the meeting, MSMEs are learnt to have pitched for creation of special industrial clusters across India to produce import-substitution items.
Mukesh Mohan Gupta, President, the Chamber of Indian MSMEs, said the FM suggested having dedicated days at banks for handling MSME loan proposals.