Nagpur: Chartered Accountant Julfesh Shah, Chairman, COSIA, Vidarbha, has said that by providing capital subsidy the government can stimulate economic growth, promote entrepreneurship and support the development of MSMEs. Shah said this while submitting a memorandum to Directorate of Industries, Maharashtra on the upcoming new industrial policy of Maharashtra.
COSIA delegation met G. O. Bharti, Jt Director of Industries, Vidarbha and submitted a memorandum on various issues along with suggestions to be considered while framing the ensuing Industrial Policy of Maharashtra State. The memorandum which was also submitted to Principal Secretary Industries & Development Commissioner Industries at Mantralaya, Mumbai, mentioned about various suggestions to promote the entire ecosystem of Maharashtra in general and Vidarbha in particular. It suggested special capital incentives as provided in other leading industrial states should be considered for MSMEs in addition to other basket of incentives like SGST reimbursement, power tariff, interest subsidy etc.
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Also it recommended special benefits for export oriented units & GST exempted units like agro processing & food processing units which are not able to avail the SGST reimbursement benefits & deserve benefits in some other forms. In the present policy solar systems are not considered as eligible assets in the project cost which negates the purpose of promoting the use of renewable energy which is the need of the hour.
The memorandum also recommended to adopt new definition of MSMEs as announced in the budget & incorporate it in the new industrial policy. It also pointed out to remove the anamoly & discrimination extended to Special Large Scale Industries in the present policy.It also suggested to provide some sops or incentives to Service Sector so that it will promote the growth of the service oriented IT companies,Testing & Design Laboratory etc.Industries & Entrepreneurs are having high expectations of concessions & benefits in the upcoming industrial policy which will be rolled out most likely in the ensuing financial year.
