FICO demands to reintroduce CLCSS from MSME Secretary

Ludhiana, August 4, 2018: Delegation of Federation of Industrial & Commercial Organization (FICO), under the Chairmanship of Gurmeet Singh Kular along with Rajeev Jain Secretary FICO met Arun Kumar Panda, Secretary, MSME and discussed in detail regarding the suspension of Credit Link Capital Subsidy Scheme, MATU & IC Schemes, FICO has also demanded Technology Upgradation Fund for Bicycle Industry.
Reintroduction of Credit Link Capital Subsidy Scheme:
Credit Link Capital Subsidy Scheme was to facilitate technology up-gradation in MSMEs by providing an upfront capital subsidy of 15 per cent (on institutional finance of up to Rs.1 crore availed by them) for induction of well-established and improved technology. Government of India has suspended the scheme. We demand that Credit Link Capital Subsidy Scheme should be re-introduced as it provides the subsidy on the Bank Interest. Also, the banks should be instructed to facilitate the industry with the CLCSS Scheme.
TUF for Bicycle Industry:
Bicycle Industry in the mother industry of Punjab which makes India the 2nd Largest Manufacturers of World, where as China is the Largest Manufacturer of Bicycles, but the Gap between the Manufacturing quantity of both is very high, China produces 20 Crores Bicycle Per Year, whereas India only manufactures 1 Crore 30 lakhs bicycles per year. If the Government wants to reduce this gap, then the Technology Upgradation Fund scheme should be introduced for the bicycle industry, so that the bicycle industry gets the benefits up to 40 Crores. So Bicycle Industry can upgrade themselves to compete with the world & to become India largest Manufacturers of Bicycle in the World.
MATU & International Co-operation Scheme:
The Marketing Assistance & Technology Upgradation (MATU) Scheme International Co-operation (IC) scheme which used to facilitate the industry for their visits to international exhibitions and conventions to upgrade themselves with the latest technology and trends being used worldwide. The International Cooperation scheme have been suspended for around last 2 years. MSME sector needs to upgrade themselves with the global technology and International Co-operation scheme used to provide the financial assistance to the MSME industry for International participation & visits. It is requested that new scheme/ guidelines should be introduced first before suspending the existing scheme, also it is requested that the above mentioned schemes should be re-introduced at the earliest to facilitate the industry.