FICO president meets secretary MSME; demands to increase investment limit of SSI and Credit Link Capital Subsidy Scheme

Ludhiana, November 27, 2017: S.Gurmeet Singh Kular, President along with S.Manjinder Singh Sachdeva General Secretary, Federation of Industrial & Commercial Organization (FICO) met Dr.Arun Kumar Panda, Secretary, Ministry of Micro, Small & Medium Enterprises, Government of India, and demanded to increase the investment limit of SSI stating that “presently Micro Industry falls under 25 Lakhs, Small Industry falls under 5 Crores & Medium Industry falls under 10 Crore. We demand there is a need to re-define the categories of MSME, i.e Micro Industry should fall under 1 Crore, Small Industry should fall under 10 Crore, & Medium Sector should fall under 20 Crores, as if we take example twenty years back one motor could drive ten machine, but now ten machines need ten different motors for driving, so Investment Limit of MSME Sector should be increased”.
They also demanded Credit Link Capital Subsidy Scheme stating “Credit Link Capital Subsidy Scheme is to facilitate technology up-gradation in MSMEs by providing an upfront capital subsidy of 15 per cent (on institutional finance of upto Rs 1 crore availed by them) for induction of well-established and improved technology in the specified 51 subsectors/ products approved. Government of India has suspended the scheme. We demand that Credit Link Capital Subsidy Scheme should be re-introduced to save the MSME sector as there is no incentive except CLCSS. It is a Booster to MSME industry”.