Views of Mr. Narinder Bhamra, President, Fastener Manufacturers Association of India on Union Budget 2015-16

“The Union Budget 2014-15 has nothing for MSME Sector more emphasis is given to higher class & lower class of society but apart from our representations to Finance Minister / MSME Minister Union Government gave no relief to MSMEs. There is no change in Income Tax Exemption Limit, Central Excise exemption limit, besides what apparently appears from budget that our demand for extension of CLCSS investment limit is ignored, thus hampering the initiative of MEMEs to go for modernistaion. Rate of central excise duty raised from 12.36% to 12 .50% & service tax is raised from 12.36% to 14%. All these declarations will put further burden on MSMEs.

Only one good news is that Finance Minister has announced reduction in custom duties on imports of raw materials to boost Make in India concept.

 Overall to sum up the budget, we can say that Union Budget has disappointed MSME sector & we do not how that whether the concept of “acche din” is for corporate sector or for the backbone of national economy MSME Sector.”