- The Prime Minister, concerned about the decline in the industry, gave his suggestions and advice to entrepreneurs on these key points
- PM, through representatives of various industrial sectors, came to know the reasons for the slowdown in the industry
Dainik Bhaskar
Dec 30, 2019, 06:06 AM IST
Faridabad. Concerned about the continuous decline in the industry, Prime Minister Narendra Modi called select entrepreneurs including Faridabad and churned at his residence in Delhi for two and a half hours. During this, he learned the reasons for the slowdown in the industry through representatives of various industrial sectors. The meeting was attended by 12 entrepreneurs from retail sectors, energy and solar, including Rajiv Chawla, chairman of the Integrated Association of Micro, Small and Medium Enterprises of India (IAMSME) from Faridabad. According to Chawla, the Prime Minister only listened to the suggestions of the entrepreneurs and noted them for two and a half hours. Before the start of the meeting, the Prime Minister asked the entrepreneurs to talk openly about the conditions of the economy in the market without any hesitation. So that efforts can be made to rectify the problems facing the industry.
Industry employing over 5 lakhs
Faridabad is known as Industrial Small and Medium Industry Hub. More than 20 thousand industrial units operate here. More than 5 lakh people have got direct-indirect employment in these units.
Difficulty in getting loans from banks
Chairman of IAMSME and Rajiv Chawla, who attended the meeting, told the Prime Minister that the main reason for the decline in small and
Wrong to collect huge prepaid charge
Chawla told PM that if small industries want to repay their loan in the middle, then banks charge 5% from it. If an entrepreneur has taken a loan of three crores and wants to terminate the loan in between then he will have to pay a fine of about 15 lakh rupees at the rate of five per cent.
Discrimination in GST
According to Chawla, the Prime Minister was told that the government is simplifying the GST, while on the other hand such rules are being made that large industries should not be deterred from taking goods from small industries. He told that up to 5 crore units have to pay returns every quarter while units below this have to pay every month. The small industry will not get GST credit till the consignee will fill up their returns.
Heavy discrimination in income tax collection
He said that the government collects 22% income tax from private and limited companies while 30% income tax is levied from small and medium industries.
PM listened carefully to suggestions
Chawla said that the Prime Minister listened carefully to the suggestions of the 12 industrial sectors across the country and also noted them. Neither any other minister nor any PMO official was involved in this meeting. The Prime Minister assured that the government will seriously consider the suggestions that have come. The disappointment in the industry will be overcome.
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