Mr Shiv Pratap Shukla, Hon’ble Minister of State for Finance, Government of India, stated that the GST Council is working towards rationalizing GST rates. He added that a big announcement from the Government regarding GST is imminent. He was speaking at the 7th edition of Delhi SME Finance Summit organized by the Confederation of Indian Industry (CII) held at NewDelhi.
Hon’ble Minister for State stressed that government is working to promote the growth of SME. He recognized the importance of SME to the economy including in output, employment and exports.
The finance summit bridged the gap between SME borrowers who need capital to sustain or grow their businesses and lenders such as public and private banks, NBFC’s and Fintechs. Live counters were put at the Summit and many soft approvals for loans were given to the SME Members of Delhi.
Mr Rahul Chaudhry, Co-Chair, Committee on MSME, CII Northern Region, and Chief Executive Officer, Servel India Ltd said, “CII’s target is to boost the contribution of SMEs in the manufacturing sector from current 15% to 25% of the GDP by 2022 and amplify SMEs contribution to India’s GDP from current 8% to 15% by India @ 75.”
Mr Abhimanyu Munjal, Vice-Chairman, CII Delhi & Joint Managing Director & CEO, Hero FinCorp Ltd said, “A major chunk of SMEs relying on traditional ways and they are lagging behind their competitors and global counterparts.” If India has to maintain the path of growth it is on, technology adaption will have to be rapid, he added.
7 June 2018