The Live Nagpur
  • Nagpur City
  • Nagpur Education
  • Nagpur Sports
  • Business
  • Featured
  • Crime
  • Entertainment & Lifestyle
  • Health & Wellness
  • Nation
  • Politics
  • Trending
  • Vidarbha
  • Obituary

The Live Nagpur

  • Home
  • City
  • Politics
  • Business
  • Education
  • Entertainment
  • Sports
  • Health
  • Crime
  • Forest
  • Featured
  • Vidarbha
Business

Micro Level Industries need Special Stimulus For Survival-COSIA

by TLN Team April 25, 2021
written by TLN Team April 25, 2021
Micro Level Industries need Special Stimulus For Survival-COSIA

In this ongoing worst scenario of Pandemic,the micro units are the units who are bearing the grunt & are battling for survival & they need special stimulus package to come out of the heat,COSIA Vidarbha demanded to MSME Ministry Chairman Mayank Shukla said that there are more than 90% of MSME  industries which fall under micro level catagory.

Their need though may be very limited but play a very vital role in manufacturing and service sector activities as they are complimentary to SME sector.Industries having less than one crore of investment in plant and Machinery, employment of less than 20 workforce and turn over below 5 crores fall under micro level category.

Such industries many a times do not qualify to participate in open Tender Bid floated by PSUs or Coporate sector, because of their limited resources and they are mostly dependent on SME sector.Small and Medium scale Industries procure their orders from PSUs and Corporate and in turn outsource their requirements through these micro level Industries who are experts in their specific field.

The business and payments cycle of such micro level Industries are totally dependent on bigger players ( SME sector).CA Julfesh Shah,Vice Chairman said that  that moreover such micro category industries are not equipped to fulfil  statutory Government compliance requiremenrt at an appropriate time.In the supply chain Small and medium scale industries who directly procure the orders through open tender system from PSUs or Government Institutions may be termed as Tier 1 or Tier 2 suppliers and the micro level Industries who are expert in their specific field may be termed as Tier 3 suppliers. Since such micro level Industries working and payment cycle is dependent on Tier 1 or Tier 2 suppliers to main customers their working is not recognised, when it comes to procurement of loan, financial assistance or Goverment subsidy to MSME sector .Although their contribution to manufacturing or service sector in terms of working or generating job opportunities is significant and their number is as high as more than 90% in total MSME units ,they are the most neglected lot. Therefore a need to form a separate cell to take care and protect these units has been felt,opined Shah.

COSIA Vidarbha also demanded  that as their volume is as high as more than 90% and job creation ability is also significant, their financial need is less than 10% of the total MSME sector needs.Therefore they should be financed at a much lower lending rates. Moreover they should be protected under an umbrella to have a channelised payment cycle from Tier-1 & Tier 2 vendors. They have a significant workforce but less in numbers in each units, such workforce need to be covered under group social security act. All these things can be taken care only if there is a special separate cell for Micro level Industries within the MSME ministry itself,suggested COSIA.

0 comment
FacebookTwitterLinkedin
TLN Team

previous post
CAIT lauded Ambani, Tata, Jindal and others for providing oxygen at critical time
next post
Registration must for vaccination from May 1, no Walk-in allowed

You may also like

Aditya TATA Cars delivers 111 cars on Gudi Padwa

March 24, 2023

Concluding  Function “Unnati”: A Personal Growth and Skill Development...

March 24, 2023

DCM endorses VED’s concept of Tourism Complex in...

March 23, 2023

Session on Maharashtra Budget & Opportunities in Solar...

March 17, 2023

BCI allows foreign lawyers, law firms to practice...

March 16, 2023

VIA LEW celebrated International Women’s Day & felicitated...

March 15, 2023

VIA LEW celebrates International Women’s Day on March 15

March 13, 2023

Asian Scenario on Infrastructural Development: ASID2023

March 10, 2023

Mah economy expected to grow at 6.8% in...

March 9, 2023

Tax awareness program on ”Making march meaningful

March 8, 2023

Trending News

  • Good Friday’s Traditional Food Practises

    March 29, 2023
  • Five planets set to align in rare Celestial Event on March 28

    March 28, 2023
  • Govt extends deadline to link PAN with Aadhaar to June 30

    March 28, 2023
  • Major changes in Income tax to come into effect from April 1, check details

    March 28, 2023
  • WPL 2023: Mumbai Indians beat Delhi Capitals to lift WPL title

    March 26, 2023

Important Links

  • Politics
  • Crime
  • Business
  • Education
  • Entertainment
  • Sports

Available on Playstore & Coming Soon on Appstore

Search

April 2021
M T W T F S S
« Mar   May »
 1234
567891011
12131415161718
19202122232425
2627282930  

Sign-Up Form

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Footer Logo
  • Nagpur City
  • Nagpur Education
  • Nagpur Sports
  • Business
  • Featured
  • Crime
  • Entertainment & Lifestyle
  • Health & Wellness
  • Nation
  • Politics
  • Trending
  • Vidarbha
  • Obituary
  • Privacy Policy
  • Cookie Policy
  • Terms Of Use
  • Advertise with Us

© 2020 - The Live Nagpur . All Rights Reserved.