SME Times News Bureau | 28 May, 2018
body Confederation of Indian Industry (CII) said on Monday that the
several reform measures, including those for the MSME sector, have
led to rebound in the Indian economy.
initiatives have been taken to strengthen micro, small and medium
enterprises (MSME), said a press release by CII.
such as lowering corporate income tax rates to 25% for 99% of
enterprises, redefinition of MSME, addressing delayed payments, and
differential treatment for MSME non-performing assets have been
announced, it added.
MUDRA scheme has helped millions of small entrepreneurs obtain loans
and generated millions of jobs, the industry body viewed.
are now strong indications that the economy is set on a recovery
path. "The impact of sustained structural reforms is now being felt
on the ground as a mammoth economy is turning around," said Rakesh Bharti Mittal, President, Confederation of Indian Industry
(CII). "Businesses across several key sectors are experiencing
firm growth in sales and orders, indicating better capacity
utilization and higher investment expectations," he added.
According to CII, strong rural consumption is reflected in sectors
such as consumer non-durables, two-wheelers and tractors. Prudent
macroeconomic management has encouraged growth and investments
for capacity expansion are being planned as demand conditions
The Government has avoided slippage in the fiscal deficit despite
the rise in oil prices. Inflation too has remained under control to
the extent possible even as cost of oil is going up.
The capital goods sector is showing steady improvement and order
books are filling up. Exports, too, are poised to grow at a faster
pace in the current fiscal year, which started on a good note, noted
"The feedback from businesses is that the rebound in the economy
is now firmly entrenched and the positive impact of the actions taken
by the government, including major structural reforms, are being felt
on the ground," added Mittal.