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FIEO expresses concern over negative growth in labour intensive, MSME sectors

webindia123 2018-05-16 00:00:00
The Federation of Indian Export Organisations (FIEO)Southern Region on Wednesday said negative growth in labour intensive and MSME dominated sectors was a deep concern of the economy and needs to be arrested immediately by taking all possible remedial measures.

In a statement here, FIEO Southern Region Chairman A Sakthivel, referring to the trade data for April 2018, said MSME faces serious hurdles due to increase in operational costs, which included non-availability of funds in time, cost of funds, pending GST claims, etc apart from various hurdles faced in major markets and stiff competition form neighbouring countries. While referring to the alarming negative growth for readymade garment sector which showed a negative growth of 24.40 compared to same month last year, he urged the government to reinstate ROSL at old rate by including embodied taxes and disburse all pending claims immediately. Dr Sakthivel also said that irrespective of best efforts by the Officials and the department, pending refund claims were a mystery due to GSTN issue and non-integration of data. ''Unless it is taken vary seriously, many MSMEs will force to close their shop shortly'', he added.

He also expressed concern over negative growth of sun rising sectors like Agri and process food which he said would effect the overall economy.

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