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FSME welcomes, seeks pep pill
Hyderabad: Federation of Small and Medium Enterprises of India (FSME India) on Wednesday welcomed the Union Budget for 2017-18 presented by Finance Minister Arun Jaitley on Wednesday, but underlined the need for allocating more funds for banks, so that they could bail out the SME sector.
Hyderabad: Federation of Small and Medium Enterprises of India (FSME India) on Wednesday welcomed the Union Budget for 2017-18 presented by Finance Minister Arun Jaitley on Wednesday, but underlined the need for allocating more funds for banks, so that they could bail out the SME sector.
 In the Budget for 2017-18, Jaitley proposed tax concession on provisions for NPAs while announcing capital infusion of Rs 10,000 crore for State-owned banks.
“The Central government has done good thing by reducing corporate tax for SMEs by five per cent to 25 per cent from 30 per cent in the Budget. But many SMEs are turning sick and into non-performing assets (NPAs) thanks to complicated NPA norms.
Government should allocate more funds to banks, so that they can extend finances to the SMEs and thereby preventing the latter from turning sick,” said A P K Reddy, president, FSME India.
According to him, rice mills, granite units, ginning mills and several other rural-based units are in dire straits in Telangana and Andhra Pradesh.
“Immediate efforts should be made to prevent them from turning NPAs. That can only happen if they are provided with adequate financial support,” Reddy explained.
