Varanasi Industrialists Demand More Funds For Devt | SupportBiz

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Varanasi Industrialists Demand More Funds For Devt

The Indian Industries Association Varanasi has suggested doubling of investment limit in micro, small and medium enterprises (MSME).

Varanasi: The Varanasi chapter of Indian Industries Association has urged the union finance minister for proper development of industries in eastern Uttar Pradesh. In view of the coming union budget the IIA industrialists wrote a letter to the finance minister with some suggestions for promotion of industries in eastern UP region.

"Since the union budget 2014-15 will be presented shortly, the local industrialists associated with IIA held a meeting on Thursday to discuss important issues regarding development of industries. During the meeting it was decided to give some suggestions to the finance minister for consideration and inclusion in the union budget," said RK Chowdhary, chairman of Varanasi chapter, IIA.

The investment limit is currently pegged at Rs 25 lakh for micro enterprises, Rs 5 crore for small enterprises and Rs 10 crore for medium enterprises, which has been effective since 2006. Another suggestion was to increase the turnover rebate limit in central excise from Rs 1.5 crore to Rs 5 crore.

They advocated for a special package for Purvanchal (eastern UP) to remove its backwardness and development of state. He said industrialists of eastern UP had been demanding a special package for last 10 years. He further added that the amendment in company law done by the UPA government was complex and impractical and there was a need to simplify it for promotion of industries.

They also suggested for special relaxation to MSME sector to make it competitive with the corporate sector as the MSME sector generates maximum job opportunities. They also demanded establishment of an AIIMS in Varanasi.