Faridabad, 4 December: Low cost Financing to MSME’s without collateral, implementation of GST, Labour Policy Reforms and push to Quality Movement are key enablers to Indian MSME’s growth and sustainability to Make in India dream cum trade- said Mr. J.P. Malhotra in his Presidential Address at the largely attended 4th DLF Business Summit-2015 held on 2nd December 2015.
MSME Sector is the backbone of Indian Economy and large single employment provider. There is a strong need to clarify and implement Govt. Purchase Policy which should give preference to ISI mark products manufactured by MSME’s. the Banks need to finance energy efficiency plans of MSME’s so that energy conservation gets a boost. Mr. Malhotra added that MSME’s employing less than 50 persons need to be taken out of intricate labour laws. On the pollution control front, DLF demanded recognition of more sample testing labs.
Mr. Manish Arora, President & Country Head Yes Bank, appreciated the financial concerns of MSME’s and offered customized services, advisory and consultancy by experts and higher working capital at preferred and personalized rate of interest to MSME’s. Mr. Manish, who is spearheading the Small Business Banking, assured that MSME’s of Faridabad, especially DLF Industries Association, with all possible Financial Services at their door steps.
Mr. Ajay Thakur, CEO Bombay Stock Exchange, advised MSME’s to be transparent and improve their Top Line and Bottom Line so that they can access funds from Equity which is profitable gateway for Finance. Once an MSME gets listed, they get institutional respect and confidence of investors. The terms for listing MSME’s are very normal and MSME’s should not be afraid, shy or inconvenienced by departments such as Excise, IT, Service Tax once they get listed. The credibility of Listed MSME’s is high which should change from Taxation Saving Model to Wealth Creation Mode. Mr. Thakur stated that parameters of Listing can be accessed and encouraged the participants that they can have more Finances at their disposal for growth of their enterprises.
Dr. R.K. Panigrahi, Director MSME-DI Govt. of India, in his presentation briefed the participants on availability of Govt. of India schemes of subsidy for ISO Certification, CE Certification, EMS & Barcoding, Participation in Exhibitions, Trade Fairs and Foreign Exhibitions. Huge funds are available and MSME’s should come forward. They can make substantial improvement and attract overseas buyers by this way.
Dr. Divya Jyoti Singh, Prof. YMCA University, said that Industry and University can cooperate and collaborate for growth of MSME’s. It is a different kind of Financial Enabling. University has ideas, Industry has funds. If young engineers’ ideas can be translated to a workable project, it is a win-win situation.
Mr. Bimal Jain, a highly qualified chartered accountant and Chairman Indirect Taxation Committee PHD Chamber with more than 20 years of experience, gave an excellent presentation on GST- its laws and implementation process.
On the onset, Mr. Bimal Jain said that GST is aimed at empowering States and Centres to levy Taxes with a Common Tax Base, one set of Tax Laws, Uniform Rates, one set of Compliance System with the goal that Input Tax will be passed on to lower end user, said Mr. Bimal Jain.
GST Process lays premium on compliance and credibility of information. This is the biggest Tax Reform to make India as one market with reduced interface where the SME’s don’t have to run from one office to another. However, there will be Two Registration GST/IGST with a common form with automacity of time. Number of Forms and paperwork will be drastically reduced. It is estimated that the Number of Forms will be reduced from present 112 to 7, Annexures 317 to 10 and Challans 12 to 1. According to Mr. Bimal Jain, the implementation of GST will be IT enabled and supported via GSTN (Goods and Services Tax Network). You can make payment in any of 30 nationalised and 400 other banks in contrast to present 5 or 6 designated Banks.
MSME’s hope that once in place, GST regime will usher a new era of Tax Regime where we can expect Simplification, No Cascading and Multiplicity of Taxes. Apart from ease of doing Business, reduction of Interface with the implementation officers, menace of corruption will be boon in disguise.
President J.P. Malhotra warmly thanked Yes Bank and all the invited Guests & Speakers, the participants for their presence and making the 4th DLF Business Summit 2015 a grand success. Dr. Dharmendra Kalra, Executive V.P., Yes Bank proposed formal Vote of Thanks.
The Summit was attended by more than 125 delegates. Prominent among those present were S/Sh. M.P. Rungta, Vijay Raghavan, S.K. Batra, Bhupender Singh, Manpreet Singh, Manjeet Singh, Kuldeep Singh, S.C. Gulati, R.C. Khandelwal, Rishi Aggarwal, Satish Gossain, Mukesh Kalra- FISME, D.K. Bhatia-NSIC, Salil Narang-HSIDC, Shailender Singh-Neelkanth Foundation, J.P. Singh, Subhash Chander, J.C. Ahlawat, Pawan Kohli, Ajay Kak, Navin Sahni, Charu Malhotra, Dr. Sandeep Gupta, Dr. Sweta Gupta, Mohinder Mehtani, H.L. Bhutani, G.P.S. Chopra, Ashok Nehra, Munish Chawla, Satish Gupta, Mohinder Sharma- MSME DI and many others.
All present appreciated the role and contribution of Mr. J.P. Malhotra, President DLF Industries Association, for organizing such a powerful Knowledge Empowering 4th DLF Business Summit.