Port Wings News Network:
While referring to the trade data for April, 2018 released, Dr. A Sakthivel, Regional Chairman, FIEO Southern Region said that negative growth in labour intensive and MSME dominated sectors is a deep concern of the economy and need to be arrested immediately by taking all possible remedial measures.
MSME faces serious hurdles due to increase in operational costs which includes non-availability of funds in time, cost of funds, pending GST claims, etc apart from various hurdles faced in major markets and stiff competition from neighbouring countries. While referring to the alarming negative growth for Ready-made Garment sector which shown negative growth of 24.40 compared to same month last year, FIEO Regional Chairman urged the Govt. 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 are a mystery due to GSTN issue and non-integration of data. Unless it is taken very seriously, many MSMEs will force to close their shop shortly.
Dr Sakthivel also expressed his concern on negative growth of sun rising sectors like Agri and process food which he said will affect overall economy.