Trying to assuage the concerns of stakeholders in the MSME ecosystem, Minister Nitin Gadkari on December 3 said he will take up the problems being faced by MSMEs post-implementation of GST with Finance Minister Nirmala Sitharaman. “Problems exist even after introduction of GST. I will speak to the Finance Minister and try to find a possible solution to help MSMEs,” said Gadkari.MSMEs have been vocal about compliance burden and pending GST dues.
He said that MSME is an important sector and its vibrancy is crucial to achieve the target of becoming a $5 trillion economy. Addressing the issue of financing, Gadkari said that MSMEs need to look at alternative and innovative sources other than banks. He said NSE and BSE are willing to list MSMEs having high turnover. He also invited suggestions from industry leaders for export promotion, adding that there is a need to bring down capital cost and logistic cost to become competitive in the international market. Gadkari also said there is a need to decentralise industry by setting up new industries in backward areas for better economic growth.