New Delhi: Union Finance Minister Nirmala Sitharaman made a big announcement for the MSME sector. The MSME sector, which is suffering from late payment problems, is expected to get a big boost. After the government's initiative, small and medium businesses will get GST refunds in just 30 days. Similarly, future GST refunds will also be paid to traders within 60 days.
Speaking on the occasion, Finance Minister Sitharaman announced a number of measures to boost economic growth. Sitharaman said the U.K. The recommendations of the Sinha Committee will be decided within 30 days. These recommendations are related to pending payments, technology, marketing, easy availability of loans of MSMEs. The Government will also consider amendments to the MSME Act to move towards a single definition. Significantly, the SHARE of the MSME sector in GDP is around 29 per cent.
This sector is one of the largest job creation sectors. Finance Minister Sitharaman also made major announcements to bring the auto sector on track. Under the new government rules, all government departments will now be able to purchase new vehicles, while under the existing rules, government departments are barred from purchasing new vehicles. The auto sector is facing a severe shortage these days due to a steep fall in demand and Confucianism at the level of government policies.
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