Efforts to offset GST, demonetisation impact on MSMEs a bit late
If desires are truly nourished by delays, then the government’s overdue, albeit tacit acknowledgement of the havoc wreaked by demonetisation, communicated via a flurry of remedial measures announced over the past couple of weeks, should definitely gladden the hearts of millions of small-scale units that bore the brunt of this unprecedented and unilateral action. Clubbed under the umbrella definition of micro, small and medium enterprises, many of these units suffered severe hardships due to the twin impact of demonetisation and introduction of a flawed goods and services tax regime. First was a press note shackling the operations of e-commerce giants Flipkart and Amazon, a move designed to please the ubiquitous mom-and-pop stores, some of which qualify as MSME units, and provide the core of the Bharatiya Janata Party’s voter base; these establishments have been vocal about the competitive threat from e-commerce growth. Concurrently, the RBI also set up a panel under former Securities and Exchange Board of India chairman U.K. Sinha to suggest long-term structural and institutional changes to catalyse MSME growth.
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