‘One-Time Settlement’ suggested for MSME Entrepreneurs looking to exit their loss-making units (29/11/2022)
‘One-Time Settlement’ suggested for MSME Entrepreneurs looking to exit their loss-making units
A Chennai-based MSME body – Association of Indian Entrepreneurs (AIE) in its budget suggestions to the government has sought a one-time settlement (OTS) credit support for MSMEs keen to wind up their present unprofitable business.
Some of the other notable suggestions from AIE –
- Fresh loans for first-time borrowers interested in reinventing or refurbishing or diversifying their existing business without insistence on CIBIL score and mandating at least 25 percent of the loans by any bank branch to such micro-entrepreneurs.
- Abolishing Capital Gains Tax to enable micro-entrepreneurs to sell their property for regularizing their loan accounts, settle their suppliers, and reinvest in the business.
- ‘Public Distribution System’ (PDS) for micro-enterprises – a request to National Small Industries Corporation (NSIC) for resolving the challenge of lack of raw material availability at the right price.