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Even as corporates are eyeing favourable announcement from Prime Minister Narendra Modi at the upcoming Global Investors Summit (GIS) in Indore next week, small and medium scale industries are planning to press for reducing procedural hurdles at the administrative level.
"We will demand simplification of procedures which have been recently announced in the investment promotion policy 2014. They have announced good support in terms of finances like interest subsidy or capital subsidy but it reaches very late," said, Gautam Kothari, president, Pithampur Audyogik Sangathan.
"Bankers deny funding the subsidy part to the investors. It adversely impacts new industries. We will seek financial support within a stipulated time," said Kothari.
The small scale industry also wants similar facility in case of value added tax (VAT) refund.
The state government has announced immediate refund of VAT for entitled industries to an extent of 75% but the industrial association wants it to be adjusted with the dues, which industries owe to the state government.
"They claim their dues but deliver a certificate in lieu of refund that too very late. We will demand for adjusting our dues with the refund," said Kothari.
The state government has set apart an entire day at the summit (October 8) for small scale industries. The state industries department has been assigned the task to invite various SME association members for the meet.
Thirty Indian industrialists have confirmation their participation at the meet.
"Ambani brothers, Shashi Ruia, Anirudh Dhoot, Kishore Biyani, Adi Godrej, Pawan Munjal, Baba Kalyani, Raghupati Singhania have confirmed their participate at the meet. Debu Bhattacharya, managing director, Hindalco will take part from the Aditya Birla group," said, a highly placed official in the state government.
Modi has also assented to participate in the meet.
