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Coimbatore, May 16 The FIEO Regional Chairman (South), A Sakthivel, has urged the Government to take all possible remedial measures to arrest the negative growth in labour-intensive and MSME dominated sectors.
MSMEs are in a spot due to the steep increase in operational costs. This, coupled with non-availability of funds for procurement on time, pending GST claims and the stiff competition from neighbouring countries, has only aggravated the situation.
According to trade data for April, readymade garment sector has registered a negative growth of 24 per cent compared to the corresponding month of the previous year.
The government must reinstate ROSL (rebate of state levies) at the old rate by including embodied taxes and disburse all the GST claims immediately. The issue of claim refund, if not taken seriously, would result in the closure of MSME units, the FIEO Southern Regional Chairman said.
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