Dr. A Sakthivel, Regional Chairman, FIEO Southern
Region said that negative growth in labour intensive and MSME dominated sectors
is a deep concern of the economy and need to be arrested immediately by taking
all possible remedial measures while referring to the trade data for April this
year released by the Commerce department on May 16th.
faces serious hurdles due to increase in operational costs which includes
non-availability of funds in time, cost of funds, pending GST claims, etc apart
from various hurdles faced in major markets and stiff competition from neighboring
countries like Bangladesh Vietnam and Cambodia.
While referring to the alarming negative growth
for Ready-made Garment sector which shown negative growth of 24.40 per cent
compared to same month last year, FIEO Regional Chairman urged the Govt. to
reinstate ROSL at old rate by including embodied taxes and disburse all pending
Dr. Sakthivel also said that irrespective of best
efforts by the Officials and the Department, pending refund claims are a
mystery due to GSTN issue and non-integration of data. Unless it is taken very
seriously, many MSMEs will be forced to close their shop shortly.
He also expressed his concern on negative growth
of sun rising sectors like Agri and process food which he said will affect