(29 Jan 2025, 14:16)

India needs dynamic MSME sector to grow the country’s manufacturing base

Pankaj Chadha, Chairman, Engineering Export Promotion Council of India

Pankaj Chadha, Chairman, Engineering Export Promotion Council of India or EEPC India said in a statement that Private limited companies currently pay 25% income tax, while entities like partnerships, LLPs, and sole proprietorships pay approximately 35% after including surcharges. We therefore urge the government to introduce a 25% income tax slab for MSME manufacturing units that are partnerships, LLPs, or sole proprietorships. The condition would be that the extra 10% saved must be reinvested in the business. Certain policy actions like those recommended by the EEPC India are essential to raise the share of MSMEs in India's GDP and exports which would create more jobs. The country needs a dynamic MSME sector to absorb the youth joining the workforce and grow the country’s manufacturing base.

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India needs dynamic MSME sector to grow the country’s manufacturing base