MSME

Industry Associations Call for GeM Portal Reforms and MSME Support in Budget 2025

Opportunity India Desk
Opportunity India Desk Dec 26, 2024 - 1 min read
Industry Associations Call for GeM Portal Reforms and MSME Support in Budget 2025 image
Industry associations urge for a simpler GeM portal registration process to help MSMEs access new markets, with a call to expand its reach internationally.

 Industry associations have urged the government to simplify the registration process on the GeM portal and expand its reach to international markets in the upcoming Union Budget 2025. They have also recommended the establishment of a single-window system for obtaining licenses and permits. Additionally, the associations are advocating for technological support to help Micro, Small & Medium Enterprises (MSMEs) adopt new technologies and an increase in incubation centers to assist small industries.

Mahesh Gupta, former president of Laghu Udyog Bharti, Madhya Pradesh, suggested that the GeM portal’s registration process should be user-friendly and extended to private organizations and international markets, enabling MSMEs to explore new business opportunities. He also proposed the creation of a dedicated fund to assist MSMEs with technological advancements.

Other recommendations include bridging the skills gap through practical training and updating ITI curricula with the latest technology. The industry also called for a faster refund mechanism for businesses and a reduction in GST rates, suggesting that the current rates of 28% and 18% be lowered to 12% and 5% based on the nature of the products.

Virendra Porwal, executive chairman of the Malwa Chamber of Commerce and Industry, emphasized that exporting units outside Special Economic Zones (SEZs) should receive the same benefits as those within SEZs to promote exports. The chamber also advocated for easier, collateral-free financing for MSMEs and uniform interest rates on loans, alongside a 20% subsidy for the installation of solar systems to encourage green energy usage in industries.

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