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SMEs Seek More Collateral Free Financing from Union Budget 2011-12: IndiaMART CEO Dinesh Agarwal

02-23-2011 08:57 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: IndiaMART InterMESH Ltd.

-Allocation for the sector should be increased to facilitate growth of SMEs
-Increase depth of CGTMSE to include more small scale enterprises
-Simplification of taxation required; introduction of GST will be welcomed
-Fillip required for domestic IT industry to generate more employment and build an efficient & automated ecosystem in India
-More industrial zones in better developed areas should be announced

New Delhi, 23rd February, 2011: With the Union Budget 2011-12 fast approaching, Indian Micro, Small and Medium Enterprises (MSMEs) are looking forward to key announcements which will address their concerns and provide stimulus to the sector.

Underlining his recommendations for the upcoming Budget, Mr. Dinesh Agarwal, Founder and CEO, IndiaMART.com, said, "SME sector is the backbone of the Indian economy, accounting for approximately 45% of the manufacturing output and 40% of the total exports of the country. An increased impetus is required for the sector in the upcoming Union Budget 2011-12.

The allocation for the sector should be increased to facilitate growth of SMEs and, in turn, further boost their contribution to manufacturing output and exports. The SME sector is a major employment generator in the country, employing over 60 million people. Supporting their growth will result into more employment creation. There is also a need for more collateral free financing. Though Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) offers the same, but we need to increase its depth to include more small scale enterprises.

We would suggest simplification of taxation for SMEs. Currently there are multiple taxes and a complex filing processes which limit SME growth. Introduction of GST at the earliest would be welcomed by all in the sector if it alleviates these impending multi-taxation issues.

Also, export-based IT industry has been receiving the fillip from the government. We, at IndiaMART.com, believe that it is important to now shift focus to domestic IT industry which will not only generate more employment but also build an efficient and automated ecosystem in India.

Lastly, infrastructure is an issue for small and medium businesses when they look to expand. Government should announce more industrial zones in better developed areas where the property prices are subsidised and access to property is easy."

About IndiaMART.com
IndiaMART.com is India's largest online B2B marketplace connecting global buyers with suppliers through business directories, online product catalogs, buy-sell offers, industry specific marketplaces, printed media and trade shows participation.

Founded by Mr. Dinesh Agarwal (CEO), the company has a pan-India presence in over 100 cities. With over 3500 employees located across 55 offices in the country, IndiaMART.com offers an extensive range of value- added products and services to its 1 million registered members and nearly 5 million global buyers across various industries and verticals.

IndiaMART.com has won numerous awards over the years and has been widely covered by several media for its pioneering role in promoting SME business in the country. Its existing investors include Intel Capital and Bennett, Coleman & Co. Ltd.

IndiaMART InterMESH Ltd
B-6, Sector-8
Noida
U.P.-201301

Media Contact
Pawandeep Kaur
Manager - PR
T: +91-120-3911000
E: pr@indiamart.com

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