For qualifying to participate in government’s public procurement tenders, startups and first generation entrepreneurs are also going to be provided a concession of 80 per cent on the “turnover condition” imposed as qualifying criteria.
The government had budgeted the fiscal deficit for the current financial year at 3.3 per cent of the gross domestic product (GDP). However, in the April-November period, the deficit touched 114.8 per cent of the budget estimates.
Earlier speaking at the event, Prasoon Mukherjee said Singapore was a USD 300 billion economy. "If here (India), has per capita GDP of USD 2000, there (Singapore) the per capita GDP is USD 70000," he said while introducing the country he was representing.
A couple of bankers in conditions of anonymity said that they have been told to take quick decision on the applications and “approve or decline” the application within 3-4 days and this is leading to faster sanctioning.
The move is aimed convergence of the data-base of GSTN with Udyog Aadhaar and at procuring the MSMEs' contact details and information about their business verticals, so that government policies can be tailored to match their needs.
Claiming that small entrepreneurs in Gujarat are being ignored, while "VIP treatment" is being dished out to their counterparts from Japan, a group of about 200 MSMEs who have been allotted plots in Sanand GIDC near Ahmedabad have surrendered their plots to the government.