Tags:
Journalism of Courage
NEW DELHI, April 29: Prime Minister Atal Behari Vajpayee on Wednesday announced that the investment limit for small scale industry (SSI) will be slashed to Rs 1 crore from Rs 3 crore and the process of dereservation of items stalled. Addressing the national small scale industries conference organised by Laghu Udyog Bharati (LUB), a small industry association, Vajpayee said that payments within a specified time frame from big companies to small units will be made mandatory.
He hinted that the recommendations of the controversial Abid Hussain Committee would be reviewed. "I find it difficult to agree with the recommendations of Abid Hussain," Vajpayee said.
The flow of credit to small units from the National Bank for Agriculture and Rural Development (Nabard) and the Small Industries Development Bank of India (Sidbi) would be eased. "Banks should not look down upon the small entrepreneur," he said.
