IAC thanks Centre for directing UT to implement MSMED Act
The Industries Association of Chandigarh (IAC) thanked the home ministry for directing the UT administration for implementing Micro, Small and Medium Enter prises Development (MSMED) Act, 2006.chandigarh Updated: Jun 27, 2014 12:00 IST
The Industries Association of Chandigarh (IAC) thanked the home ministry for directing the UT administration for implementing Micro, Small and Medium Enter prises Development (MSMED) Act, 2006.
Union home minister Rajnath Singh issued directions on Wednesday for ‘quick and time-bound’ implementation of MSMED Act in Chandigarh for revival of sick units in the city.
IAC has been demanding implementation of the Act from the past several years. The Act is helpful for traders as it allows a wider array of activities on industrial plots besides manufacturing, and without paying any fee for it.
Thanking the home minister, IAC president Arun Mahajan said the administration was sitting on the implementation of the Act since it was enacted in 2006.
HS Mamik, chairman, industrial policy and MSMED Act, IAC, and Pankaj Khanna, entrepreneur, said the implementation of the Act would help in reviving the Industrial Area.
The administration had set up two phases of Industrial Area during the 1970s on 147 acres. Plots were originally allotted for manufacturing units, but over the years, a large number of allottees used the land for commercial purposes other than manufacturing.
Last year, the administration was directed by the Centre to formulate a new industrial policy commensurative to the MSMED Act, 2006, on the lines of Government of National Capital Territory of Delhi (GNCTD).
The Act indicates that micro enterprises have an investment cap of Rs 25 lakh, while small and medium enterprises have a cap of Rs 5 crore and Rs 10 crore, respectively.