Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now
Budget 2023
Budget 2023
you are here: HomeNewsBusiness

Budget 2022: MSMEs seeks amendment in IBC, restoration of interest-subvention scheme

Industry body FISME says MSMEs have been categorised as operational creditors, who rarely get their dues after the bankruptcy process.

December 21, 2021 / 06:03 PM IST
With rising commodity prices, FISME wants the abolition of import duties on steel, copper, aluminum and polymers.
(Representational Image; Source: ShutterStock)

With rising commodity prices, FISME wants the abolition of import duties on steel, copper, aluminum and polymers. (Representational Image; Source: ShutterStock)

The Indian micro, small and medium enterprises have not had it easy for five years now. 

There was demonetisation, a tax regime that was rewarding and demanding in equal measure, a bankruptcy code that deprioritised dues owed to MSMEs, and finally the pandemic and rising commodity prices.  

Therefore, ahead of the Union Budget 2022, the industry body has its list of demands ready.

First on the list is amendment of the Insolvency and Bankruptcy Code (IBC). The Federation of Indian Micro and Small & Medium Enterprises (FISME) has asked for this to secure the dues of the MSMEs Corporate Insolvency Resolution Process (CIRP).