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Vellore industries seek subsidy for setting up solar plants

Vellore, Jun 13 (KNN)  The Vellore District Small and Tiny Industries Association (VEDSTIA) wants the new government at the Centre to provide a 90 per cent subsidy to MSMEs for setting up two MW solar power plants and a similar package for agriculture and solar lighting for the domestic sector.
In the run up to the Budget, the industry association also wants the government to explore the prospect of tapping energy from tidal waves, a media report said.
In addition to a special package of support for MSMEs in the forthcoming budget, VEDSTIA is seeking some modification in existing schemes as well as new schemes that would provide a boost to the sector which contributes significantly to the country’s economy.
In a representation to the Modi Government, VEDSTIA has called for revamping lending to micro sector, interest rates for MSMEs to be on par with agriculture; exemption limit for central excise and customs duty to be enhanced to Rs 10 crore; and service tax exemption limit to be revised to Rs 50 lakh, the report said.
Exports can be boosted, according to the industry association, if the government puts in place measures that ensure the availability of worksheds, raw materials, bank loans, power concessions, etc. as also a new export policy to help units meet global competition.