TN Industries and MSMEs urge new govt for growth reforms

11 Jun 2024 CW Team

S Vasudevan, the General Secretary of TANSTIA, expressed anticipation for further reforms in the MSME policy to facilitate ease of doing business. He also urged not to compromise on the amendment to Section 43B of the Income Tax Act, proposing the addition of a new clause (h) to address delayed payments encountered by MSMEs, impeding the flow of working capital and overall business growth.

Additionally, it was suggested to mandate the use of the TReDS platform for all PSUs and large industries for payments to MSMEs. Under this proposal, buyers would bear the interest incurred beyond 45 days, facilitating uninterrupted transactions with MSMEs.

Regarding the implementation of the new Income Tax Act provision 43B(h), Mohan emphasised the need for discussion and modification, ensuring that the 45-day payment to SMEs remains unaffected, particularly exempting capital goods buyers from the Act.

Furthermore, the Tamil Nadu Small and Tiny Industries Association advocated for allowing MSMEs to file their GST returns monthly and remit GST payments quarterly. This adjustment is proposed to alleviate the financial strain caused by delayed payments from corporate and PSU buyers, enabling MSMEs to manage their finances more effectively.

Technology

29 Jul 2026

AI-Enabled Workflows Lift Profitability and Productivity

Organisations modernising frontline workflows with artificial intelligence, automation and real-time data are reporting stronger financial performance, higher productivity and improved employee engagement, according to a global study by Zebra Technologies and Oxford Economics.The research covered 1,000 senior leaders across retail, manufacturing, transportation and logistics in the US, Mexico, the UK, Germany, India, Japan, Australia and New Zealand.In transportation and logistics, 54 per cent of companies that improved picking and packing operations reported faster operational performance, wh..

India Leads Global AI Readiness but Implementation Lags

Indian companies lead global averages across all eight artificial intelligence readiness indicators tracked by JLL, but only 19 per cent have started making changes to their workplaces, according to the JLL 2026 Future of Work Survey.The study found that 77 per cent of Indian business leaders expect AI to change their office requirements, creating a 58-percentage-point gap between awareness and implementation. The survey covered more than 2,200 CEOs, CFOs and real estate leaders across 21 countries during the first quarter of 2026.Despite concerns over automation, 58 per cent of Indian leaders..

Three WOLFF Cranes Build Riyadh Cable-Stayed Bridges

Three WOLFF 180 B luffing jib cranes are supporting the construction of two cable-stayed bridges alongside the existing Wadi Laban Bridge in Riyadh, Saudi Arabia. The project is being developed for the Royal Commission for Riyadh City and executed by the ICRC joint venture comprising IC Ictas and Al Rashid Trading & Contracting Company.The cranes are handling lifting operations including formwork, reinforcement, concrete placement, work platforms, surveying equipment and other construction materials. Each crane is fitted with a 40 m jib, reaches a hook height of 157 m and offers a maximum ..