New Delhi, June 25 -- Two days from now, the world will be celebrating MSMEs day, and I am incredibly proud of our small businesses for the way they have contributed to the economy.
The government too has supported our MSME ecosystem, and we have seen several good schemes being launched over the years to help small businesses formalize and grow.
But to be honest, I am not too happy to see how some of the well thought out policies are actually playing out on the ground. The ground reality when I visit the MSMEs is totally different. For example, take the 45-day payment rule under section 43B(h) of the Income Tax Act. It mandates all the corporate buyers to make payment to the MSMEs suppliers within 45 days of the acceptance of order, faili...