New Delhi, Jan 7: Business chamber PHDCCI has, as part of its wishlist for Union Budget 2026–27, sought easier access to finance at lower interest rates and a reduction in the regulatory burden, to cut costs for the MSME sector, which is driving growth and employment generation in the economy.

Micro, Medium and Small Enterprises (MSMEs) hold the key to catapulting India’s economy to a 10 per cent growth path, according to a statement issued by the PHD Chamber of Commerce and Industry (PHDCCI) on Wednesday.

The MSME sector’s contribution to manufacturing, exports and employment generation in the country has shown an increasing trend. In 2025, the sector contributed as much as 30 per cent to manufacturing output and has emerged as the second-largest employer next only to agriculture, it added.

More than 7.30 crore small and micro enterprises have registered on the Udyam Registration Portal and Udyam Assist Platform (UAP), from July 2020 to December 2025, bringing them into the organised sector ambit. This trend holds the key to initiating targeted policies and schemes in a structured way, the statement said.

“Put together, our Union Budget 2026–27 proposals present a comprehensive policy package aimed at easy access to finance for growth, reducing regulatory burdens, and strengthening much-needed institutional support for MSMEs,” PHDCCI CEO & Secretary General, Ranjeet Mehta, said.

The business chamber has sought reintroduction of an interest subvention scheme for MSMEs with a 2 per cent interest subsidy on new and incremental loans from banks and NBFCs to bring down the cost of credit for the sector. This is expected to enhance global competitiveness amid the current geopolitical volatility.

The chamber has also stated that the costs of projects have gone up since the Pradhan Mantri MUDRA Yojana started in 2015; therefore, loan limits should be revised upwards under the scheme.

It further stated that in order to cushion MSME exporters amid rising global tariff pressures, the Interest Equalisation Scheme on pre- and post-shipment export credit should be reintroduced. This includes extending eligibility to service exporters, alongside manufacturing exporters, to broaden the export support basket for improving price competitiveness in global markets.

The business chamber also observed that to grow at a faster rate, MSMEs require cheaper financing options. To do so, money from the Fund of Funds in the form of equity should be infused, especially for startups and will cater to seed capital requirements for these startups.

The PHDCCI has also pointed out that under the MSME Development Act, 2006, only small businesses can approach Facilitation Councils to get help with payments that are late, and this help should also be available to medium-sized businesses that need this protection too.

In order to fast-track the adoption of modern, green, and eco-friendly technologies, the Credit-Linked Capital Subsidy Scheme should be enhanced with an investment ceiling of Rs 2 crore, up from the limit of Rs 1 crore, as it no longer reflects current technology costs.

Besides, the chamber has sought amendments to Section 44AB of the Income Tax Act to exempt all micro enterprises with turnover up to Rs 10 crore from mandatory tax audits, irrespective of profit margins. This is expected to reduce compliance costs, estimated at Rs 75,000–Rs 1.5 lakh annually.

Mumbai: As many as 60 silver and gold-studded trophies valued at Rs 15.24 lakh, won by a club owner in Mumbai in various derby events, have allegedly been stolen from his residence by his domestic help, police said.

The Gamdevi police here have registered a case against the domestic help in connection with the theft, they said.

The thefts occurred between 2023 and November 2025 at a flat located in Westfield Estate Compound, Breach Candy in south Mumbai, an official said on Tuesday.

Shiven Surendranath (59), an advertisement film director and owner of the Royal Western India Turf Club Limited (RWITC) Club and the Diamond Band Racing Syndicate Pvt Ltd, recently filed a police complaint in this connection, he said.

The complainant had won various prominent derbies since 2006 and received silver and gold-studded trophies. He alleged that all those trophies were stolen by his domestic help, Rajendra Benudhar Jena (42), hailing from Odisha.

Jena was employed at Surendranath’s house for the past five years and had been staying there for the last six months, the police said.

On November 23, 2025, Jena told the complainant that he needed to travel to Kolkata for a couple of days for urgent work. He called five days later to say he was returning, but subsequently stopped answering calls, the official said.

After Jena failed to return and remained unreachable, Surendranath checked his collection of trophies and other valuables on January 2 and found that several items, valued at Rs 15.24 lakh, were missing.

He then approached the Gamdevi police station and lodged a complaint, based on which a case was registered against Jena on Sunday, the official said.

A probe was on into the case, he added.

New Delhi, Jan 7: BJP leaders on Wednesday strongly condemned the stone-pelting incident that took place during a demolition drive near a mosque in Old Delhi, asserting that the action was carried out strictly against encroachments in accordance with a High Court order.

They said those responsible for creating chaos and attacking security personnel must be dealt with firmly under the law.

The incident occurred near the Faiz-e-Ilahi Mosque in the Turkman Gate area, close to the Ramlila Ground, where the Municipal Corporation of Delhi (MCD) launched an anti-encroachment operation to remove unauthorised structures from land adjoining the mosque and nearby areas, in compliance with directions issued by the Delhi High Court on November 12, 2025.

As the demolition process began, a large number of local residents gathered outside the mosque, raising slogans and protesting against the action. The situation soon escalated when some members of the crowd attempted to breach police barricades and started pelting stones at security personnel deployed at the site.

Reacting to the incident, BJP MP Praveen Khandelwal told media, “I have been informed by the officials that this was a High Court order. The forces removed encroachments on government land. I am a resident of Old Delhi, and the people here are peace-loving. The removal was carried out strictly under the law and as per the High Court order.”

“The local police are investigating the matter, and based on CCTV footage, appropriate action will be taken. The police are monitoring the case,” he further said.

Minister Ashish Sood described the incident as unfortunate and said the demolition was carried out strictly under court directions.

“This is an unfortunate incident. Action was taken against commercial establishments near the Faiz-e-Ilahi Mosque strictly as per court orders, but some anti-social elements protested and resorted to stone-pelting, which is unacceptable,” Sood told reporters.

“The mosque remains completely safe, and the government has no role in the action, which is court-directed. Those involved in violence will face legal action, and people are urged to identify miscreants who incite such acts, as innocent youths ultimately suffer legal consequences,” he added.

Minister Manjinder Singh Sirsa also underlined that the action was based on judicial orders.

“These are orders from the High Court, and the High Court’s orders are being implemented. However, those who are doing such activities are wrong, and the police must take action against them. Whether it is an order from the High Court or the Supreme Court, it is the duty of the police and the government to enforce it,” he said.

Speaking to Media, Delhi Assembly Deputy Speaker Mohan Singh Bisht said unauthorised encroachments must be removed irrespective of their nature.

“Certainly, action should be taken in cases where there is unauthorised encroachment, and such encroachments must be removed. If illegal constructions of mosques or wedding halls have been made in areas like the Ramlila Ground, the importance of the location must be respected, and such action should definitely be taken,” he said.

Minister Ravinder Indraj Singh said that any encroachment must be removed. “There is no question of caste, community, or religious sentiment in this matter. Anything that causes inconvenience to individuals or society should be addressed and removed,” he told Media.

Meanwhile, police have registered an FIR under sections related to rioting, assault on a government servant and obstruction of a public servant in the discharge of official duties.

The police said 10 individuals have been identified and detained, and searches are underway to trace others allegedly involved in the violence.

Further details in the case are awaited.