Indian authorities are moving to roll out financial support measures for small businesses, including changes to rules on tax and debt restructuring ahead of a general election due in the next few months.
Under new rules announced by the Reserve Bank of India this week, banks will be permitted to restructure distressed loans to small businesses without having to record the loans as non-performing.
The measure came as Prime Minister Narendra Modi said that the government wanted to amend the law covering Indias new goods and services tax so that only businesses with annual sales exceeding Rs7.5m ($107,000) would be required to pay it up from the current Rs2m.
India has an estimated 63m small businesses, and their owners were an important…
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