Government will emphasize on making India self-reliant, MSME sector has these expectations from the budget

MSME Sector Union Budget 2023 Expectations: Union Finance Minister Nirmala Sitharaman is going to present the Union Budget 2023 for the next financial year 2023-2024 in the Parliament on 1 February 2023. The MSME sector of the country has high hopes regarding the budget. Small and big businessmen associated with this sector are demanding various exemptions from the government and less time in the facility of getting loans. Along with this, it is expected to get tax relief. In this news, we are going to give you complete information about what the MSME sector of the country expects from the budget. Know what is the demand.

Demand reached in front of Finance Minister

MSME sector is such a sector of the country, which helps in strengthening the Indian economy and making it self-reliant. year 2023 There are still 3 days left for the budget to come. Finance Minister Nirmala Sitharaman has completed a round of meetings with several industry organizations and institutions. Industry organizations have put their demands before the Finance Minister. After which now everyone’s eyes are fixed on how complete it will be. Also, what are they going to get in the budget 2023.

Re-constitute Credit Guarantee Scheme

According to media reports, the primary expectation of the MSME budget for 2023-24 is to increase their access to business start-up money (working capital). The Government of India is already looking forward to restructuring the Credit Guarantee Scheme and initiatives like Udyog, e-Shram, and National Career Service. Has extended the non-tax benefits for MSMEs to 3 years. MSME is very important for the development of the country and will help to make India self-reliant.

India will become a 5 trillion dollar economy

There is a need to speed up the lending to small enterprises as the MSME sector will play an important role in bringing India as the 5th largest economy in the world. India is expected to achieve the dream of a $5 trillion economy by 2025.

economic loss due to covid

KPMG (KPMG) November 2022 report on non-banking financial companies (NBFCs) and housing finance companies (HFCs) has suggested. According to this report, the MSME sector has suffered huge economic losses due to the Kovid epidemic in the country, but it is recovering to a great extent due to the concrete policy initiatives of the government.

how much loan got

MSME loans have increased from ₹ 31 lakh crore in March 2020 to ₹ 36.4 lakh crore by June 2022. Of this, 88 per cent of the registered borrowers are from the micro-segment, 10 per cent from the small segment, and only 2 per cent from

read this also –

Budget 2023 Automobile Sector Expectations- What are the expectations of the auto industry from the budget, this is a big effort of the government by emphasizing on alternative fuel