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Main highlights Of MSME News
Virendra Porwal, vice president, Federation of Madhya Pradesh Chambers of Commerce and Industry said, “As it was an Interim Budget as there was not much expectations but MSME was looking for assistance and new schemes for technology upgradation and sick industries. This would have given a boost to the sector. We are hoping the government will make MSME focused announcements in the next full fledged budget
“Times of India”
The Finance Minister recently presented an interim budget before the 2024 elections. This budget gives a broad picture of the government’s finances and plans for the coming year.
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MSME stands for Micro, Small and Medium Enterprises. MSMEs refer to the millions of small businesses in India like tailoring shops, food processing units, mechanics etc.
According to Virendra Porwal, vice president, Federation of Madhya Prades, interim budget has raised hopes that the MSME sector will get support. However, it does not really contain major announcements yet.
In his budget speech, the FM stressed the importance of MSMEs as job creators. He also highlighted government schemes to help small companies adopt technology and build their capacity.
The full budget after the elections is expected to focus more on MSME sector and ease rules for them. For example allowing simple GST filing, easier access to loans, help with exports etc.
So in short:
– Interim budget sets positive tone but lacks major MSME announcements
– FM acknowledged importance of MSMEs for economy and jobs
– Hints at support to improve MSME technology and capacity
– Next full budget may actually give concrete incentives and aid to Micro, Small and Medium Enterprises
Main Source:- https://timesofindia.indiatimes.com/city/indore/interim-budget-raises-hopes-for-msme-sector/articleshow/107394940.cms
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