In the recent budget announcement by Nirmala Sitharaman, some interesting updates related to MSME (Micro, Small, & Medium Enterprises) has taken place. These steps would streamline the process and boost the ease of doing business in India. In comparison to 2022–2023, the entire allocation for the MSME Ministry has increased by almost 42%, from 15,629 crores to 22,138 crores.
The significant updates announced by Finance Minister during the recent budget session to support and encourage MSMEs include:
Responding to this, the finance minister said, “This will enable additional collateral-free guaranteed credit of ₹2 lakh crore. Further, the cost of the credit will be reduced by about 1%”. In short, it will increase financial inclusion, spur job growth, and give MSMEs access to financing worth ₹2L crores.
This will force buyers to clear all the dues immediately. It will help boost timely payment to MSMEs, stabilize their cash flow, and strengthen their supply chain. This new policy is expected to lower the slab of MSMEs’ estimated outstanding amount of Rs.10L crores which will be beneficial for them in long term.
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