Mamta Binani’s Take: Post-Budget Optimism for MSME Development

Mamta Binani, Kolkata, 2nd February, 2024: CS (Dr.) Adv. Mamta Binani, President of MSME Development Forum WB said, “The recently declared Union Budget for 2024-25 carries significant implications for our Micro, Small, and Medium Enterprises (MSMEs). Building on the foundation laid in the previous fiscal year, this budget showcases a commitment to fostering growth and innovation within our sector. The emphasis on de-risking credit inflows to critical MSME sectors, such as automotive and electronics, through measures like credit guarantees and insurance schemes is commendable. These steps address the crucial need for risk mitigation in capital flows. Access to credit remains pivotal for our progress, and the introduced measures like tailored packages, interest subvention schemes, and reduced collateral requirements align with our collective aspiration of propelling India toward a $5 trillion economy. Simplified regulatory procedures, reduced compliance burdens, and potential changes in the capital gains tax structure signal a proactive approach to empowering the MSME community. The budget’s support for the Open Network for Digital Commerce initiative, extension of the concessional tax regime, and increased funding for the ‘Raising and Accelerating MSME Performance’ scheme are notable contributors to our sector’s growth. The allocation of funds for the MSME ministry, exceeding the previous fiscal year, sets a positive trajectory for our enterprises. In conclusion, these budgetary measures have the potential to reshape the destiny of our MSMEs, fostering an environment conducive to formalization, innovation, and unprecedented growth.”

Mamta Binani is the President of the MSME Development Forum – West Bengal. Ms. Binani has served as a jury member of the ICSI National Award for Excellence in Corporate Governance and CSR, 2016, the Golden Peacock Award of The Institute of Directors for the year 2016, ASSOCHAM Award for Commendable CSR Activity for the year 2016. She is the Vice President of the Kolkata National Company Law Tribunal Bar Association, the Chairperson of the Merchant Chamber of Commerce-Legal Affairs Council, and also an executive committee member of INSOL India. She is a Board Member of the International Women’s Insolvency & Restructuring Confederation (IWIRC) and is presently the Co-Chair of the India Network.

Ms. Binani is an Independent Director in some of the reputed Boards of the Country viz. Century Ply, Balrampur Chini Mills, Emami Limited, and others. Ms. Binani feels that the government is the engine and that as a member of that machinery, it is her responsibility to highlight the government’s efforts by bringing them to the masses and classes.