“The pandemic-affected micro, small, and medium-sized enterprises (MSMEs) received much-needed relief from the Union Budget of 2022.
Given that the economy is recovering from the pandemic and the next budget is scheduled for 2023, there is the confidence that measures will be introduced that will further aid the rise of the MSME sector, which is the cornerstone of India’s economy.
A little over 30% of our GDP is made up of MSMEs, who also account for 50% of the revenue from all exports. One of the most important things MSMEs need is an easy line of credit because their working capital is often strained by supplier chain issues and late payments.
Government must simplify or increase accessibility to working capital. MSMEs must be given more consideration by banks. Because many MSMEs under-market their products and do not fully utilise technology, MSMEs would tremendously benefit from marketing and technological education.
The central government may significantly increase the contribution this economic pillar brings to India’s prosperity by proposing favourable measures and programmes for MSMEs in the Union Budget 2023.
The MSME sector is anticipating this year’s budget announcements for initiatives like continued support for last-mile lending through programmes like CGTMSE and ECLGS, increased investments in infrastructure and digitisation, and encouragement of the growth of an ecosystem that is favourable for the development of MSMEs.”
