The Budget 2023-24 was presented to the Parliament through the Minister of Finance. Numerous important announcements have been announced by the government in this budget. In the same way everyone from businessmen to farmers. Everyone in every class, this year some relief was offered to those who are affected by the fiscal situation. There’s plenty in the budget that is aimed at the MSME sector, too. In this MSME sector also numerous important announcements were announced by the government in this budget.
Union Finance Minister Nirmala Sitharaman
has on Wednesday announced the credit guarantee scheme. That MSMEs receive will be made permanent to include an investment of Rs . 9,000 crores, providing significant relief to the affected by Covid micro small, and medium-sized enterprises (MSMEs). When she announced the Union Budget, Sitharaman said it would allow the collateral of loans amounting to Rs 2 lakh crore for MSMEs. The plan is to provide an increase in the flow of money within the cash-strapped and struggling MSME sector. The proposed scheme will become into effect from April 1st, 2023.
MSME Sector
The district president of the district MSME Industrial Association Noida, Surendra Nahata said that the budget is great. The decision to raise the tax rate on income between five and seven lakhs is a courageous and worthy act. One percent exemption was granted for loans in the MSME category. This will ease the burden of many small businesses and entrepreneurs. The government has impacted every aspect. In which farmers, infrastructure railways and airports, industries transportation, urban and transportation are all included.
Budget 2023
Surendra Nahata stated that the women’s savings plan was also an admirable move. There will be plenty of relief from receiving rebates on tax. A provision has been made to provide financial assistance to MSME industries. This means that the affected companies will be able to get relief throughout this Corona period. This is a great decision taken by the government. In this way, the MSME sector which is a major contributor to India’s economy is likely to continue to grow.
Read More: How much of the budget will go to the farmer’s bag, will the crops prosper?
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