MSME Development Forum President Applauds Union Budget 2024-25
Newzdaddy Business Updates
In Kolkata, Mamta Binani, President of MSME Development Forum – West Bengal, shared her insights on the recently unveiled Union Budget for 2024-25. She emphasized its significant implications for Micro, Small, and Medium Enterprises (MSMEs) across the country.
Binani commended the budget’s commitment to fostering growth and innovation within the MSME sector. She highlighted the importance of de-risking credit inflows to critical MSME sectors like automotive and electronics. Measures such as credit guarantees and insurance schemes aim to mitigate risks associated with capital flows, crucial for the progress of MSMEs.
Access to credit remains a cornerstone for MSME growth, and Binani praised the tailored packages, interest subvention schemes, and reduced collateral requirements introduced in the budget. These initiatives align with the collective aspiration of propelling India towards a $5 trillion economy.
The budget’s focus on simplified regulatory procedures, reduced compliance burdens, and potential changes in the capital gains tax structure reflects a proactive approach to empowering the MSME community.
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Binani also highlighted the budget’s support for the Open Network for Digital Commerce initiative, an extension of the concessional tax regime, and increased funding for the ‘Raising and Accelerating MSME Performance’ scheme as significant contributors to sectoral growth.
Furthermore, the allocation of funds for the MSME ministry, surpassing the previous fiscal year, sets a positive trajectory for MSME enterprises nationwide.
Binani’s extensive background as a jury member for various corporate governance and CSR awards, along with her roles in esteemed organizations and boards, underscores her expertise in evaluating government policies and initiatives.
She believes that as a member of the machinery, it is her responsibility to highlight the government’s efforts and bring them to the masses and classes, driving awareness and appreciation for policies aimed at fostering MSME growth and development.
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