Budget 2024 expectations: MSME sector hopes for enhanced availability of credit, increased funding channels
Budget 2024 expectations: Considered as the backbone of the Indian economy, the Micro, Small, and Medium Enterprise (MSME) sector consists of 29.15% of India’s Gross Domestic Product (GDP) till 2021-22. For the sector to unleash its fullest potential and increase its contribution to the Indian economy greater availability of institutional credit is the need of the hour.
In the upcoming interim budget Industry experts are hoping for incentivised lending rates, credit guarantee schemes, and increased funding channels to enhance financial resilience for the MSME sector. “We anticipate a budget that prioritises financial inclusion and ease of doing business, fostering a conducive environment for growth.
Measures such as simplified regulatory procedures and reduced compliance burdens can empower startups and MSMEs, promoting a more agile and competitive landscape," said Rohit Arora, CEO and Co-founder, of Biz2X and Biz2Credit. Signifying affordable credit as the cornerstone for MSME, he advocated for the need for incentivisation of lending rates, credit guarantee schemes, and increased funding channels to enhance financial resilience.
“In alignment with the digital era, investments in digital infrastructure, cybersecurity, and skill development are essential for the sustainable growth of startups and MSMEs. A comprehensive budget addressing these expectations will not only fortify their financial foundations but also propel these sectors to play a more significant role in driving economic recovery and job creation," he added.
Read more on livemint.com
