Right medicine prescribed for farm & factory
budget, delivering a short-term demand stimulus as well as actions focused on medium- to long-term growth imperatives, while ensuring fiscal consolidation.
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What's in Sitharaman's Budget for you?
The budget strikes the right balance between agriculture and manufacturing with an element of services. The underlying theme of job creation is omnipresent in this year's budget proposals.
For India to be the global manufacturing hub, we need policies that enable ease of doing business, a thrust on research and innovation, and a sharp focus on skilling. The budget proposals have touched the right levers in this direction. The measures towardsplug-and-play-led industrial development, operationalisation of Anusandhan National Research Fund, development of industrial corridors and 12 industrial parks are welcome initiatives.
The budget addresses the key pain points of MSMEs (micro, small and medium enterprises) related to financing and market access. Significant financial support has been given to MSMEs through the credit guarantee scheme, deployment of an alternate risk assessment model for bank credit, enhancement of MUDRA loan limits, as well as reduction in turnover threshold under TReDS (trade receivables discounting system) platform. The proposal to establish ecommerce export hubs will open new market avenues for MSMEs and help expand exports.
To maximise gains, GoI must ensure that the reforms pursued aren’t
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