Union Budget: MSME

  • India a bright star, says FM
  • Union Finance Minister Nirmala Sitharaman says this is the first budget in Amritkaal. 
  • An agriculture accelator fund to be set up to bring modern technology and increase productivity
  • This will enable self help groups to reach next level of economic empowerment, said the FM
  • Stress on agriculture
  • The foll are the prio areas of this budget:
  • Inclusive development
  • Digital public infrastructure for agriculture
  • Infrastructure, investment
  • Unleashing potential
  • Green growth
  • Financial sector
  • Compliances eased
  • More than 39,000 compliance reduced
  • More than 3,000 legle provision decriminalised
  • Ease of doing business
  • PAN will be used as common identifier for all digital systems of specified Govt agencies
  • This is to push to Ease of Doing Business, said the FM.
  • Thought for MSMEs
  • In what could be a relief for MSMEs, the FM announce d that 95% of the forfeited amount will be returned to them by govt undertakings for contract failure during Covid.
  • Education for tribal students
  • The FM said that the Centre will recruit 38,800 teachers and support staff for 740 Eklavya Model residential schools serving 3.5 lakh tribal students
  • Credit guarantee for MSME, revamped scheme will take effect from April 1, 2023 with infusion of Rs9,000 crore corpus. Cost of Credit to be reduced by 1%.