In light of the upcoming budget 2023-24, Manish Bansal, Director of Window Magic, said, “MSMEs especially need an easy line of credit from the budget because they are often hit with supplier supply chain issues and payment delays.”
“The pandemic-affected micro, small, and medium-sized enterprises (MSMEs) received much-needed relief from the Union Budget of 2022. Given that the economy is recovering from the pandemic and the next budget is scheduled for 2023, there is confidence that measures will be introduced that will further aid the rise of the MSME sector, which is the cornerstone of India’s economy,” he added.
A little over 30% of our GDP is made up of MSMEs, who also account for 50% of the revenue from all exports.
Continuing with expectations, Manish Bansal said, “Government must simplify or increase accessibility to working capital. MSMEs must be given more consideration by banks. Because many MSMEs under-market their products and do not fully utilize technology, MSMEs would tremendously benefit from marketing and technological education. The central government may significantly increase the contribution this economic pillar brings to India’s prosperity by proposing favorable measures and programs for MSMEs in the Union Budget of 2023.”
“The MSME sector is anticipating this year’s budget announcements for initiatives like continued support for last-mile lending through programs like CGTMSE and ECLGS, increased investments in infrastructure and digitization, and encouragement of the growth of an ecosystem that is favorable for the development of MSMEs,” he further said.
