Mr. Rohit Arora, Co-Founder & CEO, Biz2Credit and Biz2X, said, “ The Finance Minister must be commended for the FY2024-25 Budget’s focus on skill development, job generation and MSMEs. For this, Rs1.48 lakh crore has been allocated for education, employment and skilling initiatives, with five schemes dedicated towards these objectives. Moreover, a new Centrally-sponsored skilling scheme is meant to benefit two million youth over five years. Additionally, a new credit guarantee scheme for MSMEs in manufacturing will be introduced to offer guarantees of up to Rs100 crore. This credit guarantee scheme is aimed at facilitating term loans for the purchase of equipment and machinery by MSMEs without guarantee or collateral. This is a most welcome measure since the availability of affordable credit has been a major constraint for MSMEs. Other laudable moves include the opening of new SIDBI branches within three years covering all major MSME clusters for direct credit. This will help in easing liquidity problems in specific clusters. The decision to open e-commerce export hubs for traditional artisans and MSMEs is also beneficial. Moreover, the government’s focus on simplifying tax regulations is a game-changer for small and midsize enterprises, providing the clarity needed to plan and invest with confidence. This clarity will drive innovation and attract investments across various sectors. The emphasis on boosting manufacturing, supporting local industries, and encouraging domestic production is essential for reducing import dependency and strengthening our industrial base. Overall, this balanced approach addresses immediate economic challenges while laying a solid foundation for long-term growth, reflecting a dedicated effort to build a resilient and dynamic economy. All the above measures are bound to provide a big boost to MSMEs across India.”
