Union Budget is a Guiding Document for Viksit Bharat: Praveen Khandelwal , MP

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New Delhi (23/07/2024): The Union Budget is a guiding document towards a Viksit Bharat, said Chandni Chowk MP Shri Praveen Khandelwal. Increasing the Mudra scheme limit to Rs 20 lakh is a milestone initiative that will greatly strengthen the MSME sector.

Mr. Khandelwal, who is also the Secretary General of the Confederation of All India Traders (CAIT), stated that the MSME sector has received a significant boost in the budget, making it a true driver of the economy and trade in the country. Key measures announced for the MSME sector will benefit small businesses and promote their growth.

Mr. Khandelwal highlighted that enhanced credit access ensures that small businesses have the necessary financial support to expand and innovate, with credit guarantee schemes and lower interest rates on loans earmarked for this sector. He further emphasized that the focus on digital transformation is beneficial for MSMEs, as they can now more easily adopt digital technologies to streamline their operations and reach broader markets.

He also praised the simplified tax filing processes and the reduction in compliance burdens for MSMEs. Investments in infrastructure development, including transportation and logistics, directly benefit MSMEs by reducing operational costs and improving supply chain efficiency. Support for startups and innovation, skill development and training, export promotion, encouragement of green and sustainable practices, and financial inclusion initiatives, along with public-private partnerships (PPPs), reflect a comprehensive approach to supporting MSMEs. These measures address their key challenges and provide a conducive environment for growth.

These initiatives will undoubtedly lead to a more robust and dynamic MSME sector, contributing significantly to the overall economy.

 


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