Budget 2023 favors MSMEs
01/06/2025
Budget proposals to help boost India's exports: Piyush Goyal
A number of measures such as tweaks in customs duties on certain products announced in the Union Budget for 2023-24 will help boost the country's exports, Commerce and Industry Minister Piyush Goyal said on Wednesday. He said that despite global economic uncertainties, India's goods and services exports together are registering nearly 14-15 per cent growth.
Get a hike in presumptive tax limits now
“Micro enterprises with turnover of up to ₹2 crore and certain professionals with turnover of up to ₹50 lakh can avail the benefit of presumptive taxation. I propose to provide enhanced limits of ₹3 crore and ₹75 lakh, respectively, to the tax payers whose cash receipts are no more than 5%," the finance minister said in her budget speech.
Budget 2023: Industry hails FM Nirmala Sitharaman's MSME push; check reactions here
The government has announced an extra corpus of Rs 9,000 crore in the revamped credit guarantee scheme for MSMEs, which will enable them to avail additional collateral-free credit of Rs 2 lakh crore. It will also reduce the cost of credit by 1 per cent. Also, MSMEs now stand to get 95 per cent of forfeited amount from the government and other undertakings for contract failure during Covid-19.
US emerges as India's top destination for goods exports during April-Dec 2022
The US has emerged as India's top destination for merchandise exports during April-December this fiscal at USD 59.7 billion, Parliament was informed on Friday. In a written reply to the Rajya Sabha, Commerce and Industry Minister Piyush Goyal said the government has taken a series of measures to promote the country's exports.
Explained: How fintech can be a game changer for MSME lending and finance
As per a SIDBI-CIBIL Pulse report, the credit demand of MSMEs has increased by about 1.6x times the pre-Covid phase. The market potential of digital lending is estimated to be between $80 billion to $100 billion by 2023 for the MSME sector. In order to penetrate into the Indian MSME sector, the lending tech start-ups need to address the common industry pain points — long loan processing time, lack of transparency in the process, lengthy documentation and paperwork and high cost.
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