MSME sector took centre stage in the Budget: R Narayan

The MSME sector took centre stage as our FM, Arun Jaitley announced various measures in his speech during Union Budget 2015. The government showcased their keen interest in accelerating the growth of MSME sector and stated policies to address many challenges prevalent in the sector such as taxation, procurement policies and business finance – which is the core challenge of SMEs across industries. Recognising the lack of credit facilities as dominant challenge in the sector, allocation of Rs 20,000 crore for Mudra Bank for SMEs will play a vital role by enabling the SMEs to gain access to basic things such as raw materials and other necessary resources important to run their business. Also, the allocation of Rs 1,000 crore for technology startups showcases government’s trust in young technology businesses.
 
Various other measures like GST, Public Procurement Policy, Investment in infrastructure, introduction of internationally competitive Direct Taxes, sharp slash on few indirect taxes, and simplification of tax regime and few more measure announced will certainly result in ease of doing business. With government’s focus on making the youth of India job creators and not job seekers, skill development of youth and special focus on self-employment will have very positive impact on our socio-economic scenario and if implemented in right manner this will have a long term impact.”
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R Narayan is the founder and CEO, Power2SME