R Narayan Founder & CEO Power2SME, President FICCI-CMSME hails the capital infusions for the MSME sector in new budget

Gurugram (Haryana) [India], February 1 (ANI/NewsVoir): We hail the new budget and the capital infusions for the MSME sector which will benefit greatly from the extension of the ECLGS by another year and from eased logistics through railways.

The emergency credit line has greatly helped MSMEs to restart operations by giving them additional working capital support and it is noteworthy that the additional credit will be providing some respite to the micro and small enterprises in the hospitality sector which took a battering in the pandemic.

The MSME sector, while contributing greatly to the GDP is also extremely vulnerable, and so it is heartening to see that the government is rolling out the Raising and Accelerating MSME Performance (RAMP) programme for strengthening MSME capacities.

A step forward for the "Make In India" brigade, the extensions of the customs duty exemption on steel scrap and the additional allocation for PLI in solar PV module manufacturing is an exciting move as the MSMEs warm up to the alternative energy sector. The tax exemption for startups will go a long way in incentivizing inception and recovery for them post the third wave of COVID.

This entrepreneurial budget seeks to resolve the issue of cumbersome compliances which have long been an ask of an industry that battles bulky paperwork year after year. 'One Nation, One Registration' is a landmark move which will ease this issue and lay the foundation of Ease of Doing Business 2.0. Fusing of the Udyam, e-Shram, NCS and ASEEM is yet another win for the entrepreneurial sector as it is an important move towards formalizing the economy and providing some much-needed transparency in a data opaque sector.

A budget that is fintech centric is very relevant in the times of rapid digital adoption and we are hopeful that the paperless e-bill systems will largely ease the issue of delayed payments of the MSMEs of India. We are positive that this Budget will go a long way in accelerating Ease of Doing Business for the backbone of the economy. We look forward to heralding the "Amrit Kaal" with these measures which will hopefully see MSMEs catapulting to the forefront of the Indian economy.

The first 'Buying Club' for SMEs in India, Power2SME, financially backed by Nandan Nilekani, Inventus Capital Partners, Kalaari Capital, International Finance Corporations (IFC) and Accel Partners, began operations in 2012.

Committed to empowering SMEs by increasing their profits, Power2SME focuses on reducing purchase prices for SMEs and enhancing productivity. Power2SME enables SME clients to focus on their core business of driving growth and expansion, while taking on the role of sourcing input raw materials at the most competitive price points across multiple products in categories such as Metal, Commodity Polymer, Engineering Polymer, Chemicals, Paints, Solar, Yarn etc. The company, today, has 12 offices spread across the country, with a team of 200+ employees across India. Power2SME works with established and trusted suppliers such as SAIL, TATA Steel, ESSAR Steel, JSW, Rathi Steel, Victor Exim, Balaji Enterprise, POSCO Steel, Apollo Pipes, JSL, and many more.

For more information, please visit: (https://bsmedia.business-standard.comwww.power2sme.com).

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