BUDGET 2022-23 AN ENABLER FOR INDUSTRY

On February 1, Finance Minister Nirmala Sitharaman presented the Union Budget for financial year 2022-23, a Budget that claimed to focus on growth while promoting technologyenabled development. Here's how some prominent retailers and brands from across the fashion industry reacted to the announcements made during the presentation.

One of the most awaited announcements of the year - the Union Budget - essentially lays the economic foundation of the country. This year, the Budget, presented on February 1 by Finance Minister Nirmala Sitharaman, hoped to achieve its goal of inclusive development, productivity enhancement and investment. For MSMEs and Industry, the targets of Union Budget 2022-23 are:

• Udyam, e-shram, NCS and ASEEM portals to be interlinked

• 130 lakh MSMEs provided additional credit under Emergency Credit Linked Guarantee Scheme (ECLGS)

• ECLGS to be extended up to March 2023

• Guarantee cover under ECLGS to be expanded by ₹50,000 crore to total cover of ₹5 lakh crore

• 2 lakh crore additional credit for Micro and Small Enterprises to be facilitated under the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE)

• Raising and Accelerating MSME performance (RAMP) programme with outlay of ₹6,000 crore to be rolled out.

-Vinod Kumar Gupta, Managing Director, Dollar Industries Limited

The government has once again ensured trust-based governance to build Scheme (ECLGS) till March 2023. We welcome the move of extending the ECLGS scheme which will be beneficial for MSMEs. Significantly, several textile and hosiery players belong to the MSME sector. On the other hand, the credit and fiscal support of ₹5 lakh crore will give a huge boost to this sector, encouraging new businesses to come to the fore. Besides, the announcement will certainly generate more than 10 lakh employment opportunities in a short span of time.