India’s Micro, Small and Medium Enterprises (MSME) sector, which contributes nearly 30 percent to the country’s GDP and accounts for 45 per cent of the total employment, has great expectations from the upcoming Union Budget for 2023-24. Undoubtedly, the cash-strapped MSME sector has the highest number of job creators and taxpayers. They produce goods and services that enrich and add value to the daily lives of people around the nation. But it is also true that the MSME sector has been under continued distress for the past several years despite good intentions and support. It clearly needs much more.
“The Union Budget 2022-23 must focus on providing an easier line of credit, which would be one of MSMEs’ main needs since their working capital is often constrained by slow payments and supply chain issues. Additionally, the government must make working capital more accessible or simpler,” says Vicky Jain, Co-founder and CEO, uKnowva, a mobile-enabled enterprise platform that helps scale and automate everyday business operations.
Presently, the 63 million MSMEs in India account for close to 30 percent of the gross domestic product (GDP). They have already contributed nearly 50 percent to India’s total exports in 2022 during which the country’s exports have grown by 37 percent year on year (YoY).
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