Quote on Budget by R. Narayan, Founder and CEO Power2SME, President FICCI-CMSME

We welcome the Union Budget 2022-23 that has emphasized alleviating stress for small businesses. The government’s continuous efforts to boost the MSME sector by infusing Rs. 9,000 crore into the credit guarantee scheme will not only help the sector to gain confidence back but help in creating employment in the country. 

R Narayan, Founder and CEO, Power2SME

We appreciate the major step taken by the government to enhance the ease of doing business, reducing more than 39,000 compliances as well as decriminalizing over 3,400 legal provisions. It’s indeed an essential step for a prospective future and was much required to sustain the growth momentum for the MSMEs.

In addition, major announcements such as boosting domestic manufacturing, enhancing domestic value addition, encouraging green energy and mobility, simplifying tax structure to reduce compliance burdens, and improving tax administration are welcome measures for MSMEs. 

The middle-class segment of the country has got relief from the key modification suggested in the income tax bracket. The union budget focus on increasing capex (10 lakh crore) which shows that the govt. is enthusiastic and prioritizing its efforts in building roads, highways, and railway lines and it will fuel domestic demand and public investment. There is an anticipation that the world braces for recession and the measures taken in the union budget propel the growth of the overall economy.