MSME budget expectations: Beyond the slightest doubt, India’s micro, small and medium (MSME) businesses play a crucial role in boosting the economy and generating significant employment in the country. This key sector comprises as many as 6.3 crore units producing more than 8,000 products and contributing 30% to nominal GDP. More importantly, their future is ripe with phenomenal possibilities. According to a MSME Business Confidence Study by Neo Growth, 96% percent of MSMEs expect profits to rise in 2023. Among the key areas where SMEs and MSMEs are expected to soar high include green energy, digital inclusion, electric mobility apart from the traditional manufacturing areas.
To its credit, the government has been lending a helping hand to the sector, be it through credit and financial assistance, skill development and training, infrastructure support, or technology upgradation. Having said that, there is an urgent need to rescue the sector from the constraints of bureaucratic red-tape and the maze of regulatory compliances to help them grow, not merely survive.
Please click here to read the full article by Nitin Potdar, published in SME Futures.
Nitin specializes in Public and Private, Mergers & Acquisitions, Business Restructuring, Asset & Share Purchase, Transborder Alliances & Joint Ventures, Private Equity and general Corporate advisory.