Finance Minister Nirmala Sitharaman presented the Union budget 2024-25, which included a special mention of micro, small, and medium enterprises (MSMEs) and E-commerce export Hubs.
“To Enable MSMEs and traditional artisans to sell their products in international markets, e-commerce export Hubs will be set up in public-private-partnership (PPP) mode. Under a seamless regulatory and logistic framework, these hubs will facilitate trade and export-related services under one roof” FM, Nirmala Sitharaman.
IndiaMART’s Chief Operating Officer, Dinesh Gulati, said, “Access to affordable and timely credit has been a consistent hurdle in the MSME sector, and the budget has introduced multiple benefits to address the issue.
The formulated package to finance technology support and the establishment of e-commerce export hubs in PPP* mode will enable MSMEs to go beyond India’s geographies and ensure global competitiveness.”
About the Credit Guarantee Scheme for MSMEs in the Manufacturing Sector, Dinesh Gulati says, “The introduction of a new scheme to support the purchase of machinery and equipment without collateral and guarantee for MSMEs will not only help provide much-needed financial assistance but also act as a catalyst for the growth of the manufacturing sector. RBI recently estimated a credit gap of ₹20 to ₹25 trillion in the MSME sector. An increase of limit for MUDRA and slash of turnover threshold TReDS registration will further provide necessary breathing room to the MSMEs.”
Additionally, the linkage of new credit assessment models by public sector banks based on the digital footprint of MSMEs will further bring the sector closer to digital transformation”
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