Budget will help MSMEs: FKCCI

Bengaluru: The Federation of Karnataka Chambers of Commerce and Industry (FKCCI) president Dr.IS Prasad welcomed the Union Budget saying the measures taken will make MSMEs become more resilient and competitive. He also noted that this is an all-inclusive growth oriented budget. “The budget lays emphasis on industrial, educational and health sectors. We welcome the announcement to make MSMEs more resilient,” Prasad said

The Union Budget 2022 mainly focuses on inclusive growth on all verticals. Its impetus on Agriculture and Argo Economics by supporting MSP, making available Chemical free fertilizers/ Rail connectivity at 400 places, one station one product Digital push for Agriculture market will enhance the agricultural economy.

Revival of MSME which is very hard due to Covid pandemic by extending Emergency Credit Line Guarantee Scheme (ECGLS) of Rs 50,000 crore which will benefit 130 lakh MSMEs. With this the total credit guarantee scheme amounts to Rs 5 lakh crore. Introducing e bill clearance will reduce the time for recovery of dues. Consumers can choose power from any power distribution company. One nation one land registration also emphasizes ease of doing business.

Infusion of funds to the Credit Guarantee Trust for Micro & Small Entrepreneurs Scheme which will benefit Rs 2 lakh crore for MSME which expands employment generation.

Capital Outlay of Rs 7.50 lakh crore, 2.2 times of last year which represents 4.1% of GDP which indicates all Industries both Large/MSMEs will get benefit and also generate employment at both rural and urban.

Overall, this year's budget aims at agri-economy, revival of MSME and Health Infrastructure and education to everyone in the year of 75th year of independence celebrating Azadi ka Amrit Mahotsav which is welcoming.