Post Budget Quote by Mamta Binani, President of MSME Development Forum – West Bengal

Kolkata : CS (Dr.) Adv. Mamta Binani, President of MSME Development Forum WB said, "The recently declared Union Budget for 2024-25 carries significant implications  for our Micro, Small, and Medium Enterprises (MSMEs). Building on the foundation laid in the  previous fiscal year, this budget showcases a commitment to fostering growth and innovation within  our sector. The emphasis on de-risking credit inflows to critical MSME sectors, such as automotive  and electronics, through measures like credit guarantees and insurance schemes is commendable.

 These steps address the crucial need for risk mitigation in capital flows. Access to credit remains  pivotal for our progress, and the introduced measures like tailored packages, interest subvention  schemes, and reduced collateral requirements align with our collective aspiration of propelling India  toward a $5 trillion economy. Simplified regulatory procedures, reduced compliance burdens, and  potential changes in the capital gains tax structure signal a proactive approach to empowering the  MSME community. The budget's support for the Open Network for Digital Commerce initiative,  extension of the concessional tax regime, and increased funding for the 'Raising and Accelerating  MSME Performance' scheme are notable contributors to our sector's growth. The allocation of funds  for the MSME ministry, exceeding the previous fiscal year, sets a positive trajectory for our  enterprises. In conclusion, these budgetary measures have the potential to reshape the destiny of our  MSMEs, fostering an environment conducive to formalization, innovation, and unprecedented  growth."