Budget 2019: A Boost to the Nation’s Entrepreneurial Spirit

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The MSME sector plays a crucial role in creating employment opportunities as well as in the industrialization of the rural and backward areas. Those who understand market dynamics well can run a successful enterprise and grow it. Some move up the value chain – from a few employees to several hundred, moving from small scale to medium. And they rely on support from MSME stakeholders such as government bodies, banks, and financial institutions.

Our MD Mr Sudhir Singh says in a reputed interview with Zee Business, “SMEs and MSMEs will play the most significant role in achieving India’s ambitious target of becoming a $5 trillion economy by 2025. To give a positive push and create a productive environment for this segment to flourish, there is a need for perfect ease of doing business environment, nurturing a demand-based skilled manpower and wide adoption of technological advancements in SME and MSME sector. Allotment of Rs 350 Crore for 2% interest subvention for all GST-registered MSMEs under the interest subvention scheme is a step in the right direction.”

“The new age jobs across economies will require a huge change in skill sets. India can take advantage of this and fill up the shortage of relevant and high-tech skilled labour in the near future. India can lead the world in meeting this huge demand with a focus on new age and industry relevant skills such as Artificial Intelligence, Big Data, Robotics, etc. Even the adoption of such technologies to strengthen SME ecosystem is not a herculean task, provided we have the right will and intention to make it affordable and easily accessible. It is time for Skill India’s curriculum to follow advance technologies and skills which are highly in demand, both on a domestic and global map.” He further added.

The Budget has also given a boost to the Nation’s entrepreneurial spirit by extending Standup India scheme till 2025, setup of 80 Livelihood business incubators and 20 technology business incubators to develop 75,000 skilled entrepreneurs in agro-rural industries, encouraging women entrepreneurs and several other measures to streamline labour laws, education, and rental housing segment which will have a direct impact on startups in the country.

With the government also approaching technological innovations for the MSMEs, the sector is embracing the power of technology to scale and become more efficient in India. Owing to this, the opportunities for startups and tech giants are set to grow multifold. Tech giants are keenly working with the MSMEs to understand its market, opportunities, and challenges to help them efficiently penetrate into this vibrant sector and support it in its scaling-up journey. This includes addressing the fundamental problems in financial inclusion, technology penetration as well as hiring and skilling.

Read More: Budget 2019: Nirmala Sitharaman proposal on corporate tax may boost MSMEs, jobs creation

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