CS (Dr.) Adv. Mamta Binani, President of MSME Development Forum WB, provides insightful commentary on the recently unveiled Union Budget for 2024-25, expressing optimism for the Micro, Small, and Medium Enterprises (MSMEs) sector. With a keen eye on the implications, Mamta Binani applauds the budget’s commitment to fostering growth and innovation within this vital economic segment.
One of the standout features of the budget, as highlighted by Mamta Binani, is the emphasis on de-risking credit inflows to critical MSME sectors, such as automotive and electronics. The introduction of credit guarantees and insurance schemes is deemed commendable, addressing the crucial need for risk mitigation in capital flows. Access to credit is identified as pivotal for progress, and the tailored packages, interest subvention schemes, and reduced collateral requirements introduced align with the collective aspiration of propelling India toward a $5 trillion economy.
The proactive approach of the budget is underscored by its focus on simplified regulatory procedures, reduced compliance burdens, and potential changes in the capital gains tax structure. These measures signal a commitment to empowering the MSME community by creating an environment conducive to formalization, innovation, and unprecedented growth.
Mamta Binani also acknowledges the budget’s support for the Open Network for Digital Commerce initiative, the extension of the concessional tax regime, and increased funding for the ‘Raising and Accelerating MSME Performance’ scheme. These elements are identified as notable contributors to the growth of the MSME sector.
Furthermore, the allocation of funds for the MSME ministry, exceeding the previous fiscal year, is seen by Mamta Binani as setting a positive trajectory for enterprises in the sector. The increased financial support reflects the government’s recognition of the crucial role MSMEs play in the country’s economic landscape.
Mamta Binani, with her extensive experience and multifaceted roles, serves as a beacon for the MSME community. As an Independent Director in reputed boards such as Century Ply, Balrampur Chini Mills, Emami Limited, and others, she brings a wealth of knowledge and insight to the discussion. Her commitment to highlighting government efforts and her roles in various prestigious associations demonstrate her dedication to the development and growth of the MSME sector.
In conclusion, Mamta Binani’s analysis of the budget suggests that these measures have the potential to reshape the destiny of MSMEs, creating an environment that encourages formalization, innovation, and sustained growth. As a member of the machinery, she considers it her responsibility to bring the government’s efforts to the masses and classes alike, contributing to the sector’s progress.
