Budget 2024 Expectations: MSMEs Demand Special Package for Growth

Budget 2024 Live Updates: The Union Budget for the financial year (FY) 2024-25 will be unveiled by Finance Minister Nirmala Sitharaman on February 1, making it her sixth consecutive budget, making her only the second finance minister (after Morarji Desai) to present six straight budgets. to do

People are watching the Union Budget 2023 presented in Parliament by Finance Minister Nirmala Sitharaman. 
The next budget, however, will be interim; Because the government is facing general elections in April-May this year. The full budget for FY24-25 will be presented in July by the incoming government, whether new or re-elected.

Also, this is the final budget of the second tenure of the Narendra Modi government. Officials involved in its preparation are currently in a 'lock-in' period to maintain confidentiality of the final document, and will only come out after its tabling on February 1. Their 'lock-in' started immediately after the traditional 'halwa'. The ceremony, this year was held on January 24.

In India, the financial year starts from 1 April and ends on 31 March of the following year.

Expectations of MSME Sector from the Budget

MSMEs in sectors such as automotive, electronics, industrial and electrical machinery and chemicals need to de-risk capital flows, says consultancy firm Deloitte Mint.

“We expect a budget that prioritizes financial inclusion and ease of doing business, promoting an environment conducive to growth. Measures like simplified regulatory processes and reduced compliance burden can empower startups and MSMEs, fostering a more agile and competitive landscape,” Rohit Arora, CEO and Co-Founder, Biz2X and Biz2Credit, tells the media.