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Budget 2024 expectations: Industry experts are hoping for incentivised lending rates, credit guarantee schemes, and increased funding channels in the upcoming interim budget to enhance financial resilience for the MSME sector

Finance Minister Nirmala Sitharaman is set to present the Interim Budget on February 1, and the Micro,...

MSME sector urges Finance Minister Sitharaman for special package in interim Budget 2023-24 to ensure increased access to credit at competitive rates for USD 5 trillion economy; holds importance before general elections. Sector contributes 29.15% to GDP. Focus on addressing uneven power dynamic, lack of competition, and weak grievance redressal mechanism with banks.

Sitharaman is scheduled to present the interim Budget 2023-24 in the Lok Sabha on February 1

Indias GDP growth in the September quarter of the fiscal year reached 7.6%, making it the fastest-growing large economy. The rebound was driven by a strong performance in the manufacturing, mining, and services sectors. The Gross Value Added (GVA) in the manufacturing sector saw a growth of 13.9%, indicating a significant increase in production to meet pent-up demand before the festivals.

India Inc: This decision to provide 75% reservation in private sector jobs will help companies in Haryana to hire from a bigger talent pool and not just limit them to hire local talent, said at least half a dozen executives in companies ranging from auto components, automobile, e-commerce, aviation sectors.

The monetary policy review will be announced on Friday morning by RBI Governor Shaktikanta Das.

The Reserve Bank of Indias Monetary Policy Committee (MPC), headed by Governor Shaktikanta Das, has started its three-day meeting. Experts predict that the MPC will maintain the current interest rates due to elevated inflation and global factors. Retail and corporate borrowers can expect stability in interest rates if there is no change. Despite expectations of a decrease in inflation in September and October, experts believe that a rate hike is unlikely.

The MPC is entrusted with the responsibility of deciding the policy repo rate with the objective of achieving the inflation target.

(This story has not been edited by THE WEEK and is auto-generated from a PTI