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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
India's 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.