Post Budget Quote on MSME schemes – Mr. Ketan Mehta, CFO, CredAble

“We are delighted to see that the Union Budget 2024–25 has addressed many critical facets of the economy.

This year, the budget has truly put the spotlight on key issues facing the MSME sector in securing timely credit and has ushered in a plethora of opportunities for young entrepreneurs.

The government has proposed a new scheme under the Credit Guarantee schemes for MSMEs in manufacturing, providing MSMEs with collateral-free term loans for buying machinery and equipment. To further strengthen the financial stability of MSMEs, the limit for Mudra loans has been increased from INR 10 lakh to INR 20 lakh. Additionally, E-commerce export hubs will be set up to boost international trade. The government’s strategic move to provide internships and new schemes for the country’s youth, with a central outlay of INR 2 lakh crore, sums up its futuristic outlook.

The Union Budget has been extremely positive in recognising the role being played by MSMEs in India’s present and future. It’s also encouraging to see the government’s move to incentivise existing businesses and abolish the angel tax for all classes of investors, which will further aid the acceleration and globalisation of the startup ecosystem in the country.”