Last Update: January 25, 2023, 13:06 IST
Finance Minister Nirmala Sitharaman will present the Union Budget on February 1.
In the digital lending sector in 2022, RBI has made rules to prevent the growing disturbances in the digital lending space.
In the digital lending sector in 2022, RBI made rules to prevent the growing disturbances in the digital lending space. As Budget 2023 is round the corner, the industry is looking forward to measures to boost the industry and MSMEs, including expanding the availability of government-backed financing, easing documentation for MSME loans, and providing subsidies on MSME loans. involves creating a fund. ,
Finance Minister Nirmala Sitharaman will present the Union Budget on February 1.
Ritesh Jain, Co-Founder, Flexiloans.com said, “As the Government of India prepares for the upcoming budget, it is essential to address the challenges faced by the Micro, Small and Medium Enterprises (MSME) sector. Many small businesses Owners need support to be successful, including difficulties dealing with government and accessing credit. These challenges can limit the growth and potential of the MSME sector, which plays an important role in the economy.”
He said that the government is planning to increase the scope of the guarantee program for MSME loans, create a corpus to provide subsidy on MSME loans, expand the availability of government-backed financing, improve documentation for MSME loans by categorizing all the loans currently given. Might consider simplifying. Accounts in the form of MSME loans for government schemes, and delivery of all government schemes to service providers.
Artfine co-founder Arvind TCA said, “To protect MSMEs, the government should enforce Priority Sector Obligation on insurance providers. Last year there was only one transaction under IRDA. Credit insurance has helped sellers, SMEs and It has made it possible to cover risks and consider expansion plans.”
He said that the government should encourage the flow of information related to credit. The budget announcement required some significant developments to expedite the process and enable retail banking for SME companies.
Arun Pujari, CEO and co-founder of CashInvoice, said medium businesses should be included in MSME Facilitation Councils, which currently serve only micro and small enterprises as per the MSME Development Act, 2006. It is essential to include micro to medium enterprises. and Small Enterprise Facilitation Council for settlement of delayed payments from buyers.
Pujari said that the budget 2023 should use or encourage MSMEs for import substitution as part of Make in India program.
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