Budget 2018: FM Jaitley says mass MSMEs in for mass formalisation after GST, demonetisation

By: | Updated: February 1, 2018 3:02 PM

In the Union Budget 2018, Finance Minister Arun Jaitley said that there has been a mass formalization of MSMEs after structural reforms of GST and demonetization. The government had earlier announced GST with the aim to help move small-scale businesses from the unorganised to organised sector.

Budget 2018: Finance Minister Arun Jaitley presents the Union Budget todayBudget 2018: FM Arun Jaitley said that there has been a mass formalization of MSMEs after structural reforms of GST and demonetization. (Image: Twitter)

Union Budget 2018: In the Union Budget 2018, Finance Minister Arun Jaitley said that there has been a mass formalization of MSMEs after structural reforms of GST and demonetization. The government had earlier announced GST with the aim to help move small-scale businesses from the unorganised to organised sector. FM Arun Jaitley also announced that the government is committed to the cause of improving the start-up ecosystem in the country. The Finance Minister said that he the government will take up various reforms for VCs  and angel investors, and also promote a robust alternative investment regime in the country.

Watch Video: Brief History Of Budget: 10 Interesting Facts You Shouldn’t Miss

The MSMEs will get an extra hand-holdingm post Union Budget 2018. The Finance Minister also announced Rs 3,794 crore for MSMEs and employment credit support. Further, Arun Jaitley said that the government proposes to allocate 56,620 crore for providing credit to small scale businesses. The government will also announce measures to tacle the NPA problem in MSMEs. I porpose to set up a target of Rs 3 lakh crore under MUDRA scheme, he said.

Also read: Know how Arun Jaitley’s Budget 2018 will impact your tax liability with this Income Tax Calculator

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