Budget 2024: What SME experts want from FM Nirmala Sitharaman

Jan 31, 2024 Abhishek Yadav

“Registration on TReDS should be mandatory for all companies having a turnover of more than Rs 250 crore from the current more than Rs 500 crore.”

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“Provide incentives and subsidies for MSMEs to adopt emerging technologies such as AI, robotics, cloud computing, and blockchain to enhance their productivity, efficiency, quality, and innovation.”

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“There is a pressing need to have programs similar to ECLGS, to assist MSMEs and ease their liquidity position.”

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“Need for the establishment of GST coordination committees at the district level for streamlined problem-solving and increased GST network, leading to enhanced revenue for both central and state governments.”

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“The budget should further drive financial inclusion by increasing the credit corpus for MSMEs. This involves extending support to MFIs and small finance banks that help them meet their financing needs.”

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“The budget should revise the minimum GST registration revenue threshold, a decrease in corporate tax rates, and tailored tax incentives for MSMEs.”

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“Under NCGTC, the CGFSF (Credit Guarantee Fund Scheme for Factoring) has been proposed to address coverage of the govt.-backed scheme for factoring transactions on TReDS.”

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“Extending the benefits of Udyam to all MSMEs through fiscal measures and enhancing financial inclusion will be a major expectation from this year’s budget.”

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“Businesses are not allowed to take input credit for GST paid on employee health insurance. Govt should waive it for MSMEs as they are the future.”

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“The budget for exhibition incentive marketing should be substantially increased to cope with rising expenses for MSMEs. Currently, the allocation for each show ranges from Rs 80,000 to Rs 1 lakh.”

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Budget 2024: What SME experts want from FM Nirmala Sitharaman

Budget 2024: What SME experts want from FM Nirmala Sitharaman

“Registration on TReDS should be mandatory for all companies having a turnover of more than Rs 250 crore from the current more than Rs 500 crore.”

“Registration on TReDS should be mandatory for all companies having a turnover of more than Rs 250 crore from the current more than Rs 500 crore.”

FICCI

FICCI

“Provide incentives and subsidies for MSMEs to adopt emerging technologies such as AI, robotics, cloud computing, and blockchain to enhance their productivity, efficiency, quality, and innovation.”

“Provide incentives and subsidies for MSMEs to adopt emerging technologies such as AI, robotics, cloud computing, and blockchain to enhance their productivity, efficiency, quality, and innovation.”

Akhand Jyoti Tiwari, Partner, MicroSave Consulting

Akhand Jyoti Tiwari, Partner, MicroSave Consulting

“There is a pressing need to have programs similar to ECLGS, to assist MSMEs and ease their liquidity position.”

“There is a pressing need to have programs similar to ECLGS, to assist MSMEs and ease their liquidity position.”

Ramaswamy Iyer, Founder and CEO, Vayana

Ramaswamy Iyer, Founder and CEO, Vayana

“Need for the establishment of GST coordination committees at the district level for streamlined problem-solving and increased GST network, leading to enhanced revenue for both central and state governments.”

“Need for the establishment of GST coordination committees at the district level for streamlined problem-solving and increased GST network, leading to enhanced revenue for both central and state governments.”

CAIT

CAIT

“The budget should further drive financial inclusion by increasing the credit corpus for MSMEs. This involves extending support to MFIs and small finance banks that help them meet their financing needs.”

“The budget should further drive financial inclusion by increasing the credit corpus for MSMEs. This involves extending support to MFIs and small finance banks that help them meet their financing needs.”

Bipin Preet Singh, Co-founder and CEO at MobiKwik

Bipin Preet Singh, Co-founder and CEO at MobiKwik

“The budget should revise the minimum GST registration revenue threshold, a decrease in corporate tax rates, and tailored tax incentives for MSMEs.”

“The budget should revise the minimum GST registration revenue threshold, a decrease in corporate tax rates, and tailored tax incentives for MSMEs.”

Praveen Agrawal, Co-Head, India, OakNorth

Praveen Agrawal, Co-Head, India, OakNorth

“Under NCGTC, the CGFSF (Credit Guarantee Fund Scheme for Factoring) has been proposed to address coverage of the govt.-backed scheme for factoring transactions on TReDS.”

“Under NCGTC, the CGFSF (Credit Guarantee Fund Scheme for Factoring) has been proposed to address coverage of the govt.-backed scheme for factoring transactions on TReDS.”

Sundeep Mohindru, Promoter and Director, M1xchange

Sundeep Mohindru, Promoter and Director, M1xchange

“Extending the benefits of Udyam to all MSMEs through fiscal measures and enhancing financial inclusion will be a major expectation from this year’s budget.”

Sachin Agrawal, CEO & Co-founder, Bizongo

Sachin Agrawal, CEO & Co-founder, Bizongo

“Businesses are not allowed to take input credit for GST paid on employee health insurance. Govt should waive it for MSMEs as they are the future.”

“Businesses are not allowed to take input credit for GST paid on employee health insurance. Govt should waive it for MSMEs as they are the future.”

Sajja Praveen Chowdary, Head, Policybazaar for Business

Sajja Praveen Chowdary, Head, Policybazaar for Business

“The budget for exhibition incentive marketing should be substantially increased to cope with rising expenses for MSMEs. Currently, the allocation for each show ranges from Rs 80,000 to Rs 1 lakh.”

“The budget for exhibition incentive marketing should be substantially increased to cope with rising expenses for MSMEs. Currently, the allocation for each show ranges from Rs 80,000 to Rs 1 lakh.”

Palash Agrawal, Founder-Director, Vedas Exports

Palash Agrawal, Founder-Director, Vedas Exports