NEW DELHI: Union Finance Minister Nirmala Sitharaman held a crucial pre-budget consultation with representatives from the Micro, Small, and Medium Enterprises (MSME) sector on December 7, 2024. This meeting is part of a larger series of discussions designed to gather insights and suggestions from various stakeholders, including farmer associations, economists, and industry leaders, ahead of the Union Budget for 2025-26, scheduled to be tabled on February 1, 2025.
In her eighth consecutive budget presentation, Sitharaman seeks to address challenges within the MSME sector, emphasizing its role in employment generation and economic growth. MSME representatives highlighted concerns such as improving credit accessibility, reducing tax burdens, and enhancing export competitiveness. Suggestions to incentivize technology adoption and skill development in MSMEs were also a key focus.
Budget Objectives Aligned with “Viksit Bharat 2047”
The Modi 3.0 government’s second full budget aims to provide a clear roadmap toward “Viksit Bharat 2047,” a vision for a developed India. Aiming to capitalize on the 10.5% nominal GDP growth rate projected for the current fiscal year, the upcoming budget also seeks to maintain fiscal discipline while encouraging economic resilience.
The MSME sector, which contributes significantly to India’s GDP, plays a pivotal role in this strategy. Stakeholders advocated measures to boost domestic manufacturing, simplify GST compliance, and expand financial inclusion for small businesses.
Inclusive Consultations Across Sectors
The pre-budget consultation series, concluding on December 30, will include dialogues with leaders from education, health, financial services, and trade unions. Sitharaman, along with her team, including Minister of State for Finance Pankaj Chaudhary and top financial secretaries, is keen to ensure the budget reflects the aspirations of diverse economic segments.
This approach aims to empower India’s industrial backbone and drive sustainable economic development through targeted policy reforms.
Source: Web Team, C6N
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