Industrial and commerce bodies term Union Budget as pragmatic fostering MSME growth

Industrial and commerce bodies in Dakshina Kannada welcomed the Union Budget, terming it a pragmatic one aimed at fostering micro, small and medium enterprises (MSME) thereby creating more jobs.

Industrial and commerce bodies in Dakshina Kannada welcomed the Union Budget, terming it a pragmatic one aimed at fostering micro, small and medium enterprises (MSME) thereby creating more jobs.

It is an MSME-friendly Budget, said Canara Plastic Manufacturers and Traders’ Association president B.A. Nzaeer in a statement. The new credit guarantee scheme and the new assessment model for MSME credit will boost credit flow to the sector. He further said extending credit support during stress period is a step in the right direction.

Terming the Budget growth-oriented, Kanara Industries Association president N. Arun Padiyar said proposals on employees provident fund scheme and providing ₹2 lakh crore support for job creation will generate more employment.

He also welcomed the allocation of over ₹3 lakh crore for schemes benefiting women entrepreneurs.

District Small Industries Association president Vishal L. Salian in a statement said the Budget is a holistic one focusing on building a cohesive industrial environment. MSME sector can now avail loans up to ₹20 lakh instead of ₹10 lakh under the Mudra scheme, which aims to bolster the start-up ecosystem in the country.

Kanara Chamber of Industries and Commerce (KCCI) president Ananthesh V. Prabhu said the Budget proposals are pragmatic considering measures like de-penalising of non-disclosure of certain foreign assets, increase in standard deduction for employees and pensioners, changes in slab rates contributing to reduction of tax due, and immunity from penalty and prosecution to benamidar on full and true disclosure.

Mr. Prabhu said KCCI praised the proposal for financing shrimp farming, processing and export facilitation through NABARD. Welcoming 12 additional industrial parks under the National Industrial Corridor Programme, KCCI hoped one of them will be allocated to the coastal region. Proposal to utilise CSR funds for internship facility expenditure for 1 crore youth is a good move.