MSME Sector is Backbone of Indian Economy – FM Nirmala Sitharaman
Udupi: “The Micro, Small and Medium Enterprises (MSME) sector is the Backbone of the Indian economy”, said Finance Minister Nirmala Sitharaman. She was speaking at the Intellectuals’ meeting held at the Hotel Country Inn, Manipal here, on July 14.
Addressing the gathering, Minister Nirmala said, “The Union government was taking steps to empower the MSME Sector and the government is taking concrete steps to uplift and empower the sector. The government understands the importance and contribution of MSMEs to the nation and is fully committed to supporting the MSME sector to grow and reach its full potential.
We have addressed key issues of the poor and vulnerable through financial inclusion. Under the Modi Govt, facilities of healthcare are being provided to the last mile with a view of empowering the people”.
Minister further said, “Under the PM SVANidhi scheme, Rs 4,606.36 crore worth of loans have been given to more than 45 lakh street vendors to provide Swarojgar, Svavlamban, and Swabhimaan to those vendors. In nine years, 3.5 crore houses have been constructed, fulfilling the promise of housing for all. The dignity of women is restored through the construction of 11.72 crore toilets. The Pradhan Mantri Ujjwala Yojana has provided 9.6 crore cooking gas connections”.
Minister also said, “Now you don’t pay any tax for income up to Rs 7.27 lakh. After that, you start paying taxes. You have a standard deduction of Rs 50,000 also. Under the new scheme, the grievance was that there was no standard deduction. It is given now. We have brought in the simplicity in the paying rate and the compliance side”.
“The total budget for the micro, small and medium enterprises (MSME) has increased to Rs 22,138 crore for the current financial year (2023-24), from Rs 3,185 crore in 2013-14. The 2023 Union Budget had provided Rs 9,000 crore for the credit guarantee scheme for MSMEs (the CGTME scheme), which will enable stressed MSMEs to clear their dues after they stabilize their businesses”, she said.