Job Creation and Boosting MSMEs's Business Ecosystem are Key Expectations

Here are the final list of demands or expectations of MSMEs and working professionals from Finance Minister Ms Nirmala Sitharaman ahead of her Budget 2022 Speech. The top of the chart budget expectations includes Govt's Proactive Plan for Job Creation, Boosting MSME Business ecosystems and Taxation Reforms. Here are SMEStreet MSME Outreach results for Union Budget Expectations:

SMEStreet started reaching out to CXOs, professionals from MSMEs and MSME ecosystem from Mid December 2021 in order to understand the real crux of Budget related expectations form the Finance Minister.

We published several aspects from top industry professionals starting from Jan 10th 2022 in which these experts mentioned specific demands for their respective industries.

However, to conclude this exercise we at SMEStreet have also summarised the budget expectations in few simple looking bullet points. These bullet points have been drafted based on a series of interactions with experts, listening to their opinions and of course looking at the perspective of MSMEs' in building the economy stronger.

This year's Budget is special because of two reasons. One - it is coming when the economic growth is needed most as the country as well as the world is under Pandemic impact. The second reason is this year the Union Budget is getting announced when Five States are up and ready for State Elections. Out of these five, Punjab and UP are expected to show some major influence on this year's Budget.

Whatever could be the case, MSMEs in the country is recognized as the driving force behind the economic performance. So our perspective is clearly inclined towards MSMEs.

Now, as mentioned about the Union Budget 2022 expectations, here are some key demands that we received through interactions, suggestions and recommendations.

Govt's Proactive Plan for Job Creation:

The role of MSMEs should be highlighted in solving India's top challenge of Job creation. Entrepreneurial motivation must reflect in Government policies in creating jobs.

Boosting MSME Business Ecosystem:

From Banking Credit, Delayed Payment to Accessing Newer Markets and documentation of business expansion all of these aspects requires Ease of Doing Business. However, we have repeatedly received expectations on these lines as there are several MSMEs who have experienced severe pain in these areas and because of this, their business growth has suffered. This year's budget is also coming in a scenario in which the Pandemic is affected. MSMEs require all the more push and boost.

Taxation Reforms

It's been over 7 years since we received the last Taxation reform from the perspective of Tax Slab amendments. This year it is highly expected.

Infrastructure Development & Building

Needless to mention that Infrastructure push holds a great boost for becoming growth. The Road and Highways ministry under the Union Minister Shri Nitin Gadkari is proactively working in this area and their job in the last few years is commendable. The industry is hoping for a continued focus in this direction. However, infrastructure push is needed in industrial logistics, ports and dry ports connectivity, Internet and digital connectivity and much more etc.

Opening India's Export  Oriented Push

This is purely pushing driven work. From PLI Schemes to incentives driven programs to FTAs getting finalised by Government leadership, all of this must and must reflect in the form of business productivity and role of MSMEs should be highlighted.

Manufacturing Push

Needless to say, this is among the top demands from this year's budget. entrepreneurs and investors must be really motivated and incentivised to open new manufacturing plants. And scaling up of manufacturing plants should be focused.

However, Budget 2022 is getting tabled with a vision to bring the economy back on track. These points are getting highlighted as the nation-building exercise can be achieved by building a proactive MSME ecosystem.

Jai Hind