MSME Specific Announcements in Budget 2023 Speech

Finance Minister Nirmala Sithraman presented Union Budget 2023 speech and she emphasized several key initiatives including a special package for traditional artisans and craftsmen under the PM Vishwa Karma Kaushal Samman to integrate them with the MSME value chain.

The announcement was made by the finance minister during her budget speech. "PM Vishwa Karma Kaushal Samman - package of assistance for traditional artisans and craftspeople has been conceptualized, will enable them to improve quality, scale and reach of their products, integrating with MSME value chain," FM Sitharaman said.

Although we at SMEStreet are getting in touch with industry leaders, experts and key stakeholders for their reactions, and feedback on FM Sitharaman's fifth Budget.

G20 Presidency gives us a unique opportunity to strengthen our role in the world economic order, we are steering an ambitious people-centric agenda to address global challenges and facilitate sustainable economic development, the FM said."

As part of our initial level connects for reactions on Union Budget 2023, Dr. Arun Singh, Global Chief Economist, Dun and Bradstreet welcomed this budget and he said, "Use of PAN as a common business identifier would help improve ease of doing business. Digilocker for entities to securely share documents would provide digital infrastructure which will be helpful in digital lending framework for MSMEs."

Dr Singh also commented on MSME specific announcement by saying, "Cost of Credit to be reduced by 1% under the revamped credit guarantee for MSME. It is a big positive for the MSMEs, given the rise in lending rates."

"Revamped Credit guarantee scheme for MSMEs with additional corpus will be a much-needed support for troubled MSME in India," commented Dr Arun Singh of Dun and Bradstreet.

Stay tuned for a detailed analysis of Union Budget 2023-24 on SMEStreet and keep track on Social Media with #BudgetWithSMEStreet.