Can We Expect This Year’s Budget as Outcome Budget?

This is a sixth budget under the leadership of Prime Minister Narendra Modi. Since the year 2019 has also introduced the election environment in India and each and every action of the ruling government is having an echo effect from the election perspective.

Ideally, being the sixth union budget presented by finance minister Mr. Piyush Goyal must illustrate the outcomes of the last four years in which the policy impact can be gauged. This is critical as the last four years’ we have experienced some major developments. Be it demonetization, GST implementation and credit flow, each and every bold decision of the Modi government has made historic change in the financial system of the country.

This year, we hope that the interim budget 2019 document can explain the tangible impact analysis of all major schemes and leadership decisions have to be made public.

Secondly, we cannot rule out the fact that this budget is going to appeal to the common man. This year, MSME entrepreneurs and farmers are expecting some major announcements. Last ten budgets, the role of MSMEs have increased in the policy framework but the sufferings of real and common entrepreneurs are yet to get addressed. Every year, the budget brings some hopes to common entrepreneurs and farmers. This year, we at SMEStreet expect some strong action-oriented and tangible policy changes that will bring joy to the MSMEs.

Now, coming back to the ‘Outcome’ oriented perspective of this year’s budget, we must not forget that Prime minister Modi has always talked about job creation. This was one of the major promises of 2014’s elections when Mr Modi have explained his plan to add 2 crore Jobs every year. Now, such job creation growth was and still is, possible only through the MSMEs. Be it, demonetization or GST’s initial teething problems, all such have affected this aspect of job creation. Now, it is proven and well accepted that it is only the MSMEs who have the guts to contribute in country’s exponential demand for jobs.

All these elements are expected to drive attention for SMEStreet and for us. The industry is looking forward to some amount of push and has already expressed their demands in front of the finance ministry officials and Ministers themselves. It is important to know how these demands will get addressed in this budget document. Moreover, giant Industry forums like CII, FICCI and ASSOCHAM are known for their demands and recommendations, but it will be important how do they rate this year’s budget on record.