Budget 2022 MSME

Finance Minister, Nirmala Sitharaman presented the Union Budget 2022 on February 1. The budget came with several beneficial aspects for the MSME sector. employees' family as well). Indian GDP by comprising 6.3 million units and employs the 11 Crore population of India, FM announced several benefits. Let’s have a look:

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*Premium starting from ₹105/Employee/Month for ₹1 Lac Sum Insured covering Health & Wellness Needs (excluding GST)
#Premium may vary on the basis of coverage type & add-ons
**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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Market Protection & Input Cost Optimization

FM Nirmala Sitharaman announced a reduction in the tariffs of imports on inputs along with the increment in imposing the tariffs on end products in order to help and lead the SMEs to better protection and increase the competitiveness.

To take steps in the right direction, the government announced a reduction in customs duty while levying 7% of duty on capital goods. In the textile sector, handicrafts, leather, the government reduced import tariffs that will help in the growth and help in competing globally.

Emergency Credit Line Scheme

The government has extended the scheme to March 2023. This scheme will provide guaranteed cover that has been increased from Rs. 50,000 Crore to Rs. 5,00,000 Crore along with exclusive cover in the hospitality sector.

Financial Inclusion

There will be additional physical banking facilities that will enable the mobilization of post office infrastructure. Also, there will be an additional 75 digital banking units by commercial banks in 75 rural districts.

The government also revamped the credit guarantee scheme that is expected to be Rs. 2,00,000 Crore for the MSME sector.

Infrastructure

Investments in cargo terminals, logistics parks will be facilitated under Gati Shakti Infrastructure in the single domestic market connectivity as well as global market connectivity.

For Start-ups

Under the NABARD startup initiative, FPOs and individuals will be fostered along with a capital gains surcharge that will help in boosting the start-ups.

Skilling & Ease of Doing Business

FM Nirmala SItharaman announced the initiation of a National skill qualification framework that will be aligned with the dynamic industry needs. Also, the Udyam portal will help in doing the business easily to provide B2B, G2B, and B2G services that will also help in recruitment and skilling the employees.

Written By: PolicyBazaar - Updated: 08 February 2022
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