Impact of Union Budget 2023 on MSMEs: A Commentary by Dr. Mamta Binani

The last full-fledged Union Budget of the Modi government before the 2024 Lok Sabha elections is being interpretated by the experts in different ways. Here we present a take on the Union Budget 2023 considering its possible impact on MSMEs by CS (Dr.) Adv. Mamta Binani, Past President ICSI & President of MSME Development Forum (WB). In her quote she specially mentions the impact of the budget on MSMEs.

CS (Dr.) Adv. Mamta Binani, Past President ICSI & President of MSME Development Forum (WB)

She said, “MSMEs are the development catalysts for the Indian economy, and the government did a great job with this budget in not only extending all forms of support and protection to the MSMEs but also encouraging further scaling of businesses. The setting up of Entity DigiLocker, launching of a new sub-scheme of PM Matsya Sampada Yojana with a targeted investment of Rs. 6,000 crores, and facilitating e-commerce for MSMEs is worth lauding. The redesigned program, which will go into effect on April 1, 2023, thanks to an injection of Rs. 9,000 crores into the corpus, was the major feature. This will provide for an extra Rs. 2 lakh crore of collateral-free guaranteed loans. Additionally, there will be a 1% reduction in the cost of the credit. Through these policies and schemes, the MSMEs will not only contribute to “Make in India” but also to “Make for the World” as envisaged.”

Mamta Binani is a President of MSME Development Forum – West Bengal. Ms. Binani has served as a jury member of the ICSI National Award for Excellence in Corporate Governance and CSR, 2016, the Golden Peacock Award of The Institute of Directors for the year 2016, ASSOCHAM Award for Commendable CSR Activity for the year 2016. She is the Vice President of the Kolkata National Company Law Tribunal Bar Association, the Chairperson of the Merchant Chamber of Commerce-Legal Affairs Council, and also an executive committee member of INSOL India. She is a Board Member of International Women’s Insolvency & Restructuring Confederation (IWIRC) and is presently the Co-Chair of the India Network.

Ms. Binani is an Independent Director in some of the reputed Boards of the Country viz. Century Ply, Balrampur Chini Mills, Emami Limited, and others. Ms. Binani feels that the government is the engine and that as a member of that machinery, it is her responsibility to highlight the government’s efforts by bringing them to the masses and classes.

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