Union Budget 2023: A Boost for MSMEs and Self-Reliant India

Business leaders in Madhya Pradesh have responded positively to the Union Budget announced by Finance Minister Nirmala Sitharaman, citing benefits for MSMEs and the push towards a self-reliant India. Key highlights include significant allocations for education, employment, and skill development, as well as tax relief for the middle class.

Businessmen and industrialists in Madhya Pradesh welcomed the Union Budget presented by Finance Minister Nirmala Sitharaman on Tuesday, expressing optimism that it will provide a substantial boost to micro, small and medium enterprises (MSMEs) and support the vision of a self-reliant India.

Yogesh Mehta, president of the Association of Industries Madhya Pradesh, stated that the Budget will strengthen MSMEs and enable them to compete effectively with China in the global market. Mehta praised the Rs 1.48 lakh crore allocation for education, employment, and skill development, describing it as 'historic.'

Sitharaman has also announced income tax relief for the middle class, a Rs 2 lakh crore outlay for job creation schemes over the next five years, and increased credit support to small and medium businesses. Ashish Vaish, chairman of the Madhya Pradesh unit of the Confederation of Indian Industry (CII), highlighted the Budget’s commitment to achieving a 'Viksit Bharat,' ensuring inclusive growth and addressing the needs of all societal segments.

Meanwhile, Gautam Kothari, president of the Pithampur industrial organization, praised the government's focus on the MSME sector and youth employment. However, Ramesh Khandelwal, president of the Ahilya Chamber of Commerce, expressed disappointment over the lack of expected income tax relief and simplification of the GST system.

Confederation of All India Traders (CAIT) National Vice President Rameshchandra Gupta acknowledged the doubling of the loan limit under the Pradhan Mantri Mudra Yojana to Rs 20 lakh and the focus on infrastructure development but criticized the continued complexities of the GST system.