Budget Boost: Accelerating Economic Growth through MSMEs and Exports

The newly announced budget measures focus on boosting exports, investments, and MSMEs to accelerate economic growth. With enhanced credit for MSMEs and an Export Promotion Mission, the budget aims to secure inclusive development and invigorate private investments while setting up a digital platform for international trade.

In a bid to accelerate economic growth, the newly announced budget introduces key measures to enhance exports, attract investments, and promote MSMEs, according to international trade expert and Hi-Tech Gears Chairman, Deep Kapuria.

With a particular focus on agriculture, the budget is expected to raise farmers' income, potentially driving a surge in rural demand. Enhanced credit availability and support for clean tech manufacturing within the MSME sector are crucial, as these enterprises account for 45% of India's merchandise exports.

The allocation for an Export Promotion Mission will ease access to export credit and support MSMEs in tackling non-tariff measures abroad. Additionally, the creation of 'BharatTradeNet', a unified digital platform, aims to streamline trade documentation and financing, complementing the Unified Logistics Interface Platform.

(With inputs from agencies.)