MSME Sector Urges Major Changes in Budget 2024-25

Representatives of the MSME industry made several key recommendations to Finance Minister Nirmala Sitharaman for the Union Budget 2024-25. The suggestions focused on institutional financing, NPA classification norms, and a 45-day payment rule. Various industry leaders voiced their concerns and proposals for sector improvements.

On Friday, representatives of the MSME industry presented a series of recommendations to Finance Minister Nirmala Sitharaman aimed at enhancing the sector's growth in the forthcoming Union Budget 2024-25.

Sitharaman led the fifth pre-Budget meeting with MSME representatives to gather inputs for the upcoming General Budget 2024-25, the finance ministry disclosed via social media.

MSME representatives addressed several issues, such as difficulties in securing institutional financing, existing RBI norms on NPA classification, and the 45-day payment rule mandated by the Income Tax Act.