Boost given to MSME credit guarantee scheme in budget will generate employment: FDR

New Delhi, Feb 5 (KNN) The increase in coverage of the ECLGS for MSMEs will help in generating employment making this budget a growth oriented budget, said Dr Jaya Prakash Narayana, Founder and General Secretary of Foundation for Democratic Reforms (FDR).

He was speaking on Friday at a webinar organised by World Trade Centre Shamshabad & Visakhapatnam and NI-MSME.

He said that increase in capital expenditure in the recent Union Budget 2022-23 was an excellent move.

The government increased capital expenditure allocation by 35 per cent to Rs 7.5 lakh crore in 2022-23.

“The Budget has also made tax compliance easier,” he added.

Speaking at the event, Dr Tada Prabhakar Reddy, Development Economist called the 1 per cent TDS on VDAs a good and progressive move.

However the methodology of implementation and administration of GST needs improvement, opined Ramdev Bhutada, Co-Chair, Direct Taxes Committee, FTCCI. (KNN Bureau)