New Delhi, Jul 10 (KNN)  Reacting to the Union Budget 2014-15 unveiled in Parliament today, FISME Secretary General, Anil Bhardwaj said it was a comprehensive budget that addressed significant issues pertaining to the MSME sector such as access to credit, exit policy and excessive taxation.

“We have to thank the Finance Minister for acceding to FISME’s (Federation of Indian Micro, Small and Medium Enterprises) demand for having a bankruptcy framework for SMEs to exit,” Bhardwaj said.

He also expressed gratitude to the Finance Minister Arun Jaitley for announcing a fund of Rs 10,000 crore to provide for equity, quasi equity and soft loans for start-ups.

“It is heartening to note that the FM having realised the complexity and seriousness of SME’s access to finance has recommended the setting up of a committee comprising of members from the Ministries of Finance and MSME and the RBI,” FISME Secretary General said.

Although the expanse of the budget is wide, much of the clarity would emerge when we see the details, he pointed out.

One overriding feature, according to him, was that the Finance Minister was particularly concerned about easing excessive taxation, having incorporated a lot of small improvements to improve the tax regime.

“One particular point that stands out is allowing resident Indians the facility of advance ruling,” he said.  (KNN/ES)