Union Budget FY24 has given impetus to fund-starved sector: MSME Secy Swain

New Delhi, Feb 10 (KNN) A much needed boost has been given to the fund-starved, MSME sector in the union budget 2023-34 by enabling higher credit flow and simplifying compliances, said B B Swain, Secretary to the Union Ministry of MSME.

According to a report by PTI, he assured that the centre is acknowledging the contribution of MSMEs in the country’s economic growth.

He was addressing the launch of the ongoing three-day Indian Foundry Congress (IFC) and India Foundry Equipment Exhibition (IFEX) which will conclude today at the India Expo Centre in Greater Noida.

Swain highlighted the prime challenges of the MSME sector such as availability, accessibility and affordability of credit/funds. 

“The government has acknowledged the contribution of MSMEs to the economic growth of the country. Union Budget 2023-24 has given a boost to the fund-starved sector with higher credit flow and by simplifying compliances,” Swain said.

Citing the launch of a revamped credit guarantee scheme worth Rs 9,000 crore for MSMEs in the Budget 2023, he said that it would enable collateral-free credit of Rs 2 lakh crore loans to small businesses.  (KNN Bureau)