Union budget: UP industrialists seek smooth flow of funds and efficiency in existing schemes for MSMEs

New Delhi, Jan 21 (KNN) The state of Uttar Pradesh constitutes 9.7 lakh registered MSMEs, according to Udyog Aadhaar Portal and is one of the most industrialised states, hence the state’s expectation from the union budget remains big. 

However, due to the covid-19 pandemic, the MSME sector saw lack lustre and is steadily gaining momentum with the help of digitisation. 

In an interaction with KNN India, the President of Indian Industries Association (IIA), Manish Goel said union budget always covers a little portion for MSMEs as compared to other sectors. 

“All we ask for is smooth flow of funds once announced in the budget, low interest cost and proper enforcement of all the schemes introduced by Central and state government to aid or benefit MSMEs,” said the Lucknow based industrialist.

He also emphasised on efficiently monitoring the delayed payment application by MSMEs. 

The state has one of the largest networks of MSMEs, the increase in allocation of budget will help in the speedy recovery of the sector and the economy as a whole. 

This has been the outlook of several industrialists who have gauged the impact of the pandemic of small businesses in the state and across the country. 

It seems that the upcoming assembly elections in Uttar Pradesh might influence the budget or vice-versa.