“As we approach the interim budget for 2024, we anticipate the government’s continued commitment to fortifying the MSME sector, a dedication consistently observed over the past decade.
In the forthcoming budget, we strongly encourage the government to promote the integration of digital tools, including inventory management and digital billing, which are crucial for organizing and optimizing financials and operations in small businesses. Digital tools can also assist small businesses in GST filings, ensuring transparency and accuracy in invoicing data, and potentially streamlining the Input Tax Credit return process, a major pain point for these businesses. The initiative can also significantly improve their prospects of securing credit from formal lenders and tap new growth opportunities
Another crucial area deserving attention is the support for market expansion by integrating more MSMEs into the Open Network for Digital Commerce (ONDC). This not only extends their reach within the Indian market but also positions them for export through e-commerce.
Additionally, it is imperative to continually refine financial schemes, including the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) and the Emergency Credit Line Guarantee Scheme (ECLGS). The government should also embark on initiatives to further streamline regulatory processes and relax compliance requirements to empower MSMEs. These enhancements will substantially improve the ease of doing business for MSMEs, playing a pivotal role in India’s journey towards a $5 trillion economy”
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