Budget 2021: What MSMEs Expected And What They Got
Finance Minister Nirmala Sitharaman presented the Union Budget 2021-2022 on February 1.
This Budget is special because it comes after a bruising year when Covid-19 sent the economy into a deep recession. The Micro, Small and Medium Enterprises (MSME) sector was hit particularly hard.
With the pandemic far from over, the real work of recovery starts now. How India recovers depends greatly on how MSMEs recover. Why? Because this sector has always been crucial to India’s economic health, contributing 29% to gross domestic product (GDP) and 40% to exports and employing 110 million people.
For struggling small businesses, exporters and importers in India, it is the Budget that holds the greatest hope in these difficult times.