THE UNION BUDGET 2023, presented by Finance Minister (FM) Nirmala Sitharaman on 1st Feb 2023, brought good news for the Micro, Small, and Medium Enterprises (MSMEs) sector.
MSME sector is the backbone of the Indian economy, accounting for about 30% of the Gross Domestic Product (GDP) and employing over 11 crore people.
The government proposed several growth-boosting measures, to support this vital sector.
Conclusion
Overall, the Union Budget 2023 is expected to have a net positive impact on the MSME sector, providing much-needed support to help it recover from the impact of the pandemic. The measures announced by the government are expected to boost the sector’s growth, provide easy access to credit, simplify the process of starting a business, and access new markets.
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