India's Microenterprises Seek Boost in Union Budget 2025
Ahead of the Union Budget 2025, India's microenterprises demand easier credit access, reduced compliance, and a supportive policy framework. These efforts aim to strengthen their role in the Atmanirbhar Bharat initiative and achieve a USD 5 trillion economy. Calls for GST exemptions, digital subsidies, and infrastructure improvements are key focuses.
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- Country:
- India
As the anticipation for the Union Budget 2025 heightens, India's microenterprises, representing 98.5% of the MSME sector, are urging for significant policy changes. These include streamlined credit access, reduced compliance demands, and a conducive policy framework.
Founding trustee of Bharatiya Yuva Shakti Trust, Lakshmi Venkatesan Venkataraman highlighted, "Microentrepreneurs face delays in accessing timely credit. Fintech firms provide swift loan processing, yet banks take months." She suggested increased loan amounts under the MUDRA scheme, interest subventions, and lower margin money to alleviate financial pressures on micro businesses.
Proposals include raising the GST exemption threshold and simplifying GST filing to ease administrative burdens. Moreover, digital adoption subsidies and incentives for sustainable practices are emphasized. Infrastructure investment and sector-specific support in agriculture, education, and healthcare are anticipated to amplify benefits for microentrepreneurs.
(With inputs from agencies.)
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