Empowering India's MSMEs: Budget 2023's Big Boost

Finance Minister Nirmala Sitharaman announced key measures in the eighth Budget to support micro, small, and medium enterprises (MSMEs) in India. These include enhanced investment and turnover limits, increased credit guarantee cover, and customized credit cards, fostering growth, employment, and aligning with the 'Make in India' initiative.

The eighth Budget announced by Finance Minister Nirmala Sitharaman has introduced significant measures to bolster micro, small, and medium enterprises (MSMEs) in India. The new proposals include increasing investment and turnover limits, enhancing credit guarantee cover, and offering customized credit cards for micro enterprises registered on the Udyam portal.

The revamped classification defines 'micro' enterprises as having investments up to Rs 2.5 crore and turnover under Rs 10 crore, while 'small' enterprises can invest up to Rs 25 crore and have a turnover up to Rs 100 crore. 'Medium' enterprises are categorized with investments up to Rs 125 crore and turnover under Rs 500 crore.

Additional initiatives announced include a new loan scheme for women and minority entrepreneurs, and a national mission to make India a global manufacturing hub. Industry leaders have lauded these steps, anticipating a rise in job creation and a strengthened manufacturing sector.

(With inputs from agencies.)