Budget 2022: Tech-related Boost Is The Need Of The Hour For MSME Sector

The Union Budget 2022-23, is going to be presented by the Union Finance Minister Nirmala Sitharaman on February 1, which can try to increase public consumption. From the upcoming budget, the MSME sector is requiring an additional focus. Most importantly, technological up-gradation is the need of the hour now. At a time when digitalization is being accepted much more at the time of the pandemic, technology can be the biggest support for the financially-hit sector. However, a decline was also seen in the last budget in tech-related schemes with Technology Upgradation and Quality Certification schemes budget was cut from Rs. 683.91 crore to Rs. 330.31 crore. The union government should be attentive to this segment now.

Additionally, commenting on that, Meesho Founder & CEO Vidit Aatrey told media, "A singular focus on augmenting offline MSMEs with online distribution could be a game-changing economic transformation opportunity, not just for the MSMEs, but also for India. We would like to see the government focus on policies that will create a level playing field for offline and online sellers with

Impact Of Budget 2021-22 On MSME Sector, by the MINISTRY OF MICRO, SMALL & MEDIUM ENTERPRISES GOVERNMENT OF INDIA stated, "Budget Allocation for FY 2021-22 for the MSME more than doubled to Rs. 15700 crore vis a vis Rs. 7572 crore in 2020-21. Rs. 10000 crore corpus for provision of guarantee for borrowings - a huge relief to the sector. Provisions for earlier announced Atma Nirbhar schemes (viz. Credit Guarantee Scheme for Subordinate Debt to MSMEs and Fund of Funds) to provide much needed financial succor and accessibility." The industry insiders are expecting much more focus and the financial boost from the upcoming budget, 2022-23.