MSMEs to reap the highest benefit from the Union Budget 2023-24: Prateek Toshniwal

Surat (Gujarat) [India], February 2: The Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) scheme announced by Finance Minister Nirmala Sitharaman in the Union Budget 2023-24 is expected to benefit MSMEs significantly.

According to Prateek Toshniwal, a well-known chartered accountant (CA), the CGTMSE will be implemented on April 1st, infusing Rs.9,000 crore to aid collateral-free lending to small businesses. This will provide MSMEs with an additional Rs 2 lakh crore in collateral-free credit.

“CGTMSE will be a game changer for small and medium-sized businesses,” Toshniwal projected. “The Union Budget 2023-24 has reshaped the landscape of capital investment in the country. New policies launched in the Union Budget will go a long way in reviving the startup ecosystem Pan India”.

According to Toshniwal, India’s economy is on track to grow at 7% in the current fiscal year, the highest among developed economies worldwide. There is no reason to doubt that India will persevere in adversity.

Finance Minister Nirmala Sitharaman has estimated 7% growth in the current fiscal year by increasing Capex expenditure by 33% to Rs 10 lakh crore for FY24, which is higher than the Rs 7.5 lakh crore budget estimate for 2022-23. However, public capital expenditures will account for 3.3% of GDP at this level.

“Finance minister has proposed various diligent measures with a prominent focus on the seven tenets of SAPTARISHI to be accomplished during Amrit Kaal, namely, Inclusive development, reaching the last mile, enhanced focus on infrastructure & investment, unleashing the potential of the financial industry, Green growth, Youth Power and the progress of Financial Sector. Overall, it is an excellent budget for capital investors and investment networks, and it will strengthen the country’s financial investment ecosystem,” Toshniwal said.

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