Budget 2024: बजट में आसान होंगे MSME को कर्ज के नियम? MSME Sector की बजट से मांग| GoodReturns

3 months ago

Budget 2024 Expectations: वित्त मंत्री निर्मला सीतारमण (Nirmala Sitharaman) 23 जुलाई को लोक सभा में मोदी सरकार (Modi Government) के तीसरे कार्यकाल का पहला बजट पेश करेंगी. बजट को अंतिम रूप देने की कवायद जारी है.इस बार छोटे और लघु उद्योगों ने बजट में वित्त मंत्री से विशेष पैकेज की मांग की है. रोज़गार के दृष्टिकोण से ये सेक्टर बेहद महत्वपूर्ण है. देश में करीब 5-6 करोड़ छोटे-लघु उद्योग की इकाइयां हैं जिनमें करीब 12 करोड़ लोगों को रोज़गार मिलता है. MSME Sector की Budget 2024 से क्या मांग है. समझिए Ritu Singh- Research head & chief economist, Ugro capital से

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Transcript

00:00Hi, this is Bhavna, and you're watching Goodreturns.

00:07Modi 3.0's full budget is set to be presented on July 23, in which every industry, from

00:13the common man to the public, is eagerly waiting for some relief in the budget, and some special

00:19announcements to be made.

00:20In this regard, there is a sector, the MSME sector, which we cannot ignore at all, which

00:25is India.

00:26In India's economy, it contributes about 29% to 30%, and there are about 5 to 6 crore MSME

00:33units in the country, of which about 12 crore people get employment.

00:37In terms of employment, this sector is very important.

00:41So, what are the expectations of this sector from the budget?

00:44Let's try to understand.

00:45We have with us Mr. Ritu, who is from Ugro Capital, Research Head and Chief Economist.

00:51In detail, she will talk to us about what challenges the MSME sector faces, and what

00:56announcements are expected.

00:57Hello, Ritu ji.

00:58How are you?

00:59Welcome to Goodreturns.

01:00I am fine.

01:01Thank you, Bhavna ji.

01:02How are you?

01:03Ritu ji, how can we try to speed up the economic momentum in the Modi 3.0 budget?

01:04As we know, the MSME sector has a good contribution to India's economy, about 29% to 30%.

01:05In this regard, what are the expectations of the MSME sector from the budget?

01:06Bhavna ji, India is one of the countries where the percentage of young population is very

01:25high.

01:26The most important requirement of a young population is employment.

01:32the most important requirement is job employment.

01:35If we talk about employment,

01:37the MSME sector, which accounts for 30% of the GDP,

01:41contributes about 40% to India's job workforce.

01:45If we look at the numbers,

01:46it gives about 15 crore job employments.

01:48So, if we want to give employment to the young population,

01:51we should definitely boost the MSME sector.

01:54And that is why we expect from the budget

01:56that such steps should be taken

01:58which can boost the MSME sector

02:00so that more jobs and employment can be created.

02:04The current problem for the MSME sector

02:07is that a large portion of it

02:09works in the informal sector.

02:12For example, if we talk about the credit gap,

02:14there is a credit gap of about 92 lakh crores.

02:16Even if we try,

02:20if we take the capital adequacy ratio,

02:22there is a requirement of 15 lakh crores,

02:24which many NBFCs and banks need to meet.

02:28To provide credit to the MSME sector,

02:31the government can come up with such schemes

02:35so that there is a dedicated refinance window for the credit facility.

02:40For that, a different category should be created for the MSME sector

02:43looking at the banks and NBFCs

02:45whose exposure to the MSME sector is the highest.

02:48And the recovery process should also be simplified.

02:51So, MSME sectors can get a boost from these steps.

02:54What are the three issues you see

02:57that should be addressed in the Budget 2024?

03:00Specifically, if we look at the views of the MSME sector.

03:03If we look at the views of the MSME sector,

03:06more than the banks, NBFCs are responsible for providing credit to them.

03:11There is a reason for this.

03:14Because the regulations and policies of the banks

03:17are such that they are not able to give loans much further

03:21where the collateral is not of good quality

03:24or the documentation is not proper.

03:27It is not that the NBFCs do not follow these rules,

03:30but the NBFCs are a little lenient in providing loans.

03:33But some of the problems of the NBFCs are that

03:36their borrowing costs are high

03:39because the banks are the only ones who can borrow from them.

03:42And because of this, they are not able to give the MSMEs

03:45much of its benefit as an interest rate.

03:48So, if a dedicated refinance window is given to the NBFCs,

03:51like the Housing Finance Company,

03:54then their borrowing costs will be less

03:57and the MSMEs will get the benefit.

04:00And the MSMEs can take more loans at a lower interest rate

04:03and can get a credit facility.

04:06Harmonization can only be done to the extent

04:09that we can reduce the limit from 20 lakhs to 1 lakh for the NBFC.

04:12And thirdly, if we look at the demand,

04:15the NBFCs who have more than 80% exposure to the MSMEs

04:18should be made in a different category

04:21so that they can be seen by the government

04:24and they can benefit from different policies from time to time.

04:27Absolutely.

04:30You are absolutely right.

04:33There is a huge credit gap in the MSME sector.

04:36Ritu ji, to make the regulatory procedures easier

04:39and to reduce the compliance,

04:42the MSME sector has been demanding for a long time.

04:45What do you think?

04:48Will this demand be met in this budget?

04:51If you want to boost a business

04:54or want to bring it to a level

04:57so that the economy can benefit from it,

05:00then the regulation and compliance should be reduced.

05:03So, the MSME sector also has this problem

05:06that they are being brought in formal credit

05:09so that they can take loans from the banks

05:12or from the NBFCs

05:15based on the 10%-15% of the village or locality margins.

05:18They should come in formally

05:21and keep their documentation proper

05:24and adopt digitalization

05:27and fulfill the GST.

05:30For example, the 6 crore MSMEs in India

05:33have taken Udyam Registration.

05:37So, even without GST,

05:40there are a lot of schemes

05:43that they are not able to take advantage of.

05:46So, if we look at the compliance and regulations,

05:49if the government makes it easier

05:52and boosts the business,

05:55then the MSME sector will get a lot of boost.

05:58How do you see the infrastructure demand for this sector?

06:01Do you think there is enough infrastructure in the country

06:04and can there be an adjustment in the budget?

06:07One more thing about the MSME sector

06:10is that there is a lack of awareness.

06:13It is not that the government has not made policies or schemes.

06:16At times, the government has given a lot of schemes

06:19to take advantage of MSMEs.

06:22There are a lot of schemes for women entrepreneurs

06:25or the first generation.

06:28But the MSMEs are not aware of this.

06:31If the government pays attention to the infrastructure

06:34and allots something for digitalization,

06:37skill development, awareness schemes,

06:40and at times awareness is spread

06:43by connecting with other organizations,

06:46then the MSME sector will get knowledge

06:49and can take advantage of it.

06:52The MSME sector is an important sector

06:55but there are two specific problems.

06:58One is about loans.

07:01It is believed that the MSME sector

07:04has a lot of issues with availability of funds

07:07and cash flow.

07:10If we talk about other issues,

07:13then the MSME sector has a lot of challenges.

07:16In particular, there is a lack of money.

07:19The main challenge of the MSME sector

07:22is that they do not know

07:25the importance of the gap

07:28between the raw and the fixed.

07:31They think that if they operate in the raw,

07:34they will be able to save tax

07:37and will have more growth in their profits.

07:40But this is not the case.

07:43By doing this, they will be able to

07:46take advantage of the schemes

07:49that they are operating in the raw.

07:52For example,

07:55if a MSME has a turnover of 10 lakhs

07:58but has kept 2 lakhs in the fixed amount

08:01and 8 lakhs in the raw,

08:04then if he goes to a bank or NBFC

08:07to take a loan, he will get a loan

08:10at the amount of 2 lakhs

08:13Even if he thinks that he has saved tax

08:16at 8 lakhs,

08:19he is not able to take advantage of the loan

08:22to grow his business.

08:25The biggest problem with MSMEs is

08:28that they have to get formal credit

08:31from informal credit.

08:34Because of this, their cash flows

08:37should always be improved.

08:40This is a major issue

08:43that MSMEs should understand

08:46that this is for the benefit of their business

08:49that they should leave their raw money

08:52and come to the fixed amount.

08:55Are there any other benefits that

08:58this sector should get?

09:01According to SME entrepreneurs,

09:04the burden of tax should be reduced.

09:07What do you think about GST?

09:10Are there any changes in GST?

09:13How can it be made easier?

09:16What are your expectations

09:19in the budget?

09:22MSMEs have been demanding

09:25to reduce GST for a long time.

09:28They want to reduce GST

09:31for medium and large enterprises

09:34but for small and micro enterprises,

09:37GST is difficult for them.

09:40So, they have been demanding to reduce GST.

09:43We can hope to reduce GST in the budget

09:46so that they can benefit from profitability.

09:49Another thing that MSMEs should keep in mind

09:52is that only 50% of the registrations

09:55are registered in GST.

09:58If the government makes it mandatory

10:01and then reduces the rate of GST,

10:04then both the steps should be taken.

10:07Registration should be mandatory

10:10and GST should be reduced.

10:13This will boost MSMEs' business

10:16and they will benefit from it.

10:19Another thing that has been discussed

10:22is that there is a new rule

10:25in this sector, section 43BH.

10:28This is a 45-day rule.

10:31This rule is not suitable

10:34for MSMEs.

10:37Please explain this rule

10:40because there are many MSMEs

10:43who have not understood this rule

10:46properly.

10:49Please explain this rule.

10:52Secondly, what are the problems

10:55and how can we make it easier

10:58in the budget?

11:01This rule has been applicable

11:04since 1st April.

11:07If you look at the reports and studies,

11:10MSMEs have a problem with payment delays.

11:13They don't get paid on time

11:16and can't plan for the future.

11:19Keeping this in mind, the government

11:22in this section,

11:25if there is an agreement between

11:28the buyer and the seller,

11:31they should get the payment within 15 days

11:34and if there is no agreement,

11:37they should get the payment within 45 days.

11:40The government thinks that this will

11:43increase transparency and MSMEs

11:46won't face problems with delay payments.

11:49This rule is not suitable for MSMEs

11:52because they think that this will

11:55reduce the number of buyers

11:58and they won't be able to do business.

12:01They hope that this will be relaxed.

12:04If you talk about exporters,

12:07their cycle is 180 days.

12:10Their payment starts after 180 days.

12:13If this is done within 45 days,

12:16the penalty will increase every 15 days.

12:19Exporters and other MSMEs

12:22want this to be relaxed.

12:25Apart from this, they want that

12:28instead of a 45-day delay,

12:31if the government announces

12:34a bill discounting on cheque insurance,

12:37they think it will be more beneficial

12:40because cheque insurance is between

12:43the customer and the payment.

12:46Even in bill discounting,

12:49they will get the benefit

12:52that the bank will be responsible.

12:55If the finance minister announces

12:58this in the budget,

13:01MSMEs think it will be more beneficial.

13:04This 45-day rule should be eased

13:07and there should be more clarity.

13:10Thank you so much for talking to us.

13:13Thank you for giving us insights on MSMEs.

13:16Thank you.

13:19Did you understand the challenges

13:22MSMEs are facing?

13:25Do you think there are any challenges

13:28that can be eased through this budget?

13:31Do you think there are any announcements

13:34that can enhance the ease of doing business?

13:37If you are watching this video on Facebook,

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Budget 2024: बजट में आसान होंगे MSME को कर्ज के नियम? MSME Sector की बजट से मांग| GoodReturns

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