Finance Minister Nirmala Sitharaman unveiled several measures aimed at supporting Micro, Small, and Medium Enterprises (MSMEs) in the 2024 budget. These initiatives are designed to provide financial relief and enhance market access for small businesses and traditional artisans.
A new mechanism will facilitate the continuation of bank credit to MSMEs during periods of financial stress, ensuring that these enterprises can maintain liquidity and operations.
The limit for Mudra loans has been increased from ₹10 lakh to ₹20 lakh, offering greater financial support to small businesses. Additionally, the turnover threshold for mandatory onboarding on the Trade Receivables Discounting System (TReDS) platform has been reduced from ₹500 crore to ₹250 crore, enabling more buyers to participate and improve cash flow for MSMEs.
To boost the agricultural and food processing sectors, financial support will be provided for 50 multi-product food irradiation units within the MSME sector. These units will help in extending the shelf life of food products and ensuring quality standards.
E-Commerce Export Hubs will be established in a public-private partnership (PPP) mode to help MSMEs and traditional artisans access international markets and sell their products globally.
These measures are expected to support MSMEs significantly, fostering growth and resilience in this critical sector.
News Desk
