'Budget is a right step to boost industry confidence'

Union Budget 2020: 'Definitely a step in the right direction to boost confidence of SMEs and industry'

By Pushkar Mukewar,

Co-Founder and Co-CEO, Drip Capital

''The Budget 2020 has definitely set its sights on grassroots improvement, with a large swathe of funds earmarked for infrastructure development and boosting India's Agri economy. The focus on improving logistics and supply chain is a huge boost for farmers and SMEs that can leverage these measures to export their products, including perishables and value-added goods. The government's commitment to support the development, management and conservation of marine fishery resources, will be a big boost to marine exports originating from India.
With Rs. 27,300 crore allocated for the development of commerce and industry in 2020-21, the Finance Minister's Budget, at first glance, is definitely a step in the right direction for boosting the confidence of SMEs and the industry at large. Proposed projects like the new smart cities, the reduction in insurance premiums under the NIRVIK scheme, the support for logistics and supply chain through Kisan Rail and Krishi Udaan, and digital refund of central duties and taxes not exempted under other mechanisms will be crucial for boosting business confidence in the coming months''.

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