“In the next 10 years, $4 trillion could be added by the services sector which currently has nearly 16 million SMEs. These service SMEs are the real engine driving our country’s economic growth and the Union Budget 2020 should seek to address the challenges faced by them head on. Some ideas include better access to credit through subsidies for repaying loans on time, reduction of GST for marketing investments, subsidised training programs, and occupational insurance for workers in hazardous jobs. To achieve India’s vision of a $5T economy by 2025, it is essential to mobilize the development of SMEs in the services space.”
(The Writer is CEO & Founder of Sulekha.com)
Published 27 January 2020, 14:25 IST